# EDGAR Filing Document

**Accession Number:** 0000743773
**File Stem:** 0001193125-26-081315
**Filing Date:** 2026-2
**Character Count:** 1225303
**Document Hash:** cddc2561c90a41b452d832e5404264c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081315.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081315

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calvert Variable Trust, Inc.
- **CENTRAL INDEX KEY:** 0000743773

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04000
- **FILM NUMBER:** 26695934

**BUSINESS ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 8002256265

**MAIL ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Calvert Variable Products, Inc.
- **DATE OF NAME CHANGE:** 20100429

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUMMIT MUTUAL FUNDS, INC.
- **DATE OF NAME CHANGE:** 20090122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUMMIT MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 20000323

## Series and Classes Contracts Data

### CVT S&P 500 Index Portfolio (Series ID: S000010991)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000030367 | CVT S&P 500 Index Portfolio |  |

### CVT S&P MidCap 400 Index Portfolio (Series ID: S000010992)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000030368 | CVT S&P MidCap 400 Index Portfolio - I Class |  |
| C000053062 | CVT S&P MidCap 400 Index Portfolio - F Class |  |

### CVT NASDAQ 100 Index Portfolio (Series ID: S000010994)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000030370 | CVT NASDAQ 100 Index Portfolio           |  |
| C000164864 | CVT Nasdaq 100 Index Portfolio - Class F |  |

### CVT Russell 2000 Small Cap Index Portfolio (Series ID: S000010995)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000030371 | CVT Russell 2000 Small Cap Index Portfolio - I Class |  |
| C000030372 | CVT Russell 2000 Small Cap Index Portfolio - F Class |  |

### CVT EAFE International Index Portfolio (Series ID: S000010996)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000030373 | CVT EAFE International Index Portfolio - I Class |  |
| C000055530 | CVT EAFE International Index Portfolio - F Class |  |

### CVT Investment Grade Bond Index Portfolio (Series ID: S000010997)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000030374 | CVT Investment Grade Bond Index Portfolio           |  |
| C000164865 | CVT Investment Grade Bond Index Portfolio - Class F |  |

### CVT Volatility Managed Growth Portfolio (Series ID: S000040490)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125701 | Class F      |  |

### CVT Volatility Managed Moderate Growth Portfolio (Series ID: S000040491)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125702 | Class F      |  |

### CVT Volatility Managed Moderate Portfolio (Series ID: S000040492)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125703 | Class F      |  |

?xml version='1.0' encoding='ASCII'? Calvert Variable Trust, Inc.

### 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: 811-04000

## Calvert Variable Trust, Inc.

#### (Exact Name of Registrant as Specified in Charter)

#### 2050 M Street NW, Suite 200, Washington, DC 20036

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(202) 238-2200

#### (Registrant's Telephone Number)

#### December 31

#### Date of Fiscal Year End

#### December 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # CVT EAFE International Index Portfolio

# Class F CVIIPF
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT EAFE International Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $78 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the MSCI EAFE Index (the Index):

↓ Among sectors, the real estate, information technology and utilities sectors were the weakest performers within the Index during the period

↓ By period-end, the real estate, energy and utilities sectors held the smallest weights within the Index by sector

↓ Among countries, Spain, Hong Kong and United Kingdom were the weakest performers within the Index during the period

↓ By period-end, United States, South Africa and Portugal held the smallest weights within the Index by country

↑ All of the 11 market sectors within the Index reported positive returns during the period ― led by the financials and utilities sectors

↑ By period-end, the financials, industrials, and health care sectors held the largest weights within the Index by sector

↑ Switzerland, Japan and France were the best-performing countries within the Index; while Japan, the United Kingdom and France held the largest weights by country

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g60e40.jpg)

---

| | | |
|:---|:---|:---|
| | **Class F** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9422 | $9277 |
| **2/16** | $9108 | $9107 |
| **3/16** | $9737 | $9699 |
| **4/16** | $10005 | $9980 |
| **5/16** | $9920 | $9890 |
| **6/16** | $9651 | $9558 |
| **7/16** | $10048 | $10042 |
| **8/16** | $10088 | $10049 |
| **9/16** | $10214 | $10173 |
| **10/16** | $9960 | $9965 |
| **11/16** | $9771 | $9766 |
| **12/16** | $10024 | $10100 |
| **1/17** | $10360 | $10393 |
| **2/17** | $10466 | $10542 |
| **3/17** | $10784 | $10832 |
| **4/17** | $11065 | $11107 |
| **5/17** | $11450 | $11515 |
| **6/17** | $11461 | $11495 |
| **7/17** | $11772 | $11826 |
| **8/17** | $11772 | $11822 |
| **9/17** | $12039 | $12116 |
| **10/17** | $12234 | $12300 |
| **11/17** | $12326 | $12429 |
| **12/17** | $12475 | $12628 |
| **1/18** | $13125 | $13262 |
| **2/18** | $12458 | $12663 |
| **3/18** | $12371 | $12435 |
| **4/18** | $12559 | $12719 |
| **5/18** | $12300 | $12433 |
| **6/18** | $12126 | $12281 |
| **7/18** | $12449 | $12584 |
| **8/18** | $12174 | $12341 |
| **9/18** | $12283 | $12448 |
| **10/18** | $11303 | $11457 |
| **11/18** | $11331 | $11442 |
| **12/18** | $10753 | $10887 |
| **1/19** | $11451 | $11602 |
| **2/19** | $11714 | $11898 |
| **3/19** | $11808 | $11973 |
| **4/19** | $12161 | $12310 |
| **5/19** | $11542 | $11719 |
| **6/19** | $12221 | $12414 |
| **7/19** | $11958 | $12256 |
| **8/19** | $11735 | $11939 |
| **9/19** | $12079 | $12281 |
| **10/19** | $12491 | $12722 |
| **11/19** | $12631 | $12866 |
| **12/19** | $13011 | $13284 |
| **1/20** | $12666 | $13006 |
| **2/20** | $11707 | $11831 |
| **3/20** | $9996 | $10252 |
| **4/20** | $10660 | $10914 |
| **5/20** | $11230 | $11389 |
| **6/20** | $11594 | $11777 |
| **7/20** | $11816 | $12051 |
| **8/20** | $12384 | $12671 |
| **9/20** | $12103 | $12342 |
| **10/20** | $11617 | $11849 |
| **11/20** | $13332 | $13686 |
| **12/20** | $13995 | $14322 |
| **1/21** | $13794 | $14169 |
| **2/21** | $14122 | $14487 |
| **3/21** | $14449 | $14820 |
| **4/21** | $14863 | $15266 |
| **5/21** | $15418 | $15764 |
| **6/21** | $15201 | $15587 |
| **7/21** | $15323 | $15704 |
| **8/21** | $15551 | $15981 |
| **9/21** | $15032 | $15517 |
| **10/21** | $15483 | $15899 |
| **11/21** | $14782 | $15159 |
| **12/21** | $15486 | $15935 |
| **1/22** | $14887 | $15165 |
| **2/22** | $14432 | $14897 |
| **3/22** | $14400 | $14993 |
| **4/22** | $13472 | $14023 |
| **5/22** | $13722 | $14128 |
| **6/22** | $12494 | $12817 |
| **7/22** | $13122 | $13456 |
| **8/22** | $12354 | $12817 |
| **9/22** | $11198 | $11618 |
| **10/22** | $11847 | $12242 |
| **11/22** | $13454 | $13621 |
| **12/22** | $13203 | $13632 |
| **1/23** | $14324 | $14736 |
| **2/23** | $13886 | $14429 |
| **3/23** | $14314 | $14786 |
| **4/23** | $14707 | $15204 |
| **5/23** | $14128 | $14560 |
| **6/23** | $14754 | $15223 |
| **7/23** | $15146 | $15715 |
| **8/23** | $14549 | $15113 |
| **9/23** | $14025 | $14597 |
| **10/23** | $13593 | $14005 |
| **11/23** | $14741 | $15305 |
| **12/23** | $15517 | $16118 |
| **1/24** | $15438 | $16211 |
| **2/24** | $15878 | $16508 |
| **3/24** | $16388 | $17051 |
| **4/24** | $15858 | $16614 |
| **5/24** | $16673 | $17258 |
| **6/24** | $16307 | $16979 |
| **7/24** | $16778 | $17477 |
| **8/24** | $17344 | $18046 |
| **9/24** | $17459 | $18212 |
| **10/24** | $16496 | $17222 |
| **11/24** | $16466 | $17124 |
| **12/24** | $15974 | $16735 |
| **1/25** | $16751 | $17614 |
| **2/25** | $17256 | $17956 |
| **3/25** | $17220 | $17883 |
| **4/25** | $17913 | $18702 |
| **5/25** | $18716 | $19558 |
| **6/25** | $19177 | $19989 |
| **7/25** | $18686 | $19708 |
| **8/25** | $19568 | $20549 |
| **9/25** | $20033 | $20942 |
| **10/25** | $20207 | $21188 |
| **11/25** | $20333 | $21320 |
| **12/25** | $20868 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 30.64% | 8.31% | 7.63% |
| MSCI EAFE Index (net of foreign withholding taxes) | 31.22% | 8.92% | 8.18% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $207548496 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $190398 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g51633g15p79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.9% |
| Italy | 3.3% |
| Sweden | 3.7% |
| Spain | 3.8% |
| Netherlands | 6.1% |
| Australia | 6.3% |
| Germany | 9.7% |
| France | 9.8% |
| Switzerland | 10.0% |
| United Kingdom | 14.4% |
| Japan | 22.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.5% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG | 1.3% |
| Nestle SA | 1.3% |
| SAP SE | 1.2% |
| Siemens AG | 1.0% |
| Shell PLC | 1.0% |
| Toyota Motor Corp. | 1.0% |
| Total | 13.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVIIPF-TSR-AR

# CVT EAFE International Index Portfolio

# Class I CVPIII
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT EAFE International Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $55 | 0.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the MSCI EAFE Index (the Index):

↓ Among sectors, the real estate, information technology and utilities sectors were the weakest performers within the Index during the period

↓ By period-end, the real estate, energy and utilities sectors held the smallest weights within the Index by sector

↓ Among countries, Spain, Hong Kong and United Kingdom were the weakest performers within the Index during the period

↓ By period-end, United States, South Africa and Portugal held the smallest weights within the Index by country

↑ All of the 11 market sectors within the Index reported positive returns during the period ― led by the financials and utilities sectors

↑ By period-end, the financials, industrials, and health care sectors held the largest weights within the Index by sector

↑ Switzerland, Japan and France were the best-performing countries within the Index; while Japan, the United Kingdom and France held the largest weights by country

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g60l87.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9424 | $9277 |
| **2/16** | $9111 | $9107 |
| **3/16** | $9742 | $9699 |
| **4/16** | $10013 | $9980 |
| **5/16** | $9930 | $9890 |
| **6/16** | $9662 | $9558 |
| **7/16** | $10060 | $10042 |
| **8/16** | $10101 | $10049 |
| **9/16** | $10229 | $10173 |
| **10/16** | $9975 | $9965 |
| **11/16** | $9791 | $9766 |
| **12/16** | $10046 | $10100 |
| **1/17** | $10385 | $10393 |
| **2/17** | $10493 | $10542 |
| **3/17** | $10815 | $10832 |
| **4/17** | $11098 | $11107 |
| **5/17** | $11488 | $11515 |
| **6/17** | $11500 | $11495 |
| **7/17** | $11815 | $11826 |
| **8/17** | $11818 | $11822 |
| **9/17** | $12087 | $12116 |
| **10/17** | $12286 | $12300 |
| **11/17** | $12382 | $12429 |
| **12/17** | $12533 | $12628 |
| **1/18** | $13190 | $13262 |
| **2/18** | $12522 | $12663 |
| **3/18** | $12437 | $12435 |
| **4/18** | $12628 | $12719 |
| **5/18** | $12371 | $12433 |
| **6/18** | $12199 | $12281 |
| **7/18** | $12526 | $12584 |
| **8/18** | $12253 | $12341 |
| **9/18** | $12364 | $12448 |
| **10/18** | $11379 | $11457 |
| **11/18** | $11410 | $11442 |
| **12/18** | $10831 | $10887 |
| **1/19** | $11535 | $11602 |
| **2/19** | $11802 | $11898 |
| **3/19** | $11900 | $11973 |
| **4/19** | $12258 | $12310 |
| **5/19** | $11637 | $11719 |
| **6/19** | $12323 | $12414 |
| **7/19** | $12060 | $12256 |
| **8/19** | $11838 | $11939 |
| **9/19** | $12185 | $12281 |
| **10/19** | $12604 | $12722 |
| **11/19** | $12749 | $12866 |
| **12/19** | $13134 | $13284 |
| **1/20** | $12788 | $13006 |
| **2/20** | $11821 | $11831 |
| **3/20** | $10095 | $10252 |
| **4/20** | $10767 | $10914 |
| **5/20** | $11344 | $11389 |
| **6/20** | $11714 | $11777 |
| **7/20** | $11942 | $12051 |
| **8/20** | $12517 | $12671 |
| **9/20** | $12235 | $12342 |
| **10/20** | $11746 | $11849 |
| **11/20** | $13482 | $13686 |
| **12/20** | $14155 | $14322 |
| **1/21** | $13954 | $14169 |
| **2/21** | $14288 | $14487 |
| **3/21** | $14621 | $14820 |
| **4/21** | $15042 | $15266 |
| **5/21** | $15607 | $15764 |
| **6/21** | $15390 | $15587 |
| **7/21** | $15515 | $15704 |
| **8/21** | $15750 | $15981 |
| **9/21** | $15227 | $15517 |
| **10/21** | $15686 | $15899 |
| **11/21** | $14978 | $15159 |
| **12/21** | $15694 | $15935 |
| **1/22** | $15090 | $15165 |
| **2/22** | $14631 | $14897 |
| **3/22** | $14600 | $14993 |
| **4/22** | $13662 | $14023 |
| **5/22** | $13918 | $14128 |
| **6/22** | $12673 | $12817 |
| **7/22** | $13314 | $13456 |
| **8/22** | $12536 | $12817 |
| **9/22** | $11365 | $11618 |
| **10/22** | $12024 | $12242 |
| **11/22** | $13659 | $13621 |
| **12/22** | $13406 | $13632 |
| **1/23** | $14548 | $14736 |
| **2/23** | $14105 | $14429 |
| **3/23** | $14542 | $14786 |
| **4/23** | $14943 | $15204 |
| **5/23** | $14357 | $14560 |
| **6/23** | $14996 | $15223 |
| **7/23** | $15397 | $15715 |
| **8/23** | $14794 | $15113 |
| **9/23** | $14263 | $14597 |
| **10/23** | $13827 | $14005 |
| **11/23** | $14995 | $15305 |
| **12/23** | $15788 | $16118 |
| **1/24** | $15709 | $16211 |
| **2/24** | $16159 | $16508 |
| **3/24** | $16682 | $17051 |
| **4/24** | $16146 | $16614 |
| **5/24** | $16978 | $17258 |
| **6/24** | $16609 | $16979 |
| **7/24** | $17091 | $17477 |
| **8/24** | $17670 | $18046 |
| **9/24** | $17789 | $18212 |
| **10/24** | $16811 | $17222 |
| **11/24** | $16784 | $17124 |
| **12/24** | $16284 | $16735 |
| **1/25** | $17080 | $17614 |
| **2/25** | $17596 | $17956 |
| **3/25** | $17564 | $17883 |
| **4/25** | $18274 | $18702 |
| **5/25** | $19096 | $19558 |
| **6/25** | $19570 | $19989 |
| **7/25** | $19071 | $19708 |
| **8/25** | $19976 | $20549 |
| **9/25** | $20454 | $20942 |
| **10/25** | $20635 | $21188 |
| **11/25** | $20767 | $21320 |
| **12/25** | $21317 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 30.90% | 8.53% | 7.86% |
| MSCI EAFE Index (net of foreign withholding taxes) | 31.22% | 8.92% | 8.18% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $207548496 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $190398 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g51633g15p79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.9% |
| Italy | 3.3% |
| Sweden | 3.7% |
| Spain | 3.8% |
| Netherlands | 6.1% |
| Australia | 6.3% |
| Germany | 9.7% |
| France | 9.8% |
| Switzerland | 10.0% |
| United Kingdom | 14.4% |
| Japan | 22.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.5% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG | 1.3% |
| Nestle SA | 1.3% |
| SAP SE | 1.2% |
| Siemens AG | 1.0% |
| Shell PLC | 1.0% |
| Toyota Motor Corp. | 1.0% |
| Total | 13.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPIII-TSR-AR

# CVT Investment Grade Bond Index Portfolio

# Class F CVPIBF
![Image](g51633g15f41.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Investment Grade Bond Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $59 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the Bloomberg U.S. Aggregate Bond Index (the Index):

↓ Within investment-grade corporate bonds, industrials underperformed financial institutions during the period

↓ Long-duration and short-duration securities generally underperformed intermediate-duration securities within the Index during the period

↑ The Fund was underweight Treasuries and asset-backed securities, which were the weakest-performing sectors within the Index during the period

↑ Sovereign and agency mortgage-backed securities were the strongest-performing sectors within the Index during the period

↑ By period-end, U.S. Treasuries and agency mortgage-backed securities held the largest weights within the Index by asset class

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g59u36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10128 | $10110 | $10138 |
| **2/16** | $10193 | $10182 | $10210 |
| **3/16** | $10299 | $10307 | $10303 |
| **4/16** | $10350 | $10377 | $10343 |
| **5/16** | $10341 | $10385 | $10345 |
| **6/16** | $10537 | $10568 | $10531 |
| **7/16** | $10593 | $10655 | $10598 |
| **8/16** | $10584 | $10667 | $10586 |
| **9/16** | $10569 | $10669 | $10580 |
| **10/16** | $10482 | $10598 | $10499 |
| **11/16** | $10228 | $10360 | $10250 |
| **12/16** | $10236 | $10391 | $10265 |
| **1/17** | $10249 | $10428 | $10285 |
| **2/17** | $10318 | $10508 | $10354 |
| **3/17** | $10311 | $10505 | $10349 |
| **4/17** | $10386 | $10592 | $10428 |
| **5/17** | $10460 | $10674 | $10509 |
| **6/17** | $10456 | $10664 | $10498 |
| **7/17** | $10499 | $10718 | $10543 |
| **8/17** | $10584 | $10810 | $10638 |
| **9/17** | $10526 | $10772 | $10587 |
| **10/17** | $10534 | $10785 | $10593 |
| **11/17** | $10520 | $10769 | $10580 |
| **12/17** | $10565 | $10816 | $10628 |
| **1/18** | $10444 | $10712 | $10506 |
| **2/18** | $10344 | $10610 | $10406 |
| **3/18** | $10398 | $10664 | $10473 |
| **4/18** | $10307 | $10593 | $10395 |
| **5/18** | $10375 | $10651 | $10469 |
| **6/18** | $10365 | $10635 | $10456 |
| **7/18** | $10363 | $10657 | $10459 |
| **8/18** | $10411 | $10710 | $10526 |
| **9/18** | $10350 | $10664 | $10458 |
| **10/18** | $10260 | $10575 | $10376 |
| **11/18** | $10312 | $10622 | $10438 |
| **12/18** | $10500 | $10789 | $10630 |
| **1/19** | $10602 | $10937 | $10742 |
| **2/19** | $10592 | $10949 | $10736 |
| **3/19** | $10800 | $11147 | $10942 |
| **4/19** | $10800 | $11163 | $10945 |
| **5/19** | $10980 | $11334 | $11139 |
| **6/19** | $11114 | $11494 | $11279 |
| **7/19** | $11144 | $11528 | $11304 |
| **8/19** | $11415 | $11789 | $11597 |
| **9/19** | $11357 | $11738 | $11535 |
| **10/19** | $11383 | $11776 | $11570 |
| **11/19** | $11381 | $11773 | $11564 |
| **12/19** | $11356 | $11791 | $11556 |
| **1/20** | $11587 | $12003 | $11778 |
| **2/20** | $11775 | $12182 | $11990 |
| **3/20** | $11709 | $11944 | $11920 |
| **4/20** | $11897 | $12184 | $12132 |
| **5/20** | $11965 | $12297 | $12188 |
| **6/20** | $12038 | $12400 | $12265 |
| **7/20** | $12221 | $12618 | $12448 |
| **8/20** | $12104 | $12545 | $12348 |
| **9/20** | $12102 | $12522 | $12341 |
| **10/20** | $12029 | $12478 | $12286 |
| **11/20** | $12154 | $12640 | $12406 |
| **12/20** | $12161 | $12684 | $12424 |
| **1/21** | $12071 | $12604 | $12334 |
| **2/21** | $11897 | $12442 | $12156 |
| **3/21** | $11744 | $12297 | $12005 |
| **4/21** | $11837 | $12400 | $12099 |
| **5/21** | $11856 | $12448 | $12139 |
| **6/21** | $11946 | $12538 | $12224 |
| **7/21** | $12073 | $12664 | $12361 |
| **8/21** | $12039 | $12656 | $12337 |
| **9/21** | $11935 | $12548 | $12231 |
| **10/21** | $11927 | $12538 | $12227 |
| **11/21** | $11956 | $12553 | $12263 |
| **12/21** | $11908 | $12544 | $12232 |
| **1/22** | $11668 | $12269 | $11968 |
| **2/22** | $11539 | $12102 | $11835 |
| **3/22** | $11232 | $11777 | $11506 |
| **4/22** | $10824 | $11338 | $11069 |
| **5/22** | $10868 | $11400 | $11141 |
| **6/22** | $10704 | $11173 | $10966 |
| **7/22** | $10955 | $11453 | $11234 |
| **8/22** | $10661 | $11156 | $10917 |
| **9/22** | $10218 | $10675 | $10445 |
| **10/22** | $10084 | $10558 | $10310 |
| **11/22** | $10453 | $10952 | $10689 |
| **12/22** | $10390 | $10914 | $10641 |
| **1/23** | $10714 | $11253 | $10968 |
| **2/23** | $10449 | $10977 | $10684 |
| **3/23** | $10705 | $11234 | $10956 |
| **4/23** | $10765 | $11303 | $11022 |
| **5/23** | $10646 | $11185 | $10902 |
| **6/23** | $10615 | $11168 | $10863 |
| **7/23** | $10601 | $11179 | $10856 |
| **8/23** | $10529 | $11112 | $10786 |
| **9/23** | $10264 | $10847 | $10512 |
| **10/23** | $10090 | $10684 | $10346 |
| **11/23** | $10544 | $11165 | $10815 |
| **12/23** | $10933 | $11588 | $11229 |
| **1/24** | $10916 | $11560 | $11198 |
| **2/24** | $10757 | $11422 | $11040 |
| **3/24** | $10845 | $11534 | $11142 |
| **4/24** | $10574 | $11264 | $10860 |
| **5/24** | $10748 | $11451 | $11044 |
| **6/24** | $10852 | $11556 | $11149 |
| **7/24** | $11092 | $11818 | $11409 |
| **8/24** | $11240 | $11992 | $11573 |
| **9/24** | $11386 | $12157 | $11728 |
| **10/24** | $11097 | $11881 | $11437 |
| **11/24** | $11218 | $12006 | $11558 |
| **12/24** | $11018 | $11824 | $11369 |
| **1/25** | $11075 | $11896 | $11430 |
| **2/25** | $11316 | $12142 | $11681 |
| **3/25** | $11311 | $12139 | $11685 |
| **4/25** | $11347 | $12182 | $11731 |
| **5/25** | $11261 | $12120 | $11647 |
| **6/25** | $11430 | $12309 | $11826 |
| **7/25** | $11397 | $12291 | $11795 |
| **8/25** | $11523 | $12439 | $11936 |
| **9/25** | $11650 | $12571 | $12067 |
| **10/25** | $11723 | $12654 | $12142 |
| **11/25** | $11790 | $12730 | $12217 |
| **12/25** | $11750 | $12721 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 6.64% | (0.68)% | 1.62% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $109624167 |
| # of Portfolio Holdings | 337 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g51633g07k65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Short-Term Investments | 1.4% |
| U.S. Government Agencies and Instrumentalities | 2.5% |
| Corporate Bonds | 25.1% |
| U.S. Government Agency Mortgage-Backed Securities | 25.7% |
| U.S. Treasury Obligations | 44.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g51633g91t73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.1% |
| BB | 0.2% |
| BBB | 14.6% |
| A | 10.1% |
| AA | 73.7% |
| AAA | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPIBF-TSR-AR

# CVT Investment Grade Bond Index Portfolio

# Class I CVPIBI
![Image](g51633g15f41.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Investment Grade Bond Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $33 | 0.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the Bloomberg U.S. Aggregate Bond Index (the Index):

↓ Within investment-grade corporate bonds, industrials underperformed financial institutions during the period

↓ Long-duration and short-duration securities generally underperformed intermediate-duration securities within the Index during the period

↑ The Fund was underweight Treasuries and asset-backed securities, which were the weakest-performing sectors within the Index during the period

↑ Sovereign and agency mortgage-backed securities were the strongest-performing sectors within the Index during the period

↑ By period-end, U.S. Treasuries and agency mortgage-backed securities held the largest weights within the Index by asset class

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g41d04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10129 | $10110 | $10138 |
| **2/16** | $10197 | $10182 | $10210 |
| **3/16** | $10305 | $10307 | $10303 |
| **4/16** | $10357 | $10377 | $10343 |
| **5/16** | $10352 | $10385 | $10345 |
| **6/16** | $10549 | $10568 | $10531 |
| **7/16** | $10607 | $10655 | $10598 |
| **8/16** | $10602 | $10667 | $10586 |
| **9/16** | $10589 | $10669 | $10580 |
| **10/16** | $10503 | $10598 | $10499 |
| **11/16** | $10250 | $10360 | $10250 |
| **12/16** | $10259 | $10391 | $10265 |
| **1/17** | $10276 | $10428 | $10285 |
| **2/17** | $10347 | $10508 | $10354 |
| **3/17** | $10342 | $10505 | $10349 |
| **4/17** | $10419 | $10592 | $10428 |
| **5/17** | $10496 | $10674 | $10509 |
| **6/17** | $10496 | $10664 | $10498 |
| **7/17** | $10539 | $10718 | $10543 |
| **8/17** | $10627 | $10810 | $10638 |
| **9/17** | $10571 | $10772 | $10587 |
| **10/17** | $10581 | $10785 | $10593 |
| **11/17** | $10569 | $10769 | $10580 |
| **12/17** | $10618 | $10816 | $10628 |
| **1/18** | $10498 | $10712 | $10506 |
| **2/18** | $10397 | $10610 | $10406 |
| **3/18** | $10453 | $10664 | $10473 |
| **4/18** | $10366 | $10593 | $10395 |
| **5/18** | $10436 | $10651 | $10469 |
| **6/18** | $10430 | $10635 | $10456 |
| **7/18** | $10428 | $10657 | $10459 |
| **8/18** | $10480 | $10710 | $10526 |
| **9/18** | $10421 | $10664 | $10458 |
| **10/18** | $10331 | $10575 | $10376 |
| **11/18** | $10387 | $10622 | $10438 |
| **12/18** | $10579 | $10789 | $10630 |
| **1/19** | $10683 | $10937 | $10742 |
| **2/19** | $10675 | $10949 | $10736 |
| **3/19** | $10886 | $11147 | $10942 |
| **4/19** | $10888 | $11163 | $10945 |
| **5/19** | $11074 | $11334 | $11139 |
| **6/19** | $11209 | $11494 | $11279 |
| **7/19** | $11243 | $11528 | $11304 |
| **8/19** | $11519 | $11789 | $11597 |
| **9/19** | $11463 | $11738 | $11535 |
| **10/19** | $11491 | $11776 | $11570 |
| **11/19** | $11489 | $11773 | $11564 |
| **12/19** | $11468 | $11791 | $11556 |
| **1/20** | $11703 | $12003 | $11778 |
| **2/20** | $11897 | $12182 | $11990 |
| **3/20** | $11831 | $11944 | $11920 |
| **4/20** | $12025 | $12184 | $12132 |
| **5/20** | $12095 | $12297 | $12188 |
| **6/20** | $12171 | $12400 | $12265 |
| **7/20** | $12360 | $12618 | $12448 |
| **8/20** | $12243 | $12545 | $12348 |
| **9/20** | $12245 | $12522 | $12341 |
| **10/20** | $12172 | $12478 | $12286 |
| **11/20** | $12304 | $12640 | $12406 |
| **12/20** | $12310 | $12684 | $12424 |
| **1/21** | $12223 | $12604 | $12334 |
| **2/21** | $12049 | $12442 | $12156 |
| **3/21** | $11897 | $12297 | $12005 |
| **4/21** | $11994 | $12400 | $12099 |
| **5/21** | $12015 | $12448 | $12139 |
| **6/21** | $12109 | $12538 | $12224 |
| **7/21** | $12240 | $12664 | $12361 |
| **8/21** | $12208 | $12656 | $12337 |
| **9/21** | $12104 | $12548 | $12231 |
| **10/21** | $12101 | $12538 | $12227 |
| **11/21** | $12129 | $12553 | $12263 |
| **12/21** | $12086 | $12544 | $12232 |
| **1/22** | $11845 | $12269 | $11968 |
| **2/22** | $11717 | $12102 | $11835 |
| **3/22** | $11406 | $11777 | $11506 |
| **4/22** | $10996 | $11338 | $11069 |
| **5/22** | $11041 | $11400 | $11141 |
| **6/22** | $10878 | $11173 | $10966 |
| **7/22** | $11135 | $11453 | $11234 |
| **8/22** | $10839 | $11156 | $10917 |
| **9/22** | $10389 | $10675 | $10445 |
| **10/22** | $10257 | $10558 | $10310 |
| **11/22** | $10632 | $10952 | $10689 |
| **12/22** | $10572 | $10914 | $10641 |
| **1/23** | $10903 | $11253 | $10968 |
| **2/23** | $10635 | $10977 | $10684 |
| **3/23** | $10899 | $11234 | $10956 |
| **4/23** | $10961 | $11303 | $11022 |
| **5/23** | $10843 | $11185 | $10902 |
| **6/23** | $10814 | $11168 | $10863 |
| **7/23** | $10802 | $11179 | $10856 |
| **8/23** | $10731 | $11112 | $10786 |
| **9/23** | $10462 | $10847 | $10512 |
| **10/23** | $10287 | $10684 | $10346 |
| **11/23** | $10752 | $11165 | $10815 |
| **12/23** | $11150 | $11588 | $11229 |
| **1/24** | $11137 | $11560 | $11198 |
| **2/24** | $10978 | $11422 | $11040 |
| **3/24** | $11070 | $11534 | $11142 |
| **4/24** | $10794 | $11264 | $10860 |
| **5/24** | $10973 | $11451 | $11044 |
| **6/24** | $11081 | $11556 | $11149 |
| **7/24** | $11330 | $11818 | $11409 |
| **8/24** | $11484 | $11992 | $11573 |
| **9/24** | $11636 | $12157 | $11728 |
| **10/24** | $11341 | $11881 | $11437 |
| **11/24** | $11469 | $12006 | $11558 |
| **12/24** | $11266 | $11824 | $11369 |
| **1/25** | $11327 | $11896 | $11430 |
| **2/25** | $11576 | $12142 | $11681 |
| **3/25** | $11573 | $12139 | $11685 |
| **4/25** | $11611 | $12182 | $11731 |
| **5/25** | $11526 | $12120 | $11647 |
| **6/25** | $11704 | $12309 | $11826 |
| **7/25** | $11671 | $12291 | $11795 |
| **8/25** | $11801 | $12439 | $11936 |
| **9/25** | $11933 | $12571 | $12067 |
| **10/25** | $12011 | $12654 | $12142 |
| **11/25** | $12082 | $12730 | $12217 |
| **12/25** | $12043 | $12721 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.90% | (0.44)% | 1.87% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $109624167 |
| # of Portfolio Holdings | 337 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g51633g07k65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.3% |
| Short-Term Investments | 1.4% |
| U.S. Government Agencies and Instrumentalities | 2.5% |
| Corporate Bonds | 25.1% |
| U.S. Government Agency Mortgage-Backed Securities | 25.7% |
| U.S. Treasury Obligations | 44.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g51633g91t73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.1% |
| BB | 0.2% |
| BBB | 14.6% |
| A | 10.1% |
| AA | 73.7% |
| AAA | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are categorized using S&P Global Ratings ("S&P"), with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by S&P. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPIBI-TSR-AR

# CVT Nasdaq 100 Index Portfolio

# Class F CVPNOF
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Nasdaq 100 Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $80 | 0.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the NASDAQ-100<sup>®</sup> Index (the Index):

↓ Four of the eleven market sectors within the Index ― financials, industrials, real estate and consumer staples ― reported negative returns during the period

↑ Seven of the eleven market sectors within the Index reported positive performances during the period

↑ Among sectors, utilities, information technology (IT) and communication services were the strongest performers during the period

↑ By period-end, IT, communication services and consumer discretionary sectors held the largest weights within the Index by sector

↑ The use of derivatives contributed to absolute returns during the period

● The Index is unmanaged and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g97w46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **S&P 500<sup>®</sup> Index** | **NASDAQ-100<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9315 | $9504 | $9321 |
| **2/16** | $9160 | $9491 | $9172 |
| **3/16** | $9775 | $10135 | $9794 |
| **4/16** | $9462 | $10174 | $9488 |
| **5/16** | $9875 | $10357 | $9911 |
| **6/16** | $9638 | $10384 | $9683 |
| **7/16** | $10319 | $10766 | $10373 |
| **8/16** | $10421 | $10782 | $10485 |
| **9/16** | $10646 | $10784 | $10719 |
| **10/16** | $10480 | $10587 | $10560 |
| **11/16** | $10517 | $10979 | $10606 |
| **12/16** | $10630 | $11196 | $10727 |
| **1/17** | $11180 | $11408 | $11290 |
| **2/17** | $11662 | $11861 | $11783 |
| **3/17** | $11893 | $11875 | $12025 |
| **4/17** | $12214 | $11997 | $12356 |
| **5/17** | $12679 | $12166 | $12836 |
| **6/17** | $12369 | $12242 | $12528 |
| **7/17** | $12876 | $12494 | $13050 |
| **8/17** | $13129 | $12532 | $13316 |
| **9/17** | $13106 | $12790 | $13301 |
| **10/17** | $13695 | $13089 | $13906 |
| **11/17** | $13968 | $13490 | $14193 |
| **12/17** | $14033 | $13640 | $14267 |
| **1/18** | $15243 | $14421 | $15508 |
| **2/18** | $15049 | $13890 | $15319 |
| **3/18** | $14449 | $13537 | $14716 |
| **4/18** | $14498 | $13589 | $14777 |
| **5/18** | $15314 | $13916 | $15616 |
| **6/18** | $15471 | $14002 | $15786 |
| **7/18** | $15889 | $14523 | $16222 |
| **8/18** | $16834 | $14996 | $17196 |
| **9/18** | $16774 | $15081 | $17146 |
| **10/18** | $15319 | $14050 | $15668 |
| **11/18** | $15295 | $14337 | $15654 |
| **12/18** | $13932 | $13042 | $14272 |
| **1/19** | $15200 | $14087 | $15579 |
| **2/19** | $15638 | $14540 | $16036 |
| **3/19** | $16257 | $14822 | $16682 |
| **4/19** | $17141 | $15422 | $17599 |
| **5/19** | $15717 | $14442 | $16148 |
| **6/19** | $16917 | $15460 | $17391 |
| **7/19** | $17306 | $15682 | $17802 |
| **8/19** | $16972 | $15434 | $17470 |
| **9/19** | $17101 | $15723 | $17615 |
| **10/19** | $17838 | $16063 | $18385 |
| **11/19** | $18559 | $16646 | $19139 |
| **12/19** | $19287 | $17149 | $19903 |
| **1/20** | $19855 | $17142 | $20501 |
| **2/20** | $18700 | $15731 | $19317 |
| **3/20** | $17278 | $13788 | $17854 |
| **4/20** | $19900 | $15555 | $20574 |
| **5/20** | $21143 | $16296 | $21872 |
| **6/20** | $22477 | $16620 | $23265 |
| **7/20** | $24130 | $17558 | $24988 |
| **8/20** | $26807 | $18820 | $27777 |
| **9/20** | $25269 | $18105 | $26202 |
| **10/20** | $24452 | $17623 | $25374 |
| **11/20** | $27154 | $19552 | $28191 |
| **12/20** | $28518 | $20304 | $29631 |
| **1/21** | $28592 | $20099 | $29727 |
| **2/21** | $28563 | $20653 | $29715 |
| **3/21** | $28967 | $21558 | $30153 |
| **4/21** | $30656 | $22708 | $31937 |
| **5/21** | $30281 | $22867 | $31564 |
| **6/21** | $32200 | $23401 | $33584 |
| **7/21** | $33089 | $23956 | $34530 |
| **8/21** | $34477 | $24685 | $35999 |
| **9/21** | $32497 | $23537 | $33952 |
| **10/21** | $35054 | $25186 | $36647 |
| **11/21** | $35690 | $25011 | $37337 |
| **12/21** | $36091 | $26132 | $37781 |
| **1/22** | $33006 | $24780 | $34574 |
| **2/22** | $31490 | $24038 | $33003 |
| **3/22** | $32821 | $24931 | $34416 |
| **4/22** | $28425 | $22757 | $29824 |
| **5/22** | $27974 | $22798 | $29367 |
| **6/22** | $25468 | $20916 | $26740 |
| **7/22** | $28663 | $22845 | $30110 |
| **8/22** | $27182 | $21913 | $28572 |
| **9/22** | $24302 | $19895 | $25558 |
| **10/22** | $25265 | $21506 | $26582 |
| **11/22** | $26667 | $22708 | $28075 |
| **12/22** | $24249 | $21399 | $25547 |
| **1/23** | $26824 | $22744 | $28272 |
| **2/23** | $26715 | $22189 | $28166 |
| **3/23** | $29245 | $23004 | $30853 |
| **4/23** | $29380 | $23363 | $31013 |
| **5/23** | $31630 | $23464 | $33412 |
| **6/23** | $33677 | $25015 | $35600 |
| **7/23** | $34949 | $25818 | $36967 |
| **8/23** | $34400 | $25407 | $36412 |
| **9/23** | $32656 | $24196 | $34583 |
| **10/23** | $31971 | $23687 | $33879 |
| **11/23** | $35404 | $25850 | $37544 |
| **12/23** | $37348 | $27025 | $39630 |
| **1/24** | $38030 | $27479 | $40379 |
| **2/24** | $40063 | $28946 | $42563 |
| **3/24** | $40533 | $29878 | $43086 |
| **4/24** | $38712 | $28657 | $41178 |
| **5/24** | $41159 | $30078 | $43809 |
| **6/24** | $43708 | $31157 | $46554 |
| **7/24** | $42975 | $31537 | $45813 |
| **8/24** | $43451 | $32302 | $46353 |
| **9/24** | $44531 | $32992 | $47543 |
| **10/24** | $44141 | $32692 | $47155 |
| **11/24** | $46460 | $34611 | $49661 |
| **12/24** | $46644 | $33786 | $49888 |
| **1/25** | $47665 | $34727 | $51011 |
| **2/25** | $46365 | $34274 | $49639 |
| **3/25** | $42812 | $32343 | $45860 |
| **4/25** | $43435 | $32124 | $46573 |
| **5/25** | $47367 | $34146 | $50827 |
| **6/25** | $50343 | $35882 | $54052 |
| **7/25** | $51526 | $36687 | $55354 |
| **8/25** | $51971 | $37431 | $55865 |
| **9/25** | $54772 | $38797 | $58920 |
| **10/25** | $57366 | $39706 | $61751 |
| **11/25** | $56428 | $39803 | $60784 |
| **12/25** | $56019 | $39827 | $60377 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 20.10% | 14.45% | 18.79% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| NASDAQ-100<sup>®</sup> Index | 21.02% | 15.29% | 19.68% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $693709218 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1049096 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g88j89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.1% |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.1% |
| Short-Term Investments | 1.2% |
| Exchange-Traded Funds | 1.2% |
| Utilities | 1.4% |
| Industrials | 4.1% |
| Consumer Staples | 4.5% |
| Health Care | 5.3% |
| Consumer Discretionary | 13.1% |
| Communication Services | 15.6% |
| Information Technology | 51.6% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Apple, Inc. | 7.8% |
| Microsoft Corp. | 7.0% |
| Amazon.com, Inc. | 4.8% |
| Tesla, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.5% |
| Alphabet, Inc., Class C | 3.3% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc., Class A | 2.2% |
| Total | 48.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPNOF-TSR-AR

# CVT Nasdaq 100 Index Portfolio

# Class I CVPNOI
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Nasdaq 100 Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $53 | 0.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the NASDAQ-100<sup>®</sup> Index (the Index):

↓ Four of the eleven market sectors within the Index ― financials, industrials, real estate and consumer staples ― reported negative returns during the period

↑ Seven of the eleven market sectors within the Index reported positive performances during the period

↑ Among sectors, utilities, information technology (IT) and communication services were the strongest performers during the period

↑ By period-end, IT, communication services and consumer discretionary sectors held the largest weights within the Index by sector

↑ The use of derivatives contributed to absolute returns during the period

● The Index is unmanaged and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g46u87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **NASDAQ-100<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9317 | $9504 | $9321 |
| **2/16** | $9164 | $9491 | $9172 |
| **3/16** | $9779 | $10135 | $9794 |
| **4/16** | $9470 | $10174 | $9488 |
| **5/16** | $9886 | $10357 | $9911 |
| **6/16** | $9650 | $10384 | $9683 |
| **7/16** | $10335 | $10766 | $10373 |
| **8/16** | $10442 | $10782 | $10485 |
| **9/16** | $10669 | $10784 | $10719 |
| **10/16** | $10507 | $10587 | $10560 |
| **11/16** | $10546 | $10979 | $10606 |
| **12/16** | $10659 | $11196 | $10727 |
| **1/17** | $11215 | $11408 | $11290 |
| **2/17** | $11699 | $11861 | $11783 |
| **3/17** | $11934 | $11875 | $12025 |
| **4/17** | $12258 | $11997 | $12356 |
| **5/17** | $12729 | $12166 | $12836 |
| **6/17** | $12418 | $12242 | $12528 |
| **7/17** | $12931 | $12494 | $13050 |
| **8/17** | $13187 | $12532 | $13316 |
| **9/17** | $13168 | $12790 | $13301 |
| **10/17** | $13761 | $13089 | $13906 |
| **11/17** | $14041 | $13490 | $14193 |
| **12/17** | $14108 | $13640 | $14267 |
| **1/18** | $15329 | $14421 | $15508 |
| **2/18** | $15136 | $13890 | $15319 |
| **3/18** | $14533 | $13537 | $14716 |
| **4/18** | $14587 | $13589 | $14777 |
| **5/18** | $15411 | $13916 | $15616 |
| **6/18** | $15574 | $14002 | $15786 |
| **7/18** | $15998 | $14523 | $16222 |
| **8/18** | $16953 | $14996 | $17196 |
| **9/18** | $16895 | $15081 | $17146 |
| **10/18** | $15433 | $14050 | $15668 |
| **11/18** | $15411 | $14337 | $15654 |
| **12/18** | $14042 | $13042 | $14272 |
| **1/19** | $15323 | $14087 | $15579 |
| **2/19** | $15767 | $14540 | $16036 |
| **3/19** | $16394 | $14822 | $16682 |
| **4/19** | $17290 | $15422 | $17599 |
| **5/19** | $15857 | $14442 | $16148 |
| **6/19** | $17070 | $15460 | $17391 |
| **7/19** | $17465 | $15682 | $17802 |
| **8/19** | $17132 | $15434 | $17470 |
| **9/19** | $17268 | $15723 | $17615 |
| **10/19** | $18015 | $16063 | $18385 |
| **11/19** | $18746 | $16646 | $19139 |
| **12/19** | $19487 | $17149 | $19903 |
| **1/20** | $20064 | $17142 | $20501 |
| **2/20** | $18900 | $15731 | $19317 |
| **3/20** | $17469 | $13788 | $17854 |
| **4/20** | $20121 | $15555 | $20574 |
| **5/20** | $21382 | $16296 | $21872 |
| **6/20** | $22736 | $16620 | $23265 |
| **7/20** | $24414 | $17558 | $24988 |
| **8/20** | $27130 | $18820 | $27777 |
| **9/20** | $25578 | $18105 | $26202 |
| **10/20** | $24757 | $17623 | $25374 |
| **11/20** | $27498 | $19552 | $28191 |
| **12/20** | $28884 | $20304 | $29631 |
| **1/21** | $28964 | $20099 | $29727 |
| **2/21** | $28941 | $20653 | $29715 |
| **3/21** | $29358 | $21558 | $30153 |
| **4/21** | $31077 | $22708 | $31937 |
| **5/21** | $30702 | $22867 | $31564 |
| **6/21** | $32654 | $23401 | $33584 |
| **7/21** | $33563 | $23956 | $34530 |
| **8/21** | $34978 | $24685 | $35999 |
| **9/21** | $32977 | $23537 | $33952 |
| **10/21** | $35577 | $25186 | $36647 |
| **11/21** | $36232 | $25011 | $37337 |
| **12/21** | $36647 | $26132 | $37781 |
| **1/22** | $33519 | $24780 | $34574 |
| **2/22** | $31988 | $24038 | $33003 |
| **3/22** | $33347 | $24931 | $34416 |
| **4/22** | $28885 | $22757 | $29824 |
| **5/22** | $28435 | $22798 | $29367 |
| **6/22** | $25890 | $20916 | $26740 |
| **7/22** | $29145 | $22845 | $30110 |
| **8/22** | $27646 | $21913 | $28572 |
| **9/22** | $24721 | $19895 | $25558 |
| **10/22** | $25705 | $21506 | $26582 |
| **11/22** | $27138 | $22708 | $28075 |
| **12/22** | $24684 | $21399 | $25547 |
| **1/23** | $27311 | $22744 | $28272 |
| **2/23** | $27205 | $22189 | $28166 |
| **3/23** | $29787 | $23004 | $30853 |
| **4/23** | $29930 | $23363 | $31013 |
| **5/23** | $32231 | $23464 | $33412 |
| **6/23** | $34324 | $25015 | $35600 |
| **7/23** | $35627 | $25818 | $36967 |
| **8/23** | $35075 | $25407 | $36412 |
| **9/23** | $33303 | $24196 | $34583 |
| **10/23** | $32612 | $23687 | $33879 |
| **11/23** | $36120 | $25850 | $37544 |
| **12/23** | $38111 | $27025 | $39630 |
| **1/24** | $38814 | $27479 | $40379 |
| **2/24** | $40899 | $28946 | $42563 |
| **3/24** | $41386 | $29878 | $43086 |
| **4/24** | $39536 | $28657 | $41178 |
| **5/24** | $42043 | $30078 | $43809 |
| **6/24** | $44657 | $31157 | $46554 |
| **7/24** | $43917 | $31537 | $45813 |
| **8/24** | $44412 | $32302 | $46353 |
| **9/24** | $45525 | $32992 | $47543 |
| **10/24** | $45137 | $32692 | $47155 |
| **11/24** | $47518 | $34611 | $49661 |
| **12/24** | $47717 | $33786 | $49888 |
| **1/25** | $48772 | $34727 | $51011 |
| **2/25** | $47452 | $34274 | $49639 |
| **3/25** | $43825 | $32343 | $45860 |
| **4/25** | $44469 | $32124 | $46573 |
| **5/25** | $48507 | $34146 | $50827 |
| **6/25** | $51564 | $35882 | $54052 |
| **7/25** | $52787 | $36687 | $55354 |
| **8/25** | $53252 | $37431 | $55865 |
| **9/25** | $56135 | $38797 | $58920 |
| **10/25** | $58806 | $39706 | $61751 |
| **11/25** | $57858 | $39803 | $60784 |
| **12/25** | $57448 | $39827 | $60377 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 20.39% | 14.73% | 19.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| NASDAQ-100<sup>®</sup> Index | 21.02% | 15.29% | 19.68% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $693709218 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1049096 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g88j89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.1% |
| Financials | 0.3% |
| Energy | 0.5% |
| Materials | 1.1% |
| Short-Term Investments | 1.2% |
| Exchange-Traded Funds | 1.2% |
| Utilities | 1.4% |
| Industrials | 4.1% |
| Consumer Staples | 4.5% |
| Health Care | 5.3% |
| Consumer Discretionary | 13.1% |
| Communication Services | 15.6% |
| Information Technology | 51.6% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Apple, Inc. | 7.8% |
| Microsoft Corp. | 7.0% |
| Amazon.com, Inc. | 4.8% |
| Tesla, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.5% |
| Alphabet, Inc., Class C | 3.3% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc., Class A | 2.2% |
| Total | 48.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPNOI-TSR-AR

# CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio

# Class F CVPRSF
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $63 | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the Russell 2000<sup>®</sup> Index (the Index):

↓ The consumer staples sector was the weakest-performing market within the Index during the period

↓ The consumer discretionary and energy sectors were among the weakest market performers during the period

↑ Nine of the eleven market sectors within the Index posted positive returns during the period ― led by the materials and health care sectors

↑ Five of the eleven sectors within the Index reported double-digit returns during the period

↑ By period-end, the financials, industrials and health care sectors held the largest weights within the Index by sector

↑ The Fund's use of derivatives contributed to absolute returns during the period

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g42t96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9117 | $9504 | $9121 |
| **2/16** | $9113 | $9491 | $9120 |
| **3/16** | $9836 | $10135 | $9848 |
| **4/16** | $9986 | $10174 | $10003 |
| **5/16** | $10201 | $10357 | $10228 |
| **6/16** | $10195 | $10384 | $10222 |
| **7/16** | $10800 | $10766 | $10832 |
| **8/16** | $10985 | $10782 | $11023 |
| **9/16** | $11099 | $10784 | $11146 |
| **10/16** | $10570 | $10587 | $10616 |
| **11/16** | $11744 | $10979 | $11800 |
| **12/16** | $12063 | $11196 | $12131 |
| **1/17** | $12108 | $11408 | $12179 |
| **2/17** | $12337 | $11861 | $12414 |
| **3/17** | $12346 | $11875 | $12430 |
| **4/17** | $12478 | $11997 | $12566 |
| **5/17** | $12221 | $12166 | $12311 |
| **6/17** | $12633 | $12242 | $12736 |
| **7/17** | $12723 | $12494 | $12831 |
| **8/17** | $12556 | $12532 | $12668 |
| **9/17** | $13332 | $12790 | $13458 |
| **10/17** | $13439 | $13089 | $13573 |
| **11/17** | $13822 | $13490 | $13964 |
| **12/17** | $13762 | $13640 | $13908 |
| **1/18** | $14118 | $14421 | $14271 |
| **2/18** | $13565 | $13890 | $13718 |
| **3/18** | $13731 | $13537 | $13896 |
| **4/18** | $13845 | $13589 | $14016 |
| **5/18** | $14678 | $13916 | $14867 |
| **6/18** | $14775 | $14002 | $14973 |
| **7/18** | $15030 | $14523 | $15234 |
| **8/18** | $15674 | $14996 | $15891 |
| **9/18** | $15289 | $15081 | $15509 |
| **10/18** | $13622 | $14050 | $13824 |
| **11/18** | $13836 | $14337 | $14044 |
| **12/18** | $12185 | $13042 | $12376 |
| **1/19** | $13550 | $14087 | $13768 |
| **2/19** | $14249 | $14540 | $14484 |
| **3/19** | $13941 | $14822 | $14181 |
| **4/19** | $14411 | $15422 | $14662 |
| **5/19** | $13282 | $14442 | $13522 |
| **6/19** | $14213 | $15460 | $14478 |
| **7/19** | $14292 | $15682 | $14561 |
| **8/19** | $13581 | $15434 | $13842 |
| **9/19** | $13858 | $15723 | $14130 |
| **10/19** | $14217 | $16063 | $14502 |
| **11/19** | $14794 | $16646 | $15099 |
| **12/19** | $15209 | $17149 | $15535 |
| **1/20** | $14713 | $17142 | $15037 |
| **2/20** | $13465 | $15731 | $13771 |
| **3/20** | $10541 | $13788 | $10779 |
| **4/20** | $11983 | $15555 | $12259 |
| **5/20** | $12754 | $16296 | $13057 |
| **6/20** | $13194 | $16620 | $13519 |
| **7/20** | $13557 | $17558 | $13893 |
| **8/20** | $14317 | $18820 | $14676 |
| **9/20** | $13835 | $18105 | $14185 |
| **10/20** | $14123 | $17623 | $14483 |
| **11/20** | $16720 | $19552 | $17152 |
| **12/20** | $18160 | $20304 | $18636 |
| **1/21** | $19064 | $20099 | $19573 |
| **2/21** | $20246 | $20653 | $20793 |
| **3/21** | $20449 | $21558 | $21002 |
| **4/21** | $20863 | $22708 | $21443 |
| **5/21** | $20903 | $22867 | $21487 |
| **6/21** | $21291 | $23401 | $21904 |
| **7/21** | $20516 | $23956 | $21113 |
| **8/21** | $20964 | $24685 | $21585 |
| **9/21** | $20344 | $23537 | $20949 |
| **10/21** | $21199 | $25186 | $21840 |
| **11/21** | $20310 | $25011 | $20930 |
| **12/21** | $20757 | $26132 | $21397 |
| **1/22** | $18764 | $24780 | $19337 |
| **2/22** | $18958 | $24038 | $19544 |
| **3/22** | $19185 | $24931 | $19787 |
| **4/22** | $17284 | $22757 | $17826 |
| **5/22** | $17307 | $22798 | $17853 |
| **6/22** | $15878 | $20916 | $16385 |
| **7/22** | $17526 | $22845 | $18095 |
| **8/22** | $17158 | $21913 | $17725 |
| **9/22** | $15508 | $19895 | $16026 |
| **10/22** | $17211 | $21506 | $17790 |
| **11/22** | $17615 | $22708 | $18206 |
| **12/22** | $16468 | $21399 | $17024 |
| **1/23** | $18060 | $22744 | $18684 |
| **2/23** | $17755 | $22189 | $18368 |
| **3/23** | $16905 | $23004 | $17491 |
| **4/23** | $16598 | $23363 | $17176 |
| **5/23** | $16429 | $23464 | $17017 |
| **6/23** | $17757 | $25015 | $18401 |
| **7/23** | $18818 | $25818 | $19526 |
| **8/23** | $17875 | $25407 | $18549 |
| **9/23** | $16819 | $24196 | $17457 |
| **10/23** | $15667 | $23687 | $16267 |
| **11/23** | $17081 | $25850 | $17739 |
| **12/23** | $19161 | $27025 | $19906 |
| **1/24** | $18411 | $27479 | $19132 |
| **2/24** | $19446 | $28946 | $20214 |
| **3/24** | $20136 | $29878 | $20938 |
| **4/24** | $18717 | $28657 | $19464 |
| **5/24** | $19645 | $30078 | $20440 |
| **6/24** | $19455 | $31157 | $20251 |
| **7/24** | $21428 | $31537 | $22309 |
| **8/24** | $21098 | $32302 | $21976 |
| **9/24** | $21236 | $32992 | $22129 |
| **10/24** | $20921 | $32692 | $21810 |
| **11/24** | $23200 | $34611 | $24202 |
| **12/24** | $21270 | $33786 | $22203 |
| **1/25** | $21820 | $34727 | $22785 |
| **2/25** | $20647 | $34274 | $21567 |
| **3/25** | $19239 | $32343 | $20099 |
| **4/25** | $18784 | $32124 | $19634 |
| **5/25** | $19778 | $34146 | $20683 |
| **6/25** | $20835 | $35882 | $21807 |
| **7/25** | $21192 | $36687 | $22185 |
| **8/25** | $22696 | $37431 | $23770 |
| **9/25** | $23386 | $38797 | $24510 |
| **10/25** | $23800 | $39706 | $24953 |
| **11/25** | $24017 | $39803 | $25193 |
| **12/25** | $23872 | $39827 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 12.23% | 5.62% | 9.08% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $254096903 |
| # of Portfolio Holdings | 1984 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $96423 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g45s30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Exchange-Traded Funds | 2.0% |
| Communication Services | 2.6% |
| Utilities | 2.8% |
| Materials | 4.1% |
| Short-Term Investments | 4.5% |
| Energy | 4.5% |
| Real Estate | 5.3% |
| Consumer Discretionary | 8.3% |
| Information Technology | 13.8% |
| Industrials | 16.2% |
| Financials | 16.7% |
| Health Care | 17.5% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.0% |
| Credo Technology Group Holding Ltd. | 0.7% |
| Bloom Energy Corp., Class A | 0.6% |
| Fabrinet | 0.5% |
| IonQ, Inc. | 0.5% |
| EchoStar Corp., Class A | 0.5% |
| NEXTracker, Inc., Class A | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.4% |
| Guardant Health, Inc. | 0.4% |
| Hecla Mining Co. | 0.4% |
| Total | 6.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPRSF-TSR-AR

# CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio

# Class I CVPRSI
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $41 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the Russell 2000<sup>®</sup> Index (the Index):

↓ The consumer staples sector was the weakest-performing market within the Index during the period

↓ The consumer discretionary and energy sectors were among the weakest market performers during the period

↑ Nine of the eleven market sectors within the Index posted positive returns during the period ― led by the materials and health care sectors

↑ Five of the eleven sectors within the Index reported double-digit returns during the period

↑ By period-end, the financials, industrials and health care sectors held the largest weights within the Index by sector

↑ The Fund's use of derivatives contributed to absolute returns during the period

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g37s23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9118 | $9504 | $9121 |
| **2/16** | $9115 | $9491 | $9120 |
| **3/16** | $9841 | $10135 | $9848 |
| **4/16** | $9993 | $10174 | $10003 |
| **5/16** | $10211 | $10357 | $10228 |
| **6/16** | $10208 | $10384 | $10222 |
| **7/16** | $10815 | $10766 | $10832 |
| **8/16** | $11003 | $10782 | $11023 |
| **9/16** | $11119 | $10784 | $11146 |
| **10/16** | $10591 | $10587 | $10616 |
| **11/16** | $11770 | $10979 | $11800 |
| **12/16** | $12092 | $11196 | $12131 |
| **1/17** | $12139 | $11408 | $12179 |
| **2/17** | $12371 | $11861 | $12414 |
| **3/17** | $12384 | $11875 | $12430 |
| **4/17** | $12518 | $11997 | $12566 |
| **5/17** | $12262 | $12166 | $12311 |
| **6/17** | $12679 | $12242 | $12736 |
| **7/17** | $12773 | $12494 | $12831 |
| **8/17** | $12606 | $12532 | $12668 |
| **9/17** | $13390 | $12790 | $13458 |
| **10/17** | $13499 | $13089 | $13573 |
| **11/17** | $13887 | $13490 | $13964 |
| **12/17** | $13830 | $13640 | $13908 |
| **1/18** | $14190 | $14421 | $14271 |
| **2/18** | $13636 | $13890 | $13718 |
| **3/18** | $13807 | $13537 | $13896 |
| **4/18** | $13924 | $13589 | $14016 |
| **5/18** | $14764 | $13916 | $14867 |
| **6/18** | $14865 | $14002 | $14973 |
| **7/18** | $15126 | $14523 | $15234 |
| **8/18** | $15778 | $14996 | $15891 |
| **9/18** | $15393 | $15081 | $15509 |
| **10/18** | $13716 | $14050 | $13824 |
| **11/18** | $13936 | $14337 | $14044 |
| **12/18** | $12276 | $13042 | $12376 |
| **1/19** | $13654 | $14087 | $13768 |
| **2/19** | $14359 | $14540 | $14484 |
| **3/19** | $14052 | $14822 | $14181 |
| **4/19** | $14530 | $15422 | $14662 |
| **5/19** | $13395 | $14442 | $13522 |
| **6/19** | $14335 | $15460 | $14478 |
| **7/19** | $14418 | $15682 | $14561 |
| **8/19** | $13701 | $15434 | $13842 |
| **9/19** | $13984 | $15723 | $14130 |
| **10/19** | $14350 | $16063 | $14502 |
| **11/19** | $14933 | $16646 | $15099 |
| **12/19** | $15355 | $17149 | $15535 |
| **1/20** | $14857 | $17142 | $15037 |
| **2/20** | $13599 | $15731 | $13771 |
| **3/20** | $10646 | $13788 | $10779 |
| **4/20** | $12106 | $15555 | $12259 |
| **5/20** | $12886 | $16296 | $13057 |
| **6/20** | $13333 | $16620 | $13519 |
| **7/20** | $13704 | $17558 | $13893 |
| **8/20** | $14473 | $18820 | $14676 |
| **9/20** | $13989 | $18105 | $14185 |
| **10/20** | $14281 | $17623 | $14483 |
| **11/20** | $16912 | $19552 | $17152 |
| **12/20** | $18371 | $20304 | $18636 |
| **1/21** | $19288 | $20099 | $19573 |
| **2/21** | $20488 | $20653 | $20793 |
| **3/21** | $20696 | $21558 | $21002 |
| **4/21** | $21119 | $22708 | $21443 |
| **5/21** | $21162 | $22867 | $21487 |
| **6/21** | $21560 | $23401 | $21904 |
| **7/21** | $20778 | $23956 | $21113 |
| **8/21** | $21235 | $24685 | $21585 |
| **9/21** | $20610 | $23537 | $20949 |
| **10/21** | $21482 | $25186 | $21840 |
| **11/21** | $20582 | $25011 | $20930 |
| **12/21** | $21040 | $26132 | $21397 |
| **1/22** | $19023 | $24780 | $19337 |
| **2/22** | $19220 | $24038 | $19544 |
| **3/22** | $19456 | $24931 | $19787 |
| **4/22** | $17530 | $22757 | $17826 |
| **5/22** | $17558 | $22798 | $17853 |
| **6/22** | $16109 | $20916 | $16385 |
| **7/22** | $17784 | $22845 | $18095 |
| **8/22** | $17414 | $21913 | $17725 |
| **9/22** | $15741 | $19895 | $16026 |
| **10/22** | $17474 | $21506 | $17790 |
| **11/22** | $17888 | $22708 | $18206 |
| **12/22** | $16723 | $21399 | $17024 |
| **1/23** | $18345 | $22744 | $18684 |
| **2/23** | $18040 | $22189 | $18368 |
| **3/23** | $17178 | $23004 | $17491 |
| **4/23** | $16868 | $23363 | $17176 |
| **5/23** | $16701 | $23464 | $17017 |
| **6/23** | $18052 | $25015 | $18401 |
| **7/23** | $19134 | $25818 | $19526 |
| **8/23** | $18178 | $25407 | $18549 |
| **9/23** | $17108 | $24196 | $17457 |
| **10/23** | $15940 | $23687 | $16267 |
| **11/23** | $17380 | $25850 | $17739 |
| **12/23** | $19499 | $27025 | $19906 |
| **1/24** | $18739 | $27479 | $19132 |
| **2/24** | $19795 | $28946 | $20214 |
| **3/24** | $20502 | $29878 | $20938 |
| **4/24** | $19059 | $28657 | $19464 |
| **5/24** | $20010 | $30078 | $20440 |
| **6/24** | $19817 | $31157 | $20251 |
| **7/24** | $21834 | $31537 | $22309 |
| **8/24** | $21499 | $32302 | $21976 |
| **9/24** | $21646 | $32992 | $22129 |
| **10/24** | $21326 | $32692 | $21810 |
| **11/24** | $23654 | $34611 | $24202 |
| **12/24** | $21689 | $33786 | $22203 |
| **1/25** | $22255 | $34727 | $22785 |
| **2/25** | $21061 | $34274 | $21567 |
| **3/25** | $19629 | $32343 | $20099 |
| **4/25** | $19167 | $32124 | $19634 |
| **5/25** | $20185 | $34146 | $20683 |
| **6/25** | $21268 | $35882 | $21807 |
| **7/25** | $21634 | $36687 | $22185 |
| **8/25** | $23174 | $37431 | $23770 |
| **9/25** | $23881 | $38797 | $24510 |
| **10/25** | $24310 | $39706 | $24953 |
| **11/25** | $24536 | $39803 | $25193 |
| **12/25** | $24390 | $39827 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 12.45% | 5.83% | 9.32% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.61% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $254096903 |
| # of Portfolio Holdings | 1984 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $96423 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g45s30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Exchange-Traded Funds | 2.0% |
| Communication Services | 2.6% |
| Utilities | 2.8% |
| Materials | 4.1% |
| Short-Term Investments | 4.5% |
| Energy | 4.5% |
| Real Estate | 5.3% |
| Consumer Discretionary | 8.3% |
| Information Technology | 13.8% |
| Industrials | 16.2% |
| Financials | 16.7% |
| Health Care | 17.5% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| iShares Russell 2000 ETF | 2.0% |
| Credo Technology Group Holding Ltd. | 0.7% |
| Bloom Energy Corp., Class A | 0.6% |
| Fabrinet | 0.5% |
| IonQ, Inc. | 0.5% |
| EchoStar Corp., Class A | 0.5% |
| NEXTracker, Inc., Class A | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.4% |
| Guardant Health, Inc. | 0.4% |
| Hecla Mining Co. | 0.4% |
| Total | 6.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPRSI-TSR-AR

# CVT S&P 500<sup>®</sup> Index Portfolio

# CVPSPF
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT S&P 500<sup>®</sup> Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CVT S&P 500<sup>®</sup> Index Portfolio | $30 | 0.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the S&P 500<sup><sup>®</sup></sup> (the Index):

↓ The real estate sector was the weakest-performing sector within the Index

↓ The consumer staples and consumer discretionary sectors were among the weakest performers during the period

↑ All of the eleven market sectors within the Index reported positive returns during the period

↑ Communication services, information technology (IT) and industrials were the best-performing sectors within the Index during the period

↑ By period-end, the IT, financials and communication services sectors held the largest weights within the Index by sector

↑ The Fund's use of derivatives contributed to absolute returns during the period

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g51l09.jpg)

---

| | | |
|:---|:---|:---|
| | **CVT S&P 500<sup>®</sup> Index Portfolio** | **S&P 500<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9499 | $9504 |
| **2/16** | $9487 | $9491 |
| **3/16** | $10128 | $10135 |
| **4/16** | $10163 | $10174 |
| **5/16** | $10342 | $10357 |
| **6/16** | $10369 | $10384 |
| **7/16** | $10747 | $10766 |
| **8/16** | $10758 | $10782 |
| **9/16** | $10756 | $10784 |
| **10/16** | $10556 | $10587 |
| **11/16** | $10945 | $10979 |
| **12/16** | $11158 | $11196 |
| **1/17** | $11365 | $11408 |
| **2/17** | $11815 | $11861 |
| **3/17** | $11825 | $11875 |
| **4/17** | $11944 | $11997 |
| **5/17** | $12108 | $12166 |
| **6/17** | $12181 | $12242 |
| **7/17** | $12428 | $12494 |
| **8/17** | $12463 | $12532 |
| **9/17** | $12718 | $12790 |
| **10/17** | $13011 | $13089 |
| **11/17** | $13407 | $13490 |
| **12/17** | $13552 | $13640 |
| **1/18** | $14325 | $14421 |
| **2/18** | $13793 | $13890 |
| **3/18** | $13437 | $13537 |
| **4/18** | $13483 | $13589 |
| **5/18** | $13805 | $13916 |
| **6/18** | $13886 | $14002 |
| **7/18** | $14400 | $14523 |
| **8/18** | $14865 | $14996 |
| **9/18** | $14945 | $15081 |
| **10/18** | $13919 | $14050 |
| **11/18** | $14199 | $14337 |
| **12/18** | $12911 | $13042 |
| **1/19** | $13945 | $14087 |
| **2/19** | $14391 | $14540 |
| **3/19** | $14666 | $14822 |
| **4/19** | $15258 | $15422 |
| **5/19** | $14283 | $14442 |
| **6/19** | $15287 | $15460 |
| **7/19** | $15504 | $15682 |
| **8/19** | $15251 | $15434 |
| **9/19** | $15535 | $15723 |
| **10/19** | $15867 | $16063 |
| **11/19** | $16440 | $16646 |
| **12/19** | $16933 | $17149 |
| **1/20** | $16920 | $17142 |
| **2/20** | $15521 | $15731 |
| **3/20** | $13599 | $13788 |
| **4/20** | $15343 | $15555 |
| **5/20** | $16071 | $16296 |
| **6/20** | $16384 | $16620 |
| **7/20** | $17306 | $17558 |
| **8/20** | $18546 | $18820 |
| **9/20** | $17838 | $18105 |
| **10/20** | $17362 | $17623 |
| **11/20** | $19262 | $19552 |
| **12/20** | $19998 | $20304 |
| **1/21** | $19793 | $20099 |
| **2/21** | $20338 | $20653 |
| **3/21** | $21228 | $21558 |
| **4/21** | $22357 | $22708 |
| **5/21** | $22506 | $22867 |
| **6/21** | $23027 | $23401 |
| **7/21** | $23568 | $23956 |
| **8/21** | $24279 | $24685 |
| **9/21** | $23144 | $23537 |
| **10/21** | $24759 | $25186 |
| **11/21** | $24582 | $25011 |
| **12/21** | $25680 | $26132 |
| **1/22** | $24347 | $24780 |
| **2/22** | $23616 | $24038 |
| **3/22** | $24487 | $24931 |
| **4/22** | $22347 | $22757 |
| **5/22** | $22384 | $22798 |
| **6/22** | $20527 | $20916 |
| **7/22** | $22416 | $22845 |
| **8/22** | $21495 | $21913 |
| **9/22** | $19511 | $19895 |
| **10/22** | $21086 | $21506 |
| **11/22** | $22260 | $22708 |
| **12/22** | $20971 | $21399 |
| **1/23** | $22287 | $22744 |
| **2/23** | $21738 | $22189 |
| **3/23** | $22528 | $23004 |
| **4/23** | $22874 | $23363 |
| **5/23** | $22966 | $23464 |
| **6/23** | $24477 | $25015 |
| **7/23** | $25259 | $25818 |
| **8/23** | $24850 | $25407 |
| **9/23** | $23657 | $24196 |
| **10/23** | $23152 | $23687 |
| **11/23** | $25261 | $25850 |
| **12/23** | $26406 | $27025 |
| **1/24** | $26841 | $27479 |
| **2/24** | $28267 | $28946 |
| **3/24** | $29171 | $29878 |
| **4/24** | $27969 | $28657 |
| **5/24** | $29349 | $30078 |
| **6/24** | $30392 | $31157 |
| **7/24** | $30755 | $31537 |
| **8/24** | $31496 | $32302 |
| **9/24** | $32161 | $32992 |
| **10/24** | $31862 | $32692 |
| **11/24** | $33725 | $34611 |
| **12/24** | $32911 | $33786 |
| **1/25** | $33815 | $34727 |
| **2/25** | $33366 | $34274 |
| **3/25** | $31479 | $32343 |
| **4/25** | $31249 | $32124 |
| **5/25** | $33210 | $34146 |
| **6/25** | $34892 | $35882 |
| **7/25** | $35665 | $36687 |
| **8/25** | $36381 | $37431 |
| **9/25** | $37700 | $38797 |
| **10/25** | $38572 | $39706 |
| **11/25** | $38659 | $39803 |
| **12/25** | $38672 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| CVT S&P 500<sup>®</sup> Index Portfolio | 17.50% | 14.09% | 14.47% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $546507899 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $44281 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g56c42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 1.4% |
| Materials | 1.8% |
| Real Estate | 1.8% |
| Utilities | 2.2% |
| Short-Term Investments | 2.6% |
| Energy | 2.7% |
| Consumer Staples | 4.5% |
| Industrials | 7.8% |
| Health Care | 9.2% |
| Consumer Discretionary | 10.0% |
| Communication Services | 10.1% |
| Financials | 12.9% |
| Information Technology | 33.0% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.4% |
| Apple, Inc. | 6.6% |
| Microsoft Corp. | 5.9% |
| Amazon.com, Inc. | 3.7% |
| Alphabet, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.7% |
| Alphabet, Inc., Class C | 2.4% |
| Meta Platforms, Inc., Class A | 2.3% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 1.5% |
| Total | 37.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPSPF-TSR-AR

# CVT S&P MidCap 400<sup>®</sup> Index Portfolio

# Class F CVPSMF
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT S&P MidCap 400<sup>®</sup> Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $55 | 0.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the S&P MidCap 400<sup>®</sup> Index (the Index):

↓ The consumer discretionary and consumer staples sectors reported negative returns during the period

↑ Nine of the eleven market sectors within the Index ― led by the communication services and utilities sectors ― reported positive returns during the period

↑ Among those sectors, the communication services, utilities, information technology (IT) and industrials reported double-digit returns during the period

↑ By period-end, the industrials, financials, IT and consumer discretionary sectors held the largest weights within the Index by sector

↑ The Fund's use of derivatives contributed to absolute returns during the period

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g69t93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9426 | $9504 | $9431 |
| **2/16** | $9554 | $9491 | $9564 |
| **3/16** | $10361 | $10135 | $10378 |
| **4/16** | $10482 | $10174 | $10506 |
| **5/16** | $10717 | $10357 | $10748 |
| **6/16** | $10761 | $10384 | $10793 |
| **7/16** | $11216 | $10766 | $11256 |
| **8/16** | $11265 | $10782 | $11312 |
| **9/16** | $11187 | $10784 | $11240 |
| **10/16** | $10880 | $10587 | $10940 |
| **11/16** | $11746 | $10979 | $11815 |
| **12/16** | $11996 | $11196 | $12074 |
| **1/17** | $12193 | $11408 | $12276 |
| **2/17** | $12507 | $11861 | $12598 |
| **3/17** | $12452 | $11875 | $12550 |
| **4/17** | $12551 | $11997 | $12654 |
| **5/17** | $12484 | $12166 | $12593 |
| **6/17** | $12681 | $12242 | $12797 |
| **7/17** | $12787 | $12494 | $12910 |
| **8/17** | $12584 | $12532 | $12711 |
| **9/17** | $13070 | $12790 | $13209 |
| **10/17** | $13359 | $13089 | $13508 |
| **11/17** | $13846 | $13490 | $14005 |
| **12/17** | $13870 | $13640 | $14035 |
| **1/18** | $14262 | $14421 | $14439 |
| **2/18** | $13623 | $13890 | $13799 |
| **3/18** | $13744 | $13537 | $13927 |
| **4/18** | $13701 | $13589 | $13891 |
| **5/18** | $14261 | $13916 | $14464 |
| **6/18** | $14314 | $14002 | $14525 |
| **7/18** | $14558 | $14523 | $14781 |
| **8/18** | $15017 | $14996 | $15253 |
| **9/18** | $14846 | $15081 | $15086 |
| **10/18** | $13422 | $14050 | $13646 |
| **11/18** | $13835 | $14337 | $14072 |
| **12/18** | $12266 | $13042 | $12480 |
| **1/19** | $13545 | $14087 | $13785 |
| **2/19** | $14114 | $14540 | $14369 |
| **3/19** | $14027 | $14822 | $14288 |
| **4/19** | $14584 | $15422 | $14862 |
| **5/19** | $13414 | $14442 | $13677 |
| **6/19** | $14435 | $15460 | $14723 |
| **7/19** | $14599 | $15682 | $14898 |
| **8/19** | $13979 | $15434 | $14273 |
| **9/19** | $14402 | $15723 | $14710 |
| **10/19** | $14559 | $16063 | $14876 |
| **11/19** | $14987 | $16646 | $15319 |
| **12/19** | $15401 | $17149 | $15749 |
| **1/20** | $14991 | $17142 | $15338 |
| **2/20** | $13561 | $15731 | $13882 |
| **3/20** | $10809 | $13788 | $11072 |
| **4/20** | $12336 | $15555 | $12642 |
| **5/20** | $13235 | $16296 | $13566 |
| **6/20** | $13398 | $16620 | $13737 |
| **7/20** | $14011 | $17558 | $14370 |
| **8/20** | $14498 | $18820 | $14875 |
| **9/20** | $14019 | $18105 | $14392 |
| **10/20** | $14317 | $17623 | $14705 |
| **11/20** | $16357 | $19552 | $16804 |
| **12/20** | $17418 | $20304 | $17900 |
| **1/21** | $17673 | $20099 | $18170 |
| **2/21** | $18870 | $20653 | $19405 |
| **3/21** | $19744 | $21558 | $20312 |
| **4/21** | $20623 | $22708 | $21226 |
| **5/21** | $20656 | $22867 | $21268 |
| **6/21** | $20435 | $23401 | $21050 |
| **7/21** | $20495 | $23956 | $21123 |
| **8/21** | $20887 | $24685 | $21534 |
| **9/21** | $20049 | $23537 | $20679 |
| **10/21** | $21221 | $25186 | $21896 |
| **11/21** | $20588 | $25011 | $21253 |
| **12/21** | $21628 | $26132 | $22332 |
| **1/22** | $20058 | $24780 | $20722 |
| **2/22** | $20272 | $24038 | $20953 |
| **3/22** | $20544 | $24931 | $21243 |
| **4/22** | $19075 | $22757 | $19734 |
| **5/22** | $19211 | $22798 | $19881 |
| **6/22** | $17355 | $20916 | $17969 |
| **7/22** | $19233 | $22845 | $19918 |
| **8/22** | $18626 | $21913 | $19300 |
| **9/22** | $16906 | $19895 | $17526 |
| **10/22** | $18676 | $21506 | $19369 |
| **11/22** | $19810 | $22708 | $20554 |
| **12/22** | $18707 | $21399 | $19416 |
| **1/23** | $20427 | $22744 | $21208 |
| **2/23** | $20052 | $22189 | $20823 |
| **3/23** | $19403 | $23004 | $20155 |
| **4/23** | $19242 | $23363 | $19997 |
| **5/23** | $18619 | $23464 | $19359 |
| **6/23** | $20316 | $25015 | $21132 |
| **7/23** | $21146 | $25818 | $22004 |
| **8/23** | $20525 | $25407 | $21368 |
| **9/23** | $19438 | $24196 | $20245 |
| **10/23** | $18393 | $23687 | $19164 |
| **11/23** | $19950 | $25850 | $20794 |
| **12/23** | $21679 | $27025 | $22607 |
| **1/24** | $21298 | $27479 | $22220 |
| **2/24** | $22553 | $28946 | $23540 |
| **3/24** | $23807 | $29878 | $24857 |
| **4/24** | $22362 | $28657 | $23361 |
| **5/24** | $23336 | $30078 | $24386 |
| **6/24** | $22956 | $31157 | $24001 |
| **7/24** | $24279 | $31537 | $25394 |
| **8/24** | $24246 | $32302 | $25374 |
| **9/24** | $24513 | $32992 | $25668 |
| **10/24** | $24329 | $32692 | $25486 |
| **11/24** | $26461 | $34611 | $27732 |
| **12/24** | $24561 | $33786 | $25756 |
| **1/25** | $25495 | $34727 | $26747 |
| **2/25** | $24377 | $34274 | $25585 |
| **3/25** | $23033 | $32343 | $24185 |
| **4/25** | $22499 | $32124 | $23640 |
| **5/25** | $23703 | $34146 | $24916 |
| **6/25** | $24542 | $35882 | $25808 |
| **7/25** | $24930 | $36687 | $26226 |
| **8/25** | $25764 | $37431 | $27116 |
| **9/25** | $25871 | $38797 | $27240 |
| **10/25** | $25739 | $39706 | $27113 |
| **11/25** | $26255 | $39803 | $27668 |
| **12/25** | $26261 | $39827 | $27688 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 6.92% | 8.55% | 10.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.11% | 10.71% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $611700122 |
| # of Portfolio Holdings | 405 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $398967 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g75p19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.9% |
| Exchange-Traded Funds | 1.9% |
| Utilities | 3.1% |
| Energy | 3.7% |
| Short-Term Investments | 3.9% |
| Consumer Staples | 4.0% |
| Materials | 5.1% |
| Real Estate | 6.0% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.9% |
| Information Technology | 13.2% |
| Financials | 15.8% |
| Industrials | 22.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.9% |
| Ciena Corp. | 1.0% |
| Coherent Corp. | 0.8% |
| Lumentum Holdings, Inc. | 0.8% |
| Flex Ltd. | 0.7% |
| Twilio, Inc., Class A | 0.6% |
| United Therapeutics Corp. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Total | 8.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPSMF-TSR-AR

# CVT S&P MidCap 400<sup>®</sup> Index Portfolio

# Class I CVPSMI
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT S&P MidCap 400<sup>®</sup> Index Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance of the Fund and the S&P MidCap 400<sup>®</sup> Index (the Index):

↓ The consumer discretionary and consumer staples sectors reported negative returns during the period

↑ Nine of the eleven market sectors within the Index ― led by the communication services and utilities sectors ― reported positive returns during the period

↑ Among those sectors, the communication services, utilities, information technology (IT) and industrials reported double-digit returns during the period

↑ By period-end, the industrials, financials, IT and consumer discretionary sectors held the largest weights within the Index by sector

↑ The Fund's use of derivatives contributed to absolute returns during the period

● The Index is unmanaged, and returns do not reflect fees or operating expenses

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g49v84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9427 | $9504 | $9431 |
| **2/16** | $9557 | $9491 | $9564 |
| **3/16** | $10367 | $10135 | $10378 |
| **4/16** | $10491 | $10174 | $10506 |
| **5/16** | $10729 | $10357 | $10748 |
| **6/16** | $10774 | $10384 | $10793 |
| **7/16** | $11231 | $10766 | $11256 |
| **8/16** | $11283 | $10782 | $11312 |
| **9/16** | $11207 | $10784 | $11240 |
| **10/16** | $10903 | $10587 | $10940 |
| **11/16** | $11773 | $10979 | $11815 |
| **12/16** | $12027 | $11196 | $12074 |
| **1/17** | $12225 | $11408 | $12276 |
| **2/17** | $12544 | $11861 | $12598 |
| **3/17** | $12490 | $11875 | $12550 |
| **4/17** | $12591 | $11997 | $12654 |
| **5/17** | $12527 | $12166 | $12593 |
| **6/17** | $12727 | $12242 | $12797 |
| **7/17** | $12836 | $12494 | $12910 |
| **8/17** | $12636 | $12532 | $12711 |
| **9/17** | $13126 | $12790 | $13209 |
| **10/17** | $13421 | $13089 | $13508 |
| **11/17** | $13912 | $13490 | $14005 |
| **12/17** | $13938 | $13640 | $14035 |
| **1/18** | $14336 | $14421 | $14439 |
| **2/18** | $13696 | $13890 | $13799 |
| **3/18** | $13821 | $13537 | $13927 |
| **4/18** | $13780 | $13589 | $13891 |
| **5/18** | $14346 | $13916 | $14464 |
| **6/18** | $14402 | $14002 | $14525 |
| **7/18** | $14653 | $14523 | $14781 |
| **8/18** | $15117 | $14996 | $15253 |
| **9/18** | $14947 | $15081 | $15086 |
| **10/18** | $13517 | $14050 | $13646 |
| **11/18** | $13936 | $14337 | $14072 |
| **12/18** | $12359 | $13042 | $12480 |
| **1/19** | $13649 | $14087 | $13785 |
| **2/19** | $14225 | $14540 | $14369 |
| **3/19** | $14141 | $14822 | $14288 |
| **4/19** | $14705 | $15422 | $14862 |
| **5/19** | $13530 | $14442 | $13677 |
| **6/19** | $14560 | $15460 | $14723 |
| **7/19** | $14728 | $15682 | $14898 |
| **8/19** | $14105 | $15434 | $14273 |
| **9/19** | $14535 | $15723 | $14710 |
| **10/19** | $14695 | $16063 | $14876 |
| **11/19** | $15129 | $16646 | $15319 |
| **12/19** | $15551 | $17149 | $15749 |
| **1/20** | $15139 | $17142 | $15338 |
| **2/20** | $13697 | $15731 | $13882 |
| **3/20** | $10919 | $13788 | $11072 |
| **4/20** | $12464 | $15555 | $12642 |
| **5/20** | $13374 | $16296 | $13566 |
| **6/20** | $13541 | $16620 | $13737 |
| **7/20** | $14163 | $17558 | $14370 |
| **8/20** | $14658 | $18820 | $14875 |
| **9/20** | $14176 | $18105 | $14392 |
| **10/20** | $14480 | $17623 | $14705 |
| **11/20** | $16546 | $19552 | $16804 |
| **12/20** | $17623 | $20304 | $17900 |
| **1/21** | $17883 | $20099 | $18170 |
| **2/21** | $19098 | $20653 | $19405 |
| **3/21** | $19985 | $21558 | $20312 |
| **4/21** | $20879 | $22708 | $21226 |
| **5/21** | $20915 | $22867 | $21268 |
| **6/21** | $20694 | $23401 | $21050 |
| **7/21** | $20760 | $23956 | $21123 |
| **8/21** | $21160 | $24685 | $21534 |
| **9/21** | $20314 | $23537 | $20679 |
| **10/21** | $21505 | $25186 | $21896 |
| **11/21** | $20868 | $25011 | $21253 |
| **12/21** | $21925 | $26132 | $22332 |
| **1/22** | $20336 | $24780 | $20722 |
| **2/22** | $20558 | $24038 | $20953 |
| **3/22** | $20836 | $24931 | $21243 |
| **4/22** | $19348 | $22757 | $19734 |
| **5/22** | $19491 | $22798 | $19881 |
| **6/22** | $17611 | $20916 | $17969 |
| **7/22** | $19520 | $22845 | $19918 |
| **8/22** | $18908 | $21913 | $19300 |
| **9/22** | $17165 | $19895 | $17526 |
| **10/22** | $18963 | $21506 | $19369 |
| **11/22** | $20120 | $22708 | $20554 |
| **12/22** | $19002 | $21399 | $19416 |
| **1/23** | $20753 | $22744 | $21208 |
| **2/23** | $20375 | $22189 | $20823 |
| **3/23** | $19718 | $23004 | $20155 |
| **4/23** | $19559 | $23363 | $19997 |
| **5/23** | $18929 | $23464 | $19359 |
| **6/23** | $20657 | $25015 | $21132 |
| **7/23** | $21506 | $25818 | $22004 |
| **8/23** | $20877 | $25407 | $21368 |
| **9/23** | $19774 | $24196 | $20245 |
| **10/23** | $18713 | $23687 | $19164 |
| **11/23** | $20301 | $25850 | $20794 |
| **12/23** | $22065 | $27025 | $22607 |
| **1/24** | $21679 | $27479 | $22220 |
| **2/24** | $22961 | $28946 | $23540 |
| **3/24** | $24242 | $29878 | $24857 |
| **4/24** | $22777 | $28657 | $23361 |
| **5/24** | $23769 | $30078 | $24386 |
| **6/24** | $23388 | $31157 | $24001 |
| **7/24** | $24740 | $31537 | $25394 |
| **8/24** | $24710 | $32302 | $25374 |
| **9/24** | $24987 | $32992 | $25668 |
| **10/24** | $24804 | $32692 | $25486 |
| **11/24** | $26982 | $34611 | $27732 |
| **12/24** | $25047 | $33786 | $25756 |
| **1/25** | $26005 | $34727 | $26747 |
| **2/25** | $24868 | $34274 | $25585 |
| **3/25** | $23499 | $32343 | $24185 |
| **4/25** | $22959 | $32124 | $23640 |
| **5/25** | $24193 | $34146 | $24916 |
| **6/25** | $25053 | $35882 | $25808 |
| **7/25** | $25453 | $36687 | $26226 |
| **8/25** | $26311 | $37431 | $27116 |
| **9/25** | $26424 | $38797 | $27240 |
| **10/25** | $26294 | $39706 | $27113 |
| **11/25** | $26824 | $39803 | $27668 |
| **12/25** | $26835 | $39827 | $27688 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 7.14% | 8.77% | 10.37% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.11% | 10.71% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $611700122 |
| # of Portfolio Holdings | 405 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $398967 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g51633g75p19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 1.9% |
| Exchange-Traded Funds | 1.9% |
| Utilities | 3.1% |
| Energy | 3.7% |
| Short-Term Investments | 3.9% |
| Consumer Staples | 4.0% |
| Materials | 5.1% |
| Real Estate | 6.0% |
| Health Care | 8.3% |
| Consumer Discretionary | 10.9% |
| Information Technology | 13.2% |
| Financials | 15.8% |
| Industrials | 22.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| SPDR S&P MidCap 400 ETF Trust | 1.9% |
| Ciena Corp. | 1.0% |
| Coherent Corp. | 0.8% |
| Lumentum Holdings, Inc. | 0.8% |
| Flex Ltd. | 0.7% |
| Twilio, Inc., Class A | 0.6% |
| United Therapeutics Corp. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Total | 8.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPSMI-TSR-AR

# CVT Volatility Managed Growth Portfolio

# Class F CVPVMG
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Volatility Managed Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $84 | 0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. Expenses do not include fees and expenses incurred indirectly from investment in the underlying exchange-traded funds. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P Global LargeMidCap Managed Risk Index - Moderate Aggressive (the Index); and the Growth Portfolio Blended Benchmark (the Secondary Blended Index):

↓ In cumulative terms, the Fund's exposure to derivatives detracted from overall portfolio returns during the period

↓ The Fund's allocations to small-cap stocks, mid-cap stocks, and large-cap value stocks detracted from performance relative to the secondary blended benchmark

↑ In contrast, allocations to large-cap growth stocks and foreign stocks contributed to returns relative to the secondary blended benchmark during the period

↑ In cumulative terms, the Fund's exposure to derivatives decreased realized volatility during the period and brought its realized volatility to target

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g56v98.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Russell 3000<sup>®</sup> Index** | **S&P Global LargeMidCap Managed Risk Index - Moderate Aggressive** | **Growth Portfolio Blended Benchmark** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9716 | $9436 | $9520 | $9567 |
| **2/16** | $9697 | $9433 | $9502 | $9548 |
| **3/16** | $10101 | $10097 | $9960 | $10091 |
| **4/16** | $10139 | $10159 | $10086 | $10174 |
| **5/16** | $10228 | $10341 | $10100 | $10275 |
| **6/16** | $10114 | $10362 | $9915 | $10292 |
| **7/16** | $10348 | $10774 | $10163 | $10640 |
| **8/16** | $10348 | $10801 | $10189 | $10641 |
| **9/16** | $10329 | $10818 | $10243 | $10663 |
| **10/16** | $10126 | $10584 | $10095 | $10458 |
| **11/16** | $10354 | $11058 | $10109 | $10641 |
| **12/16** | $10556 | $11274 | $10289 | $10841 |
| **1/17** | $10727 | $11486 | $10522 | $11014 |
| **2/17** | $10999 | $11913 | $10776 | $11308 |
| **3/17** | $11043 | $11921 | $10888 | $11353 |
| **4/17** | $11163 | $12047 | $11044 | $11487 |
| **5/17** | $11277 | $12171 | $11268 | $11638 |
| **6/17** | $11372 | $12280 | $11311 | $11702 |
| **7/17** | $11561 | $12512 | $11575 | $11899 |
| **8/17** | $11561 | $12536 | $11634 | $11934 |
| **9/17** | $11795 | $12842 | $11804 | $12136 |
| **10/17** | $11979 | $13122 | $12010 | $12321 |
| **11/17** | $12234 | $13521 | $12195 | $12569 |
| **12/17** | $12343 | $13656 | $12367 | $12682 |
| **1/18** | $12790 | $14375 | $12900 | $13131 |
| **2/18** | $12151 | $13846 | $12414 | $12695 |
| **3/18** | $12004 | $13568 | $12221 | $12544 |
| **4/18** | $11966 | $13619 | $12306 | $12604 |
| **5/18** | $12145 | $14004 | $12333 | $12800 |
| **6/18** | $12164 | $14095 | $12280 | $12842 |
| **7/18** | $12464 | $14563 | $12581 | $13144 |
| **8/18** | $12707 | $15074 | $12666 | $13401 |
| **9/18** | $12684 | $15099 | $12712 | $13404 |
| **10/18** | $11870 | $13988 | $11935 | $12628 |
| **11/18** | $11967 | $14268 | $12083 | $12810 |
| **12/18** | $11417 | $12940 | $11495 | $12021 |
| **1/19** | $11850 | $14051 | $12077 | $12825 |
| **2/19** | $12141 | $14545 | $12323 | $13141 |
| **3/19** | $12290 | $14757 | $12500 | $13335 |
| **4/19** | $12671 | $15346 | $12836 | $13704 |
| **5/19** | $12057 | $14353 | $12278 | $13132 |
| **6/19** | $12697 | $15361 | $12939 | $13829 |
| **7/19** | $12768 | $15590 | $12975 | $13935 |
| **8/19** | $12522 | $15272 | $12791 | $13801 |
| **9/19** | $12736 | $15540 | $13006 | $14002 |
| **10/19** | $12950 | $15875 | $13305 | $14272 |
| **11/19** | $13271 | $16478 | $13563 | $14602 |
| **12/19** | $13612 | $16954 | $13944 | $14925 |
| **1/20** | $13500 | $16935 | $13869 | $14925 |
| **2/20** | $12694 | $15549 | $13078 | $14008 |
| **3/20** | $11993 | $13410 | $12524 | $12473 |
| **4/20** | $12308 | $15187 | $12829 | $13643 |
| **5/20** | $12511 | $15999 | $13019 | $14182 |
| **6/20** | $12544 | $16364 | $13167 | $14476 |
| **7/20** | $12839 | $17294 | $13474 | $15067 |
| **8/20** | $13324 | $18546 | $13928 | $15803 |
| **9/20** | $12963 | $17871 | $13634 | $15385 |
| **10/20** | $12712 | $17485 | $13365 | $15061 |
| **11/20** | $13492 | $19613 | $14418 | $16579 |
| **12/20** | $13905 | $20495 | $14940 | $17154 |
| **1/21** | $13825 | $20404 | $14875 | $17058 |
| **2/21** | $14065 | $21042 | $15112 | $17403 |
| **3/21** | $14425 | $21796 | $15400 | $17826 |
| **4/21** | $14905 | $22919 | $15959 | $18528 |
| **5/21** | $15012 | $23024 | $16173 | $18690 |
| **6/21** | $15205 | $23592 | $16364 | $18967 |
| **7/21** | $15438 | $23991 | $16492 | $19247 |
| **8/21** | $15765 | $24675 | $16823 | $19630 |
| **9/21** | $15105 | $23568 | $16258 | $18949 |
| **10/21** | $15869 | $25161 | $16908 | $19820 |
| **11/21** | $15586 | $24778 | $16587 | $19499 |
| **12/21** | $16111 | $25754 | $17104 | $20168 |
| **1/22** | $15364 | $24239 | $16371 | $19181 |
| **2/22** | $15041 | $23628 | $16031 | $18778 |
| **3/22** | $15169 | $24395 | $16000 | $19108 |
| **4/22** | $14334 | $22206 | $15094 | $17756 |
| **5/22** | $14361 | $22176 | $15088 | $17752 |
| **6/22** | $13768 | $20321 | $14405 | $16525 |
| **7/22** | $14347 | $22227 | $14938 | $17685 |
| **8/22** | $13970 | $21397 | $14560 | $17037 |
| **9/22** | $13176 | $19413 | $13783 | $15648 |
| **10/22** | $13572 | $21005 | $14124 | $16512 |
| **11/22** | $14067 | $22102 | $14742 | $17461 |
| **12/22** | $13705 | $20808 | $14467 | $16822 |
| **1/23** | $14269 | $22241 | $15136 | $17875 |
| **2/23** | $13949 | $21721 | $14773 | $17449 |
| **3/23** | $14283 | $22302 | $15215 | $17858 |
| **4/23** | $14443 | $22539 | $15424 | $18073 |
| **5/23** | $14332 | $22627 | $15288 | $17928 |
| **6/23** | $15022 | $24172 | $15981 | $18797 |
| **7/23** | $15453 | $25039 | $16452 | $19300 |
| **8/23** | $15077 | $24555 | $16073 | $18921 |
| **9/23** | $14374 | $23386 | $15493 | $18157 |
| **10/23** | $13986 | $22766 | $15086 | $17689 |
| **11/23** | $15072 | $24888 | $16319 | $19139 |
| **12/23** | $15850 | $26209 | $17055 | $20091 |
| **1/24** | $15842 | $26499 | $17145 | $20193 |
| **2/24** | $16389 | $27933 | $17700 | $20854 |
| **3/24** | $16882 | $28835 | $18156 | $21405 |
| **4/24** | $16166 | $27566 | $17633 | $20609 |
| **5/24** | $16836 | $28868 | $18261 | $21412 |
| **6/24** | $17067 | $29762 | $18636 | $21798 |
| **7/24** | $17583 | $30315 | $18959 | $22293 |
| **8/24** | $17760 | $30975 | $19216 | $22802 |
| **9/24** | $18053 | $31616 | $19631 | $23196 |
| **10/24** | $17659 | $31384 | $19189 | $22761 |
| **11/24** | $18493 | $33471 | $19779 | $23698 |
| **12/24** | $17778 | $32448 | $19383 | $23048 |
| **1/25** | $18220 | $33473 | $19906 | $23699 |
| **2/25** | $18152 | $32831 | $19905 | $23645 |
| **3/25** | $17489 | $30916 | $19311 | $22811 |
| **4/25** | $16852 | $30709 | $18667 | $22891 |
| **5/25** | $17243 | $32655 | $19204 | $23884 |
| **6/25** | $17744 | $34314 | $19883 | $24738 |
| **7/25** | $17897 | $35070 | $20096 | $24979 |
| **8/25** | $18331 | $35881 | $20564 | $25576 |
| **9/25** | $18816 | $37120 | $21206 | $26222 |
| **10/25** | $19064 | $37915 | $21625 | $26607 |
| **11/25** | $19162 | $38019 | $21638 | $26732 |
| **12/25** | $19212 | $38012 | $21820 | $26828 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 8.06% | 6.67% | 6.74% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| S&P Global LargeMidCap Managed Risk Index - Moderate Aggressive | 12.57% | 7.87% | 8.11% |
| Growth Portfolio Blended Benchmark | 16.40% | 9.35% | 10.36% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>1</sup> |
| &nbsp;&nbsp;Footnote<sup>2</sup><br> &nbsp;&nbsp;Growth Portfolio Blended Benchmark is an internally constructed benchmark comprising a blend of 58% Russell 3000<sup>®</sup> Index, 18% Bloomberg U.S. Aggregate Bond Index, 16% MSCI EAFE Index, 4% ICE BofA 3-Month U.S. Treasury Bill Index, and 4% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $81766476 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $189064 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g51633g37u67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.7% |
| Fixed-Income Exchange-Traded Funds | 17.2% |
| Equity Exchange-Traded Funds | 77.1% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 20.1% |
| iShares Core U.S. Aggregate Bond ETF | 16.0% |
| iShares S&P 500 Growth ETF | 15.8% |
| Vanguard FTSE Developed Markets ETF | 14.3% |
| iShares S&P 500 Value ETF | 12.9% |
| iShares Russell 2000 ETF | 4.8% |
| Vanguard Real Estate ETF | 3.9% |
| iShares Core S&P Mid-Cap ETF | 3.7% |
| Vanguard FTSE Emerging Markets ETF | 1.6% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.2% |
| Total | 94.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPVMG-TSR-AR

# CVT Volatility Managed Moderate Growth Portfolio

# Class F CVPVMP
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Volatility Managed Moderate Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $83 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. Expenses do not include fees and expenses incurred indirectly from investment in the underlying exchange-traded funds. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P Global LargeMidCap Managed Risk Index - Moderate Conservative (the Index); and the Moderate Growth Portfolio Blended Benchmark (the Secondary Blended Index):

↓ In cumulative terms, the Fund's exposure to derivatives detracted from overall portfolio returns during the period

↓ The Fund's allocations to small-cap stocks, mid-cap stocks, and large-cap value stocks detracted from performance relative to the secondary blended benchmark

↑ In contrast, allocations to large-cap growth stocks and foreign stocks contributed to returns relative to the secondary blended benchmark during the period

↑ In cumulative terms, the Fund's exposure to derivatives decreased realized volatility and brought its realized volatility much closer to target

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g03b35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Russell 3000<sup>®</sup> Index** | **S&P Global LargeMidCap Managed Risk Index - Moderate Conservative** | **Moderate Growth Portfolio Blended Benchmark** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9732 | $9436 | $9650 | $9675 |
| **2/16** | $9725 | $9433 | $9651 | $9672 |
| **3/16** | $10134 | $10097 | $10051 | $10132 |
| **4/16** | $10198 | $10159 | $10163 | $10208 |
| **5/16** | $10281 | $10341 | $10174 | $10290 |
| **6/16** | $10288 | $10362 | $10100 | $10336 |
| **7/16** | $10543 | $10774 | $10324 | $10630 |
| **8/16** | $10543 | $10801 | $10346 | $10629 |
| **9/16** | $10556 | $10818 | $10387 | $10647 |
| **10/16** | $10351 | $10584 | $10255 | $10467 |
| **11/16** | $10511 | $11058 | $10210 | $10571 |
| **12/16** | $10678 | $11274 | $10350 | $10733 |
| **1/17** | $10831 | $11486 | $10532 | $10876 |
| **2/17** | $11075 | $11913 | $10738 | $11124 |
| **3/17** | $11106 | $11921 | $10820 | $11159 |
| **4/17** | $11222 | $12047 | $10956 | $11282 |
| **5/17** | $11330 | $12171 | $11141 | $11418 |
| **6/17** | $11414 | $12280 | $11172 | $11467 |
| **7/17** | $11580 | $12512 | $11378 | $11632 |
| **8/17** | $11593 | $12536 | $11444 | $11679 |
| **9/17** | $11778 | $12842 | $11559 | $11829 |
| **10/17** | $11927 | $13122 | $11711 | $11977 |
| **11/17** | $12135 | $13521 | $11844 | $12168 |
| **12/17** | $12232 | $13656 | $11981 | $12268 |
| **1/18** | $12575 | $14375 | $12337 | $12595 |
| **2/18** | $12044 | $13846 | $11970 | $12237 |
| **3/18** | $11947 | $13568 | $11846 | $12132 |
| **4/18** | $11889 | $13619 | $11890 | $12162 |
| **5/18** | $12076 | $14004 | $11926 | $12330 |
| **6/18** | $12089 | $14095 | $11887 | $12359 |
| **7/18** | $12329 | $14563 | $12108 | $12595 |
| **8/18** | $12536 | $15074 | $12184 | $12809 |
| **9/18** | $12503 | $15099 | $12204 | $12797 |
| **10/18** | $11799 | $13988 | $11622 | $12179 |
| **11/18** | $11892 | $14268 | $11751 | $12334 |
| **12/18** | $11414 | $12940 | $11344 | $11762 |
| **1/19** | $11845 | $14051 | $11831 | $12420 |
| **2/19** | $12091 | $14545 | $12014 | $12667 |
| **3/19** | $12257 | $14757 | $12193 | $12862 |
| **4/19** | $12576 | $15346 | $12438 | $13151 |
| **5/19** | $12078 | $14353 | $12076 | $12750 |
| **6/19** | $12669 | $15361 | $12594 | $13328 |
| **7/19** | $12729 | $15590 | $12629 | $13415 |
| **8/19** | $12609 | $15272 | $12571 | $13374 |
| **9/19** | $12789 | $15540 | $12716 | $13518 |
| **10/19** | $13000 | $15875 | $12944 | $13736 |
| **11/19** | $13259 | $16478 | $13131 | $13994 |
| **12/19** | $13532 | $16954 | $13403 | $14242 |
| **1/20** | $13491 | $16935 | $13407 | $14293 |
| **2/20** | $12795 | $15549 | $12846 | $13630 |
| **3/20** | $12084 | $13410 | $12370 | $12411 |
| **4/20** | $12426 | $15187 | $12656 | $13393 |
| **5/20** | $12651 | $15999 | $12824 | $13833 |
| **6/20** | $12713 | $16364 | $12964 | $14081 |
| **7/20** | $13020 | $17294 | $13251 | $14584 |
| **8/20** | $13457 | $18546 | $13576 | $15140 |
| **9/20** | $13150 | $17871 | $13354 | $14815 |
| **10/20** | $12896 | $17485 | $13134 | $14551 |
| **11/20** | $13683 | $19613 | $13968 | $15763 |
| **12/20** | $14049 | $20495 | $14356 | $16210 |
| **1/21** | $13979 | $20404 | $14289 | $16115 |
| **2/21** | $14175 | $21042 | $14411 | $16335 |
| **3/21** | $14449 | $21796 | $14575 | $16617 |
| **4/21** | $14864 | $22919 | $14998 | $17169 |
| **5/21** | $14984 | $23024 | $15157 | $17300 |
| **6/21** | $15173 | $23592 | $15323 | $17530 |
| **7/21** | $15391 | $23991 | $15454 | $17774 |
| **8/21** | $15665 | $24675 | $15681 | $18053 |
| **9/21** | $15075 | $23568 | $15255 | $17519 |
| **10/21** | $15717 | $25161 | $15709 | $18168 |
| **11/21** | $15483 | $24778 | $15497 | $17940 |
| **12/21** | $15965 | $25754 | $15847 | $18426 |
| **1/22** | $15319 | $24239 | $15262 | $17626 |
| **2/22** | $15000 | $23628 | $14978 | $17291 |
| **3/22** | $15028 | $24395 | $14852 | $17446 |
| **4/22** | $14240 | $22206 | $14109 | $16325 |
| **5/22** | $14262 | $22176 | $14147 | $16343 |
| **6/22** | $13751 | $20321 | $13609 | $15384 |
| **7/22** | $14276 | $22227 | $14053 | $16325 |
| **8/22** | $13886 | $21397 | $13718 | $15758 |
| **9/22** | $13147 | $19413 | $13069 | $14595 |
| **10/22** | $13433 | $21005 | $13242 | $15213 |
| **11/22** | $13909 | $22102 | $13750 | $16023 |
| **12/22** | $13634 | $20808 | $13570 | $15537 |
| **1/23** | $14191 | $22241 | $14103 | $16410 |
| **2/23** | $13864 | $21721 | $13793 | $16018 |
| **3/23** | $14214 | $22302 | $14193 | $16399 |
| **4/23** | $14355 | $22539 | $14362 | $16577 |
| **5/23** | $14251 | $22627 | $14235 | $16438 |
| **6/23** | $14801 | $24172 | $14708 | $17072 |
| **7/23** | $15143 | $25039 | $15032 | $17440 |
| **8/23** | $14838 | $24555 | $14754 | $17144 |
| **9/23** | $14214 | $23386 | $14275 | $16506 |
| **10/23** | $13848 | $22766 | $13941 | $16115 |
| **11/23** | $14813 | $24888 | $14899 | $17316 |
| **12/23** | $15513 | $26209 | $15532 | $18134 |
| **1/24** | $15489 | $26499 | $15588 | $18202 |
| **2/24** | $15891 | $27933 | $15917 | $18637 |
| **3/24** | $16302 | $28835 | $16258 | $19068 |
| **4/24** | $15666 | $27566 | $15820 | $18409 |
| **5/24** | $16246 | $28868 | $16303 | $19046 |
| **6/24** | $16455 | $29762 | $16594 | $19357 |
| **7/24** | $16929 | $30315 | $16896 | $19794 |
| **8/24** | $17139 | $30975 | $17143 | $20211 |
| **9/24** | $17412 | $31616 | $17475 | $20543 |
| **10/24** | $17022 | $31384 | $17087 | $20139 |
| **11/24** | $17701 | $33471 | $17521 | $20849 |
| **12/24** | $17091 | $32448 | $17197 | $20327 |
| **1/25** | $17452 | $33473 | $17568 | $20813 |
| **2/25** | $17469 | $32831 | $17656 | $20857 |
| **3/25** | $16962 | $30916 | $17266 | $20264 |
| **4/25** | $16506 | $30709 | $16851 | $20338 |
| **5/25** | $16807 | $32655 | $17196 | $21027 |
| **6/25** | $17246 | $34314 | $17719 | $21696 |
| **7/25** | $17349 | $35070 | $17855 | $21858 |
| **8/25** | $17744 | $35881 | $18218 | $22329 |
| **9/25** | $18166 | $37120 | $18691 | $22831 |
| **10/25** | $18402 | $37915 | $18997 | $23131 |
| **11/25** | $18507 | $38019 | $19034 | $23245 |
| **12/25** | $18545 | $38012 | $19148 | $23308 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 8.51% | 5.71% | 6.37% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| S&P Global LargeMidCap Managed Risk Index - Moderate Conservative | 11.34% | 5.93% | 6.71% |
| Moderate Growth Portfolio Blended Benchmark | 14.67% | 7.53% | 8.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Moderate Growth Portfolio Blended Benchmark is an internally constructed benchmark comprising a blend of 47% Russell 3000<sup>®</sup> Index, 33% Bloomberg U.S. Aggregate Bond Index, 13% MSCI EAFE Index, 4% ICE BofA 3-Month U.S. Treasury Bill Index, and 3% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $55393107 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $95455 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g51633g12r60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 10.0% |
| Fixed-Income Exchange-Traded Funds | 30.3% |
| Equity Exchange-Traded Funds | 59.7% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 18.7% |
| Vanguard Total Bond Market ETF | 14.7% |
| iShares Core U.S. Aggregate Bond ETF | 14.7% |
| Vanguard FTSE Developed Markets ETF | 11.0% |
| iShares S&P 500 Growth ETF | 10.3% |
| iShares S&P 500 Value ETF | 8.7% |
| iShares Russell 2000 ETF | 3.8% |
| iShares Core S&P Mid-Cap ETF | 3.0% |
| Vanguard Real Estate ETF | 2.6% |
| Vanguard FTSE Emerging Markets ETF | 1.6% |
| Total | 89.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPVMP-TSR-AR

# CVT Volatility Managed Moderate Portfolio

# Class F CVPVMM
![Image](g51633g02z90.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the CVT Volatility Managed Moderate Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/variable-portfolios.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?<sup>**Footnote Reference 1**</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $84 | 0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Does not reflect expenses and charges that are, or may be, imposed under the variable annuity contract or variable life insurance separate account or qualified pension or retirement plan through which your investment in the Fund is made. Expenses do not include fees and expenses incurred indirectly from investment in the underlying exchange-traded funds. |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the S&P Global LargeMidCap Managed Risk Index - Conservative (the Index); and the Moderate Portfolio Blended Benchmark (the Secondary Blended Index):

↓ In cumulative terms, the Fund's exposure to derivatives detracted from overall portfolio returns during the period

↓ The Fund's allocations to small-cap stocks, mid-cap stocks, and large-cap value stocks detracted from returns relative to the secondary blended benchmark

↑ In contrast, allocations to large-cap growth stocks and foreign stocks contributed to returns relative to the secondary blended benchmark during the period

↑ In cumulative terms, the Fund's exposure to derivatives decreased realized volatility during the period and brought its realized volatility to target

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g51633g00u81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Universal Index** | **S&P Global LargeMidCap Managed Risk Index - Conservative** | **Moderate Portfolio Blended Benchmark** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9781 | $10110 | $9727 | $9783 |
| **2/16** | $9794 | $10182 | $9738 | $9797 |
| **3/16** | $10174 | $10307 | $10109 | $10172 |
| **4/16** | $10239 | $10377 | $10207 | $10239 |
| **5/16** | $10310 | $10385 | $10216 | $10302 |
| **6/16** | $10394 | $10568 | $10199 | $10377 |
| **7/16** | $10619 | $10655 | $10410 | $10618 |
| **8/16** | $10619 | $10667 | $10427 | $10615 |
| **9/16** | $10632 | $10669 | $10460 | $10628 |
| **10/16** | $10445 | $10598 | $10337 | $10474 |
| **11/16** | $10516 | $10360 | $10262 | $10498 |
| **12/16** | $10661 | $10391 | $10382 | $10623 |
| **1/17** | $10784 | $10428 | $10537 | $10737 |
| **2/17** | $10990 | $10508 | $10719 | $10939 |
| **3/17** | $11009 | $10505 | $10787 | $10965 |
| **4/17** | $11126 | $10592 | $10912 | $11077 |
| **5/17** | $11222 | $10674 | $11078 | $11199 |
| **6/17** | $11287 | $10664 | $11103 | $11232 |
| **7/17** | $11429 | $10718 | $11281 | $11367 |
| **8/17** | $11461 | $10810 | $11350 | $11425 |
| **9/17** | $11590 | $10772 | $11438 | $11526 |
| **10/17** | $11714 | $10785 | $11565 | $11638 |
| **11/17** | $11872 | $10769 | $11672 | $11776 |
| **12/17** | $11957 | $10816 | $11793 | $11863 |
| **1/18** | $12194 | $10712 | $12064 | $12076 |
| **2/18** | $11760 | $10610 | $11752 | $11789 |
| **3/18** | $11688 | $10664 | $11661 | $11727 |
| **4/18** | $11589 | $10593 | $11685 | $11730 |
| **5/18** | $11799 | $10651 | $11725 | $11872 |
| **6/18** | $11806 | $10635 | $11693 | $11889 |
| **7/18** | $11997 | $10657 | $11875 | $12064 |
| **8/18** | $12168 | $10710 | $11947 | $12237 |
| **9/18** | $12127 | $10664 | $11953 | $12212 |
| **10/18** | $11552 | $10575 | $11466 | $11739 |
| **11/18** | $11641 | $10622 | $11589 | $11868 |
| **12/18** | $11272 | $10789 | $11270 | $11499 |
| **1/19** | $11669 | $10937 | $11711 | $12016 |
| **2/19** | $11867 | $10949 | $11862 | $12197 |
| **3/19** | $12044 | $11147 | $12043 | $12393 |
| **4/19** | $12284 | $11163 | $12243 | $12608 |
| **5/19** | $11949 | $11334 | $11976 | $12363 |
| **6/19** | $12441 | $11494 | $12425 | $12828 |
| **7/19** | $12489 | $11528 | $12459 | $12899 |
| **8/19** | $12489 | $11789 | $12459 | $12942 |
| **9/19** | $12612 | $11738 | $12569 | $13033 |
| **10/19** | $12785 | $11776 | $12762 | $13204 |
| **11/19** | $12980 | $11773 | $12915 | $13393 |
| **12/19** | $13190 | $11791 | $13135 | $13573 |
| **1/20** | $13211 | $12003 | $13176 | $13669 |
| **2/20** | $12701 | $12182 | $12732 | $13242 |
| **3/20** | $12064 | $11944 | $12292 | $12324 |
| **4/20** | $12414 | $12184 | $12563 | $13118 |
| **5/20** | $12638 | $12297 | $12717 | $13461 |
| **6/20** | $12722 | $12400 | $12850 | $13664 |
| **7/20** | $13022 | $12618 | $13125 | $14084 |
| **8/20** | $13365 | $12545 | $13383 | $14469 |
| **9/20** | $13120 | $12522 | $13200 | $14230 |
| **10/20** | $12877 | $12478 | $13005 | $14023 |
| **11/20** | $13589 | $12640 | $13724 | $14946 |
| **12/20** | $13887 | $12684 | $14045 | $15275 |
| **1/21** | $13785 | $12604 | $13976 | $15181 |
| **2/21** | $13887 | $12442 | $14044 | $15289 |
| **3/21** | $14062 | $12297 | $14149 | $15446 |
| **4/21** | $14418 | $12400 | $14508 | $15863 |
| **5/21** | $14505 | $12448 | $14643 | $15968 |
| **6/21** | $14672 | $12538 | $14796 | $16154 |
| **7/21** | $14876 | $12664 | $14927 | $16365 |
| **8/21** | $15080 | $12656 | $15107 | $16554 |
| **9/21** | $14600 | $12548 | $14745 | $16150 |
| **10/21** | $15101 | $12538 | $15109 | $16603 |
| **11/21** | $14932 | $12553 | $14946 | $16455 |
| **12/21** | $15285 | $12544 | $15219 | $16783 |
| **1/22** | $14719 | $12269 | $14703 | $16146 |
| **2/22** | $14432 | $12102 | $14449 | $15872 |
| **3/22** | $14359 | $11777 | $14278 | $15878 |
| **4/22** | $13661 | $11338 | $13622 | $14961 |
| **5/22** | $13720 | $11400 | $13680 | $14997 |
| **6/22** | $13271 | $11173 | $13213 | $14272 |
| **7/22** | $13727 | $11453 | $13609 | $15017 |
| **8/22** | $13382 | $11156 | $13299 | $14523 |
| **9/22** | $12764 | $10675 | $12715 | $13566 |
| **10/22** | $12887 | $10558 | $12805 | $13965 |
| **11/22** | $13311 | $10952 | $13258 | $14650 |
| **12/22** | $13118 | $10914 | $13127 | $14297 |
| **1/23** | $13580 | $11253 | $13589 | $15009 |
| **2/23** | $13288 | $10977 | $13307 | $14649 |
| **3/23** | $13673 | $11234 | $13679 | $15002 |
| **4/23** | $13788 | $11303 | $13830 | $15148 |
| **5/23** | $13657 | $11185 | $13707 | $15016 |
| **6/23** | $14066 | $11168 | $14080 | $15445 |
| **7/23** | $14312 | $11179 | $14339 | $15698 |
| **8/23** | $14073 | $11112 | $14105 | $15473 |
| **9/23** | $13550 | $10847 | $13672 | $14946 |
| **10/23** | $13275 | $10684 | $13384 | $14623 |
| **11/23** | $14086 | $11165 | $14184 | $15605 |
| **12/23** | $14682 | $11588 | $14767 | $16302 |
| **1/24** | $14666 | $11560 | $14807 | $16342 |
| **2/24** | $14865 | $11422 | $15037 | $16588 |
| **3/24** | $15163 | $11534 | $15326 | $16917 |
| **4/24** | $14649 | $11264 | $14929 | $16377 |
| **5/24** | $15113 | $11451 | $15347 | $16872 |
| **6/24** | $15279 | $11556 | $15600 | $17119 |
| **7/24** | $15701 | $11818 | $15890 | $17503 |
| **8/24** | $15883 | $11992 | $16116 | $17841 |
| **9/24** | $16140 | $12157 | $16410 | $18119 |
| **10/24** | $15768 | $11881 | $16048 | $17746 |
| **11/24** | $16289 | $12006 | $16413 | $18267 |
| **12/24** | $15813 | $11824 | $16122 | $17854 |
| **1/25** | $16074 | $11896 | $16426 | $18202 |
| **2/25** | $16155 | $12142 | $16550 | $18321 |
| **3/25** | $15786 | $12139 | $16247 | $17926 |
| **4/25** | $15400 | $12182 | $15922 | $17994 |
| **5/25** | $15571 | $12120 | $16174 | $18432 |
| **6/25** | $15921 | $12309 | $16618 | $18947 |
| **7/25** | $15984 | $12291 | $16719 | $19045 |
| **8/25** | $16280 | $12439 | $17034 | $19409 |
| **9/25** | $16631 | $12571 | $17431 | $19793 |
| **10/25** | $16828 | $12654 | $17687 | $20022 |
| **11/25** | $16907 | $12730 | $17733 | $20125 |
| **12/25** | $16917 | $12721 | $17817 | $20163 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class F | 6.98% | 4.02% | 5.39% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| S&P Global LargeMidCap Managed Risk Index - Conservative | 10.52% | 4.87% | 5.94% |
| Moderate Portfolio Blended Benchmark | 12.93% | 5.71% | 7.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Moderate Portfolio Blended Benchmark is an internally constructed benchmark comprising a blend of 48% Bloomberg U.S. Aggregate Bond Index, 36% Russell 3000<sup>®</sup> Index, 10% MSCI EAFE Index, 4% ICE BofA 3-Month U.S. Treasury Bill Index, and 2% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $58390363 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid | $122048 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g51633g59i80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.9% |
| Fixed-Income Exchange-Traded Funds | 47.7% |
| Equity Exchange-Traded Funds | 48.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 23.3% |
| Vanguard Total Bond Market ETF | 23.2% |
| Vanguard S&P 500 ETF | 18.3% |
| Vanguard FTSE Developed Markets ETF | 8.5% |
| iShares S&P 500 Growth ETF | 7.0% |
| iShares S&P 500 Value ETF | 5.1% |
| iShares Russell 2000 ETF | 3.0% |
| iShares Core S&P Mid-Cap ETF | 2.7% |
| Vanguard Real Estate ETF | 2.1% |
| Vanguard FTSE Emerging Markets ETF | 1.8% |
| Total | 95.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/variable-portfolios.php](g51633g32j69.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/variable-portfolios.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CVPVMM-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Directors has determined that Edward Ramos, an "independent" Director serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services

#### (a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended December 31, 2024 and December 31, 2025 for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by its principal accountant during such periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **12/31/24** | **%\*** | **12/31/25** | **%\*** |
|  Audit Fees | $229200 | 0% | $233700 | 0% |
|  Audit-Related Fees<sup>(1)</sup> | $0 | 0% | $0 | 0% |
|  Tax Fees<sup>(2)</sup> | $0 | 0% | $0 | 0% |
|  All Other Fees<sup>(3)</sup> | $0 | 0% | $0 | 0% |
|  Total | $229200 | 0% | $233700 | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.

------

(f) Not applicable.

(g) Aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:

---

| | |
|:---|:---|
| **Fiscal Year ended 12/31/24** | **Fiscal Year ended 12/31/25** |
| $**%\*** | $**%\*** |
| 0% | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](g51633img44f12e4e1.gif)

------

## CVT

## S&P MidCap 400<sup>®</sup> Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633img3876d4102.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_6a98d88b-3a6e-4a59-b7bd-06b30f58e89a_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_d3b69ac3-ac3d-4881-948f-b36f3eb339cc_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_d3b69ac3-ac3d-4881-948f-b36f3eb339cc_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_055e1fb6-0d0d-43fb-9dfd-fed7dff5c4fb_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_055e1fb6-0d0d-43fb-9dfd-fed7dff5c4fb_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_055e1fb6-0d0d-43fb-9dfd-fed7dff5c4fb_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b51ed351-a607-48b3-8524-fc109f179caf_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3a8da903-af03-4a33-9091-77ceb51587b5_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_1796af85-d1f2-4cf9-8760-75b279abc4b4_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| [Federal Tax Information](#xx_20bf2540-0ada-459f-a9f6-239f7be28b3b_1) | &nbsp;&nbsp;20 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments

------

Common Stocks — 96.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 3.4% | Aerospace & Defense — 3.4% |  |
| AeroVironment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 | $1410461 |
| ATI, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp; 2857524 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16756 | &nbsp;&nbsp; 2896107 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 | &nbsp;&nbsp; 2874489 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758 | &nbsp;&nbsp; 3725483 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14589 | &nbsp;&nbsp; 1078127 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30943 | &nbsp;&nbsp; 2348883 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10990 | &nbsp;&nbsp; 3322497 |
|  |  | **$20513571** |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |  |
| GXO Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20982 | $1104493 |
|  |  | **$1104493** |
| Automobile Components — 1.0% | Automobile Components — 1.0% |  |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12808 | $1520310 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39206 | &nbsp;&nbsp;&nbsp;&nbsp;1766622 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933709 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459409 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506 | &nbsp;&nbsp;&nbsp;&nbsp;1089388 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475595 |
|  |  | **$6245033** |
| Automobiles — 0.2% | Automobiles — 0.2% |  |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21652 | $443649 |
| Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990355 |
|  |  | **$1434004** |
| Banks — 6.3% | Banks — 6.3% |  |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29963 | $771847 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;19405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893018 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;34138 | &nbsp;&nbsp;&nbsp;&nbsp;1462472 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54819 | &nbsp;&nbsp;&nbsp;&nbsp;1532191 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23411 | &nbsp;&nbsp;&nbsp;&nbsp;2035118 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23697 | &nbsp;&nbsp;&nbsp;&nbsp;1240301 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11718 | &nbsp;&nbsp;&nbsp;&nbsp;1483850 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25215 | &nbsp;&nbsp;&nbsp;&nbsp;2833914 |
| F.N.B. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65635 | &nbsp;&nbsp;&nbsp;&nbsp;1122359 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713385 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90240 | &nbsp;&nbsp;&nbsp;&nbsp;2156736 |
| Flagstar Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;54860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690687 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23576 | &nbsp;&nbsp;&nbsp;&nbsp;1038523 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975832 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930574 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658553 |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;63738 | &nbsp;&nbsp;&nbsp;&nbsp;1421995 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14097 | &nbsp;&nbsp;&nbsp;&nbsp;1344995 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17409 | &nbsp;&nbsp;&nbsp;&nbsp;1203136 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18421 | $1733600 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25441 | &nbsp;&nbsp; 1273322 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp; 757367 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13085 | &nbsp;&nbsp; 1505298 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25674 | &nbsp;&nbsp; 985882 |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87889 | &nbsp;&nbsp; 1026544 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29559 | &nbsp;&nbsp; 1860444 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18917 | &nbsp;&nbsp; 1590352 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12274 | &nbsp;&nbsp;&nbsp;&nbsp;1716151 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;27058 | &nbsp;&nbsp;&nbsp;&nbsp;1583975 |
|  |  | **$38542421** |
| Beverages — 0.5% | Beverages — 0.5% |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | $275133 |
| Celsius Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29291 | &nbsp;&nbsp;&nbsp;&nbsp;1339771 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10367 | &nbsp;&nbsp;&nbsp;&nbsp;1589261 |
|  |  | **$3204165** |
| Biotechnology — 2.5% | Biotechnology — 2.5% |  |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35208 | $2092411 |
| Cytokinetics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22430 | &nbsp;&nbsp;&nbsp;&nbsp;1425202 |
| Exelixis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49136 | &nbsp;&nbsp;&nbsp;&nbsp;2153631 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21552 | &nbsp;&nbsp;&nbsp;&nbsp;1450450 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18273 | &nbsp;&nbsp;&nbsp;&nbsp;2591660 |
| Roivant Sciences Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80645 | &nbsp;&nbsp;&nbsp;&nbsp;1749996 |
| United Therapeutics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp;3844890 |
|  |  | **$15308240** |
| Broadline Retail — 0.4% | Broadline Retail — 0.4% |  |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49209 | $1085058 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11236 | &nbsp;&nbsp;&nbsp;&nbsp;1231578 |
|  |  | **$2316636** |
| Building Products — 1.8% | Building Products — 1.8% |  |
| AAON, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12402 | $945653 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13112 | &nbsp;&nbsp;&nbsp;&nbsp;1899011 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp;2443730 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22017 | &nbsp;&nbsp;&nbsp;&nbsp;1101290 |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;15063 | &nbsp;&nbsp;&nbsp;&nbsp;1685700 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598 | &nbsp;&nbsp;&nbsp;&nbsp;1226849 |
| Trex Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689533 |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972141 |
|  |  | **$10963907** |
| Capital Markets — 2.9% | Capital Markets — 2.9% |  |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155 | $1486084 |
| Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47557 | &nbsp;&nbsp;&nbsp;&nbsp;2811094 |
| Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7088 | &nbsp;&nbsp;&nbsp;&nbsp;2411692 |
| Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705236 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp;1006519 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Capital Markets (continued) | Capital Markets (continued) |  |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991 | $1740332 |
| Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22648 | &nbsp;&nbsp; 1077365 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30244 | &nbsp;&nbsp; 1874221 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp; 950079 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17054 | &nbsp;&nbsp; 1398769 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18662 | &nbsp;&nbsp; 2336856 |
|  |  | **$17798247** |
| Chemicals — 1.3% | Chemicals — 1.3% |  |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 | $491420 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524238 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39098 | &nbsp;&nbsp;&nbsp;&nbsp;1263256 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646296 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982095 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435660 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23498 | &nbsp;&nbsp;&nbsp;&nbsp;2443792 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475436 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451921 |
|  |  | **$7714114** |
| Commercial Services & Supplies — 1.5% | Commercial Services & Supplies — 1.5% |  |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 | $888782 |
| Clean Harbors, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9205 | &nbsp;&nbsp;&nbsp;&nbsp;2158389 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp;1080144 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34031 | &nbsp;&nbsp;&nbsp;&nbsp;3500769 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47910 | &nbsp;&nbsp;&nbsp;&nbsp;1606901 |
|  |  | **$9234985** |
| Communications Equipment — 1.8% | Communications Equipment — 1.8% |  |
| Ciena Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25851 | $6045773 |
| Lumentum Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12994 | &nbsp;&nbsp;&nbsp;&nbsp;4789459 |
|  |  | **$10835232** |
| Construction & Engineering — 2.2% | Construction & Engineering — 2.2% |  |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;24273 | $2313945 |
| API Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67838 | &nbsp;&nbsp;&nbsp;&nbsp;2595482 |
| Dycom Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;1792898 |
| Fluor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29540 | &nbsp;&nbsp;&nbsp;&nbsp;1170670 |
| MasTec, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11241 | &nbsp;&nbsp;&nbsp;&nbsp;2443456 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp;1724075 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;1452375 |
|  |  | **$13492901** |
| Construction Materials — 0.3% | Construction Materials — 0.3% |  |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876 | $1214451 |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730585 |
|  |  | **$1945036** |
| Consumer Finance — 0.7% | Consumer Finance — 0.7% |  |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51375 | $2326774 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Consumer Finance (continued) | Consumer Finance (continued) |  |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | $1134467 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37211 | &nbsp;&nbsp; 1006929 |
|  |  | **$4468170** |
| Consumer Staples Distribution & Retail — 2.6% | Consumer Staples Distribution & Retail — 2.6% |  |
| Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72483 | $1244533 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24146 | &nbsp;&nbsp; 2173864 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814 | &nbsp;&nbsp; 3766166 |
| Maplebear, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33680 | &nbsp;&nbsp; 1514926 |
| Performance Food Group Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28739 | &nbsp;&nbsp;&nbsp;&nbsp;2584211 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17845 | &nbsp;&nbsp;&nbsp;&nbsp;1421711 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40858 | &nbsp;&nbsp;&nbsp;&nbsp;3077425 |
|  |  | **$15782836** |
| Containers & Packaging — 1.0% | Containers & Packaging — 1.0% |  |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12026 | $1466691 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20896 | &nbsp;&nbsp;&nbsp;&nbsp;2151661 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;54087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814550 |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324825 |
| Silgan Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648867 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;18076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788837 |
|  |  | **$6195431** |
| Diversified Consumer Services — 1.0% | Diversified Consumer Services — 1.0% |  |
| Duolingo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333 | $1286941 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684428 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842194 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23170 | &nbsp;&nbsp;&nbsp;&nbsp;1009749 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;25691 | &nbsp;&nbsp;&nbsp;&nbsp;2003127 |
|  |  | **$5826439** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% |  |
| W.P. Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40162 | $2584826 |
|  |  | **$2584826** |
| Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% |  |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45879 | $1746614 |
|  |  | **$1746614** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% |  |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9905 | $1253577 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36921 | &nbsp;&nbsp;&nbsp;&nbsp;1576527 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;20538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985618 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17966 | &nbsp;&nbsp;&nbsp;&nbsp;1057838 |
|  |  | **$4873560** |
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |  |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 | $2006863 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992617 |
| Nextpower, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27195 | &nbsp;&nbsp;&nbsp;&nbsp;2368957 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Electrical Equipment (continued) | Electrical Equipment (continued) |  |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29572 | $3015457 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167 | &nbsp;&nbsp; 1707273 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26698 | &nbsp;&nbsp; 888776 |
|  |  | **$10979943** |
| Electronic Equipment, Instruments & Components — 3.6% | Electronic Equipment, Instruments & Components — 3.6% |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 | $1040099 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14905 | &nbsp;&nbsp; 716632 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp; 839393 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30715 | &nbsp;&nbsp;&nbsp;&nbsp;1105126 |
| Coherent Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28801 | &nbsp;&nbsp;&nbsp;&nbsp;5315801 |
| Crane NXT Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426031 |
| Fabrinet<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp;2989369 |
| Flex Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67771 | &nbsp;&nbsp;&nbsp;&nbsp;4094724 |
| IPG Photonics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331794 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;1154327 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780098 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp;2085192 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988691 |
|  |  | **$21867277** |
| Energy Equipment & Services — 1.0% | Energy Equipment & Services — 1.0% |  |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66848 | $1044834 |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;74136 | &nbsp;&nbsp;&nbsp;&nbsp;3303500 |
| Valaris Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597694 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;13146 | &nbsp;&nbsp;&nbsp;&nbsp;1028806 |
|  |  | **$5974834** |
| Entertainment — 0.1% | Entertainment — 0.1% |  |
| Warner Music Group Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26736 | $819993 |
|  |  | **$819993** |
| Financial Services — 1.6% | Financial Services — 1.6% |  |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48995 | $1478179 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52512 | &nbsp;&nbsp;&nbsp;&nbsp;2502197 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17716 | &nbsp;&nbsp;&nbsp;&nbsp;1151717 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545404 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41005 | &nbsp;&nbsp;&nbsp;&nbsp;1198166 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779758 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17440 | &nbsp;&nbsp;&nbsp;&nbsp;1299106 |
| WEX, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936190 |
|  |  | **$9890717** |
| Food Products — 0.7% | Food Products — 0.7% |  |
| Darling Ingredients, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28990 | $1043640 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421143 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11643 | &nbsp;&nbsp;&nbsp;&nbsp;1283757 |
| Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612958 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309230 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Food Products (continued) | Food Products (continued) |  |
| Post Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8761 | $867777 |
|  |  | **$4538505** |
| Gas Utilities — 1.0% | Gas Utilities — 1.0% |  |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16561 | $1325874 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18409 | &nbsp;&nbsp; 849023 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10996 | &nbsp;&nbsp; 849441 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11774 | &nbsp;&nbsp; 942155 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10817 | &nbsp;&nbsp; 894566 |
| UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39389 | &nbsp;&nbsp;&nbsp;&nbsp;1474330 |
|  |  | **$6335389** |
| Ground Transportation — 1.4% | Ground Transportation — 1.4% |  |
| Avis Budget Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 | $397407 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29752 | &nbsp;&nbsp;&nbsp;&nbsp;1555434 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904448 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;1416286 |
| Saia, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;1594397 |
| XPO, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21513 | &nbsp;&nbsp;&nbsp;&nbsp;2923832 |
|  |  | **$8791804** |
| Health Care Equipment & Supplies — 1.4% | Health Care Equipment & Supplies — 1.4% |  |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36574 | $418041 |
| Envista Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654209 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20418 | &nbsp;&nbsp;&nbsp;&nbsp;1782696 |
| Haemonetics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687607 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808782 |
| LivaNova PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615792 |
| Masimo Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 | &nbsp;&nbsp;&nbsp;&nbsp;1088212 |
| Penumbra, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7177 | &nbsp;&nbsp;&nbsp;&nbsp;2231401 |
|  |  | **$8286740** |
| Health Care Providers & Services — 1.9% | Health Care Providers & Services — 1.9% |  |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | $1110724 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18440 | &nbsp;&nbsp;&nbsp;&nbsp;1957222 |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10541 | &nbsp;&nbsp;&nbsp;&nbsp;1836242 |
| HealthEquity, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15790 | &nbsp;&nbsp;&nbsp;&nbsp;1446522 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38176 | &nbsp;&nbsp;&nbsp;&nbsp;1239575 |
| Option Care Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926839 |
| Tenet Healthcare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16107 | &nbsp;&nbsp;&nbsp;&nbsp;3200783 |
|  |  | **$11717907** |
| Health Care REITs — 0.7% | Health Care REITs — 0.7% |  |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64442 | $1092292 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54161 | &nbsp;&nbsp;&nbsp;&nbsp;2401499 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865520 |
|  |  | **$4359311** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Technology — 0.2% | Health Care Technology — 0.2% |  |
| Doximity, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25176 | $1114793 |
|  |  | **$1114793** |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |  |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37474 | $391978 |
|  |  | **$391978** |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |  |
| Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48172 | $1775620 |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595 | &nbsp;&nbsp; 903118 |
| Cava Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18281 | &nbsp;&nbsp;&nbsp;&nbsp;1072912 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360940 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12140 | &nbsp;&nbsp;&nbsp;&nbsp;1381289 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491087 |
| Hyatt Hotels Corp., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;1228692 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15208 | &nbsp;&nbsp;&nbsp;&nbsp;1649612 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12122 | &nbsp;&nbsp;&nbsp;&nbsp;2012252 |
| Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;11789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831478 |
| Vail Resorts, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875019 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092 | &nbsp;&nbsp;&nbsp;&nbsp;1214391 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13846 | &nbsp;&nbsp;&nbsp;&nbsp;1046204 |
|  |  | **$14842614** |
| Household Durables — 1.7% | Household Durables — 1.7% |  |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp;11869 | $669530 |
| Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38469 | &nbsp;&nbsp;&nbsp;&nbsp;3434512 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17910 | &nbsp;&nbsp;&nbsp;&nbsp;1054362 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17664 | &nbsp;&nbsp;&nbsp;&nbsp;2388526 |
| TopBuild Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;2133927 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742321 |
|  |  | **$10423178** |
| Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% |  |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11139 | $1230526 |
| Talen Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373 | &nbsp;&nbsp;&nbsp;&nbsp;3138535 |
|  |  | **$4369061** |
| Industrial REITs — 1.0% | Industrial REITs — 1.0% |  |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 | $1738824 |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24269 | &nbsp;&nbsp;&nbsp;&nbsp;1389886 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42573 | &nbsp;&nbsp;&nbsp;&nbsp;1648427 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34225 | &nbsp;&nbsp;&nbsp;&nbsp;1258111 |
|  |  | **$6035248** |
| Insurance — 3.9% | Insurance — 3.9% |  |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12687 | $1734059 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678870 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742163 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46707 | &nbsp;&nbsp;&nbsp;&nbsp;2549735 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18675 | &nbsp;&nbsp;&nbsp;&nbsp;1147392 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Insurance (continued) | Insurance (continued) |  |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521 | $1191843 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730 | &nbsp;&nbsp; 434994 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp; 1584036 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41722 | &nbsp;&nbsp; 1904192 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849 | &nbsp;&nbsp; 1511148 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12043 | &nbsp;&nbsp; 2450269 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450 | &nbsp;&nbsp; 2375802 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp; 1076847 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20768 | &nbsp;&nbsp;&nbsp;&nbsp;1072252 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926311 |
| Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;28213 | &nbsp;&nbsp;&nbsp;&nbsp;2186507 |
|  |  | **$23566420** |
| Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% |  |
| Pinterest, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109198 | $2827136 |
| ZoomInfo Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511063 |
|  |  | **$3338199** |
| IT Services — 1.3% | IT Services — 1.3% |  |
| ASGN, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7826 | $376979 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41888 | &nbsp;&nbsp;&nbsp;&nbsp;1112545 |
| Okta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30873 | &nbsp;&nbsp;&nbsp;&nbsp;2669588 |
| Twilio, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27786 | &nbsp;&nbsp;&nbsp;&nbsp;3952281 |
|  |  | **$8111393** |
| Leisure Products — 0.5% | Leisure Products — 0.5% |  |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11919 | $884867 |
| Mattel, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56960 | &nbsp;&nbsp;&nbsp;&nbsp;1130086 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619407 |
| YETI Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629864 |
|  |  | **$3264224** |
| Life Sciences Tools & Services — 1.9% | Life Sciences Tools & Services — 1.9% |  |
| Avantor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124955 | $1431984 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;1009563 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957652 |
| Illumina, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28003 | &nbsp;&nbsp;&nbsp;&nbsp;3672874 |
| Medpace Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp;2290409 |
| Repligen Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp;1588950 |
| Sotera Health Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670461 |
|  |  | **$11621893** |
| Machinery — 5.3% | Machinery — 5.3% |  |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11351 | $1184136 |
| Chart Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8099 | &nbsp;&nbsp;&nbsp;&nbsp;1670257 |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;162183 | &nbsp;&nbsp;&nbsp;&nbsp;1495327 |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8972 | &nbsp;&nbsp;&nbsp;&nbsp;1654706 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21228 | &nbsp;&nbsp;&nbsp;&nbsp;1882075 |
| ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10459 | &nbsp;&nbsp;&nbsp;&nbsp;1168480 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23296 | &nbsp;&nbsp;&nbsp;&nbsp;1616277 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Machinery (continued) | Machinery (continued) |  |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30385 | $2490658 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15645 | &nbsp;&nbsp; 2714564 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10085 | &nbsp;&nbsp; 2416769 |
| Middleby Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493 | &nbsp;&nbsp; 1262654 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20345 | &nbsp;&nbsp; 2335606 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11592 | &nbsp;&nbsp; 1456303 |
| RBC Bearings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769 | &nbsp;&nbsp; 2586993 |
| SPX Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133 | &nbsp;&nbsp; 1827148 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641734 |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;11617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977338 |
| Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;17935 | &nbsp;&nbsp;&nbsp;&nbsp;1411843 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp;1386449 |
|  |  | **$32179317** |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% |  |
| Kirby Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933 | $1094418 |
|  |  | **$1094418** |
| Media — 1.0% | Media — 1.0% |  |
| EchoStar Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24670 | $2681629 |
| New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp;2055526 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5224 | &nbsp;&nbsp;&nbsp;&nbsp;1060733 |
|  |  | **$5797888** |
| Metals & Mining — 2.5% | Metals & Mining — 2.5% |  |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47460 | $2522024 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104409 | &nbsp;&nbsp;&nbsp;&nbsp;1386552 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;20337 | &nbsp;&nbsp;&nbsp;&nbsp;1407727 |
| Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;122808 | &nbsp;&nbsp;&nbsp;&nbsp;2356686 |
| MP Materials Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24685 | &nbsp;&nbsp;&nbsp;&nbsp;1247086 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9583 | &nbsp;&nbsp;&nbsp;&nbsp;2768241 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14849 | &nbsp;&nbsp;&nbsp;&nbsp;3300784 |
|  |  | **$14989100** |
| Mortgage REITs — 0.6% | Mortgage REITs — 0.6% |  |
| Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125178 | $2798980 |
| Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63798 | &nbsp;&nbsp;&nbsp;&nbsp;1149002 |
|  |  | **$3947982** |
| Multi-Utilities — 0.3% | Multi-Utilities — 0.3% |  |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13832 | $960218 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726333 |
|  |  | **$1686551** |
| Office REITs — 0.5% | Office REITs — 0.5% |  |
| COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;20704 | $575571 |
| Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793586 |
| Kilroy Realty Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745419 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;29566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983957 |
|  |  | **$3098533** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Oil, Gas & Consumable Fuels — 2.8% | Oil, Gas & Consumable Fuels — 2.8% |  |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | $1086969 |
| Antero Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53710 | &nbsp;&nbsp; 1850847 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422 | &nbsp;&nbsp; 966119 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14070 | &nbsp;&nbsp; 381156 |
| CNX Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24711 | &nbsp;&nbsp; 908623 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18634 | &nbsp;&nbsp; 2230117 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28655 | &nbsp;&nbsp; 1320422 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21408 | &nbsp;&nbsp; 908556 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768438 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46414 | &nbsp;&nbsp;&nbsp;&nbsp;1818965 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408888 |
| Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127256 | &nbsp;&nbsp;&nbsp;&nbsp;1785402 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43423 | &nbsp;&nbsp;&nbsp;&nbsp;1531095 |
| Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30868 | &nbsp;&nbsp;&nbsp;&nbsp;1192431 |
|  |  | **$17158028** |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |  |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11615 | $938027 |
|  |  | **$938027** |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21257 | $1069227 |
| American Airlines Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120973 | &nbsp;&nbsp;&nbsp;&nbsp;1854516 |
|  |  | **$2923743** |
| Personal Care Products — 0.3% | Personal Care Products — 0.3% |  |
| BellRing Brands, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23088 | $617142 |
| Coty, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211519 |
| e.l.f. Beauty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831117 |
|  |  | **$1659778** |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |  |
| Elanco Animal Health, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91059 | $2060665 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11136 | &nbsp;&nbsp;&nbsp;&nbsp;1893120 |
|  |  | **$3953785** |
| Professional Services — 2.8% | Professional Services — 2.8% |  |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22231 | $1875407 |
| CACI International, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp;2156282 |
| Concentrix Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336840 |
| ExlService Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29085 | &nbsp;&nbsp;&nbsp;&nbsp;1234367 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635073 |
| FTI Consulting, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947594 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29386 | &nbsp;&nbsp;&nbsp;&nbsp;1374677 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935575 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891427 |
| Parsons Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603044 |
| Paylocity Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073 | &nbsp;&nbsp;&nbsp;&nbsp;1231133 |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848966 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;35591 | &nbsp;&nbsp;&nbsp;&nbsp;3051928 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Professional Services (continued) | Professional Services (continued) |  |
| UL Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13792 | $1087637 |
|  |  | **$17209950** |
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |  |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8649 | $2910129 |
|  |  | **$2910129** |
| Residential REITs — 0.8% | Residential REITs — 0.8% |  |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59748 | $1917911 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35522 | &nbsp;&nbsp; 2152988 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764855 |
|  |  | **$4835754** |
| Retail REITs — 0.9% | Retail REITs — 0.9% |  |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21028 | $1514647 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56098 | &nbsp;&nbsp;&nbsp;&nbsp;1470889 |
| Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;39679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951106 |
| NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34806 | &nbsp;&nbsp;&nbsp;&nbsp;1379362 |
|  |  | **$5316004** |
| Semiconductors & Semiconductor Equipment — 2.6% | Semiconductors & Semiconductor Equipment — 2.6% |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22731 | $599644 |
| Amkor Technology, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822724 |
| Cirrus Logic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9352 | &nbsp;&nbsp;&nbsp;&nbsp;1108212 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27783 | &nbsp;&nbsp;&nbsp;&nbsp;2340718 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25068 | &nbsp;&nbsp;&nbsp;&nbsp;1844503 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11737 | &nbsp;&nbsp;&nbsp;&nbsp;2010313 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12310 | &nbsp;&nbsp;&nbsp;&nbsp;1967138 |
| Onto Innovation, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8982 | &nbsp;&nbsp;&nbsp;&nbsp;1417899 |
| Rambus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19729 | &nbsp;&nbsp;&nbsp;&nbsp;1812898 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786945 |
| Synaptics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534794 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946268 |
|  |  | **$16192056** |
| Software — 3.5% | Software — 3.5% |  |
| AppFolio, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229 | $983877 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;27294 | &nbsp;&nbsp;&nbsp;&nbsp;1041676 |
| Bill Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890965 |
| Blackbaud, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425574 |
| Commvault Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 | &nbsp;&nbsp;&nbsp;&nbsp;1013034 |
| Docusign, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36856 | &nbsp;&nbsp;&nbsp;&nbsp;2520950 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720099 |
| Dropbox, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888655 |
| Dynatrace, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55253 | &nbsp;&nbsp;&nbsp;&nbsp;2394665 |
| Guidewire Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15581 | &nbsp;&nbsp;&nbsp;&nbsp;3131937 |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp;1913862 |
| Nutanix, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49626 | &nbsp;&nbsp;&nbsp;&nbsp;2565168 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16797 | &nbsp;&nbsp;&nbsp;&nbsp;1003117 |
| Qualys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873419 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Software (continued) | Software (continued) |  |
| UiPath, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | $1265308 |
|  |  | **$21632306** |
| Specialized REITs — 1.3% | Specialized REITs — 1.3% |  |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41792 | $1506602 |
| EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13954 | &nbsp;&nbsp; 696305 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51866 | &nbsp;&nbsp; 2317891 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15919 | &nbsp;&nbsp; 2015027 |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13234 | &nbsp;&nbsp; 373331 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518413 |
| Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589161 |
|  |  | **$8016730** |
| Specialty Retail — 3.3% | Specialty Retail — 3.3% |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8626 | $1085755 |
| AutoNation, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp;1035084 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758783 |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11412 | &nbsp;&nbsp;&nbsp;&nbsp;3296356 |
| Chewy, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41247 | &nbsp;&nbsp;&nbsp;&nbsp;1363213 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12115 | &nbsp;&nbsp;&nbsp;&nbsp;2398407 |
| Five Below, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10106 | &nbsp;&nbsp;&nbsp;&nbsp;1903566 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19748 | &nbsp;&nbsp;&nbsp;&nbsp;1202456 |
| GameStop Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75520 | &nbsp;&nbsp;&nbsp;&nbsp;1516442 |
| Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41481 | &nbsp;&nbsp;&nbsp;&nbsp;1061914 |
| Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;1476874 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp;1260596 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535020 |
| RH<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504666 |
| Valvoline, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676982 |
|  |  | **$20076114** |
| Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% |  |
| Pure Storage, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57217 | $3834111 |
|  |  | **$3834111** |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |  |
| Capri Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21835 | $532774 |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255728 |
| Crocs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813723 |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591049 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60150 | &nbsp;&nbsp;&nbsp;&nbsp;1087512 |
|  |  | **$3280786** |
| Trading Companies & Distributors — 1.6% | Trading Companies & Distributors — 1.6% |  |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6913 | $1775051 |
| Core & Main, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34947 | &nbsp;&nbsp;&nbsp;&nbsp;1816195 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | &nbsp;&nbsp;&nbsp;&nbsp;1109693 |
| MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705094 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;2156480 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) |  |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915 | $2180966 |
|  |  | **$9743479** |
| Water Utilities — 0.3% | Water Utilities — 0.3% |  |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51860 | $1989350 |
|  |  | **$1989350** |
| Total Common Stocks<br> (identified cost $390,511,016) |  | **$587236201** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Exchange-Traded Funds — 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 2.0% | Equity Funds — 2.0% |  |
| SPDR S&P MidCap 400 ETF Trust<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $12065600 |
| Total Exchange-Traded Funds<br> (identified cost $10,461,229) |  | **$12065600** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 4.0% |  |  |
| Affiliated Fund — 2.0% | Affiliated Fund — 2.0% | Affiliated Fund — 2.0% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | 11831088 | $11831088 |
| Total Affiliated Fund<br> (identified cost $11,831,088) |  | **$11831088** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 1.7% | Securities Lending Collateral — 1.7% | Securities Lending Collateral — 1.7% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(4)</sup> | 10524662 | $10524662 |
| Total Securities Lending Collateral<br> (identified cost $10,524,662) |  | **$10524662** |

---

---

| | | |
|:---|:---|:---|
| U.S. Treasury Obligations — 0.3% | U.S. Treasury Obligations — 0.3% | U.S. Treasury Obligations — 0.3% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 2/19/26<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1990523 |
| Total U.S. Treasury Obligations<br> (identified cost $1,989,165) |  | **$1990523** |
| Total Short-Term Investments<br> (identified cost $24,344,915) |  | **$24346273** |
| Total Investments — 102.0%<br> (identified cost $425,317,160) |  | **$623648074** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (2.0)% | **$(11947952)** |
| Net Assets — 100.0% | **$611700122** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $26,459,982. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(4)</sup> | Represents investment of cash collateral received in connection with securities lending. |
| <sup>(5)</sup> | Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$12635760 | &nbsp;&nbsp;&nbsp;&nbsp;$(175380) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(175380)** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $413,486,072) - including<br> $26,459,982 of securities on loan | &nbsp;&nbsp;$611816986 |
| Investments in securities of affiliated issuers, at value (identified cost $11,831,088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831088 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88572 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191916 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573714 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19046 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145961 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132570 |
| **Total assets** | &nbsp;&nbsp;**$624806181** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$153635 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98993 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266080 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380043 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524662 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104438 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63083 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69836 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132570 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312571 |
| **Total liabilities** | &nbsp;&nbsp;**$13106059** |
| **Net Assets** | &nbsp;&nbsp;**$611700122** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$373081277 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;238618845 |
| **Net Assets** | &nbsp;&nbsp;**$611700122** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$205187779 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610155 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$127.43 |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$406512343 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212310 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$126.55 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $6,475) | &nbsp;&nbsp;$9026043 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282246 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66158 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48681 |
| **Total investment income** | &nbsp;&nbsp;**$9423128** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$1187638 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712583 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784060 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31817 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409211 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133815 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73514 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76864 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103895 |
| **Total expenses** | &nbsp;&nbsp;**$3522527** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(788671) |
| **Net expenses** | &nbsp;&nbsp;**$2733856** |
| **Net investment income** | &nbsp;&nbsp;**$6689272** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32794503 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468605 |
| **Net realized gain** | &nbsp;&nbsp;**$33263108** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$607457 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82280 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$689737** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$33952845** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$40642117** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6689272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6912569 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33263108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39443635 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29001500 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$40642117** | &nbsp;&nbsp;**$75357704** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(15432303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11481733) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30405149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21724848) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(45837452)** | &nbsp;&nbsp;**$(33206581)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2224924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14883346) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814454 |
| **Net increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp;**$10305032** | &nbsp;&nbsp;**$(13068892)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$5109697** | &nbsp;&nbsp;**$29082231** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$606590425 | &nbsp;&nbsp;$577508194 |
| **At end of year** | &nbsp;&nbsp;**$611700122** | &nbsp;&nbsp;**$606590425** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$128.46 | &nbsp;&nbsp;$119.60 | &nbsp;&nbsp;$109.06 | &nbsp;&nbsp;$144.47 | &nbsp;&nbsp;$120.57 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.60 | &nbsp;&nbsp;$1.63 | &nbsp;&nbsp;$1.68 | &nbsp;&nbsp;$1.75 | &nbsp;&nbsp;$1.47 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.67 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$9.09** | &nbsp;&nbsp;**$16.14** | &nbsp;&nbsp;**$16.85** | &nbsp;&nbsp;**$(20.50)** | &nbsp;&nbsp;**$29.14** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.44) | &nbsp;&nbsp;$(1.58) | &nbsp;&nbsp;$(1.44) | &nbsp;&nbsp;$(1.21) | &nbsp;&nbsp;$(1.19) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05) |
| **Total distributions** | &nbsp;&nbsp;**$(10.12)** | &nbsp;&nbsp;**$(7.28)** | &nbsp;&nbsp;**$(6.31)** | &nbsp;&nbsp;**$(14.91)** | &nbsp;&nbsp;**$(5.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$127.43** | &nbsp;&nbsp;**$128.46** | &nbsp;&nbsp;**$119.60** | &nbsp;&nbsp;**$109.06** | &nbsp;&nbsp;**$144.47** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$205188 | &nbsp;&nbsp;$208684 | &nbsp;&nbsp;$208057 | &nbsp;&nbsp;$227923 | &nbsp;&nbsp;$293422 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$127.89 | &nbsp;&nbsp;$119.33 | &nbsp;&nbsp;$109.04 | &nbsp;&nbsp;$144.73 | &nbsp;&nbsp;$121.01 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.34 | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;$1.46 | &nbsp;&nbsp;$1.51 | &nbsp;&nbsp;$1.20 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.76 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$15.84** | &nbsp;&nbsp;**$16.60** | &nbsp;&nbsp;**$(20.78)** | &nbsp;&nbsp;**$28.96** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.44) | &nbsp;&nbsp;$(1.58) | &nbsp;&nbsp;$(1.44) | &nbsp;&nbsp;$(1.21) | &nbsp;&nbsp;$(1.19) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05) |
| **Total distributions** | &nbsp;&nbsp;**$(10.12)** | &nbsp;&nbsp;**$(7.28)** | &nbsp;&nbsp;**$(6.31)** | &nbsp;&nbsp;**$(14.91)** | &nbsp;&nbsp;**$(5.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$126.55** | &nbsp;&nbsp;**$127.89** | &nbsp;&nbsp;**$119.33** | &nbsp;&nbsp;**$109.04** | &nbsp;&nbsp;**$144.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.51)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$406512 | &nbsp;&nbsp;$397906 | &nbsp;&nbsp;$369451 | &nbsp;&nbsp;$325916 | &nbsp;&nbsp;$387895 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT S&P MidCap 400<sup>®</sup> Index Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P MidCap 400<sup>®</sup> Index.

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 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.**

**Short-Term Debt Securities. 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.**

**Other Securities. Exchange-traded funds are valued at the official 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. 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.**

**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.**

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$587236201<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$587236201 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12065600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12065600 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831088 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524662 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1990523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990523 |
| **Total Investments** | &nbsp;&nbsp;**$621657551** | &nbsp;&nbsp;**$1990523** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$623648074** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(175380) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(175380) |
| **Total** | &nbsp;&nbsp;**$(175380)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(175380)** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(1)</sup> 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. Non-cash dividends are recorded at the fair value of the securities received. 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 includes amortization of premium and accretion of discount on debt securities, is accrued 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 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.

E 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.

F 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.

G 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.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

H Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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 0.20% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $1,187,638.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP). CRM pays AIP a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $9,807 relating to the Fund's investment in the Liquidity Fund.

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 0.33% for Class I and 0.53% for Class F of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $778,864.

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 year ended December 31, 2025, CRM was paid administrative fees of $712,583.

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 0.20% 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 year ended December 31, 2025 amounted to $784,060 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $560 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $407,576, of which $101,389 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $8,757.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $91,919,610 and $119,763,374, respectively.

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$16750590 | &nbsp;&nbsp;&nbsp;&nbsp;$8879292 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$29086862 | &nbsp;&nbsp;&nbsp;&nbsp;$24327289 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8239216 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32579042 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197800587 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$238618845** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$425847487** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$228555743 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30755156) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$197800587** |

---

6 Financial Instruments

A summary of futures contracts outstanding at June 30, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$—&nbsp;&nbsp;&nbsp;&nbsp;$(175380)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$468605 | &nbsp;&nbsp;&nbsp;&nbsp;$82280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2025 was approximately $9,402,000.

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 December 31, 2025, the total value of securities on loan was $26,459,982 and the total value of collateral received was $27,293,498, comprised of cash of $10,524,662 and U.S. government and/or agencies securities of $16,768,836.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$551170 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$551170 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973492 |
| **Total** | &nbsp;&nbsp;**$10524662** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$10524662** |

---

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $11,831,088, which represents 2.0% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $12207731 | $62645526 | $(63022169) | $— | $— | $11831088 | $282246 | 11831088 |

---

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 20,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77813 | &nbsp;&nbsp;&nbsp;&nbsp;$9736108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55213 | &nbsp;&nbsp;&nbsp;&nbsp;$7072882 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481733 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(214156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27393335) | &nbsp;&nbsp;&nbsp;&nbsp;(260030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33437961) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14329)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2224924)** | &nbsp;&nbsp;&nbsp;&nbsp;**(115116)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(14883346)** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116993 | &nbsp;&nbsp;&nbsp;&nbsp;$14765536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111180 | &nbsp;&nbsp;&nbsp;&nbsp;$14178894 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30405149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21724848 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(258036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32640729) | &nbsp;&nbsp;&nbsp;&nbsp;(266260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34089288) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100920** | &nbsp;&nbsp;&nbsp;&nbsp;**$12529956** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15338** | &nbsp;&nbsp;&nbsp;&nbsp;**$1814454** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP and a separate account of another insurance company owned 22.9% and 51.4%, respectively, of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT S&P MidCap 400<sup>®</sup> Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT S&P MidCap 400<sup>®</sup> Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVT

S&P MidCap 400<sup>®</sup> Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, 163(j) interest dividends and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $6,530,636, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 39.12% qualifies for the corporate dividends received deduction.**

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 0.44% of distributions from net investment income as a 163(j) interest dividend.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $32,579,354 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_92d2cf46-9da8-4e78-a97c-de24f940e83c_TOC)

CVPSMI-NCSR 12.31.25

------

![](g51633img1a483cb51.gif)

------

## CVT

## Russell 2000<sup>®</sup> Small Cap Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633imgecc906492.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_8fa6890f-7795-4883-81b6-9d71a56039db_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_60101483-7ed0-4b66-8fc7-81690a090aae_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_60101483-7ed0-4b66-8fc7-81690a090aae_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_21026f2a-9c7e-4f82-9149-4be76a4c3191_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_21026f2a-9c7e-4f82-9149-4be76a4c3191_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_21026f2a-9c7e-4f82-9149-4be76a4c3191_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_242a1023-6067-4655-9f82-43401ff02ef6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_3f0c9b51-8d47-4526-9562-21ad4e3a5b8c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_4ba56a8e-daa8-4b13-ab6c-1ab970f91234_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| [Federal Tax Information](#xx_f5eb8edb-93f1-45d9-b412-e4fc8ba95164_1) | &nbsp;&nbsp;38 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments

------

Common Stocks — 94.9%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |  |
| AAR Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 | $267577 |
| AeroVironment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp; 755664 |
| AerSale Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp; 18244 |
| AIRO Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp; 4777 |
| Archer Aviation, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52325 | &nbsp;&nbsp; 393484 |
| Astronics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp; 137173 |
| Byrna Technologies, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp; 28442 |
| Cadre Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp; 97158 |
| Ducommun, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109685 |
| Eve Holding, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31050 |
| Firefly Aerospace, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39036 |
| Intuitive Machines, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148391 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13775 | &nbsp;&nbsp;&nbsp;&nbsp;1045660 |
| Mercury Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317667 |
| Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563818 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46441 |
| Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38497 |
| Red Cat Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60617 |
| Redwire Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45167 |
| Satellogic, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13161 |
| V2X, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95844 |
| Voyager Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29983 |
| VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328609 |
|  |  | **$4616145** |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |  |
| Arrive AI, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | $815 |
| Forward Air Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44275 |
| Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206787 |
| Radiant Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21737 |
|  |  | **$273614** |
| Automobile Components — 1.0% | Automobile Components — 1.0% |  |
| Adient PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7036 | $134880 |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61953 |
| Cooper-Standard Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45831 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227193 |
| Dorman Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284199 |
| Fox Factory Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60107 |
| Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224917 |
| Gentherm, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92598 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191222 |
| Holley, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21381 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233216 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13697 |
| Patrick Industries, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294496 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201862 |
| Solid Power, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54179 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65077 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Automobile Components (continued) | Automobile Components (continued) |  |
| Strattec Security Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | $30151 |
| Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp; 218350 |
| XPEL, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp; 100369 |
|  |  | **$2555678** |
| Automobiles — 0.0%<sup>†</sup> | Automobiles — 0.0%<sup>†</sup> |  |
| Faraday Future Intelligent Electric, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087 | $9269 |
| Livewire Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp; 16575 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp; 92345 |
|  |  | **$118189** |
| Banks — 9.4% | Banks — 9.4% |  |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1546 | $96610 |
| ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41871 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62683 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60579 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399127 |
| Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16325 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41542 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348121 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408809 |
| Avidbank Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268 |
| Axos Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380655 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206982 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185005 |
| Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232134 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92218 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218647 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31108 |
| Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173722 |
| Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12622 |
| BankFinancial Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281192 |
| Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33082 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178456 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45519 |
| Baycom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28342 |
| BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 |
| Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183693 |
| Blue Foundry Bancorp<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18508 |
| Blue Ridge Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28007 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33430 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70348 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62187 |
| BV Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76373 |
| C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22648 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;15426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660850 |
| California BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35436 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60775 |
| Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33663 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | $52446 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10295 | &nbsp;&nbsp; 70109 |
| Carter Bankshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp; 39281 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 | &nbsp;&nbsp; 261354 |
| CB Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp; 16593 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp; 69206 |
| CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp; 9780 |
| Chain Bridge Bancorp, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp; 8279 |
| Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16126 |
| ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34273 |
| Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31223 |
| Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17464 |
| Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20755 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140179 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29286 |
| CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69612 |
| Coastal Financial Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123528 |
| CoastalSouth Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30846 |
| Columbia Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35322 |
| Commercial Bancgroup, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13754 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254229 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75371 |
| Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33187 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104460 |
| Customers Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190039 |
| CVB Financial Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205549 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100260 |
| Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15044 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50401 |
| Eagle Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18664 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331574 |
| ECB Bancorp, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13669 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165564 |
| Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52642 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61038 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33125 |
| Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40653 |
| FB Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193347 |
| Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50277 |
| Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12317 |
| Finwise Bancorp<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16594 |
| First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28687 |
| First BanCorp./Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267790 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171365 |
| First Bank/Hamilton | &nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35126 |
| First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170241 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35023 |
| First Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19714 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724 | $147087 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp; 44018 |
| First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp; 22386 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp; 199409 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10927 | &nbsp;&nbsp; 326389 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp; 57520 |
| First Foundation, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp; 30695 |
| First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp; 16592 |
| First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258704 |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175444 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70941 |
| First National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20091 |
| First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18033 |
| First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23026 |
| First Western Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15872 |
| Firstsun Capital Bancorp<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39630 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46657 |
| Flagstar Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;24676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310671 |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43523 |
| Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21486 |
| FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22520 |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294976 |
| FVCBankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15579 |
| GBank Financial Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31145 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118755 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468736 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49002 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438373 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67818 |
| Hanover Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11185 |
| Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20684 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24738 |
| Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60771 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67402 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126698 |
| Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41742 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36876 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425062 |
| HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64109 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113326 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61548 |
| Independent Bank Corp./MA | &nbsp;&nbsp;&nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297801 |
| Independent Bank Corp./MI | &nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54293 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294263 |
| Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24208 |
| John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25187 |
| Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38858 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119883 |
| Landmark Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12755 |
| LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | $17908 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp; 101504 |
| MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp; 14618 |
| Mechanics Bancorp, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp; 57598 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp; 63829 |
| Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp; 16279 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp; 47825 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp; 58492 |
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50625 |
| Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22416 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35439 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52783 |
| MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28930 |
| National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120416 |
| National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15994 |
| NB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67824 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177706 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136948 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68074 |
| Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24984 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41377 |
| Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27972 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48324 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145608 |
| Norwood Financial Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17082 |
| Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85765 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152814 |
| Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15512 |
| Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;28938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645607 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84123 |
| OP Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16986 |
| Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24096 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93498 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55291 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188703 |
| Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130995 |
| Patriot National Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37263 |
| Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16145 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87537 |
| Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43888 |
| Pioneer Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375 |
| Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27615 |
| Preferred Bank/Los Angeles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92164 |
| Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21880 |
| Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14570 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212628 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | $115121 |
| RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp; 27204 |
| Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp; 30143 |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882 | &nbsp;&nbsp; 277604 |
| Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 48293 |
| Rhinebeck Bancorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp; 5541 |
| Richmond Mutual BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp; 13057 |
| Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp; 10472 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125802 |
| SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13496 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;7338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230560 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309630 |
| Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46056 |
| Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40621 |
| Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223316 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44943 |
| Sound Financial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46793 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31582 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47769 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73453 |
| SR Bancorp, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12655 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121625 |
| Sterling Bancorp, Inc.<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142825 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334636 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40861 |
| Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22303 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81730 |
| Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;6137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204792 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119941 |
| Triumph Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118809 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64268 |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184896 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690700 |
| Union Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436224 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310514 |
| United Security Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14239 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38687 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78838 |
| USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;39397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460157 |
| Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15542 |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211078 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47546 |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263061 |
| West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30778 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98625 |
| Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23688 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks (continued) | Banks (continued) |  |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 | $258468 |
|  |  | **$23957684** |
| Beverages — 0.1% | Beverages — 0.1% |  |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | $33728 |
| National Beverage Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp; 63940 |
| Vita Coco Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp; 205149 |
| Zevia PBC, Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 | &nbsp;&nbsp; 7475 |
|  |  | **$310292** |
| Biotechnology — 8.8% | Biotechnology — 8.8% |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3355 | $25163 |
| Abeona Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23499 |
| Absci Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38886 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277731 |
| Actuate Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678 |
| ADC Therapeutics SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24212 |
| ADMA Biologics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343277 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128451 |
| Akebia Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33628 |
| Aldeyra Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19922 |
| Alector, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12753 |
| Alkermes PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368525 |
| Allogene Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17815 |
| Altimmune, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25108 |
| Amicus Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344380 |
| AnaptysBio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79847 |
| Anavex Life Sciences Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24863 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11551 |
| Annexon, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48639 |
| Apogee Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235951 |
| Arbutus Biopharma Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60837 |
| Arcellx, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186537 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14203 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152131 |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259850 |
| Ardelyx, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114938 |
| ArriVent Biopharma, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47322 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727435 |
| ARS Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56945 |
| Astria Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40147 |
| aTyr Pharma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 |
| Aura Biosciences, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24765 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155178 |
| Avidity Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689346 |
| Avita Medical, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221427 |
| Benitec Biopharma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19895 |
| Bicara Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48689 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136500 |
| Biohaven Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85330 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Biotechnology (continued) | Biotechnology (continued) |  |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13104 | $1002325 |
| Bright Minds Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp; 36679 |
| Candel Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp; 22690 |
| Capricor Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp; 93708 |
| Cardiff Oncology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp; 15955 |
| CareDx, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp; 85797 |
| Cartesian Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp; 5105 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp; 225745 |
| Celcuity, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260521 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148620 |
| CG Oncology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193815 |
| Cidara Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351436 |
| Cogent Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400808 |
| Coherus Oncology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943 |
| Compass Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57035 |
| Corvus Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41180 |
| CRISPR Therapeutics AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377411 |
| Cullinan Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44557 |
| Cytokinetics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620150 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56041 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182683 |
| Design Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24107 |
| DiaMedica Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81843 |
| Disc Medicine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163505 |
| Dynavax Technologies Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132606 |
| Dyne Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204246 |
| Editas Medicine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16902 |
| Eledon Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9036 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56362 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31114 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24847 |
| Erasca, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54479 |
| Fate Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8213 |
| Fennec Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11542 |
| Foghorn Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18052 |
| Geron Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60241 |
| Gossamer Bio, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49188 |
| GRAIL, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244274 |
| Greenwich Lifesciences, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12291 |
| Gyre Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822 |
| Heron Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20303 |
| Humacyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12291 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231965 |
| ImmunityBio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47435 |
| Immunome, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163355 |
| Immunovant, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145097 |
| Inhibikase Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12657 |
| Inhibrx Biosciences, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58144 |
| Inmune Bio, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74572 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Biotechnology (continued) | Biotechnology (continued) |  |
| Iovance Biotherapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25414 | $69380 |
| Ironwood Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13773 | &nbsp;&nbsp; 46415 |
| Jade Biosciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp; 51104 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 | &nbsp;&nbsp; 45388 |
| KalVista Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp; 51454 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp; 48294 |
| Kodiak Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568 | &nbsp;&nbsp; 71801 |
| Korro Bio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp; 4790 |
| Krystal Biotech, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496285 |
| Kura Oncology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75889 |
| Kymera Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362828 |
| Larimar Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15701 |
| Lexeo Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50852 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894474 |
| MannKind Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143423 |
| MapLight Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24082 |
| MeiraGTx Holdings PLC<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27674 |
| MiMedx Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66935 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137829 |
| Mirum Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266354 |
| Monopar Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19590 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65605 |
| Myriad Genetics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47275 |
| Neurogene, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20785 |
| Nkarta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590 |
| Novavax, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84060 |
| Nurix Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154340 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408798 |
| Nuvectis Pharma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124375 |
| Organogenesis Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27899 |
| ORIC Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37473 |
| Oruka Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94931 |
| Palvella Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60709 |
| Perspective Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15059 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549985 |
| Precigen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56606 |
| Prime Medicine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412682 |
| Protalix BioTherapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12814 |
| Protara Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17578 |
| Prothena Corp. PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32737 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489106 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24127 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125330 |
| REGENXBIO, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58133 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94583 |
| Replimune Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59943 |
| Rezolute, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16128 |
| Rhythm Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467230 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63046 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Biotechnology (continued) | Biotechnology (continued) |  |
| Rocket Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797 | $27367 |
| Sana Biotechnology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13411 | &nbsp;&nbsp; 54583 |
| Savara, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11495 | &nbsp;&nbsp; 69315 |
| Scholar Rock Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 | &nbsp;&nbsp; 298791 |
| SELLAS Life Sciences Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744 | &nbsp;&nbsp; 36735 |
| Sionna Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp; 53564 |
| Soleno Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp; 175477 |
| Solid Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp; 27783 |
| Spyre Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183227 |
| Stoke Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118962 |
| Syndax Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149570 |
| Tango Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76488 |
| Taysha Gene Therapies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97196 |
| Tectonic Therapeutic, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23405 |
| Tevogen Bio Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| TG Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351460 |
| Tonix Pharmaceuticals Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12074 |
| Travere Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255892 |
| TriSalus Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11370 |
| TuHURA Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 |
| Twist Bioscience Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156697 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52343 |
| Upstream Bio, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74418 |
| UroGen Pharma Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72180 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37758 |
| Vaxcyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428825 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228488 |
| Veracyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275713 |
| Verastem, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30023 |
| Vericel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151602 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50176 |
| Viridian Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201844 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15417 |
| Xencor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90099 |
| Xenon Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276450 |
| XOMA Royalty Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 |
| Zenas Biopharma, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49672 |
| Zymeworks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109638 |
|  |  | **$22361160** |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% |  |
| Groupon, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2090 | $36805 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186057 |
| Savers Value Village, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 |
|  |  | **$253152** |
| Building Products — 1.4% | Building Products — 1.4% |  |
| American Woodmark Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200 | $64680 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64409 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266021 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388340 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Building Products (continued) | Building Products (continued) |  |
| Gibraltar Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | $123303 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp; 236196 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp; 49469 |
| Janus International Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11333 | &nbsp;&nbsp; 74118 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8463 | &nbsp;&nbsp; 20819 |
| MasterBrand, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10617 | &nbsp;&nbsp; 117212 |
| Modine Manufacturing Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342 | &nbsp;&nbsp; 579700 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851 | &nbsp;&nbsp; 59228 |
| Resideo Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368374 |
| Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112666 |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430120 |
| Zurn Elkay Water Solutions Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;12459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579219 |
|  |  | **$3533874** |
| Capital Markets — 1.7% | Capital Markets — 1.7% |  |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2243 | $105421 |
| AlTi Global, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161 |
| Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213152 |
| Bakkt Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377 |
| BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270615 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145587 |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42375 |
| DigitalBridge Group, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219684 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103839 |
| Fold Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
| Forge Global Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46387 |
| GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48857 |
| Innventure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 |
| Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;4498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172543 |
| MarketWise, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| Miami International Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84855 |
| Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414915 |
| Open Lending Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15333 |
| P10, Inc., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54485 |
| Patria Investments Ltd., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86044 |
| Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89873 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492579 |
| PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311995 |
| Siebert Financial Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 |
| Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11301 |
| StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363587 |
| StoneX Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378522 |
| Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497 |
| Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233433 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89569 |
| Webull Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172261 |
| Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13097 |
| WisdomTree, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122583 |
|  |  | **$4352538** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Chemicals — 1.4% | Chemicals — 1.4% |  |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195 | $37974 |
| American Vanguard Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp; 9573 |
| Arq, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 | &nbsp;&nbsp; 7920 |
| Ascent Industries Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp; 13146 |
| ASP Isotopes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463 | &nbsp;&nbsp; 34577 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708 | &nbsp;&nbsp; 16154 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684 | &nbsp;&nbsp; 240048 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp; 409011 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286462 |
| Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148436 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12832 |
| Ecovyst, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95247 |
| Flotek Industries, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25070 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231842 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271851 |
| Ingevity Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180381 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160658 |
| Intrepid Potash, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30503 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43707 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296 |
| LSB Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37162 |
| Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54857 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160908 |
| Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;5576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29441 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311144 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93227 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160378 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31394 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322530 |
| Solesence, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85295 |
| Trinseo PLC | &nbsp;&nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 |
| Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;11640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48539 |
| Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 |
|  |  | **$3605631** |
| Commercial Services & Supplies — 1.4% | Commercial Services & Supplies — 1.4% |  |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4948 | $209300 |
| ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34547 |
| ACV Auctions, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112561 |
| BrightView Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74639 |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;3419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399100 |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500180 |
| Cimpress PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94025 |
| CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 |
| CoreCivic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172296 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82554 |
| Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40901 |
| Enviri Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113882 |
| GEO Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182301 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116498 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |  |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322 | $223737 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp; 135300 |
| Liquidity Services, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp; 64318 |
| MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654 | &nbsp;&nbsp; 103355 |
| Mobile Infrastructure Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp; 3749 |
| Montrose Environmental Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp; 66470 |
| NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp; 2910 |
| OPENLANE, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549 | &nbsp;&nbsp; 254589 |
| Perma-Fix Environmental Services, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15511 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138488 |
| Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229358 |
| Vestis Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65246 |
| Virco Mfg. Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537 |
|  |  | **$3461614** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6214 | $54000 |
| Applied Optoelectronics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170884 |
| Aviat Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23347 |
| BK Technologies Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20661 |
| Calix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260892 |
| Clearfield, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28013 |
| CommScope Holding Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323294 |
| Digi International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131818 |
| Extreme Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183666 |
| Harmonic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92966 |
| Inseego Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13022 |
| NETGEAR, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56836 |
| NetScout Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158166 |
| Ribbon Communications, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24949 |
| Viasat, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351802 |
| Viavi Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320404 |
|  |  | **$2214720** |
| Construction & Engineering — 2.2% | Construction & Engineering — 2.2% |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2684 | $78614 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419326 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347159 |
| Bowman Consulting Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38766 |
| Centuri Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163368 |
| Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14393 |
| Construction Partners, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413793 |
| Dycom Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782576 |
| Fluor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528862 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410185 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72973 |
| IES Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293710 |
| Legence Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131702 |
| Limbach Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68975 |
| Matrix Service Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30315 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Construction & Engineering (continued) | Construction & Engineering (continued) |  |
| MYR Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | $273562 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp; 52304 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | &nbsp;&nbsp; 29850 |
| Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395 | &nbsp;&nbsp; 545595 |
| Southland Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 1029 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp; 754551 |
| Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 | &nbsp;&nbsp; 249448 |
|  |  | **$5701056** |
| Construction Materials — 0.2% | Construction Materials — 0.2% |  |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4645 | $326776 |
| Smith-Midland Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 |
| Titan America SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40903 |
| United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108365 |
|  |  | **$484329** |
| Consumer Finance — 1.0% | Consumer Finance — 1.0% |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | $29860 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275244 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10011 |
| Dave, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186427 |
| Encore Capital Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103591 |
| Enova International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307955 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524041 |
| Green Dot Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57427 |
| Jefferson Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21692 |
| LendingClub Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179248 |
| LendingTree, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49586 |
| Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18882 |
| Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75335 |
| Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120728 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47412 |
| Oportun Financial Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18081 |
| OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25899 |
| PRA Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58359 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96934 |
| Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36696 |
| Upstart Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307728 |
| Vroom, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 |
| World Acceptance Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30605 |
|  |  | **$2583908** |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |  |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2736 | $145473 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189982 |
| Grocery Outlet Holding Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79972 |
| HF Foods Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753 |
| Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83905 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27004 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263250 |
| United Natural Foods, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168687 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |  |
| Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | $33059 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp; 71396 |
|  |  | **$1069481** |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |  |
| Ardagh Metal Packaging SA | &nbsp;&nbsp;&nbsp;&nbsp;11656 | $47790 |
| Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp; 143389 |
| Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp; 33312 |
| Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp; 58668 |
| O-I Glass, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189636 |
| Ranpak Holdings Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22901 |
| TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98409 |
|  |  | **$594105** |
| Distributors — 0.1% | Distributors — 0.1% |  |
| GigaCloud Technology, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2075 | $81506 |
| Gold.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54514 |
| Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13551 |
|  |  | **$149571** |
| Diversified Consumer Services — 1.1% | Diversified Consumer Services — 1.1% |  |
| Adtalem Global Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2967 | $306995 |
| American Public Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58136 |
| Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50210 |
| Coursera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85074 |
| Driven Brands Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73967 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12125 |
| frontdoor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343717 |
| Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294425 |
| KinderCare Learning Cos., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12593 |
| Laureate Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347710 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65954 |
| Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65143 |
| McGraw Hill, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32356 |
| Mister Car Wash, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51007 |
| Nerdy, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164406 |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150815 |
| Phoenix Education Partners, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12181 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156470 |
| Stride, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231865 |
| Udemy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53253 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101907 |
| Zspace, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
|  |  | **$2674641** |
| Diversified REITs — 0.5% | Diversified REITs — 0.5% |  |
| Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6103 | $125966 |
| Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 |
| American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82270 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Diversified REITs (continued) | Diversified REITs (continued) |  |
| Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 | $44261 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15858 | &nbsp;&nbsp; 275453 |
| CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp; 55598 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16474 | &nbsp;&nbsp; 488619 |
| Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 | &nbsp;&nbsp; 41271 |
| Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16736 | &nbsp;&nbsp; 143930 |
| Modiv Industrial, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp; 13742 |
| NexPoint Diversified Real Estate Trust<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp; 11544 |
|  |  | **$1300645** |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |  |
| Anterix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1033 | $22550 |
| ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22048 |
| Bandwidth, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36385 |
| Cogent Communications Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81130 |
| Globalstar, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255880 |
| IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69645 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24845 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79068 |
| Lumen Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612323 |
| Shenandoah Telecommunications Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55835 |
| Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95175 |
|  |  | **$1354884** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% |  |
| Genie Energy Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2171 | $29916 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179297 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241926 |
| Oklo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644405 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260370 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;9217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442324 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490058 |
|  |  | **$2288296** |
| Electrical Equipment — 2.3% | Electrical Equipment — 2.3% |  |
| Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1217 | $65414 |
| American Superconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105105 |
| Amprius Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70702 |
| Array Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117011 |
| Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177922 |
| Bloom Energy Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18063 | &nbsp;&nbsp;&nbsp;&nbsp;1569494 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444946 |
| Enovix Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100629 |
| Eos Energy Enterprises, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292230 |
| Fluence Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102500 |
| Hyliion Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429 |
| KULR Technology Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966 |
| LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40744 |
| NANO Nuclear Energy, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78056 |
| Net Power, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 |
| Nextpower, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12055 | &nbsp;&nbsp;&nbsp;&nbsp;1050111 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Electrical Equipment (continued) | Electrical Equipment (continued) |  |
| NuScale Power Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10594 | $150117 |
| Plug Power, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93347 | &nbsp;&nbsp; 183894 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp; 254386 |
| Power Solutions International, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp; 39712 |
| Preformed Line Products Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp; 45890 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14051 | &nbsp;&nbsp; 119433 |
| SKYX Platforms Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251 | &nbsp;&nbsp; 13565 |
| SunPower, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156 | &nbsp;&nbsp; 9665 |
| Sunrun, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334218 |
| T1 Energy, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73707 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102079 |
| Vicor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213939 |
|  |  | **$5789588** |
| Electronic Equipment, Instruments & Components — 3.2% | Electronic Equipment, Instruments & Components — 3.2% |  |
| 908 Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2795 | $14674 |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651978 |
| Aeva Technologies, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33997 |
| Arlo Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116257 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420328 |
| Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25958 |
| Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147408 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370629 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127724 |
| Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104646 |
| Daktronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63798 |
| ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193379 |
| Evolv Technologies Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88870 |
| Fabrinet<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2984 | &nbsp;&nbsp;&nbsp;&nbsp;1358556 |
| Frequency Electronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36180 |
| Insight Enterprises, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196913 |
| Itron, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342653 |
| Kimball Electronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56558 |
| Knowles Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153032 |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23333 |
| MicroVision, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20741 |
| Mirion Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464653 |
| M-Tron Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358 |
| Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120305 |
| Neonode, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 |
| nLIGHT, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141113 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348879 |
| OSI Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341780 |
| Ouster, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91883 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53544 |
| Plexus Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320901 |
| Powerfleet, Inc. NJ<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55248 |
| Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10749 |
| Rogers Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142300 |
| Sanmina Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647852 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Electronic Equipment, Instruments & Components (continued) | Electronic Equipment, Instruments & Components (continued) |  |
| ScanSource, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | $68511 |
| TTM Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 | &nbsp;&nbsp; 580773 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10125 | &nbsp;&nbsp; 146711 |
| Vishay Precision Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp; 38924 |
| Vuzix Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp; 24785 |
|  |  | **$8195050** |
| Energy Equipment & Services — 1.7% | Energy Equipment & Services — 1.7% |  |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14274 | $371410 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61108 |
| Borr Drilling Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91666 |
| Bristow Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87082 |
| Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254301 |
| Core Laboratories, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62918 |
| DMC Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885 |
| Energy Services of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9861 |
| Expro Group Holdings NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96627 |
| Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37218 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29930 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72882 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231734 |
| Innovex International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70859 |
| Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256676 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243746 |
| Mammoth Energy Services, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69993 |
| National Energy Services Reunited Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79803 |
| Natural Gas Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35366 |
| Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;10557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298130 |
| Oceaneering International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188756 |
| Oil States International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33457 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180379 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286 |
| ProPetro Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64478 |
| Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17936 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45647 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11974 |
| Seadrill Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176495 |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82045 |
| Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157953 |
| TETRA Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99472 |
| Tidewater, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207697 |
| Transocean Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311621 |
| Valaris Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255478 |
|  |  | **$4318428** |
| Entertainment — 0.5% | Entertainment — 0.5% |  |
| AMC Entertainment Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41964 | $65464 |
| Atlanta Braves Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29318 |
| Atlanta Braves Holdings, Inc., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152198 |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201932 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Entertainment (continued) | Entertainment (continued) |  |
| CuriosityStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | $12399 |
| Eventbrite, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686 | &nbsp;&nbsp; 34203 |
| Gaia, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp; 6316 |
| Golden Matrix Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | &nbsp;&nbsp; 1560 |
| IMAX Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp; 135237 |
| Lionsgate Studios Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17122 | &nbsp;&nbsp; 156324 |
| Madison Square Garden Entertainment Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp; 178591 |
| Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp; 28725 |
| Playstudios, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 |
| Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22685 |
| Reservoir Media, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 |
| Sphere Entertainment Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220871 |
| Starz Entertainment Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14812 |
| Vivid Seats, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 |
|  |  | **$1280420** |
| Financial Services — 2.0% | Financial Services — 2.0% |  |
| Acacia Research Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3139 | $11740 |
| Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44229 |
| Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106371 |
| Better Home & Finance Holding Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323 |
| Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149981 |
| Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60435 |
| Cantaloupe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52325 |
| Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42018 |
| Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;5681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27269 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95889 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510459 |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156417 |
| Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136945 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10967 |
| Flywire Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138768 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315054 |
| International Money Express, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35205 |
| Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610251 |
| loanDepot, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17256 |
| Marqeta, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140875 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73808 |
| NCR Atleos Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233309 |
| NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21849 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266481 |
| Onity Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24314 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144369 |
| Payoneer Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130806 |
| Paysafe Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25904 |
| Paysign, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313120 |
| Priority Technology Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10486 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396286 |
| Remitly Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192593 |
| Repay Holdings Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19976 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Financial Services (continued) | Financial Services (continued) |  |
| Security National Financial Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | $14218 |
| Sezzle, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp; 84422 |
| StoneCo Ltd., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20995 | &nbsp;&nbsp; 310516 |
| SWK Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp; 4592 |
| Triller Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp; 337 |
| Velocity Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp; 23749 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756 | &nbsp;&nbsp; 165773 |
| Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp; 20406 |
|  |  | **$5169975** |
| Food Products — 0.7% | Food Products — 0.7% |  |
| Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $17099 |
| B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30392 |
| Beyond Meat, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25520 |
| BRC, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523 |
| Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37127 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285975 |
| Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100538 |
| Forafric Global PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98945 |
| Hain Celestial Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9512 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117210 |
| John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46314 |
| Lifeway Foods, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10685 |
| Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18256 |
| Mama's Creations, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43492 |
| Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276226 |
| Mission Produce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41354 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48567 |
| Simply Good Foods Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151202 |
| SunOpta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34044 |
| Tootsie Roll Industries, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55458 |
| TreeHouse Foods, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99125 |
| Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62799 |
| Vital Farms, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92434 |
| Westrock Coffee Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13512 |
|  |  | **$1725063** |
| Gas Utilities — 1.0% | Gas Utilities — 1.0% |  |
| Brookfield Infrastructure Corp., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9785 | $444239 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238416 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378507 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158122 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375821 |
| RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420825 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391998 |
|  |  | **$2422007** |
| Ground Transportation — 0.3% | Ground Transportation — 0.3% |  |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1907 | $141480 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Ground Transportation (continued) | Ground Transportation (continued) |  |
| Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | $30988 |
| FTAI Infrastructure, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp; 45473 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 | &nbsp;&nbsp; 32138 |
| Hertz Global Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9869 | &nbsp;&nbsp; 50727 |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp; 55478 |
| PAMT Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp; 6064 |
| Proficient Auto Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp; 14769 |
| RXO, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13202 | &nbsp;&nbsp; 166873 |
| Universal Logistics Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145428 |
|  |  | **$696633** |
| Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% |  |
| Accuray, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7702 | $6351 |
| Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13665 |
| Alphatec Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203920 |
| AngioDynamics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49267 |
| Anteris Technologies Global Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 |
| Artivion, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155986 |
| AtriCure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159941 |
| Avanos Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42045 |
| AxoGen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121166 |
| Beta Bionics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97565 |
| Bioventus, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27364 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61640 |
| CapsoVision, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 |
| Carlsmed, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6978 |
| Ceribell, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46141 |
| Cerus Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36050 |
| ClearPoint Neuro, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30438 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105722 |
| CVRx, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518 |
| Delcath Systems, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31058 |
| Electromed, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20501 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58093 |
| Enovis Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127259 |
| Glaukos Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523225 |
| Haemonetics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313707 |
| ICU Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288193 |
| Inogen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10739 |
| Integer Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225957 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69589 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70139 |
| iRhythm Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459392 |
| Kestra Medical Technologies Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35616 |
| KORU Medical Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25192 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362099 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141357 |
| LENSAR, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176 |
| LivaNova PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280331 |
| Lucid Diagnostics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) |  |
| Merit Medical Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749 | $418577 |
| Myomo, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp; 3025 |
| Neogen Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18273 | &nbsp;&nbsp; 127728 |
| Neuronetics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692 | &nbsp;&nbsp; 5095 |
| NeuroPace, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp; 37905 |
| Novocure Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp; 109763 |
| Omnicell, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893 | &nbsp;&nbsp; 176353 |
| OraSure Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp; 18034 |
| Orthofix Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52969 |
| OrthoPediatrics Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27794 |
| Outset Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711 |
| Picard Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 |
| PROCEPT BioRobotics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138078 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 |
| Pulmonx Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7994 |
| Pulse Biosciences, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25593 |
| QuidelOrtho Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161792 |
| RxSight, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30593 |
| Sanara Medtech, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 |
| SANUWAVE Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21365 |
| Semler Scientific, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15366 |
| Shoulder Innovations, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 |
| SI-BONE, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62572 |
| Sight Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27295 |
| STAAR Surgical Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96308 |
| Stereotaxis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12351 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56405 |
| Tandem Diabetes Care, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122780 |
| TransMedics Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337944 |
| Treace Medical Concepts, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11008 |
| UFP Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139657 |
| Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564 |
| Varex Imaging Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44911 |
|  |  | **$6579321** |
| Health Care Providers & Services — 3.1% | Health Care Providers & Services — 3.1% |  |
| AdaptHealth Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8512 | $84779 |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162911 |
| agilon health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20815 |
| AirSculpt Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272017 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50464 |
| Ardent Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21307 |
| Astrana Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84577 |
| Aveanna Healthcare Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46152 |
| BrightSpring Health Services, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336788 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206963 |
| Castle Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92310 |
| Clover Health Investments Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79273 |
| Community Health Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38688 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186704 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |  |
| CorVel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433 | $164641 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 | &nbsp;&nbsp; 21173 |
| DocGo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10639 | &nbsp;&nbsp; 9339 |
| Enhabit, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023 | &nbsp;&nbsp; 37092 |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640 | &nbsp;&nbsp; 808288 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp; 44107 |
| GeneDx Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp; 204064 |
| Guardant Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10034 | &nbsp;&nbsp; 1024873 |
| Guardian Pharmacy Services, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49558 |
| HealthEquity, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645759 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549977 |
| Innovage Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7458 |
| Joint Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9243 |
| LifeStance Health Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95047 |
| Nano-X Imaging Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18368 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145452 |
| National Research Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18432 |
| NeoGenomics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126749 |
| Nutex Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47740 |
| Omada Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12135 |
| Oncology Institute, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21453 |
| OPKO Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40180 |
| Option Care Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413224 |
| Owens & Minor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20667 |
| PACS Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141314 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152553 |
| Pennant Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79693 |
| Privia Health Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227877 |
| Progyny, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161168 |
| RadNet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395636 |
| SBC Medical Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129611 |
| Sonida Senior Living, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 |
| Strata Critical Medical, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31491 |
| Surgery Partners, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99838 |
| Talkspace, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43720 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98393 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20945 |
|  |  | **$7817185** |
| Health Care REITs — 1.0% | Health Care REITs — 1.0% |  |
| American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13972 | $657522 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671600 |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41674 |
| Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;18347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88983 |
| Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40893 |
| LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130747 |
| National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295094 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365769 |
| Sila Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108415 |
| Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7480 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care REITs (continued) | Health Care REITs (continued) |  |
| Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | $42268 |
|  |  | **$2450445** |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% |  |
| Claritev Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | $27446 |
| Definitive Healthcare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 | &nbsp;&nbsp; 13793 |
| Evolent Health, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805 | &nbsp;&nbsp; 39220 |
| Health Catalyst, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 | &nbsp;&nbsp; 13255 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | &nbsp;&nbsp; 47247 |
| HeartFlow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45940 |
| LifeMD, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11591 |
| OptimizeRx Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15423 |
| Phreesia, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80911 |
| Schrodinger, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84108 |
| Simulations Plus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28730 |
| Teladoc Health, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102858 |
| TruBridge, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22511 |
| Waystar Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299401 |
|  |  | **$832434** |
| Hotel & Resort REITs — 0.6% | Hotel & Resort REITs — 0.6% |  |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18721 | $221844 |
| Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14892 |
| Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;4756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32388 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154426 |
| Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;9827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111242 |
| RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;11153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83090 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484360 |
| Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;12917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23767 |
| Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42091 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132088 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116924 |
|  |  | **$1417112** |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4152 | $47374 |
| Bally's Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12373 |
| Biglari Holdings, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18616 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66428 |
| Black Rock Coffee Bar, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29593 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47737 |
| Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;8522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131921 |
| Brinker International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526718 |
| Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195156 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47168 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36829 |
| Denny's Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31081 |
| Dine Brands Global, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41461 |
| El Pollo Loco Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29529 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67362 |
| Genius Sports Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201457 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |  |
| Global Business Travel Group, Inc. <sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10603 | $81113 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp; 44374 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042 | &nbsp;&nbsp; 225629 |
| Inspired Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp; 15547 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp; 29676 |
| Krispy Kreme, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp; 26182 |
| Kura Sushi USA, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp; 30090 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12274 | &nbsp;&nbsp; 326243 |
| Lindblad Expeditions Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49735 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134360 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102016 |
| Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21802 |
| Navan, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51855 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105232 |
| Portillo's, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24026 |
| Pursuit Attractions and Hospitality, Inc. <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58064 |
| RCI Hospitality Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20145 |
| Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252942 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144093 |
| Sabre Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41220 |
| Serve Robotics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52678 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263802 |
| Six Flags Entertainment Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123027 |
| Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159090 |
| Sweetgreen, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58488 |
| Target Hospitality Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24703 |
| United Parks & Resorts, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82365 |
| Xponential Fitness, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16797 |
|  |  | **$4096097** |
| Household Durables — 1.6% | Household Durables — 1.6% |  |
| Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | $13944 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47675 |
| Cavco Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376892 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129324 |
| Champion Homes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388193 |
| Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23354 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43143 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44333 |
| Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17850 |
| Green Brick Partners, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163668 |
| Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13736 |
| Helen of Troy Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40673 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38821 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498807 |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289383 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129252 |
| Legacy Housing Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15987 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122617 |
| LGI Homes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74665 |
| Lovesac Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20414 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Household Durables (continued) | Household Durables (continued) |  |
| M/I Homes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | $279059 |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 | &nbsp;&nbsp; 372296 |
| Sonos, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 | &nbsp;&nbsp; 172632 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7799 | &nbsp;&nbsp; 459127 |
| Traeger, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp; 3703 |
| TRI Pointe Homes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 | &nbsp;&nbsp; 216671 |
|  |  | **$3996219** |
| Household Products — 0.2% | Household Products — 0.2% |  |
| Central Garden & Pet Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | $22859 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123269 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101200 |
| Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40571 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117687 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217575 |
|  |  | **$623161** |
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |  |
| Hallador Energy Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2593 | $49371 |
| Montauk Renewables, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11064 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547931 |
|  |  | **$608366** |
| Industrial Conglomerates — 0.0%<sup>†</sup> | Industrial Conglomerates — 0.0%<sup>†</sup> |  |
| Brookfield Business Corp., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1949 | $69930 |
|  |  | **$69930** |
| Industrial REITs — 0.4% | Industrial REITs — 0.4% |  |
| Industrial Logistics Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;4469 | $24758 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109970 |
| LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241653 |
| One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38023 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75027 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497685 |
|  |  | **$987116** |
| Insurance — 1.9% | Insurance — 1.9% |  |
| Abacus Global Management, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3372 | $28831 |
| American Coastal Insurance Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31929 |
| American Integrity Insurance Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13935 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60918 |
| Aspen Insurance Holdings Ltd., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47859 |
| Ategrity Specialty Holdings LLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030 |
| Baldwin Insurance Group, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141152 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45721 |
| Citizens, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331903 |
| Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16414 |
| Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 |
| eHealth, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13515 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Insurance (continued) | Insurance (continued) |  |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | $87074 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp; 94987 |
| Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp; 95208 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33013 | &nbsp;&nbsp; 298107 |
| GoHealth, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp; 697 |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp; 148478 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647 | &nbsp;&nbsp; 38593 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp; 106996 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171371 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56033 |
| Hippo Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157335 |
| Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27710 |
| James River Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23405 |
| Kestrel Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 |
| Kingstone Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18984 |
| Kingsway Financial Services, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24896 |
| Lemonade, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349992 |
| MBIA, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34726 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211541 |
| NI Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12010 |
| Octave Specialty Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28381 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233139 |
| Palomar Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297011 |
| ProAssurance Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103115 |
| Root, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69341 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96063 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413330 |
| Selectquote, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 |
| SiriusPoint Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187532 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152666 |
| Slide Insurance Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43518 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163284 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42222 |
| Trupanion, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115884 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63940 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71825 |
|  |  | **$4901121** |
| Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% |  |
| Angi, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3399 | $43949 |
| Arena Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 |
| Bumble, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21713 |
| CarGurus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263771 |
| Cars.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58682 |
| EverQuote, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62613 |
| fuboTV, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70265 |
| Getty Images Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171 |
| Grindr, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37750 |
| MediaAlpha, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39187 |
| Nextdoor Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35887 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Interactive Media & Services (continued) | Interactive Media & Services (continued) |  |
| QuinStreet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | $65340 |
| Rumble, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8044 | &nbsp;&nbsp; 50838 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp; 38907 |
| Teads Holding Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp; 2849 |
| Travelzoo<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp; 4621 |
| TripAdvisor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp; 141581 |
| TrueCar, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7838 | &nbsp;&nbsp; 17714 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp; 19988 |
| Yelp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157025 |
| Ziff Davis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122603 |
| ZipRecruiter, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27035 |
|  |  | **$1300761** |
| IT Services — 0.6% | IT Services — 0.6% |  |
| Applied Digital Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19692 | $482848 |
| ASGN, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162959 |
| Backblaze, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20853 |
| BigBear.ai Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190177 |
| Commerce.com, Inc., Series 1<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27517 |
| Crexendo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 |
| CSP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 |
| DigitalOcean Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275054 |
| Fastly, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116551 |
| Grid Dynamics Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56248 |
| Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48427 |
| Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15404 |
| Rackspace Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7547 |
| TSS, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13171 |
| Tucows, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17712 |
| Unisys Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18097 |
| VTEX, Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22173 |
| Whitefiber, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14015 |
|  |  | **$1507159** |
| Leisure Products — 0.4% | Leisure Products — 0.4% |  |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2307 | $184145 |
| American Outdoor Brands, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 |
| Clarus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340 |
| Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11089 |
| Funko, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614 |
| JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077 |
| Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17192 |
| Latham Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29134 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43556 |
| Marine Products Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30540 |
| Peloton Interactive, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194219 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281905 |
| Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36588 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43816 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Leisure Products (continued) | Leisure Products (continued) |  |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11033 | $128755 |
|  |  | **$1046786** |
| Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961 | $146154 |
| Adaptive Biotechnologies Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12485 | &nbsp;&nbsp; 202756 |
| Alpha Teknova, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp; 4210 |
| Atlantic International Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp; 1462 |
| Azenta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp; 113450 |
| BioLife Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76626 |
| Codexis, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13738 |
| CryoPort, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40886 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49606 |
| Fortrea Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131652 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27290 |
| Lifecore Biomedical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17072 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35168 |
| MaxCyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15888 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39957 |
| Niagen Bioscience, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30509 |
| OmniAb, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17856 |
| OmniAb, Inc. ($12.50 earnout shares)<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| OmniAb, Inc. ($15.00 earnout shares)<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pacific Biosciences of California, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48796 |
| Personalis, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33711 |
| Quanterix Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22101 |
| Quantum-Si, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15841 |
| Standard BioTools, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37834 |
|  |  | **$1122563** |
| Machinery — 3.6% | Machinery — 3.6% |  |
| 3D Systems Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12675 | $22435 |
| Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44692 |
| AirJoule Technologies Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145040 |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128068 |
| Alliance Laundry Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72283 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82828 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352054 |
| Blue Bird Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124456 |
| CECO Environmental Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145914 |
| Chart Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770682 |
| Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40365 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61806 |
| Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10042 |
| Energy Recovery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60057 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173304 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367661 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412664 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540670 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301015 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Machinery (continued) | Machinery (continued) |  |
| Gencor Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | $11275 |
| Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp; 83706 |
| Graham Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp; 54210 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 | &nbsp;&nbsp; 118112 |
| Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 | &nbsp;&nbsp; 148274 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp; 187211 |
| Hillman Solutions Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16554 | &nbsp;&nbsp; 143358 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp; 31819 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650292 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280745 |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180830 |
| L B Foster Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23932 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107380 |
| Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32472 |
| Manitowoc Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41222 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27219 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46550 |
| Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39238 |
| Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301776 |
| Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301 |
| Palladyne AI Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11106 |
| Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14511 |
| Proto Labs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100573 |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246645 |
| Richtech Robotics, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40181 |
| SPX Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797039 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218366 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115783 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287718 |
| Titan International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31813 |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180929 |
| Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29747 |
| Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626289 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135578 |
|  |  | **$9217880** |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | $13237 |
| Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59023 |
| Genco Shipping & Trading Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52286 |
| Himalaya Shipping Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20575 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315547 |
| Pangaea Logistics Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20695 |
| Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22553 |
|  |  | **$503916** |
| Media — 1.0% | Media — 1.0% |  |
| Advantage Solutions, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8993 | $7914 |
| AMC Networks, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28808 |
| Boston Omaha Corp., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28179 |
| Cable One, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48638 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Media (continued) | Media (continued) |  |
| EchoStar Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11203 | $1217766 |
| Emerald Holding, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp; 5762 |
| Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618 | &nbsp;&nbsp; 16461 |
| EW Scripps Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp; 23421 |
| Gambling.com Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp; 9577 |
| Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp; 39543 |
| Ibotta, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp; 30276 |
| iHeartMedia, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782 | &nbsp;&nbsp; 36533 |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105367 |
| Magnite, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189891 |
| National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27012 |
| Newsmax, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 |
| Nexxen International Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25251 |
| Optimum Communications, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36039 |
| PubMatic, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27107 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50312 |
| Sinclair, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49388 |
| Stagwell, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47174 |
| TechTarget, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13894 |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260967 |
| Thryv Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18846 |
| USA TODAY Co., Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60698 |
|  |  | **$2434631** |
| Metals & Mining — 2.2% | Metals & Mining — 2.2% |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | $195483 |
| American Battery Technology Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24997 |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35486 |
| Century Aluminum Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172940 |
| Coeur Mining, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943278 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636824 |
| Compass Minerals International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56779 |
| Constellium SE<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210046 |
| Contango ORE, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20547 |
| Critical Metals Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18856 |
| Dakota Gold Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41992 |
| Ferroglobe PLC | &nbsp;&nbsp;&nbsp;&nbsp;9988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46344 |
| Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13913 |
| Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;52521 | &nbsp;&nbsp;&nbsp;&nbsp;1007878 |
| Idaho Strategic Resources, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44008 |
| Ivanhoe Electric, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138275 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154372 |
| Lifezone Metals Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208858 |
| Metallus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52630 |
| NioCorp Developments Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46126 |
| Novagold Resources, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236020 |
| Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34399 |
| Perpetua Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167097 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60570 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56987 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Metals & Mining (continued) | Metals & Mining (continued) |  |
| SSR Mining, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16539 | $362535 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7098 | &nbsp;&nbsp; 51106 |
| Tredegar Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp; 15401 |
| U.S. Antimony Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770 | &nbsp;&nbsp; 49045 |
| U.S. Gold Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp; 21817 |
| U.S. Goldmining, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp; 1464 |
| USA Rare Earth, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 | &nbsp;&nbsp; 85061 |
| Vox Royalty Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp; 19410 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373224 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95066 |
|  |  | **$5714108** |
| Mortgage REITs — 0.8% | Mortgage REITs — 0.8% |  |
| ACRES Commercial Realty Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | $13423 |
| Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51896 |
| Advanced Flower Capital, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
| Angel Oak Mortgage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113014 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123764 |
| Ares Commercial Real Estate Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24512 |
| ARMOUR Residential REIT, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164216 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247026 |
| BrightSpire Capital, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60368 |
| Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16576 |
| Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82684 |
| Claros Mortgage Trust, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27610 |
| Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167195 |
| Ellington Financial, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104797 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68615 |
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52050 |
| KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39234 |
| Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104922 |
| Lument Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6569 |
| MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80141 |
| Nexpoint Real Estate Finance, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8279 |
| Orchid Island Capital, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89647 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91527 |
| Ready Capital Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34717 |
| Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61427 |
| Rithm Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 |
| Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11152 |
| Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083 |
| TPG Mortgage Investment Trust, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24026 |
| TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48517 |
| Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91623 |
|  |  | **$2035885** |
| Multi-Utilities — 0.4% | Multi-Utilities — 0.4% |  |
| Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6732 | $259451 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421935 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323410 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Multi-Utilities (continued) | Multi-Utilities (continued) |  |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | $65249 |
|  |  | **$1070045** |
| Office REITs — 0.5% | Office REITs — 0.5% |  |
| Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;14392 | $42025 |
| City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp; 25765 |
| COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526 | &nbsp;&nbsp; 264823 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13542 | &nbsp;&nbsp; 148827 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp; 73212 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75221 |
| Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038 |
| Hudson Pacific Properties, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49244 |
| JBG SMITH Properties<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88724 |
| NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37524 |
| Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42892 |
| Piedmont Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86644 |
| Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36444 |
| SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275541 |
|  |  | **$1255924** |
| Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% |  |
| Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2883 | $30531 |
| BKV Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40861 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277470 |
| Calumet, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114511 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332338 |
| Clean Energy Fuels Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35143 |
| CNX Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389615 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143531 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366254 |
| Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170250 |
| CVR Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65762 |
| Delek U.S. Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148003 |
| DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130061 |
| Diversified Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;4832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69967 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75600 |
| Empire Petroleum Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 |
| Encore Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38609 |
| Energy Fuels, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274370 |
| Epsilon Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 |
| Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 |
| Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53968 |
| Flex LNG Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63373 |
| FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978 |
| Gevo, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39254 |
| Golar LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295224 |
| Granite Ridge Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24243 |
| Green Plains, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56664 |
| Gulfport Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271635 |
| HighPeak Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850 |
| Infinity Natural Resources, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18943 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |  |
| International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361 | $163176 |
| Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp; 133493 |
| Kolibri Global Energy, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601 | &nbsp;&nbsp; 14152 |
| Kosmos Energy Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39642 | &nbsp;&nbsp; 35971 |
| Lightbridge Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp; 24193 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp; 321783 |
| Murphy Oil Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10979 | &nbsp;&nbsp; 343094 |
| NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp; 14908 |
| Navigator Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47318 |
| New Fortress Energy, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19691 |
| NextDecade Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58913 |
| NextNRG, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 |
| Nordic American Tankers Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58951 |
| Northern Oil & Gas, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173993 |
| OPAL Fuels, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148783 |
| PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190003 |
| Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303772 |
| Prairie Operating Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10431 |
| REX American Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80024 |
| Riley Exploration Permian, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31390 |
| Sable Offshore Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57322 |
| SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45426 |
| Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189037 |
| SFL Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79170 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178398 |
| Summit Midstream Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26947 |
| Talos Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110872 |
| Teekay Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39741 |
| Teekay Tankers Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107214 |
| Uranium Energy Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462236 |
| VAALCO Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38697 |
| Verde Clean Fuels, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
| Vitesse Energy, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47457 |
| W&T Offshore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15808 |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108153 |
| XCF Global, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
|  |  | **$7251318** |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |  |
| Clearwater Paper Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1653 | $28762 |
| Magnera Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39273 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138383 |
|  |  | **$206418** |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |  |
| Allegiant Travel Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1208 | $103006 |
| flyExclusive, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32937 |
| JetBlue Airways Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109742 |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Passenger Airlines (continued) | Passenger Airlines (continued) |  |
| Joby Aviation, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40304 | $532013 |
| SkyWest, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp; 329947 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275 | &nbsp;&nbsp; 61517 |
|  |  | **$1170950** |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% |  |
| Beauty Health Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11674 | $16227 |
| Edgewell Personal Care Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp; 64926 |
| FitLife Brands, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp; 6492 |
| Herbalife Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108895 |
| Honest Co., Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24598 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130044 |
| Lifevantage Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 |
| Medifast, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11396 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968 |
| Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39298 |
| Olaplex Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18204 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22005 |
| Waldencast PLC, Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6796 |
|  |  | **$477502** |
| Pharmaceuticals — 2.5% | Pharmaceuticals — 2.5% |  |
| Aardvark Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | $7586 |
| Aclaris Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27894 |
| Alumis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47112 |
| Amneal Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158407 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83045 |
| Amylyx Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87012 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119910 |
| Aquestive Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47003 |
| Arvinas, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65633 |
| Atea Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26825 |
| Avadel Pharmaceuticals PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160849 |
| Axsome Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617506 |
| BioAge Labs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16789 |
| Biote Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123945 |
| CorMedix, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76316 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341677 |
| Edgewise Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139907 |
| Enliven Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53115 |
| Esperion Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68494 |
| Eton Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36644 |
| Evolus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010 |
| EyePoint, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112068 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40693 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136733 |
| Harrow, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129213 |
| Indivior PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353346 |
| Innoviva, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105147 |
| Journey Medical Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9553 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) |  |
| LB Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | $34770 |
| LENZ Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp; 21616 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp; 301378 |
| Liquidia Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp; 185039 |
| Maze Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp; 67614 |
| MBX Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | &nbsp;&nbsp; 72920 |
| MediWound Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp; 14491 |
| Mind Medicine MindMed, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 | &nbsp;&nbsp; 102313 |
| Nuvation Bio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175437 |
| Ocular Therapeutix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187187 |
| Omeros Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86339 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99534 |
| Phathom Pharmaceuticals, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58513 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63848 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255088 |
| Rapport Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70085 |
| Septerna, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54199 |
| SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23059 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223998 |
| Tarsus Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267911 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281224 |
| Theravance Biopharma, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57515 |
| Third Harmonic Bio, Inc.<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Trevi Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95553 |
| Tvardi Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 |
| WaVe Life Sciences Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159188 |
| Xeris Biopharma Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100692 |
| Zevra Therapeutics, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41135 |
|  |  | **$6337509** |
| Professional Services — 1.6% | Professional Services — 1.6% |  |
| Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36041 | $70280 |
| Asure Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23748 |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75353 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49237 |
| CBIZ, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208258 |
| Conduent, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23919 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110984 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178151 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295136 |
| Falcon's Beyond Global, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17757 |
| First Advantage Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96160 |
| Forrester Research, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 |
| Franklin Covey Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20186 |
| HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246397 |
| IBEX Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38905 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130935 |
| Innodata, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130891 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116741 |
| Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22308 |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Professional Services (continued) | Professional Services (continued) |  |
| Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | $46349 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321 | &nbsp;&nbsp; 285272 |
| Legalzoom.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9913 | &nbsp;&nbsp; 98436 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 | &nbsp;&nbsp; 396813 |
| Mistras Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp; 12777 |
| Planet Labs PBC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19515 | &nbsp;&nbsp; 384836 |
| RCM Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp; 10243 |
| Resolute Holdings Management, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp; 74108 |
| Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16128 |
| Skillsoft Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 |
| Spire Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 |
| TIC Solutions, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163873 |
| TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147884 |
| TrueBlue, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14323 |
| TTEC Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 |
| Upwork, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203789 |
| Verra Mobility Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299196 |
| Willdan Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120349 |
|  |  | **$4169747** |
| Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% |  |
| American Realty Investors, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $1799 |
| Anywhere Real Estate, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124849 |
| Compass, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428413 |
| Cushman & Wakefield Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313293 |
| Douglas Elliman, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17744 |
| eXp World Holdings, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71812 |
| Forestar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44531 |
| FRP Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26801 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97773 |
| Logistic Properties of The Americas, Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54689 |
| Maui Land & Pineapple Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 |
| Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208461 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 |
| Real Brokerage, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34025 |
| RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20279 |
| Seaport Entertainment Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15065 |
| St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;3183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188975 |
| Stratus Properties, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10687 |
| Tejon Ranch Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32581 |
| Transcontinental Realty Investors, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510 |
|  |  | **$1720591** |
| Residential REITs — 0.4% | Residential REITs — 0.4% |  |
| Apartment Investment and Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11035 | $65548 |
| BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17287 |
| Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93942 |
| Clipper Realty, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 |
| Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127994 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343797 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Residential REITs (continued) | Residential REITs (continued) |  |
| NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | $56558 |
| UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp; 105706 |
| Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp; 98193 |
|  |  | **$914041** |
| Retail REITs — 1.1% | Retail REITs — 1.1% |  |
| Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;11032 | $226597 |
| Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp; 39229 |
| CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp; 56462 |
| Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188860 |
| FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22273 |
| Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121167 |
| InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183986 |
| Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;17669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423526 |
| Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;20629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380811 |
| NETSTREIT Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120464 |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364841 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38057 |
| SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29872 |
| Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302933 |
| Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204066 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52379 |
|  |  | **$2755523** |
| Semiconductors & Semiconductor Equipment — 3.2% | Semiconductors & Semiconductor Equipment — 3.2% |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4223 | $166597 |
| Aehr Test Systems<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51909 |
| Aeluma, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16861 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45662 |
| Ambarella, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241139 |
| Ambiq Micro, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11087 |
| Atomera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202537 |
| Blaize Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930 |
| CEVA, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42567 |
| Cohu, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88938 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12675 | &nbsp;&nbsp;&nbsp;&nbsp;1823806 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183890 |
| FormFactor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352920 |
| Ichor Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58773 |
| Impinj, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388912 |
| indie Semiconductor, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57204 |
| Kopin Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35718 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196364 |
| MaxLinear, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118890 |
| Navitas Semiconductor Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92727 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23376 |
| PDF Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76888 |
| Penguin Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85086 |
| Photronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155584 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168424 |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |  |
| Rambus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915 | $819199 |
| Rigetti Computing, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26394 | &nbsp;&nbsp; 584627 |
| Semtech Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081 | &nbsp;&nbsp; 521799 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp; 352498 |
| SiTime Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp; 628678 |
| SkyWater Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp; 40297 |
| Synaptics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp; 237382 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp; 94532 |
| Veeco Instruments, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136641 |
|  |  | **$8120045** |
| Software — 5.4% | Software — 5.4% |  |
| 8x8, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11167 | $21999 |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106299 |
| ACI Worldwide, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401843 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156734 |
| Agilysys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249802 |
| Airship AI Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203060 |
| Alkami Technology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131522 |
| Amplitude, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86456 |
| Appian Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116638 |
| Arteris, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41897 |
| Asana, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99219 |
| AudioEye, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 |
| AvePoint, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165735 |
| Bit Digital, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50244 |
| Bitdeer Technologies Group, Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84086 |
| Blackbaud, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202624 |
| BlackLine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240622 |
| Blend Labs, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53309 |
| Box, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341303 |
| Braze, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237595 |
| C3.ai, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138130 |
| Cerence, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42846 |
| Chaince Digital Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13429 |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388970 |
| Cleanspark, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228074 |
| Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245350 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546632 |
| Commvault Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455308 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35392 |
| Core Scientific, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345989 |
| CS Disco, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12944 |
| Daily Journal Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51169 |
| Digimarc Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9197 |
| Digital Turbine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47050 |
| Domo, Inc., Class B<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25484 |
| D-Wave Quantum, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723231 |
| eGain Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 |
| EverCommerce, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18165 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Software (continued) | Software (continued) |  |
| Expensify, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105 | $9219 |
| Five9, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp; 128039 |
| Freshworks, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16792 | &nbsp;&nbsp; 205702 |
| Hut 8 Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 | &nbsp;&nbsp; 361823 |
| I3 Verticals, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 | &nbsp;&nbsp; 48566 |
| Intapp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725 | &nbsp;&nbsp; 216500 |
| InterDigital, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp; 681333 |
| Jamf Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029 | &nbsp;&nbsp; 78437 |
| Kaltura, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242 |
| Life360, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106729 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158686 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 |
| Mitek Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44416 |
| N-able, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52008 |
| NCR Voyix Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118585 |
| NextNav, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122404 |
| ON24, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24835 |
| OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38725 |
| Ooma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27601 |
| Pagaya Technologies Ltd., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80361 |
| PagerDuty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93553 |
| PAR Technology Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121574 |
| Porch Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61463 |
| Progress Software Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153797 |
| Q2 Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364697 |
| Qualys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394447 |
| Rapid7, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81153 |
| Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52223 |
| ReposiTrak, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14201 |
| Rezolve AI PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31493 |
| Rimini Street, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13339 |
| Riot Platforms, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358840 |
| Sapiens International Corp. NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113057 |
| SEMrush Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55835 |
| Silvaco Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 |
| SoundHound AI, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305212 |
| SoundThinking, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73163 |
| Sprout Social, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48675 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283790 |
| Synchronoss Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9416 |
| Telos Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28116 |
| Tenable Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238853 |
| Terawulf, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287939 |
| Varonis Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315044 |
| Vertex, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108557 |
| Via Transportation, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24281 |
| Viant Technology, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19288 |
| Weave Communications, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45198 |
| WM Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746 |
| Workiva, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352072 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Software (continued) | Software (continued) |  |
| Xperi, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164 | $24401 |
| Yext, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479 | &nbsp;&nbsp; 68341 |
| Zeta Global Holdings Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15568 | &nbsp;&nbsp; 316809 |
|  |  | **$13616615** |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% |  |
| Farmland Partners, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 | $30582 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8341 | &nbsp;&nbsp; 192343 |
| Gladstone Land Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp; 30488 |
| Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294406 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248585 |
| Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64247 |
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80691 |
|  |  | **$941342** |
| Specialty Retail — 2.1% | Specialty Retail — 2.1% |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2081 | $8178 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476040 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277028 |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197168 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341597 |
| America's Car-Mart, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19299 |
| Arhaus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46589 |
| Arko Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27848 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366932 |
| BARK, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5639 |
| Barnes & Noble Education, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14042 |
| Bed Bath & Beyond, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25094 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440998 |
| Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141029 |
| Build-A-Bear Workshop, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63660 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33589 |
| Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 |
| Citi Trends, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20281 |
| Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20589 |
| Envela Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9085 |
| EVgo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31166 |
| Genesco, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24349 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393300 |
| Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32027 |
| J Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 |
| Lands' End, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16466 |
| MarineMax, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38405 |
| Monro, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50040 |
| National Vision Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168166 |
| OneWater Marine, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311 |
| Outdoor Holding Co.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 |
| Petco Health & Wellness Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857 |
| RealReal, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125609 |
| Revolve Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102284 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120554 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Specialty Retail (continued) | Specialty Retail (continued) |  |
| Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | $30823 |
| Signet Jewelers Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349 | &nbsp;&nbsp; 277565 |
| Sleep Number Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp; 17834 |
| Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp; 77387 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 | &nbsp;&nbsp; 47260 |
| ThredUp, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7726 | &nbsp;&nbsp; 49369 |
| Torrid Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp; 958 |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp; 77053 |
| Urban Outfitters, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374117 |
| Victoria's Secret & Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313698 |
| Warby Parker, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178896 |
| Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100830 |
| Zumiez, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31156 |
|  |  | **$5312612** |
| Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% |  |
| CompoSecure, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4660 | $89845 |
| Corsair Gaming, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28304 |
| CPI Card Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144130 |
| Eastman Kodak Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33129 |
| Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17585 |
| IonQ, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27956 | &nbsp;&nbsp;&nbsp;&nbsp;1254386 |
| Quantum Computing, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167956 |
| Turtle Beach Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16696 |
| Xerox Holdings Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23321 |
|  |  | **$1780505** |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |  |
| Capri Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9726 | $237314 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96479 |
| Ermenegildo Zegna NV | &nbsp;&nbsp;&nbsp;&nbsp;5162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52911 |
| Figs, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83985 |
| G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93541 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281320 |
| Lakeland Industries, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32724 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40390 |
| Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17246 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249840 |
| Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122240 |
|  |  | **$1328587** |
| Tobacco — 0.1% | Tobacco — 0.1% |  |
| Ispire Technology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1837 | $5144 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155012 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106660 |
|  |  | **$266816** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% |  |
| Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | $10640 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp; 39315 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp; 232134 |
| Custom Truck One Source, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154 | &nbsp;&nbsp; 35447 |
| Distribution Solutions Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp; 24487 |
| DNOW, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15368 | &nbsp;&nbsp; 203626 |
| DXP Enterprises, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp; 119342 |
| EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp; 9659 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504730 |
| Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37548 |
| Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393800 |
| Hudson Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22023 |
| Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15754 |
| McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215316 |
| NPK International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78207 |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;5108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275526 |
| Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47596 |
| Titan Machinery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30772 |
| Transcat, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48164 |
| Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32282 |
| Xometry, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216054 |
|  |  | **$2592422** |
| Transportation Infrastructure — 0.0%<sup>†</sup> | Transportation Infrastructure — 0.0%<sup>†</sup> |  |
| Sky Harbour Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2172 | $19483 |
|  |  | **$19483** |
| Water Utilities — 0.3% | Water Utilities — 0.3% |  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;3234 | $234400 |
| Cadiz, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18788 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;4856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210411 |
| Consolidated Water Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44536 |
| Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130362 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75176 |
| Pure Cycle Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16507 |
| York Water Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44767 |
|  |  | **$780364** |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |  |
| Gogo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6590 | $30710 |
| Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27435 |
| Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331403 |
|  |  | **$389548** |
| Total Common Stocks<br> (identified cost $164,835,611) |  | **$241152474** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Exchange-Traded Funds — 2.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 2.1% | Equity Funds — 2.1% |  |
| iShares Russell 2000 ETF | &nbsp;&nbsp;&nbsp;&nbsp;21000 | $5169360 |
| Total Exchange-Traded Funds<br> (identified cost $3,997,378) |  | **$5169360** |

---

Rights — 0.0%<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Biotechnology — 0.0%<sup>†</sup> | Biotechnology — 0.0%<sup>†</sup> |  |
| 89bio, Inc. CVR, Exp. 12/31/35<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10427 | $3545 |
| Aduro Biotech, Inc. CVR<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp; 0 |
| Akero Therapeutics, Inc. CVR, Exp. 6/30/31<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp; 3796 |
| Cargo Therapeutics, Inc. CVR<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478 | &nbsp;&nbsp; 317 |
| Cartesian Therapeutics, Inc. CVR<sup>(1)(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591 | &nbsp;&nbsp; 1726 |
| GTx, Inc. CVR<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp; 0 |
| Icosavax, Inc. CVR<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp; 839 |
| Inhibrx, Inc. CVR, Exp. 6/30/27<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp; 2209 |
| Metsera, Inc. CVR, Exp. 12/31/29<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21854 |
| Poseida Therapeutics, Inc. CVR, Exp. 12/31/34<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 |
| Prevail Therapeutics, Inc. CVR, Exp. 12/1/28<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 |
| Sage Therapeutics, Inc. CVR, Exp. 12/31/30<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| Tobira Therapeutics, Inc. CVR, Exp. 12/31/28<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
|  |  | **$39474** |
| Health Care Equipment & Supplies — 0.0%<sup>†</sup> | Health Care Equipment & Supplies — 0.0%<sup>†</sup> |  |
| Flexion Therapeutics, Inc. CVR, Exp. 12/31/30<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3730 | $2313 |
| Paragon 28, Inc. CVR, Exp. 12/31/26<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
|  |  | **$2665** |
| Paper & Forest Products — 0.0%<sup>†</sup> | Paper & Forest Products — 0.0%<sup>†</sup> |  |
| Resolute Forest Products, Inc. CVR, Exp. 11/30/28<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3447 | $3792 |
|  |  | **$3792** |
| Pharmaceuticals — 0.0%<sup>†</sup> | Pharmaceuticals — 0.0%<sup>†</sup> |  |
| Alimera Sciences, Inc. CVR<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2099 | $84 |
| Chinook Therapeutics, Inc. CVR, Exp. 12/31/29<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 |
| Rain Oncology, Inc. CVR, Exp. 1/26/29<sup>(1)(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| scPharmaceuticals, Inc. CVR, Exp. 12/31/26<sup>(1)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
|  |  | **$2041** |
| Total Rights<br> (identified cost $47,555) |  | **$47972** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 4.5% |  |  |
| Affiliated Fund — 2.2% | Affiliated Fund — 2.2% | Affiliated Fund — 2.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(5)</sup> | 5742507 | $5742507 |
| Total Affiliated Fund<br> (identified cost $5,742,507) |  | **$5742507** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 1.5% | Securities Lending Collateral — 1.5% | Securities Lending Collateral — 1.5% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(6)</sup> | 3823044 | $3823044 |
| Total Securities Lending Collateral<br> (identified cost $3,823,044) |  | **$3823044** |
| U.S. Treasury Obligations — 0.8% | U.S. Treasury Obligations — 0.8% | U.S. Treasury Obligations — 0.8% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 2/19/26<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1990523 |
| Total U.S. Treasury Obligations<br> (identified cost $1,989,166) |  | **$1990523** |
| Total Short-Term Investments<br> (identified cost $11,554,717) |  | **$11556074** |
| Total Investments — 101.5%<br> (identified cost $180,435,261) |  | **$257925880** |
| Other Assets, Less Liabilities — (1.5)% |  | **$(3828977)** |
| Net Assets — 100.0% |  | **$254096903** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $20,162,507. |
| <sup>(3)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(4)</sup> | Restricted security. Total market value of restricted securities amounts to $46,246, which represents less than 0.05% of the net assets of the Fund as of December 31, 2025. |
| <sup>(5)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(6)</sup> | Represents investment of cash collateral received in connection with securities lending. |
| <sup>(7)</sup> | Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$7618900 | &nbsp;&nbsp;&nbsp;&nbsp;$(222880) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(222880)** |

---

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Dates** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| 89bio, Inc. CVR, Exp. 12/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$3545 |
| Aduro Biotech, Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;10/2/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Akero Therapeutics, Inc. CVR, Exp. 6/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

#### Restricted Securities — continued

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Dates** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| Alimera Sciences, Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;9/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;$84 |
| Cargo Therapeutics, Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;8/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Chinook Therapeutics, Inc. CVR, Exp. 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;8/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Flexion Therapeutics, Inc. CVR, Exp. 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;7/20/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 |
| GTx, Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;6/10/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| Icosavax, Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;2/21/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| Inhibrx, Inc. CVR, Exp. 6/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;5/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| Metsera, Inc. CVR, Exp. 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21854 |
| OmniAb, Inc. ($12.50 earnout shares) | &nbsp;&nbsp;&nbsp;&nbsp;12/5/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| OmniAb, Inc. ($15.00 earnout shares) | &nbsp;&nbsp;&nbsp;&nbsp;12/5/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Paragon 28, Inc. CVR, Exp. 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;4/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| Poseida Therapeutics, Inc. CVR, Exp. 12/31/34 | &nbsp;&nbsp;&nbsp;&nbsp;1/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 |
| Prevail Therapeutics, Inc. CVR, Exp. 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1/25/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
| Rain Oncology, Inc. CVR, Exp. 1/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;1/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Resolute Forest Products, Inc. CVR, Exp. 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;3/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 |
| Sage Therapeutics, Inc. CVR, Exp. 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;1/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |
| scPharmaceuticals, Inc. CVR, Exp. 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;10/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
| Tobira Therapeutics, Inc. CVR, Exp. 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;11/2/16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$46034** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CVR | – Contingent Value Rights |
| REITs | – Real Estate Investment Trusts |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $174,692,754) - including<br> $20,162,507 of securities on loan | &nbsp;&nbsp;$252183373 |
| Investments in securities of affiliated issuers, at value (identified cost $5,742,507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742507 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21372 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78612 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227095 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16451 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12637 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137876 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48307 |
| **Total assets** | &nbsp;&nbsp;**$258468230** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$60065 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65777 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823044 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54270 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26345 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15150 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48307 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266778 |
| **Total liabilities** | &nbsp;&nbsp;**$4371327** |
| **Net Assets** | &nbsp;&nbsp;**$254096903** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$159372334 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94724569 |
| **Net Assets** | &nbsp;&nbsp;**$254096903** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$165652061 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828018 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$90.62 |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$88444842 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992587 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$89.11 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $6,322) | &nbsp;&nbsp;$3680827 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294138 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66823 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173115 |
| **Total investment income** | &nbsp;&nbsp;**$4214903** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$673113 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323095 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161663 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14607 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219374 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63655 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58434 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47479 |
| Licensing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146920 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60664 |
| **Total expenses** | &nbsp;&nbsp;**$1778225** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(576690) |
| **Net expenses** | &nbsp;&nbsp;**$1201535** |
| **Net investment income** | &nbsp;&nbsp;**$3013368** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14668121 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 |
| **Net realized gain** | &nbsp;&nbsp;**$14669396** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14530711 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187465 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$14718176** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$29387572** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$32400940** |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3013368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3461948 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14669396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701585 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14718176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11618665 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$32400940** | &nbsp;&nbsp;**$27782198** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10435903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6391326) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5490369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2433683) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(15926272)** | &nbsp;&nbsp;**$(8825009)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(52667605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6181684) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107487 |
| **Net increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp;**$(51344550)** | &nbsp;&nbsp;**$2925803** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(34869882)** | &nbsp;&nbsp;**$21882992** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$288966785 | &nbsp;&nbsp;$267083793 |
| **At end of year** | &nbsp;&nbsp;**$254096903** | &nbsp;&nbsp;**$288966785** |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$85.90 | &nbsp;&nbsp;$79.76 | &nbsp;&nbsp;$69.08 | &nbsp;&nbsp;$99.34 | &nbsp;&nbsp;$89.92 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.01 | &nbsp;&nbsp;$1.11 | &nbsp;&nbsp;$1.10 | &nbsp;&nbsp;$0.97 | &nbsp;&nbsp;$0.82 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$10.69** | &nbsp;&nbsp;**$8.92** | &nbsp;&nbsp;**$11.37** | &nbsp;&nbsp;**$(20.82)** | &nbsp;&nbsp;**$13.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.77) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) |
| **Total distributions** | &nbsp;&nbsp;**$(5.97)** | &nbsp;&nbsp;**$(2.78)** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(9.44)** | &nbsp;&nbsp;**$(3.62)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$90.62** | &nbsp;&nbsp;**$85.90** | &nbsp;&nbsp;**$79.76** | &nbsp;&nbsp;**$69.08** | &nbsp;&nbsp;**$99.34** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.53%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$165652 | &nbsp;&nbsp;$205627 | &nbsp;&nbsp;$197464 | &nbsp;&nbsp;$139281 | &nbsp;&nbsp;$183595 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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%, less than 0.005%, less than 0.01% and less than 0.01% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$84.72 | &nbsp;&nbsp;$78.86 | &nbsp;&nbsp;$68.45 | &nbsp;&nbsp;$98.73 | &nbsp;&nbsp;$89.56 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.83 | &nbsp;&nbsp;$0.93 | &nbsp;&nbsp;$0.94 | &nbsp;&nbsp;$0.82 | &nbsp;&nbsp;$0.62 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;(21.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$10.36** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$11.10** | &nbsp;&nbsp;**$(20.84)** | &nbsp;&nbsp;**$12.79** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.77) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) |
| **Total distributions** | &nbsp;&nbsp;**$(5.97)** | &nbsp;&nbsp;**$(2.78)** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$(9.44)** | &nbsp;&nbsp;**$(3.62)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$89.11** | &nbsp;&nbsp;**$84.72** | &nbsp;&nbsp;**$78.86** | &nbsp;&nbsp;**$68.45** | &nbsp;&nbsp;**$98.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.36%** | &nbsp;&nbsp;&nbsp;&nbsp;**(20.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.30%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$88445 | &nbsp;&nbsp;$83340 | &nbsp;&nbsp;$69620 | &nbsp;&nbsp;$54524 | &nbsp;&nbsp;$64047 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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%, less than 0.005%, less than 0.01% and less than 0.01% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

*29*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 investment results that correspond to the investment performance of U.S. common stocks, as represented by the Russell 2000<sup>®</sup> Index.

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 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.**

**Short-Term Debt Securities. 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.**

**Other Securities. Exchange-traded funds are valued at the official 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. 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.**

**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.**

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[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$241039356<sup>(2)</sup> | &nbsp;&nbsp;$113057 | &nbsp;&nbsp;$61 | &nbsp;&nbsp;$241152474 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169360 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;47972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47972 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742507 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823044 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1990523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990523 |
| **Total Investments** | &nbsp;&nbsp;**$255774267** | &nbsp;&nbsp;**$2103580** | &nbsp;&nbsp;**$48033** | &nbsp;&nbsp;**$257925880** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(222880) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(222880) |
| **Total** | &nbsp;&nbsp;**$(222880)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(222880)** |

---

<sup>(1)</sup> None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. <br> <sup>(2)</sup> The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued 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 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.

E Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.

F 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

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[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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.

G 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.

H 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.

I Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

J Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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 0.25% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $673,113.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP). CRM pays AIP a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $10,185 relating to the Fund's investment in the Liquidity Fund.

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 0.39% for Class I and 0.59% for Class F of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $566,505.

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 year ended December 31, 2025, CRM was paid administrative fees of $323,095.

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 0.20% 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 year ended December 31, 2025 amounted to $161,663 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $700 and are included in transfer agency fees and expenses on the Statement of Operations.

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[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $217,509, of which $66,602 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $6,035.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $49,895,522 and $113,278,538, respectively.

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$5628856 | &nbsp;&nbsp;&nbsp;&nbsp;$3371277 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$10297416 | &nbsp;&nbsp;&nbsp;&nbsp;$5453732 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4418616 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455322 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76850631 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$94724569** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$181075249** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$105199704 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28349073) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$76850631** |

---

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[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$—&nbsp;&nbsp;&nbsp;&nbsp;$(222880)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$1275 | &nbsp;&nbsp;&nbsp;&nbsp;$187465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2025 was approximately $8,755,000.

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 December 31, 2025, the total value of securities on loan was $20,162,507 and the total value of collateral received was $20,832,953, comprised of cash of $3,823,044 and U.S. government and/or agencies securities of $17,009,909.

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — 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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$3744748 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3744748 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78296 |
| **Total** | &nbsp;&nbsp;**$3823044** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$3823044** |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 during the year ended December 31, 2025.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $5,742,507, which represents 2.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $7369461 | $36886703 | $(38513657) | $— | $— | $5742507 | $294138 | 5742507 |

---

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 20,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188671 | &nbsp;&nbsp;&nbsp;&nbsp;$15842097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210298 | &nbsp;&nbsp;&nbsp;&nbsp;$17820917 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391326 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(869894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78945605) | &nbsp;&nbsp;&nbsp;&nbsp;(367676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30393927) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(565871)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(52667605)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(81839)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6181684)** |

---

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182649 | &nbsp;&nbsp;&nbsp;&nbsp;$15461613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256398 | &nbsp;&nbsp;&nbsp;&nbsp;$21755793 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433683 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(235482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19628927) | &nbsp;&nbsp;&nbsp;&nbsp;(184681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15081989) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8857** | &nbsp;&nbsp;&nbsp;&nbsp;**$1323055** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100866** | &nbsp;&nbsp;&nbsp;&nbsp;**$9107487** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 37.8% of the value of the outstanding shares of the Fund and separate accounts of two other insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 31.4%.

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Russell 2000<sup>®</sup>Small Cap Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Russell 2000<sup>®</sup> Small Cap Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVT

Russell 2000<sup>®</sup> Small Cap Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, 163(j) interest dividends and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $2,447,744, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 40.86% qualifies for the corporate dividends received deduction.**

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 0.70% of distributions from net investment income as a 163(j) interest dividend.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $13,455,517 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_9ed07dda-8458-4f41-98bc-d07836e9831c_TOC)

CVPRSI-NCSR 12.31.25

------

![](g51633img8693c8a21.gif)

------

## CVT

## EAFE International Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633img27cf8ca02.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

EAFE International Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_40d7d97b-cbba-4a37-a967-79558e89e09b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_4775d731-fb01-4383-8224-4e08d466ef2c_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_4775d731-fb01-4383-8224-4e08d466ef2c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_14f1c523-8c43-4435-a3de-2f63a6a560c2_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_14f1c523-8c43-4435-a3de-2f63a6a560c2_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_14f1c523-8c43-4435-a3de-2f63a6a560c2_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_c67ba1f2-726c-4601-95f0-ee7ce3e1a712_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_e545c100-3663-4713-9206-b99149e293b6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_18820f8a-eab7-41c1-b8f0-77faea8ec625_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| [Federal Tax Information](#xx_2cd5261d-aa12-423b-bb3e-7be739ebc7bc_1) | &nbsp;&nbsp;22 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments

------

Common Stocks — 99.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Australia — 6.3% | Australia — 6.3% |  |
| ANZ Group Holdings Ltd. | 30366 | $734177 |
| APA Group | 11621 | &nbsp;&nbsp; 69438 |
| Aristocrat Leisure Ltd. | 5770 | &nbsp;&nbsp; 223382 |
| ASX Ltd. | 2061 | &nbsp;&nbsp; 70573 |
| BHP Group Ltd. | 51342 | &nbsp;&nbsp; 1549457 |
| Brambles Ltd. | 14426 | &nbsp;&nbsp; 220289 |
| CAR Group Ltd. | 4024 | &nbsp;&nbsp; 82417 |
| Cochlear Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp; 116672 |
| Coles Group Ltd. | 13965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199605 |
| Commonwealth Bank of Australia<sup>(1)</sup> | 16837 | &nbsp;&nbsp;&nbsp;&nbsp;1797165 |
| Computershare Ltd. | 5081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115154 |
| CSL Ltd. | 4959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570689 |
| Evolution Mining Ltd. | 19419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162512 |
| Fortescue Ltd.<sup>(1)</sup> | 17332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253437 |
| Goodman Group | 20257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416852 |
| Insurance Australia Group Ltd. | 24614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130632 |
| Lottery Corp. Ltd. | 24448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84002 |
| Lynas Rare Earths Ltd.<sup>(1)(2)</sup> | 9062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74321 |
| Macquarie Group Ltd. | 3727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503630 |
| Medibank Pvt Ltd. | 26808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85554 |
| National Australia Bank Ltd.<sup>(1)</sup> | 30881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868273 |
| Northern Star Resources Ltd. | 13171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231779 |
| Origin Energy Ltd. | 16389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125155 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84887 |
| Qantas Airways Ltd. | 7283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50316 |
| QBE Insurance Group Ltd. | 15319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202815 |
| REA Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59611 |
| Rio Tinto Ltd.<sup>(1)</sup> | 3961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386418 |
| Santos Ltd. | 30645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125865 |
| Scentre Group | 56124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156888 |
| SGH Ltd.<sup>(1)</sup> | 2189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67561 |
| Sigma Healthcare Ltd.<sup>(1)</sup> | 57011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111606 |
| Sonic Healthcare Ltd. | 4238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63811 |
| South32 Ltd. | 45316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107268 |
| Stockland | 23794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90720 |
| Suncorp Group Ltd. | 11086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130139 |
| Telstra Group Ltd. | 39494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128141 |
| Transurban Group | 31835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301273 |
| Vicinity Ltd. | 36142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61532 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(1)</sup> | 3709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91773 |
| Wesfarmers Ltd. | 11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626759 |
| Westpac Banking Corp.<sup>(1)</sup> | 34601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887914 |
| WiseTech Global Ltd.<sup>(1)</sup> | 1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85928 |
| Woodside Energy Group Ltd.<sup>(1)</sup> | 19780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308422 |
| Woolworths Group Ltd. | 12739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249238 |
|  |  | **$13064050** |
| Austria — 0.3% | Austria — 0.3% |  |
| Erste Group Bank AG | 3034 | $363805 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Austria (continued) | Austria (continued) |  |
| OMV AG | 1381 | $76849 |
| Raiffeisen Bank International AG | 1316 | &nbsp;&nbsp; 58636 |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp; 46399 |
|  |  | **$545689** |
| Belgium — 0.8% | Belgium — 0.8% |  |
| Ageas SA | 1395 | $97735 |
| Anheuser-Busch InBev SA | 9917 | &nbsp;&nbsp; 636483 |
| D'ieteren Group<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp; 35124 |
| Elia Group SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61253 |
| Financiere de Tubize SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48809 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71495 |
| KBC Group NV | 2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302799 |
| Lotus Bakeries NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36818 |
| Sofina SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47714 |
| Syensqo SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63758 |
| UCB SA | 1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351627 |
|  |  | **$1753615** |
| Denmark — 1.9% | Denmark — 1.9% |  |
| AP Moller - Maersk AS, Class A | &nbsp;&nbsp;&nbsp;&nbsp;34 | $77988 |
| AP Moller - Maersk AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96371 |
| Carlsberg AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116748 |
| Coloplast AS, Class B | 1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102968 |
| Danske Bank AS | 6966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347856 |
| Demant AS<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26888 |
| DSV AS | 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515802 |
| Genmab AS<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200870 |
| Novo Nordisk AS, Class B | 32416 | &nbsp;&nbsp;&nbsp;&nbsp;1644090 |
| Novonesis (Novozymes), Class B | 3422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218941 |
| Orsted AS<sup>(2)(3)</sup> | 5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100219 |
| Pandora AS | &nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84930 |
| Rockwool AS, Class B | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38647 |
| Tryg AS | 3630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94930 |
| Vestas Wind Systems AS | 10308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278802 |
|  |  | **$3946050** |
| Finland — 1.2% | Finland — 1.2% |  |
| Elisa OYJ | 1545 | $68468 |
| Fortum OYJ | 4229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89807 |
| Kesko OYJ, Class B | 3019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68122 |
| Kone OYJ, Class B | 3508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248517 |
| Metso OYJ<sup>(1)</sup> | 6633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115409 |
| Neste OYJ | 4680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105876 |
| Nokia OYJ | 54701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352661 |
| Nordea Bank Abp | 31961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601322 |
| Orion OYJ, Class B | 1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84008 |
| Sampo OYJ, Class A | 23695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286681 |
| Stora Enso OYJ, Class R<sup>(1)</sup> | 5297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66136 |
| UPM-Kymmene OYJ | 5460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157845 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Finland (continued) | Finland (continued) |  |
| Wartsila OYJ Abp | 5320 | $188353 |
|  |  | **$2433205** |
| France — 9.8% | France — 9.8% |  |
| Accor SA | 2043 | $115177 |
| Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp; 43977 |
| Air Liquide SA | 5908 | &nbsp;&nbsp; 1110432 |
| Alstom SA<sup>(2)</sup> | 3247 | &nbsp;&nbsp; 95793 |
| Amundi SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp; 54384 |
| ArcelorMittal SA | 4662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214077 |
| AXA SA | 17712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849839 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58357 |
| BNP Paribas SA | 10149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960166 |
| Bollore SE | 7510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42206 |
| Bouygues SA | 1786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92846 |
| Bureau Veritas SA | 3639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115767 |
| Capgemini SE | 1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268666 |
| Carrefour SA | 6326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105553 |
| Cie de Saint-Gobain SA | 4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459444 |
| Cie Generale des Etablissements Michelin SCA | 6867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227615 |
| Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44740 |
| Credit Agricole SA | 10381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213723 |
| Danone SA | 6558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591525 |
| Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55144 |
| Dassault Systemes SE | 6692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186963 |
| Edenred SE | 2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47926 |
| Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90552 |
| Engie SA | 18607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488794 |
| EssilorLuxottica SA | 3049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964087 |
| Eurofins Scientific SE | 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77077 |
| FDJ UNITED<sup>(3)</sup> | 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27874 |
| Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48911 |
| Getlink SE | 3394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62650 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796995 |
| Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42556 |
| Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264175 |
| Klepierre SA | 1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78656 |
| Legrand SA | 2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393213 |
| L'Oreal SA | 2407 | &nbsp;&nbsp;&nbsp;&nbsp;1033363 |
| LVMH Moet Hennessy Louis Vuitton SE | 2531 | &nbsp;&nbsp;&nbsp;&nbsp;1907705 |
| Orange SA | 19008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317178 |
| Pernod Ricard SA | 2097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179558 |
| Publicis Groupe SA | 2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250065 |
| Renault SA | 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75748 |
| Rexel SA | 2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86563 |
| Safran SA | 3618 | &nbsp;&nbsp;&nbsp;&nbsp;1260210 |
| Sanofi SA | 11187 | &nbsp;&nbsp;&nbsp;&nbsp;1082400 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75897 |
| Schneider Electric SE | 5586 | &nbsp;&nbsp;&nbsp;&nbsp;1528191 |
| Societe Generale SA | 7054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567875 |
| Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48469 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| France (continued) | France (continued) |  |
| Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;971 | $261943 |
| TotalEnergies SE | 20195 | &nbsp;&nbsp; 1316673 |
| Unibail-Rodamco-Westfield<sup>(2)</sup> | 1190 | &nbsp;&nbsp; 129409 |
| Veolia Environnement SA | 6105 | &nbsp;&nbsp; 212439 |
| Vinci SA | 5104 | &nbsp;&nbsp; 718046 |
|  |  | **$20341592** |
| Germany — 9.7% | Germany — 9.7% |  |
| adidas AG | 1738 | $343926 |
| Allianz SE | 3899 | &nbsp;&nbsp;&nbsp;&nbsp;1802809 |
| BASF SE | 8937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470252 |
| Bayer AG | 9886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428813 |
| Bayerische Motoren Werke AG | 2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316740 |
| Bayerische Motoren Werke AG, PFC Shares | &nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61059 |
| Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104875 |
| Brenntag SE | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72555 |
| Commerzbank AG | 7571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319531 |
| Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78173 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56207 |
| Daimler Truck Holding AG | 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205085 |
| Delivery Hero SE<sup>(2)(3)</sup> | 1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50980 |
| Deutsche Bank AG | 18988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731781 |
| Deutsche Boerse AG | 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503303 |
| Deutsche Lufthansa AG | 6708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65899 |
| Deutsche Post AG | 9861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537678 |
| Deutsche Telekom AG | 37545 | &nbsp;&nbsp;&nbsp;&nbsp;1222129 |
| Dr. Ing. h.c. F. Porsche AG, PFC Shares<sup>(3)</sup> | 1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65140 |
| E.ON SE | 23197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439233 |
| Evonik Industries AG | 2403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37501 |
| Fresenius Medical Care AG | 2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107186 |
| Fresenius SE & Co. KGaA | 4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237188 |
| GEA Group AG | 1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103941 |
| Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197911 |
| Heidelberg Materials AG | 1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349219 |
| Henkel AG & Co. KGaA | 1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86533 |
| Henkel AG & Co. KGaA, PFC Shares | 1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138531 |
| Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60383 |
| HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60680 |
| Infineon Technologies AG | 12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565893 |
| Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86979 |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50763 |
| Mercedes-Benz Group AG | 7215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500159 |
| Merck KGaA | 1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193961 |
| MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233794 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862093 |
| Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66104 |
| Porsche Automobil Holding SE, PFC Shares | 1673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78054 |
| Qiagen NV | 2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94819 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44781 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853816 |
| RWE AG | 6483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343514 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Germany (continued) | Germany (continued) |  |
| SAP SE | 10611 | $2578139 |
| Sartorius AG, PFC Shares | &nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp; 68248 |
| Scout24 SE<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp; 67696 |
| Siemens AG | &nbsp;&nbsp;&nbsp;7729 | &nbsp;&nbsp; 2164710 |
| Siemens Energy AG<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp; 1110384 |
| Siemens Healthineers AG<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3282 | &nbsp;&nbsp; 172035 |
| Symrise AG | &nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp; 110432 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp; 96441 |
| Volkswagen AG, PFC Shares | &nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257746 |
| Vonovia SE | &nbsp;&nbsp;&nbsp;7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213341 |
| Zalando SE<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66214 |
|  |  | **$20135357** |
| Hong Kong — 2.0% | Hong Kong — 2.0% |  |
| AIA Group Ltd. | 107166 | $1103070 |
| BOC Hong Kong Holdings Ltd. | 38456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195164 |
| CK Asset Holdings Ltd. | 20209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102195 |
| CK Hutchison Holdings Ltd. | 25847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175720 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;5604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41527 |
| CLP Holdings Ltd. | 16122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144210 |
| Futu Holdings Ltd. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97048 |
| Galaxy Entertainment Group Ltd. | 21913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108049 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144800 |
| Henderson Land Development Co. Ltd.<sup>(1)</sup> | 16806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60859 |
| HKT Trust & HKT Ltd. | 32020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414 |
| Hong Kong & China Gas Co. Ltd. | 117675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106081 |
| Hong Kong Exchanges & Clearing Ltd. | 12206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638634 |
| Hongkong Land Holdings Ltd. | 12294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85403 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103664 |
| Link REIT | 25289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112916 |
| MTR Corp. Ltd.<sup>(1)</sup> | 16981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65036 |
| Power Assets Holdings Ltd. | 13542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95989 |
| Sands China Ltd. | 26283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66297 |
| Sino Land Co. Ltd. | 29433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38729 |
| SITC International Holdings Co. Ltd. | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53676 |
| Sun Hung Kai Properties Ltd. | 15152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184495 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24482 |
| Techtronic Industries Co. Ltd. | 14025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161331 |
| WH Group Ltd.<sup>(3)</sup> | 85233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94951 |
| Wharf Holdings Ltd.<sup>(1)</sup> | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30726 |
| Wharf Real Estate Investment Co. Ltd. | 19118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60424 |
|  |  | **$4142890** |
| Ireland — 0.5% | Ireland — 0.5% |  |
| AIB Group PLC | 21982 | $234995 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;9099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174021 |
| DCC PLC | &nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66597 |
| Experian PLC | &nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412542 |
| Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146304 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131322 |
|  |  | **$1165781** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Israel — 1.1% | Israel — 1.1% |  |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;503 | $57028 |
| Bank Hapoalim BM | 12915 | &nbsp;&nbsp; 292099 |
| Bank Leumi Le-Israel BM | 15140 | &nbsp;&nbsp; 333651 |
| Check Point Software Technologies Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp; 154943 |
| CyberArk Software Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp; 217677 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp; 167071 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp; 37354 |
| Israel Discount Bank Ltd., Class A | 13126 | &nbsp;&nbsp; 139392 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116119 |
| Monday.com Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61090 |
| Nice Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74378 |
| Nova Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107308 |
| Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101081 |
| Teva Pharmaceutical Industries Ltd. ADR<sup>(2)</sup> | 11884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370900 |
| Wix.com Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56932 |
|  |  | **$2287023** |
| Italy — 3.3% | Italy — 3.3% |  |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;2169 | $49250 |
| Banca Monte dei Paschi di Siena SpA | 20659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219960 |
| Banco BPM SpA | 11789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179015 |
| BPER Banca SpA | 15204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205444 |
| Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46607 |
| Davide Campari-Milano NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;4861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31403 |
| Enel SpA | 81780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850294 |
| Eni SpA | 21035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398742 |
| Ferrari NV | &nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463403 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162246 |
| Generali | &nbsp;&nbsp;&nbsp;8371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349811 |
| Infrastrutture Wireless Italiane SpA<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;2913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26957 |
| Intesa Sanpaolo SpA | 143531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991814 |
| Leonardo SpA | &nbsp;&nbsp;&nbsp;4167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238355 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151171 |
| Nexi SpA<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28425 |
| Poste Italiane SpA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;4916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123411 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278722 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56825 |
| Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;8245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284268 |
| Snam SpA | 21840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145124 |
| Telecom Italia SpA<sup>(1)(2)</sup> | 118128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70966 |
| Tenaris SA | &nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83262 |
| Terna - Rete Elettrica Nazionale | 14997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159548 |
| UniCredit SpA | 14308 | &nbsp;&nbsp;&nbsp;&nbsp;1185084 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89777 |
|  |  | **$6869884** |
| Japan — 22.0% | Japan — 22.0% |  |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;7800 | $986293 |
| Aeon Co. Ltd. | 21944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346652 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68185 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;5356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100351 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Japan (continued) | Japan (continued) |  |
| Ajinomoto Co., Inc. | 9098 | $192332 |
| ANA Holdings, Inc. | 1383 | &nbsp;&nbsp; 26266 |
| Asahi Group Holdings Ltd. | 16045 | &nbsp;&nbsp; 168180 |
| Asahi Kasei Corp. | 12670 | &nbsp;&nbsp; 112620 |
| Asics Corp. | 7100 | &nbsp;&nbsp; 170446 |
| Astellas Pharma, Inc. | 17901 | &nbsp;&nbsp; 238254 |
| Bandai Namco Holdings, Inc. | 5911 | &nbsp;&nbsp; 157328 |
| Bridgestone Corp. | 11168 | &nbsp;&nbsp; 251272 |
| Canon, Inc. | 9100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269256 |
| Capcom Co. Ltd. | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81302 |
| Central Japan Railway Co. | 7895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218691 |
| Chiba Bank Ltd.<sup>(1)</sup> | 5941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66303 |
| Chubu Electric Power Co., Inc. | 6569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101205 |
| Chugai Pharmaceutical Co. Ltd. | 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359152 |
| Dai Nippon Printing Co. Ltd. | 3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65585 |
| Daifuku Co. Ltd. | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103870 |
| Dai-ichi Life Holdings, Inc. | 35552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295457 |
| Daiichi Sankyo Co. Ltd. | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382222 |
| Daikin Industries Ltd. | 2758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352726 |
| Daito Trust Construction Co. Ltd. | 2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49128 |
| Daiwa House Industry Co. Ltd. | 5932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197054 |
| Daiwa Securities Group, Inc. | 14525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127294 |
| Denso Corp. | 18136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250496 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274196 |
| East Japan Railway Co. | 9850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259615 |
| Ebara Corp. | 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108421 |
| Eisai Co. Ltd.<sup>(1)</sup> | 2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72772 |
| ENEOS Holdings, Inc. | 27038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191297 |
| FANUC Corp. | 9410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366197 |
| Fast Retailing Co. Ltd. | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688918 |
| Fuji Electric Co. Ltd. | 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101695 |
| FUJIFILM Holdings Corp. | 10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232999 |
| Fujikura Ltd. | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288328 |
| Fujitsu Ltd. | 17620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484249 |
| Hankyu Hanshin Holdings, Inc.<sup>(1)</sup> | 2362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59406 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61364 |
| Hitachi Ltd. | 46520 | &nbsp;&nbsp;&nbsp;&nbsp;1458940 |
| Honda Motor Co. Ltd. | 36403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357284 |
| HOYA Corp. | 3423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519165 |
| Hulic Co. Ltd. | 5240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57332 |
| Idemitsu Kosan Co. Ltd. | 8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63750 |
| IHI Corp. | 10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191628 |
| INPEX Corp. | 9191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183825 |
| Isuzu Motors Ltd.<sup>(1)</sup> | 5255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82015 |
| ITOCHU Corp. | 60240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761241 |
| Japan Airlines Co. Ltd. | 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24480 |
| Japan Exchange Group, Inc. | 9436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100716 |
| Japan Post Bank Co. Ltd. | 18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261834 |
| Japan Post Holdings Co. Ltd. | 18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195201 |
| Japan Post Insurance Co. Ltd. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54132 |
| Japan Tobacco, Inc. | 12234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439718 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Japan (continued) | Japan (continued) |  |
| JFE Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;5225 | $66613 |
| JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp; 70006 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;4381 | &nbsp;&nbsp; 163357 |
| Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;9178 | &nbsp;&nbsp; 144138 |
| Kao Corp. | &nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp; 179642 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 106106 |
| Kawasaki Kisen Kaisha Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp; 50113 |
| KDDI Corp. | 29334 | &nbsp;&nbsp; 507704 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708980 |
| Kikkoman Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;6005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54529 |
| Kioxia Holdings Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133110 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111160 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33699 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;9546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302918 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129153 |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139028 |
| Kyocera Corp. | 13592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190542 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37726 |
| Lasertec Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152434 |
| LY Corp. | 26217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69762 |
| M3, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64009 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68135 |
| Marubeni Corp. | 14033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390819 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50189 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73625 |
| Mitsubishi Chemical Group Corp. | 13622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79738 |
| Mitsubishi Corp. | 32570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744963 |
| Mitsubishi Electric Corp. | 19060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555729 |
| Mitsubishi Estate Co. Ltd. | 10968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266469 |
| Mitsubishi HC Capital, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70820 |
| Mitsubishi Heavy Industries Ltd. | 32240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787057 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(4)</sup> | 115376 | &nbsp;&nbsp;&nbsp;&nbsp;1831141 |
| Mitsui & Co. Ltd. | 25250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749858 |
| Mitsui Fudosan Co. Ltd. | 27293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310165 |
| Mitsui OSK Lines Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108232 |
| Mizuho Financial Group, Inc. | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912364 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44585 |
| MS&AD Insurance Group Holdings, Inc. | 12584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295435 |
| Murata Manufacturing Co. Ltd. | 17042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352223 |
| NEC Corp. | 12975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439015 |
| Nexon Co. Ltd. | &nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101370 |
| Nidec Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;7756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105311 |
| Nintendo Co. Ltd. | 11110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750086 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74737 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;8390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56177 |
| Nippon Sanso Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57478 |
| Nippon Steel Corp. | 48875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199999 |
| Nippon Yusen KK | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139284 |
| Nissan Motor Co. Ltd.<sup>(2)</sup> | 20243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50302 |
| Nitori Holdings Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62486 |
| Nitto Denko Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172620 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Japan (continued) | Japan (continued) |  |
| Nomura Holdings, Inc. | 30457 | $253721 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 152218 |
| NTT, Inc. | 292800 | &nbsp;&nbsp; 295579 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp; 136450 |
| Obic Co. Ltd. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 100444 |
| Olympus Corp. | 12276 | &nbsp;&nbsp; 155650 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp; 32695 |
| Oriental Land Co. Ltd.<sup>(1)</sup> | 10720 | &nbsp;&nbsp; 198320 |
| ORIX Corp. | 11602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339327 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125888 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;2328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47970 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240490 |
| Pan Pacific International Holdings Corp. | 17680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105318 |
| Panasonic Holdings Corp. | 23947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310450 |
| Rakuten Group, Inc.<sup>(2)</sup> | 15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99964 |
| Recruit Holdings Co. Ltd. | 14457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812361 |
| Renesas Electronics Corp.<sup>(2)</sup> | 18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254761 |
| Resona Holdings, Inc. | 21411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203784 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88287 |
| Sanrio Co. Ltd. | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53193 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123912 |
| SCREEN Holdings Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68183 |
| SECOM Co. Ltd. | &nbsp;&nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149101 |
| Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57701 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64982 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126070 |
| Seven & i Holdings Co. Ltd. | 21378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307138 |
| SG Holdings Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784 |
| Shimadzu Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64265 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78428 |
| Shin-Etsu Chemical Co. Ltd. | 17325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538134 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp;&nbsp;7763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140509 |
| Shiseido Co. Ltd. | &nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54923 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200334 |
| SoftBank Corp. | 294800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404748 |
| SoftBank Group Corp. | 38336 | &nbsp;&nbsp;&nbsp;&nbsp;1075452 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;8797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298589 |
| Sony Financial Group, Inc.<sup>(2)</sup> | 61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65312 |
| Sony Group Corp. | 62100 | &nbsp;&nbsp;&nbsp;&nbsp;1592925 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;6128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131943 |
| Sumitomo Corp. | 10925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378141 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;6990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281538 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96905 |
| Sumitomo Mitsui Financial Group, Inc. | 37191 | &nbsp;&nbsp;&nbsp;&nbsp;1196115 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;6264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190894 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154050 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;1117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33592 |
| Suzuki Motor Corp. | 15712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234980 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106321 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146800 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Japan (continued) | Japan (continued) |  |
| Takeda Pharmaceutical Co. Ltd. | 16024 | $497790 |
| TDK Corp. | 19925 | &nbsp;&nbsp; 281894 |
| Terumo Corp. | 13336 | &nbsp;&nbsp; 193841 |
| TIS, Inc. | 1900 | &nbsp;&nbsp; 63832 |
| Toho Co. Ltd. | 1156 | &nbsp;&nbsp; 58931 |
| Tokio Marine Holdings, Inc. | 18500 | &nbsp;&nbsp; 683873 |
| Tokyo Electron Ltd. | 4537 | &nbsp;&nbsp; 1010514 |
| Tokyo Gas Co. Ltd. | 3362 | &nbsp;&nbsp; 133285 |
| Tokyo Metro Co. Ltd.<sup>(1)</sup> | 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24399 |
| Tokyu Corp. | 4284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50065 |
| TOPPAN Holdings, Inc. | 2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61653 |
| Toray Industries, Inc.<sup>(1)</sup> | 14362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93637 |
| Toyota Industries Corp.<sup>(1)</sup> | 1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176965 |
| Toyota Motor Corp. | 95650 | &nbsp;&nbsp;&nbsp;&nbsp;2054284 |
| Toyota Tsusho Corp. | 7095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239238 |
| Trend Micro, Inc. | 1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47513 |
| Tsuruha Holdings, Inc.<sup>(1)</sup> | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58727 |
| Unicharm Corp. | 9942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56800 |
| West Japan Railway Co.<sup>(1)</sup> | 4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86794 |
| Yamaha Motor Co. Ltd. | 8662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64240 |
| Yokogawa Electric Corp. | 2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71453 |
| Yokohama Financial Group, Inc. | 10731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88713 |
| Zensho Holdings Co. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51573 |
| ZOZO, Inc. | 4221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34810 |
|  |  | **$45616209** |
| Netherlands — 6.1% | Netherlands — 6.1% |  |
| ABN AMRO Bank NV<sup>(3)</sup> | 6003 | $209738 |
| Adyen NV<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412819 |
| Aegon Ltd. | 12239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95174 |
| AerCap Holdings NV | 1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262218 |
| Airbus SE | 6040 | &nbsp;&nbsp;&nbsp;&nbsp;1402632 |
| Akzo Nobel NV | 1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111746 |
| Argenx SE<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523840 |
| ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282719 |
| ASML Holding NV | 3927 | &nbsp;&nbsp;&nbsp;&nbsp;4231422 |
| ASR Nederland NV | 1436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102173 |
| BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124600 |
| CVC Capital Partners PLC<sup>(1)(3)</sup> | 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33763 |
| Euronext NV<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108607 |
| EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77044 |
| Ferrovial SE | 5180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335616 |
| Heineken Holding NV | 1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99515 |
| Heineken NV | 2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247026 |
| IMCD NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57180 |
| ING Groep NV, Series N | 30506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857470 |
| JDE Peet's NV | 1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73001 |
| Koninklijke Ahold Delhaize NV | 8898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364879 |
| Koninklijke KPN NV | 40728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190310 |
| Koninklijke Philips NV | 7574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206234 |
| Magnum Ice Cream Co. NV<sup>(2)</sup> | 4897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77726 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Netherlands (continued) | Netherlands (continued) |  |
| Nebius Group NV<sup>(1)(2)</sup> | 2122 | $177622 |
| NN Group NV | 2828 | &nbsp;&nbsp; 218165 |
| Prosus NV | 13363 | &nbsp;&nbsp; 827423 |
| Randstad NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp; 37016 |
| Stellantis NV | 20906 | &nbsp;&nbsp; 228935 |
| STMicroelectronics NV | 6583 | &nbsp;&nbsp; 172047 |
| Universal Music Group NV | 11270 | &nbsp;&nbsp; 293807 |
| Wolters Kluwer NV | 2357 | &nbsp;&nbsp; 244130 |
|  |  | **$12686597** |
| New Zealand — 0.2% | New Zealand — 0.2% |  |
| Auckland International Airport Ltd.<sup>(1)</sup> | 15160 | $72648 |
| Contact Energy Ltd.<sup>(1)</sup> | 9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48134 |
| Fisher & Paykel Healthcare Corp. Ltd. | 6048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131404 |
| Infratil Ltd.<sup>(1)</sup> | 8707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55561 |
| Meridian Energy Ltd.<sup>(1)</sup> | 13690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44216 |
| Xero Ltd.<sup>(2)</sup> | 1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127039 |
|  |  | **$479002** |
| Norway — 0.6% | Norway — 0.6% |  |
| Aker BP ASA | 2840 | $72267 |
| DNB Bank ASA | 8912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248295 |
| Equinor ASA | 8012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188937 |
| Gjensidige Forsikring ASA | 2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69192 |
| Kongsberg Gruppen ASA | 4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111982 |
| Mowi ASA | 4265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102594 |
| Norsk Hydro ASA | 14258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110060 |
| Orkla ASA | 7952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88551 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43883 |
| Telenor ASA | 6263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91092 |
| Yara International ASA | 1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57373 |
|  |  | **$1184226** |
| Poland — 0.0%<sup>†</sup> | Poland — 0.0%<sup>†</sup> |  |
| InPost SA<sup>(2)</sup> | 2062 | $25339 |
|  |  | **$25339** |
| Portugal — 0.2% | Portugal — 0.2% |  |
| Banco Comercial Portugues SA, Class R | 69514 | $73174 |
| EDP SA | 30935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142480 |
| Galp Energia SGPS SA | 4520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77836 |
| Jeronimo Martins SGPS SA | 2498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59443 |
|  |  | **$352933** |
| Singapore — 1.7% | Singapore — 1.7% |  |
| CapitaLand Ascendas REIT | 42731 | $93947 |
| CapitaLand Integrated Commercial Trust | 57038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105865 |
| CapitaLand Investment Ltd.<sup>(1)</sup> | 21648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559 |
| DBS Group Holdings Ltd. | 21642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948020 |
| Grab Holdings Ltd., Class A<sup>(2)</sup> | 23962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119570 |
| Keppel Ltd. | 15528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124840 |
| Oversea-Chinese Banking Corp. Ltd. | 34136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524439 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Singapore (continued) | Singapore (continued) |  |
| Sea Ltd. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;3824 | $487828 |
| Sembcorp Industries Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 40202 |
| Singapore Airlines Ltd. | 17500 | &nbsp;&nbsp; 86887 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp; 114526 |
| Singapore Technologies Engineering Ltd. | 16918 | &nbsp;&nbsp; 110544 |
| Singapore Telecommunications Ltd. | 72791 | &nbsp;&nbsp; 257534 |
| United Overseas Bank Ltd. | 12714 | &nbsp;&nbsp; 346272 |
| Wilmar International Ltd. | 21300 | &nbsp;&nbsp; 50942 |
| Yangzijiang Shipbuilding Holdings Ltd. | 24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66187 |
|  |  | **$3523162** |
| Spain — 3.8% | Spain — 3.8% |  |
| Acciona SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;293 | $63768 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182847 |
| Aena SME SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;7868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219839 |
| Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;4563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337712 |
| Banco Bilbao Vizcaya Argentaria SA | 58767 | &nbsp;&nbsp;&nbsp;&nbsp;1378509 |
| Banco de Sabadell SA | 50934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200723 |
| Banco Santander SA | 150711 | &nbsp;&nbsp;&nbsp;&nbsp;1773942 |
| Bankinter SA | &nbsp;&nbsp;&nbsp;6538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108369 |
| CaixaBank SA | 39739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485854 |
| Cellnex Telecom SA<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;4980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160364 |
| EDP Renovaveis SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40715 |
| Endesa SA | &nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122874 |
| Grifols SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31237 |
| Iberdrola SA | 64527 | &nbsp;&nbsp;&nbsp;&nbsp;1397228 |
| Industria de Diseno Textil SA | 11076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730625 |
| International Consolidated Airlines Group SA | 12053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66923 |
| Mapfre SA | &nbsp;&nbsp;&nbsp;9242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46378 |
| Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84646 |
| Redeia Corp. SA | &nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76923 |
| Repsol SA | 11027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205746 |
| Telefonica SA | 35743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146723 |
|  |  | **$7861945** |
| Sweden — 3.7% | Sweden — 3.7% |  |
| AddTech AB, Class B | &nbsp;&nbsp;&nbsp;2567 | $90406 |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146914 |
| Assa Abloy AB, Class B | 10367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400486 |
| Atlas Copco AB, Class A | 27809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495072 |
| Atlas Copco AB, Class B | 16884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269919 |
| Beijer Ref AB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59602 |
| Boliden AB<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169402 |
| Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151819 |
| Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89407 |
| EQT AB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;4941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193025 |
| Essity AB, Class B | &nbsp;&nbsp;&nbsp;5744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165148 |
| Evolution AB<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91599 |
| Fastighets AB Balder, Class B<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54769 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;5635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112947 |
| Hexagon AB, Class B | 20101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236764 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Sweden (continued) | Sweden (continued) |  |
| Holmen AB, Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;733 | $28117 |
| Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp; 64689 |
| Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp; 89750 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp; 69416 |
| Investment AB Latour, Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp; 30247 |
| Investor AB, Class B | 18227 | &nbsp;&nbsp; 649530 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp; 32740 |
| Lifco AB, Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp; 90388 |
| Nibe Industrier AB, Class B<sup>(1)</sup> | 15526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59346 |
| Saab AB, Class B | &nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193497 |
| Sagax AB, Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41493 |
| Sandvik AB | 10968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354278 |
| Securitas AB, Class B | &nbsp;&nbsp;&nbsp;5049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80295 |
| Skandinaviska Enskilda Banken AB, Class A | 15329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323192 |
| Skanska AB, Class B | &nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99238 |
| SKF AB, Class B | &nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80306 |
| Spotify Technology SA<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921006 |
| Svenska Cellulosa AB SCA, Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;5434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72065 |
| Svenska Handelsbanken AB, Class A | 14625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211880 |
| Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;8692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301569 |
| Swedish Orphan Biovitrum AB<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68150 |
| Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;6122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102584 |
| Telefonaktiebolaget LM Ericsson, Class B | 27408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266736 |
| Telia Co. AB | 26167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111837 |
| Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86657 |
| Volvo AB, Class B | 15852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504484 |
|  |  | **$7660769** |
| Switzerland — 9.9% | Switzerland — 9.9% |  |
| ABB Ltd. | 15868 | $1169749 |
| Alcon AG | &nbsp;&nbsp;&nbsp;5077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401733 |
| Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48186 |
| Banque Cantonale Vaudoise<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36535 |
| Barry Callebaut AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68666 |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101615 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43271 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146656 |
| Chocoladefabriken Lindt & Spruengli AG PC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146119 |
| Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;5392 | &nbsp;&nbsp;&nbsp;&nbsp;1162790 |
| Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123850 |
| DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140688 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46908 |
| Galderma Group AG | &nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323776 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271818 |
| Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360018 |
| Glencore PLC<sup>(2)</sup> | 102562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560672 |
| Helvetia Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204887 |
| Holcim AG | &nbsp;&nbsp;&nbsp;5206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506806 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;2077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162278 |
| Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102510 |
| Logitech International SA | &nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148622 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Switzerland (continued) | Switzerland (continued) |  |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;702 | $473302 |
| Nestle SA | 26038 | &nbsp;&nbsp; 2584509 |
| Novartis AG | 19213 | &nbsp;&nbsp; 2647472 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp; 272390 |
| Roche Holding AG<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp; 157935 |
| Roche Holding AG<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp; 2935805 |
| Sandoz Group AG | &nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp; 307923 |
| Schindler Holding AG PC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp; 158699 |
| Schindler Holding AG PC<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90583 |
| SGS SA | &nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185701 |
| Sika AG | &nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309005 |
| Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127781 |
| Straumann Holding AG | &nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138763 |
| Swatch Group AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56559 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340946 |
| Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127630 |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504933 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200475 |
| UBS Group AG | 32271 | &nbsp;&nbsp;&nbsp;&nbsp;1490099 |
| VAT Group AG<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138269 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;1110839 |
|  |  | **$20637771** |
| United Kingdom — 14.4% | United Kingdom — 14.4% |  |
| 3i Group PLC | 10194 | $446995 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101640 |
| Anglo American PLC | 11314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467975 |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184355 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285398 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83691 |
| AstraZeneca PLC | 15707 | &nbsp;&nbsp;&nbsp;&nbsp;2906726 |
| Auto Trader Group PLC<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;8693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68582 |
| Aviva PLC | 30901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284132 |
| BAE Systems PLC | 30089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692500 |
| Barclays PLC | 142151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909927 |
| Barratt Redrow PLC | 14041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72131 |
| BP PLC | 159933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932723 |
| British American Tobacco PLC | 22236 | &nbsp;&nbsp;&nbsp;&nbsp;1260574 |
| BT Group PLC | 60412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149667 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90558 |
| Centrica PLC | 46635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106331 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182851 |
| Compass Group PLC | 17338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549356 |
| Diageo PLC | 22650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488060 |
| Endeavour Mining PLC | &nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100942 |
| Entain PLC | &nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57153 |
| Fresnillo PLC | &nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112903 |
| GSK PLC | 41425 | &nbsp;&nbsp;&nbsp;&nbsp;1015626 |
| Haleon PLC | 91777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463784 |
| Halma PLC | &nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173911 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39359 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| United Kingdom (continued) | United Kingdom (continued) |  |
| HSBC Holdings PLC | 173986 | $2737832 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;7656 | &nbsp;&nbsp; 321477 |
| Informa PLC | 13820 | &nbsp;&nbsp; 163977 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp; 216555 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp; 100095 |
| J Sainsbury PLC | 17242 | &nbsp;&nbsp; 75541 |
| JD Sports Fashion PLC | 24647 | &nbsp;&nbsp; 27937 |
| Kingfisher PLC | 15641 | &nbsp;&nbsp; 65842 |
| Land Securities Group PLC | &nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65346 |
| Legal & General Group PLC | 55607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195714 |
| Lloyds Banking Group PLC | 605177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800476 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567040 |
| M&G PLC | 24755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95302 |
| Marks & Spencer Group PLC | 19449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86549 |
| Melrose Industries PLC | 11981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94493 |
| National Grid PLC | 50856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780054 |
| NatWest Group PLC | 81276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712976 |
| Next PLC | &nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226443 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;5942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84014 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;7802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77239 |
| Prudential PLC | 25493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392161 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;6895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557939 |
| RELX PLC | 18410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741680 |
| Rentokil Initial PLC | 27169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162104 |
| Rio Tinto PLC | 11386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917154 |
| Rolls-Royce Holdings PLC | 84911 | &nbsp;&nbsp;&nbsp;&nbsp;1313209 |
| Sage Group PLC | &nbsp;&nbsp;&nbsp;9333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135744 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;7870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43021 |
| Segro PLC | 11880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115095 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112691 |
| Shell PLC | 58575 | &nbsp;&nbsp;&nbsp;&nbsp;2158621 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;8642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143725 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105202 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65440 |
| SSE PLC | 12064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353691 |
| Standard Chartered PLC | 19909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485788 |
| Tesco PLC | 65254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388055 |
| Unilever PLC | 21765 | &nbsp;&nbsp;&nbsp;&nbsp;1422064 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;6627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106472 |
| Vodafone Group PLC | 194500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259270 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61250 |
| Wise PLC, Class A<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84040 |
|  |  | **$29847168** |
| Total Common Stocks<br> (identified cost $111,192,864) |  | **$206560257** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Short-Term Investments — 0.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Affiliated Fund — 0.1% | Affiliated Fund — 0.1% | Affiliated Fund — 0.1% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(6)</sup> | 221782 | $221782 |
| Total Affiliated Fund<br> (identified cost $221,782) |  | **$221782** |
| Securities Lending Collateral — 0.2% | Securities Lending Collateral — 0.2% | Securities Lending Collateral — 0.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(7)</sup> | 352152 | $352152 |
| Total Securities Lending Collateral<br> (identified cost $352,152) |  | **$352152** |
| Total Short-Term Investments<br> (identified cost $573,934) |  | **$573934** |

---

---

| | |
|:---|:---|
| Total Investments — 99.8%<br> (identified cost $111,766,798) | **$207134191** |
| Other Assets, Less Liabilities — 0.2% | **$414305** |
| Net Assets — 100.0% | **$207548496** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $8,970,300. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | 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 December 31, 2025, the aggregate value of these securities is $2,321,866 or 1.1% of the Fund's net assets. |
| <sup>(4)</sup> | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 8). |
| <sup>(5)</sup> | Securities are traded on separate exchanges for the same entity. |
| <sup>(6)</sup> | May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(7)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

At December 31, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:

---

| | |
|:---|:---|
| **Economic Sectors** | &nbsp;&nbsp;**% of Net Assets** |
| Financials | &nbsp;&nbsp;&nbsp;25.2% |
| Industrials | &nbsp;&nbsp;&nbsp;19.1 |
| Health Care | &nbsp;&nbsp;&nbsp;11.3 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| **Total** | &nbsp;&nbsp;**99.5%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| PC | – Participation Certificate |
| PFC Shares | – Preference Shares |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $110,847,508) - including<br> $8,970,300 of securities on loan | &nbsp;&nbsp;$205081268 |
| Investments in securities of affiliated issuers, at value (identified cost $919,290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052923 |
| Cash denominated in foreign currency, at value (cost $467,835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466714 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67655 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136177 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597638 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88224 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30733 |
| **Total assets** | &nbsp;&nbsp;**$208525089** |
| Liabilities |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;$339022 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352152 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52179 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20899 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16257 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30733 |
| Payable for professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49575 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115646 |
| **Total liabilities** | &nbsp;&nbsp;**$976593** |
| **Net Assets** | &nbsp;&nbsp;**$207548496** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$121197334 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86351162 |
| **Net Assets** | &nbsp;&nbsp;**$207548496** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$110261324 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899987 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$122.51 |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$97287172 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804331 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$120.95 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $543,110) | &nbsp;&nbsp;$5115550 |
| Dividend income - affiliated issuers (net of foreign taxes withheld of $5,636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70260 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26062 |
| **Total investment income** | &nbsp;&nbsp;**$5212386** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$548531 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219412 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162916 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10030 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59188 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159284 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42912 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51838 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39741 |
| Licensing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85508 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19858 |
| **Total expenses** | &nbsp;&nbsp;**$1399218** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(358133) |
| **Net expenses** | &nbsp;&nbsp;**$1041085** |
| **Net investment income** | &nbsp;&nbsp;**$4171301** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(542875) |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1454) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19639 |
| **Net realized loss** | &nbsp;&nbsp;**$(524690)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43739160 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465825 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61049 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$44266034** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$43741344** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$47912645** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4171301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3522797 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1191661) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44266034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609891 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$47912645** | &nbsp;&nbsp;**$3941027** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2538975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2460334) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1742211) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4705097)** | &nbsp;&nbsp;**$(4202545)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4329852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$845892 |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10378773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17818612 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$6048921** | &nbsp;&nbsp;**$18664504** |
| **Net increase in net assets** | &nbsp;&nbsp;**$49256469** | &nbsp;&nbsp;**$18402986** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$158292027 | &nbsp;&nbsp;$139889041 |
| **At end of year** | &nbsp;&nbsp;**$207548496** | &nbsp;&nbsp;**$158292027** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$95.85 | &nbsp;&nbsp;$95.39 | &nbsp;&nbsp;$83.54 | &nbsp;&nbsp;$102.12 | &nbsp;&nbsp;$93.77 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$2.66 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;$2.32 | &nbsp;&nbsp;$2.38 | &nbsp;&nbsp;$2.53 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;(17.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$29.53** | &nbsp;&nbsp;**$3.18** | &nbsp;&nbsp;**$14.59** | &nbsp;&nbsp;**$(15.46)** | &nbsp;&nbsp;**$10.16** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(2.87) | &nbsp;&nbsp;$(2.72) | &nbsp;&nbsp;$(2.74) | &nbsp;&nbsp;$(3.12) | &nbsp;&nbsp;$(1.81) |
| **Total distributions** | &nbsp;&nbsp;**$(2.87)** | &nbsp;&nbsp;**$(2.72)** | &nbsp;&nbsp;**$(2.74)** | &nbsp;&nbsp;**$(3.12)** | &nbsp;&nbsp;**$(1.81)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$122.51** | &nbsp;&nbsp;**$95.85** | &nbsp;&nbsp;**$95.39** | &nbsp;&nbsp;**$83.54** | &nbsp;&nbsp;**$102.12** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.77%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.88%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$110261 | &nbsp;&nbsp;$90312 | &nbsp;&nbsp;$89331 | &nbsp;&nbsp;$82015 | &nbsp;&nbsp;$105721 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$94.85 | &nbsp;&nbsp;$94.60 | &nbsp;&nbsp;$83.04 | &nbsp;&nbsp;$101.73 | &nbsp;&nbsp;$93.60 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$2.37 | &nbsp;&nbsp;$2.18 | &nbsp;&nbsp;$2.11 | &nbsp;&nbsp;$2.13 | &nbsp;&nbsp;$2.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;(17.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$28.97** | &nbsp;&nbsp;**$2.97** | &nbsp;&nbsp;**$14.30** | &nbsp;&nbsp;**$(15.57)** | &nbsp;&nbsp;**$9.94** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(2.87) | &nbsp;&nbsp;$(2.72) | &nbsp;&nbsp;$(2.74) | &nbsp;&nbsp;$(3.12) | &nbsp;&nbsp;$(1.81) |
| **Total distributions** | &nbsp;&nbsp;**$(2.87)** | &nbsp;&nbsp;**$(2.72)** | &nbsp;&nbsp;**$(2.74)** | &nbsp;&nbsp;**$(3.12)** | &nbsp;&nbsp;**$(1.81)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$120.95** | &nbsp;&nbsp;**$94.85** | &nbsp;&nbsp;**$94.60** | &nbsp;&nbsp;**$83.04** | &nbsp;&nbsp;**$101.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.53%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.66%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$97287 | &nbsp;&nbsp;$67980 | &nbsp;&nbsp;$50558 | &nbsp;&nbsp;$31849 | &nbsp;&nbsp;$29363 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT EAFE International Index Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 investment results that correspond to the total return performance of common stocks as represented by the MSCI EAFE Index.

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 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. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities 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.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13064050 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13064050 |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545689 |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753615 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946050 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433205 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341592 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20135357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20135357 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142890 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165781 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287023 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869884 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45616209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45616209 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686597 |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479002 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184226 |
| &nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25339 |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352933 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523162 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861945 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660769 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20637771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20637771 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29664317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29847168 |
| **Total Common Stocks** | &nbsp;&nbsp;**$3187411** | &nbsp;&nbsp;**$203372846<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$206560257** |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;$221782 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$221782 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352152 |
| **Total Investments** | &nbsp;&nbsp;**$3761345** | &nbsp;&nbsp;**$203372846** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$207134191** |

---

<sup>(1)</sup> Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

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. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders. 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.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 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.

F 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.

G 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.

H Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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 0.30% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $548,531.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $741 relating to the Fund's investment in the Liquidity Fund.

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 0.48% for Class I and 0.68% for Class F of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $357,392.

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 year ended December 31, 2025, CRM was paid administrative fees of $219,412.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 0.20% 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 year ended December 31, 2025 amounted to $162,916 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $529 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $157,660 and are included in transfer agency fees and expenses on the Statement of Operations.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $20,835,476 and $11,638,871, respectively.

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4705097 | &nbsp;&nbsp;&nbsp;&nbsp;$4202545 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$7479631 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5897945) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84769476 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$86351162** |

---

At December 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $5,897,945 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2025, $536,676 are short-term and $5,361,269 are long-term.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

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The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$122412736** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$87408106 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2686651) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$84721455** |

---

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 December 31, 2025, the total value of securities on loan was $8,970,300 and the total value of collateral received was $9,542,776, comprised of cash of $352,152 and U.S. government and/or agencies securities of $9,190,624.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$352152 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$352152 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 December 31, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

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8 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $2,052,923, which represents 1.0% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |  |  |  |  |  |  |
| Mitsubishi UFJ Financial Group, Inc. | $1245411 | $175039 | $(53680) | $(1454) | $465825 | $1831141 | $49150 | 115376 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp; 3269 | &nbsp;&nbsp;&nbsp;21310573 | &nbsp;&nbsp;&nbsp;(21092060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 221782 | &nbsp;&nbsp;&nbsp;21110 | 221782 |
| **Total** |  |  |  | **$(1454)** | **$465825** | **$2052923** | **$70260** |  |

---

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 20,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123851 | &nbsp;&nbsp;&nbsp;&nbsp;$13651370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127242 | &nbsp;&nbsp;&nbsp;&nbsp;$12929290 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460334 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(187405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20520197) | &nbsp;&nbsp;&nbsp;&nbsp;(145530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14543732) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(42195)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4329852)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5680** | &nbsp;&nbsp;&nbsp;&nbsp;**$845892** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168322 | &nbsp;&nbsp;&nbsp;&nbsp;$18671405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290869 | &nbsp;&nbsp;&nbsp;&nbsp;$28402421 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742211 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10458754) | &nbsp;&nbsp;&nbsp;&nbsp;(125735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12326020) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87614** | &nbsp;&nbsp;&nbsp;&nbsp;**$10378773** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182279** | &nbsp;&nbsp;&nbsp;&nbsp;**$17818612** |

---

At December 31, 2025, separate accounts of three insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 74.2%.

10 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT EAFE International Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT EAFE International Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVT

EAFE International Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $5,045,042, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

#### Foreign Tax Credit. For the fiscal year ended December 31, 2025, the Fund paid foreign taxes of $440,872 and recognized foreign source income of $5,710,727.

------

[**Table of Contents**](#JOB_Calve_40cdf317-823e-4720-82bf-d4a0fd29d972_TOC)

CVPIII-NCSR 12.31.25

------

![](g51633img4080ca171.gif)

------

## CVT

## Investment Grade Bond Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633img3b0195992.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Investment Grade Bond Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_a2c7f369-c10d-489d-9ff9-9f8b45bbeb33_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_3c39f93d-2d2d-4e95-92db-71ca2ea67671_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_3c39f93d-2d2d-4e95-92db-71ca2ea67671_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_dc4659f4-3a66-4e23-8a47-94c217943410_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_dc4659f4-3a66-4e23-8a47-94c217943410_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_dc4659f4-3a66-4e23-8a47-94c217943410_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_6463663d-6b64-4141-9ea9-06aa901fee19_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_0f409e27-2d03-4ad1-bfaf-581d47610ee2_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_2ef7b85e-0a48-498f-9bd4-95b78b9cf7e9_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| [Federal Tax Information](#xx_ce3f589f-5e92-49e6-9b02-442163502520_1) | &nbsp;&nbsp;17 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Schedule of Investments

------

Corporate Bonds — 24.9%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Basic Materials — 0.5% | Basic Materials — 0.5% |  |
| ArcelorMittal SA, 6.55%, 11/29/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $156292 |
| Barrick North America Finance LLC, 5.75%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 101970 |
| BHP Billiton Finance USA Ltd., 5.125%, 2/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 103806 |
| Dow Chemical Co., 4.375%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 79236 |
| LYB International Finance BV, 5.25%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 86637 |
|  |  | **$527941** |
| Communications — 1.8% | Communications — 1.8% |  |
| AT&T, Inc., 5.45%, 3/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $568825 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180761 |
| Comcast Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.937%, 11/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55128 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37710 |
| &nbsp;&nbsp;&nbsp;4.15%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100565 |
| Meta Platforms, Inc., 4.60%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201665 |
| Motorola Solutions, Inc., 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90928 |
| NBCUniversal Media LLC, 4.45%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104629 |
| T-Mobile USA, Inc., 2.05%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48016 |
| Verizon Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93257 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396759 |
| Walt Disney Co., 5.40%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100200 |
|  |  | **$1978443** |
| Consumer, Cyclical — 1.6% | Consumer, Cyclical — 1.6% |  |
| Choice Hotels International, Inc., 3.70%, 1/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $238166 |
| Dollar General Corp., 4.125%, 4/3/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157893 |
| General Motors Co., 5.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488782 |
| Lowe's Cos., Inc., 5.625%, 4/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145600 |
| Starbucks Corp., 3.75%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187731 |
| Tapestry, Inc., 4.125%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300009 |
| Volkswagen Group of America Finance LLC, 4.85%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252574 |
|  |  | **$1770755** |
| Consumer, Non-cyclical — 4.5% | Consumer, Non-cyclical — 4.5% |  |
| AbbVie, Inc., 3.20%, 11/21/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $291013 |
| Alcon Finance Corp., 3.00%, 9/23/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335778 |
| Anheuser-Busch InBev Finance, Inc., 4.625%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675770 |
| Block Financial LLC, 3.875%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144574 |
| CVS Health Corp., 4.30%, 3/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110390 |
| CVS Pass-Through Trust, 6.036%, 12/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28463 |
| DENTSPLY SIRONA, Inc., 3.25%, 6/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369733 |
| Global Payments, Inc., 2.15%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195888 |
| HCA, Inc., 5.90%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196027 |
| Kroger Co., 3.875%, 10/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194686 |
| Laboratory Corp. of America Holdings, 2.95%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95251 |
| Molson Coors Beverage Co., 5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92394 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Non-cyclical (continued) | Consumer, Non-cyclical (continued) |  |
| Pfizer, Inc., 4.40%, 5/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $447297 |
| Quanta Services, Inc., 2.90%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 187337 |
| Solventum Corp., 5.90%, 4/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp; 196011 |
| STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 74160 |
| Sysco Corp., 5.95%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 265223 |
| Takeda Pharmaceutical Co. Ltd., 3.175%, 7/9/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 267215 |
| Triton Container International Ltd., 2.05%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 297685 |
| UnitedHealth Group, Inc., 5.625%, 7/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 98198 |
| Viatris, Inc., 2.30%, 6/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242988 |
| Zoetis, Inc., 4.70%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91839 |
|  |  | **$4897920** |
| Energy — 1.6% | Energy — 1.6% |  |
| BP Capital Markets America, Inc., 3.633%, 4/6/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $196175 |
| Colonial Pipeline Co., 6.58%, 8/28/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107152 |
| Energy Transfer LP: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101093 |
| &nbsp;&nbsp;&nbsp;6.20%, 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196435 |
| Northern Natural Gas Co., 3.40%, 10/16/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219928 |
| Shell Finance U.S., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 5/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480144 |
| &nbsp;&nbsp;&nbsp;4.55%, 8/12/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89498 |
| TransContinental Gas Pipe Line Co. LLC, 4.45%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87861 |
| Williams Cos., Inc., 5.30%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102974 |
| Woodside Finance Ltd., 5.70%, 5/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156155 |
|  |  | **$1737415** |
| Financial — 7.3% | Financial — 7.3% |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $193952 |
| Alexandria Real Estate Equities, Inc., 4.00%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224031 |
| Ally Financial, Inc., 2.20%, 11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236731 |
| Americold Realty Operating Partnership LP, 5.60%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50368 |
| Arthur J Gallagher & Co., 5.75%, 3/2/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147390 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.592% to 4/29/30, 4/29/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466075 |
| &nbsp;&nbsp;&nbsp;2.687% to 4/22/31, 4/22/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183582 |
| &nbsp;&nbsp;&nbsp;4.244% to 4/24/37, 4/24/38<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233364 |
| Beacon Funding Trust, 6.266%, 8/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101653 |
| Capital One Financial Corp., 5.817% to 2/1/33, 2/1/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157058 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;2.561% to 5/1/31, 5/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204269 |
| &nbsp;&nbsp;&nbsp;4.075% to 4/23/28, 4/23/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499758 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200415 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100819 |
| Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;2.383% to 7/21/31, 7/21/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447981 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111711 |
| High Street Funding Trust III, 5.807%, 2/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99695 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| HSBC Holdings PLC, 2.848% to 6/4/30, 6/4/31<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $374058 |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 237817 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.109% to 4/22/50, 4/22/51<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 204362 |
| &nbsp;&nbsp;&nbsp;5.717% to 9/14/32, 9/14/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 528765 |
| Kimco Realty OP LLC, 4.45%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 171141 |
| MetLife, Inc., 4.875%, 11/13/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 93454 |
| National Australia Bank Ltd., 6.429%, 1/12/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 325839 |
| NNN REIT, Inc., 5.60%, 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104745 |
| Pacific Life Insurance Co., 5.95%, 9/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100307 |
| Peachtree Corners Funding Trust II, 6.012%, 5/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105633 |
| Phillips Edison Grocery Center Operating Partnership I LP, 5.25%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51223 |
| Piedmont Operating Partnership LP, 3.15%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137817 |
| PNC Bank NA, 2.70%, 10/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236158 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/35, 1/29/36<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156485 |
| Simon Property Group LP, 2.65%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140559 |
| State Street Corp., 6.123% to 11/21/33, 11/21/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324847 |
| U.S. Bancorp, 3.10%, 4/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249389 |
| Wells Fargo & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.196% to 6/17/26, 6/17/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249028 |
| &nbsp;&nbsp;&nbsp;5.389% to 4/24/33, 4/24/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260186 |
| Westpac Banking Corp., 3.35%, 3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199325 |
| Wynnton Funding Trust, 5.251%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100676 |
|  |  | **$8010666** |
| Industrial — 2.8% | Industrial — 2.8% |  |
| BNSF Funding Trust I, 6.613% to 1/30/26, 12/15/55<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | $543079 |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;2.196%, 2/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299441 |
| &nbsp;&nbsp;&nbsp;3.20%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145478 |
| &nbsp;&nbsp;&nbsp;5.15%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102786 |
| Burlington Northern Santa Fe LLC, 5.50%, 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98728 |
| Canadian Pacific Railway Co., 4.70%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177200 |
| Carrier Global Corp., 3.577%, 4/5/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93651 |
| Deere & Co., 6.55%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264142 |
| Flex Ltd., 4.875%, 5/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253999 |
| GATX Corp., 3.10%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95382 |
| Lennox International, Inc., 1.70%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289544 |
| Parker-Hannifin Corp., 3.25%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198662 |
| RTX Corp., 4.50%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90682 |
| United Parcel Service, Inc., 6.20%, 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275743 |
| Waste Management, Inc., 5.35%, 10/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194980 |
|  |  | **$3123497** |
| Technology — 2.0% | Technology — 2.0% |  |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, 11/15/35<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $430770 |
| &nbsp;&nbsp;&nbsp;3.419%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185192 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Technology (continued) | Technology (continued) |  |
| Dell International LLC/EMC Corp., 5.30%, 10/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $258101 |
| Intel Corp., 4.875%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 202869 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp; 335872 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp; 148798 |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 249440 |
| Roper Technologies, Inc., 2.95%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 239416 |
| Vmware LLC, 2.20%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 177796 |
|  |  | **$2228254** |
| Utilities — 2.8% | Utilities — 2.8% |  |
| DTE Electric Co., 2.25%, 3/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $279180 |
| Duke Energy Corp., 3.15%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494154 |
| Duke Energy Florida LLC, 6.20%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268596 |
| Florida Power & Light Co., 5.60%, 6/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201073 |
| Indianapolis Power & Light Co., 5.70%, 4/1/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349165 |
| ITC Holdings Corp., 4.95%, 9/22/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304180 |
| Louisville Gas & Electric Co., 5.85%, 8/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75648 |
| Pacific Gas & Electric Co., 5.90%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144442 |
| PacifiCorp, 4.10%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79305 |
| Public Service Electric and Gas Co., 3.95%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845225 |
|  |  | **$3040968** |
| Total Corporate Bonds<br> (identified cost $28,897,139) |  | **$27315859** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Sovereign Government Bonds — 0.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Mexico — 0.4% | Mexico — 0.4% |  |
| Mexico Government International Bonds, 5.55%, 1/21/45<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $464500 |
|  |  | **$464500** |
| Total Sovereign Government Bonds<br> (identified cost $497,904) |  | **$464500** |

---

Taxable Municipal Obligations — 0.9%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| General Obligations — 0.9% | General Obligations — 0.9% |  |
| New York, NY, 3.60%, 8/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $995449 |
| Total Taxable Municipal Obligations<br> (identified cost $997,157) |  | **$995449** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

U.S. Government Agencies and Instrumentalities — 2.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 7/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | $963255 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1140100 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, 8/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 529606 |
| &nbsp;&nbsp;&nbsp;5.625%, 7/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 110278 |
| Total U.S. Government Agencies and Instrumentalities<br> (identified cost $2,796,681) |  | **$2743239** |

---

U.S. Government Agency Mortgage-Backed Securities — 25.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, with various maturities to 2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | $753078 |
| &nbsp;&nbsp;&nbsp;2.50%, with various maturities to 2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp; 957452 |
| &nbsp;&nbsp;&nbsp;3.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp; 987664 |
| &nbsp;&nbsp;&nbsp;3.50%, with various maturities to 2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp; 263787 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp; 577635 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 701234 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp; 2049273 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp; 26074 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;1715122 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349456 |
| &nbsp;&nbsp;&nbsp;2.00%, with various maturities to 2051 | &nbsp;&nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp;2896351 |
| &nbsp;&nbsp;&nbsp;2.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp;&nbsp;&nbsp;3106960 |
| &nbsp;&nbsp;&nbsp;3.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;4265 | &nbsp;&nbsp;&nbsp;&nbsp;3857295 |
| &nbsp;&nbsp;&nbsp;3.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp;2425646 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876902 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618851 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;2252359 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114112 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772338 |
| &nbsp;&nbsp;&nbsp;6.081%, (1 Yr. RFUCCT + 1.456%) 9/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39782 |
| &nbsp;&nbsp;&nbsp;6.50%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;1919283 |
| &nbsp;&nbsp;&nbsp;4.00%, with various maturities to 2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381274 |
| &nbsp;&nbsp;&nbsp;4.50%, 7/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25392 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155707 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17248 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106002 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $30,002,889) |  | **$27954829** |

---

U.S. Treasury Obligations — 43.8%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $491934 |
| &nbsp;&nbsp;&nbsp;1.625%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp; 420219 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp; 458531 |
| &nbsp;&nbsp;&nbsp;2.25%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp; 407824 |
| &nbsp;&nbsp;&nbsp;2.375%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp; 551729 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 751250 |
| &nbsp;&nbsp;&nbsp;3.00%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp; 200643 |
| &nbsp;&nbsp;&nbsp;3.125%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 827305 |
| &nbsp;&nbsp;&nbsp;3.125%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1187695 |
| &nbsp;&nbsp;&nbsp;3.125%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569853 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319102 |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263225 |
| &nbsp;&nbsp;&nbsp;3.75%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964348 |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277969 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320913 |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542625 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813990 |
| &nbsp;&nbsp;&nbsp;4.375%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750114 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682281 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407734 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198138 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 1/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997422 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285814 |
| &nbsp;&nbsp;&nbsp;0.50%, 8/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714228 |
| &nbsp;&nbsp;&nbsp;0.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263326 |
| &nbsp;&nbsp;&nbsp;0.625%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870312 |
| &nbsp;&nbsp;&nbsp;0.875%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218584 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475625 |
| &nbsp;&nbsp;&nbsp;1.125%, 8/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187910 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968666 |
| &nbsp;&nbsp;&nbsp;1.25%, 4/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;1852805 |
| &nbsp;&nbsp;&nbsp;1.25%, 9/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141123 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1132853 |
| &nbsp;&nbsp;&nbsp;1.50%, 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1274379 |
| &nbsp;&nbsp;&nbsp;1.50%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1286223 |
| &nbsp;&nbsp;&nbsp;1.75%, 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331673 |
| &nbsp;&nbsp;&nbsp;2.25%, 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996769 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2367141 |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;2493820 |
| &nbsp;&nbsp;&nbsp;2.625%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1166977 |
| &nbsp;&nbsp;&nbsp;2.75%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197012 |
| &nbsp;&nbsp;&nbsp;2.75%, 8/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769167 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419007 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295230 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Notes: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/32 | $&nbsp;&nbsp;725 | $683723 |
| &nbsp;&nbsp;&nbsp;3.125%, 11/15/28 | 1150 | &nbsp;&nbsp; 1137310 |
| &nbsp;&nbsp;&nbsp;3.125%, 8/31/29 | 1100 | &nbsp;&nbsp; 1081609 |
| &nbsp;&nbsp;&nbsp;3.375%, 5/15/33 | &nbsp;&nbsp;425 | &nbsp;&nbsp; 408664 |
| &nbsp;&nbsp;&nbsp;3.50%, 9/30/27 | 1000 | &nbsp;&nbsp; 1000273 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/31/30 | &nbsp;&nbsp;225 | &nbsp;&nbsp; 223743 |
| &nbsp;&nbsp;&nbsp;3.50%, 4/30/30 | &nbsp;&nbsp;500 | &nbsp;&nbsp; 496484 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/33 | &nbsp;&nbsp;650 | &nbsp;&nbsp; 631782 |
| &nbsp;&nbsp;&nbsp;3.625%, 9/30/30 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498145 |
| &nbsp;&nbsp;&nbsp;3.75%, 5/31/30 | &nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651676 |
| &nbsp;&nbsp;&nbsp;3.875%, 9/30/29 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151315 |
| &nbsp;&nbsp;&nbsp;3.875%, 12/31/29 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353021 |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/33 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396766 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/29/28 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606340 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/30/32 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151002 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/35 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98570 |
| &nbsp;&nbsp;&nbsp;4.125%, 1/31/27 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603809 |
| &nbsp;&nbsp;&nbsp;4.125%, 3/31/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1016758 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/31/30 | &nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763330 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/31/31 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508223 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | 1175 | &nbsp;&nbsp;&nbsp;&nbsp;1188586 |
| &nbsp;&nbsp;&nbsp;4.25%, 2/15/28 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;1624687 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/35 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453305 |
| &nbsp;&nbsp;&nbsp;4.50%, 12/31/31 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414008 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/33 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413102 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/15/27 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508057 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/30/31 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551780 |
| &nbsp;&nbsp;&nbsp;4.875%, 10/31/30 | &nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210133 |
| Total U.S. Treasury Obligations<br> (identified cost $50,735,726) |  | **$47939689** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 1.4% |  |  |
| Affiliated Fund — 1.2% | Affiliated Fund — 1.2% | Affiliated Fund — 1.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(5)</sup> | 1384019 | $1384019 |
| Total Affiliated Fund<br> (identified cost $1,384,019) |  | **$1384019** |
| Securities Lending Collateral — 0.2% | Securities Lending Collateral — 0.2% | Securities Lending Collateral — 0.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195940 | $195940 |
| Total Securities Lending Collateral<br> (identified cost $195,940) |  | **$195940** |
| Total Short-Term Investments<br> (identified cost $1,579,959) |  | **$1579959** |
| Total Investments — 99.4%<br> (identified cost $115,507,455) |  | **$108993524** |
| Other Assets, Less Liabilities — 0.6% |  | **$630643** |
| Net Assets — 100.0% |  | **$109624167** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | 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 December 31, 2025, the aggregate value of these securities is $3,232,128 or 2.9% of the Fund's net assets. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $553,693. |
| <sup>(3)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(4)</sup> | Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at December 31, 2025. |
| <sup>(5)</sup> | May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(6)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| RFUCCT | – FTSE USD IBOR Consumer Cash Fallbacks Term |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $114,123,436) - including<br> $553,693 of securities on loan | &nbsp;&nbsp;$107609505 |
| Investments in securities of affiliated issuers, at value (identified cost $1,384,019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384019 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71897 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843001 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39894 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35053 |
| **Total assets** | &nbsp;&nbsp;**$109986808** |
| Liabilities |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;$4402 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195940 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18442 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11136 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35053 |
| Payable for professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42239 |
| Payable for transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18361 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504 |
| **Total liabilities** | &nbsp;&nbsp;**$362641** |
| **Net Assets** | &nbsp;&nbsp;**$109624167** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$117925644 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8301477) |
| **Net Assets** | &nbsp;&nbsp;**$109624167** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$102654695 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082592 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$49.29 |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6969472 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145942 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$47.76 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$49289 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739896 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6251 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 |
| **Total investment income** | &nbsp;&nbsp;**$3808167** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$218013 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130808 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16514 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84483 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28073 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48154 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23160 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21568 |
| **Total expenses** | &nbsp;&nbsp;**$582886** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(219281) |
| **Net expenses** | &nbsp;&nbsp;**$363605** |
| **Net investment income** | &nbsp;&nbsp;**$3444562** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2779925) |
| **Net realized loss** | &nbsp;&nbsp;**$(2779925)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6599433 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$6599593** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$3819668** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$7264230** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3444562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3367060 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2779925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353888) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1819710) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$7264230** | &nbsp;&nbsp;**$1193462** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3155964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3045025) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176267) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3374797)** | &nbsp;&nbsp;**$(3221292)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7395637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5106073) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456350 |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(6616972)** | &nbsp;&nbsp;**$(4649723)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(2727539)** | &nbsp;&nbsp;**$(6677553)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$112351706 | &nbsp;&nbsp;$119029259 |
| **At end of year** | &nbsp;&nbsp;**$109624167** | &nbsp;&nbsp;**$112351706** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$47.57 | &nbsp;&nbsp;$48.44 | &nbsp;&nbsp;$47.25 | &nbsp;&nbsp;$55.64 | &nbsp;&nbsp;$58.07 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.55 | &nbsp;&nbsp;$1.42 | &nbsp;&nbsp;$1.32 | &nbsp;&nbsp;$1.19 | &nbsp;&nbsp;$1.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.20) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.27** | &nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;**$2.50** | &nbsp;&nbsp;**$(7.00)** | &nbsp;&nbsp;**$(1.06)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.55) | &nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;$(1.31) | &nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;$(1.37) |
| **Total distributions** | &nbsp;&nbsp;**$(1.55)** | &nbsp;&nbsp;**$(1.39)** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$(1.39)** | &nbsp;&nbsp;**$(1.37)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$49.29** | &nbsp;&nbsp;**$47.57** | &nbsp;&nbsp;**$48.44** | &nbsp;&nbsp;**$47.25** | &nbsp;&nbsp;**$55.64** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.82)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$102655 | &nbsp;&nbsp;$106370 | &nbsp;&nbsp;$113389 | &nbsp;&nbsp;$110980 | &nbsp;&nbsp;$145323 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$46.25 | &nbsp;&nbsp;$47.25 | &nbsp;&nbsp;$46.23 | &nbsp;&nbsp;$54.61 | &nbsp;&nbsp;$57.17 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.39 | &nbsp;&nbsp;$1.26 | &nbsp;&nbsp;$1.17 | &nbsp;&nbsp;$1.04 | &nbsp;&nbsp;$0.98 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.03) | &nbsp;&nbsp;&nbsp;&nbsp;(2.17) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.06** | &nbsp;&nbsp;**$0.39** | &nbsp;&nbsp;**$2.33** | &nbsp;&nbsp;**$(6.99)** | &nbsp;&nbsp;**$(1.19)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.55) | &nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;$(1.31) | &nbsp;&nbsp;$(1.39) | &nbsp;&nbsp;$(1.37) |
| **Total distributions** | &nbsp;&nbsp;**$(1.55)** | &nbsp;&nbsp;**$(1.39)** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$(1.39)** | &nbsp;&nbsp;**$(1.37)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$47.76** | &nbsp;&nbsp;**$46.25** | &nbsp;&nbsp;**$47.25** | &nbsp;&nbsp;**$46.23** | &nbsp;&nbsp;**$54.61** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.75)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.08)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$6969 | &nbsp;&nbsp;$5982 | &nbsp;&nbsp;$5640 | &nbsp;&nbsp;$4970 | &nbsp;&nbsp;$5413 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Investment Grade Bond Index Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 investment results that correspond to the total return performance of the bond market, as represented by the Bloomberg U.S. Aggregate Bond Index.

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 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:

**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.**

**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.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27315859 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27315859 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464500 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995449 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995449 |
| U.S. Government Agencies and Instrumentalities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743239 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27954829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27954829 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47939689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47939689 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;1384019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384019 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195940 |
| **Total Investments** | &nbsp;&nbsp;**$1579959** | &nbsp;&nbsp;**$107413565** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$108993524** |

---

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. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued 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 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.

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 and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 0.20% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $218,013.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP). CRM pays AIP a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $1,731 relating to the Fund's investment in the Liquidity Fund.

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 0.32% for Class I and 0.57% for Class F of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $217,550.

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 year ended December 31, 2025, CRM was paid administrative fees of $130,808.

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 year ended December 31, 2025 amounted to $16,514 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $365 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $83,588, of which $59,669 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $5,013.

4 Investment Activity

During the year ended December 31, 2025, 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 and paydowns, were $4,896,674 and $7,007,396, respectively. Purchases and sales of U.S. government and agency securities, including maturities and paydowns, were $19,684,500 and $24,019,305, respectively.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3374797 | &nbsp;&nbsp;&nbsp;&nbsp;$3221292 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3449525 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4963747) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6787255) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8301477)** |

---

At December 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $4,963,747 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2025, $755,930 are short-term and $4,207,817 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$115780779** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$662004 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7449259) |
| **Net unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6787255)** |

---

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 December 31, 2025, the total value of securities on loan, including accrued interest, was $559,749 and the total value of collateral received was $570,940, comprised of cash of $195,940 and U.S. government and/or agencies securities of $375,000.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements — 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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Sovereign Government Bonds | &nbsp;&nbsp;$195940 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$195940 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

8 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,384,019, which represents 1.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Interest/<br> Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Corporate Bonds** |  |  |  |  |  |  |  |  |
| Morgan Stanley, 5.00%, 11/24/25 | $150318 | $— | $(150000) | $— | $160 | $— | $6251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;1789375 | &nbsp;&nbsp;&nbsp;26700520 | &nbsp;&nbsp;&nbsp;(27105876) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;1384019 | &nbsp;&nbsp;&nbsp;49289 | 1384019 |
| **Total** |  |  |  | **$—** | **$160** | **$1384019** | **$55540** |  |

---

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 20,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180689 | &nbsp;&nbsp;&nbsp;&nbsp;$8867655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171080 | &nbsp;&nbsp;&nbsp;&nbsp;$8265768 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045025 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(398428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19419256) | &nbsp;&nbsp;&nbsp;&nbsp;(338776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16416866) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(153279)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7395637)** | &nbsp;&nbsp;&nbsp;&nbsp;**(104795)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5106073)** |

---

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26832 | &nbsp;&nbsp;&nbsp;&nbsp;$1264121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | &nbsp;&nbsp;&nbsp;&nbsp;$1007181 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176267 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727098) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16611** | &nbsp;&nbsp;&nbsp;&nbsp;**$778665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9969** | &nbsp;&nbsp;&nbsp;&nbsp;**$456350** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 74.2% of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Investment Grade Bond Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Investment Grade Bond Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVT

Investment Grade Bond Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 98.73% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_Calve_f73b79e4-84f9-466e-ba98-c31506791353_TOC)

CVPIBI-NCSR 12.31.25

------

![](g51633img5e2d42d21.gif)

------

## CVT

## Nasdaq 100 Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633img39aace1a2.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Nasdaq 100 Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_144b184b-0e8b-4c6c-97d5-ee8958efe469_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_1f2c9648-d778-47b8-911a-f308483cc663_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_1f2c9648-d778-47b8-911a-f308483cc663_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_5088346a-e191-45c4-b6c8-3530e88506e0_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_5088346a-e191-45c4-b6c8-3530e88506e0_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_5088346a-e191-45c4-b6c8-3530e88506e0_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_01c24a24-4b9c-49a1-bbde-38ae6c4aec1b_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_b1123de0-b25c-4db0-8739-9f68ee663671_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_7b46683d-f6ca-4c98-80a7-c85eb0477684_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| [Federal Tax Information](#xx_89506ffa-27d3-4047-ab43-8cfac49e5016_1) | &nbsp;&nbsp;16 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Schedule of Investments

------

Common Stocks — 94.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | $1620304 |
|  |  | **$1620304** |
| Automobiles — 3.8% | Automobiles — 3.8% |  |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57929 | $26051830 |
|  |  | **$26051830** |
| Beverages — 1.8% | Beverages — 1.8% |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;16565 | $1502445 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49116 | &nbsp;&nbsp; 1375739 |
| Monster Beverage Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35321 | &nbsp;&nbsp;&nbsp;&nbsp;2708061 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49432 | &nbsp;&nbsp;&nbsp;&nbsp;7094481 |
|  |  | **$12680726** |
| Biotechnology — 3.2% | Biotechnology — 3.2% |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4776 | $1899176 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19467 | &nbsp;&nbsp;&nbsp;&nbsp;6371744 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44853 | &nbsp;&nbsp;&nbsp;&nbsp;5505257 |
| Insmed, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7710 | &nbsp;&nbsp;&nbsp;&nbsp;1341848 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp;2882163 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9172 | &nbsp;&nbsp;&nbsp;&nbsp;4158218 |
|  |  | **$22158406** |
| Broadline Retail — 5.6% | Broadline Retail — 5.6% |  |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;139992 | $32312953 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;3692139 |
| PDD Holdings, Inc. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24147 | &nbsp;&nbsp;&nbsp;&nbsp;2738028 |
|  |  | **$38743120** |
| Chemicals — 1.0% | Chemicals — 1.0% |  |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;16881 | $7197890 |
|  |  | **$7197890** |
| Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% |  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14528 | $2732281 |
| Copart, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34996 | &nbsp;&nbsp;&nbsp;&nbsp;1370093 |
|  |  | **$4102374** |
| Communications Equipment — 1.6% | Communications Equipment — 1.6% |  |
| Cisco Systems, Inc. | &nbsp;&nbsp;142840 | $11002965 |
|  |  | **$11002965** |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |  |
| Ferrovial SE<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26527 | $1713910 |
|  |  | **$1713910** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Consumer Staples Distribution & Retail — 2.0% | Consumer Staples Distribution & Retail — 2.0% |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16022 | $13816412 |
|  |  | **$13816412** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% |  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19309 | $2226521 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11290 | &nbsp;&nbsp; 3988418 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36524 | &nbsp;&nbsp; 1592081 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21385 | &nbsp;&nbsp; 1579496 |
|  |  | **$9386516** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;35674 | $1624594 |
|  |  | **$1624594** |
| Entertainment — 3.0% | Entertainment — 3.0% |  |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9042 | $1847552 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;153188 | &nbsp;&nbsp;&nbsp;&nbsp;14362907 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp;&nbsp;&nbsp;1710280 |
| Warner Bros. Discovery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89584 | &nbsp;&nbsp;&nbsp;&nbsp;2581811 |
|  |  | **$20502550** |
| Financial Services — 0.3% | Financial Services — 0.3% |  |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33826 | $1974762 |
|  |  | **$1974762** |
| Food Products — 0.5% | Food Products — 0.5% |  |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;42792 | $1037706 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;46649 | &nbsp;&nbsp;&nbsp;&nbsp;2511116 |
|  |  | **$3548822** |
| Ground Transportation — 0.5% | Ground Transportation — 0.5% |  |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67320 | $2440350 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7559 | &nbsp;&nbsp;&nbsp;&nbsp;1185251 |
|  |  | **$3625601** |
| Health Care Equipment & Supplies — 1.7% | Health Care Equipment & Supplies — 1.7% |  |
| DexCom, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14100 | $935817 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16468 | &nbsp;&nbsp;&nbsp;&nbsp;1350705 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;1953142 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12816 | &nbsp;&nbsp;&nbsp;&nbsp;7258470 |
|  |  | **$11498134** |
| Hotels, Restaurants & Leisure — 2.6% | Hotels, Restaurants & Leisure — 2.6% |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15375 | $2086695 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;6238960 |
| DoorDash, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14690 | &nbsp;&nbsp;&nbsp;&nbsp;3326991 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9701 | &nbsp;&nbsp;&nbsp;&nbsp;3009638 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |  |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41109 | $3461789 |
|  |  | **$18124073** |
| Industrial Conglomerates — 0.6% | Industrial Conglomerates — 0.6% |  |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22953 | $4477901 |
|  |  | **$4477901** |
| Interactive Media & Services — 10.3% | Interactive Media & Services — 10.3% |  |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76189 | $23847157 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;70806 | &nbsp;&nbsp; 22218923 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;38459 | &nbsp;&nbsp;&nbsp;&nbsp;25386401 |
|  |  | **$71452481** |
| IT Services — 1.2% | IT Services — 1.2% |  |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17449 | $1448267 |
| Shopify, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44200 | &nbsp;&nbsp;&nbsp;&nbsp;7114874 |
|  |  | **$8563141** |
| Machinery — 0.3% | Machinery — 0.3% |  |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18987 | $2079266 |
|  |  | **$2079266** |
| Media — 0.7% | Media — 0.7% |  |
| Charter Communications, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4678 | $976532 |
| Comcast Corp., Class A | &nbsp;&nbsp;131393 | &nbsp;&nbsp;&nbsp;&nbsp;3927337 |
|  |  | **$4903869** |
| Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% |  |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10359 | $1557269 |
|  |  | **$1557269** |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |  |
| AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;21103 | $1939999 |
|  |  | **$1939999** |
| Professional Services — 1.2% | Professional Services — 1.2% |  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14622 | $3761217 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13011 | &nbsp;&nbsp;&nbsp;&nbsp;1459574 |
| Thomson Reuters Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16082 | &nbsp;&nbsp;&nbsp;&nbsp;2121055 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5039 | &nbsp;&nbsp;&nbsp;&nbsp;1127174 |
|  |  | **$8469020** |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |  |
| CoStar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15322 | $1030251 |
|  |  | **$1030251** |
| Semiconductors & Semiconductor Equipment — 23.2% | Semiconductors & Semiconductor Equipment — 23.2% |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58857 | $12604815 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17702 | &nbsp;&nbsp;&nbsp;&nbsp;4800782 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28800 | $7401312 |
| ARM Holdings PLC ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp; 546769 |
| ASML Holding NV-NY Shares<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp; 3393596 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61841 | &nbsp;&nbsp; 21403170 |
| Intel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172445 | &nbsp;&nbsp; 6363221 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp; 5771630 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45408 | &nbsp;&nbsp; 7772941 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31167 | &nbsp;&nbsp; 2648572 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19538 | &nbsp;&nbsp;&nbsp;&nbsp;1244961 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40684 | &nbsp;&nbsp;&nbsp;&nbsp;11611620 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;1569816 |
| NVIDIA Corp. | &nbsp;&nbsp;318216 | &nbsp;&nbsp;&nbsp;&nbsp;59347284 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;9099 | &nbsp;&nbsp;&nbsp;&nbsp;1975029 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38719 | &nbsp;&nbsp;&nbsp;&nbsp;6622885 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32849 | &nbsp;&nbsp;&nbsp;&nbsp;5698973 |
|  |  | **$160777376** |
| Software — 15.8% | Software — 15.8% |  |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15133 | $5296399 |
| AppLovin Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11120 | &nbsp;&nbsp;&nbsp;&nbsp;7492878 |
| Atlassian Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985001 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;2268621 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9841 | &nbsp;&nbsp;&nbsp;&nbsp;3076100 |
| CrowdStrike Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9073 | &nbsp;&nbsp;&nbsp;&nbsp;4253059 |
| Datadog, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11765 | &nbsp;&nbsp;&nbsp;&nbsp;1599922 |
| Fortinet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26884 | &nbsp;&nbsp;&nbsp;&nbsp;2134858 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10060 | &nbsp;&nbsp;&nbsp;&nbsp;6663945 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97329 | &nbsp;&nbsp;&nbsp;&nbsp;47070251 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82583 | &nbsp;&nbsp;&nbsp;&nbsp;14679128 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25198 | &nbsp;&nbsp;&nbsp;&nbsp;4641472 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp;1732001 |
| Strategy, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9678 | &nbsp;&nbsp;&nbsp;&nbsp;1470572 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp;3154170 |
| Workday, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;1653806 |
| Zscaler, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5765 | &nbsp;&nbsp;&nbsp;&nbsp;1296664 |
|  |  | **$109468847** |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% |  |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30516 | $2783365 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11758 | &nbsp;&nbsp;&nbsp;&nbsp;2118086 |
|  |  | **$4901451** |
| Technology Hardware, Storage & Peripherals — 8.2% | Technology Hardware, Storage & Peripherals — 8.2% |  |
| Apple, Inc. | &nbsp;&nbsp;193501 | $52605182 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp;2126286 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12360 | &nbsp;&nbsp;&nbsp;&nbsp;2129257 |
|  |  | **$56860725** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |  |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;41504 | $1665556 |
|  |  | **$1665556** |
| Wireless Telecommunication Services — 1.2% | Wireless Telecommunication Services — 1.2% |  |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40436 | $8210124 |
|  |  | **$8210124** |
| Total Common Stocks<br> (identified cost $251,306,438) |  | **$655730265** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Exchange-Traded Funds — 1.2%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 1.2% | Equity Funds — 1.2% |  |
| Invesco QQQ TM Trust, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp;13500 | $8293185 |
| Total Exchange-Traded Funds<br> (identified cost $6,381,809) |  | **$8293185** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 1.2% |  |  |
| Affiliated Fund — 0.8% | Affiliated Fund — 0.8% | Affiliated Fund — 0.8% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(4)</sup> | 5540961 | $5540961 |
| Total Affiliated Fund<br> (identified cost $5,540,961) |  | **$5540961** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 0.1% | Securities Lending Collateral — 0.1% | Securities Lending Collateral — 0.1% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;675750 | $675750 |
| Total Securities Lending Collateral<br> (identified cost $675,750) |  | **$675750** |

---

---

| | | |
|:---|:---|:---|
| U.S. Treasury Obligations — 0.3% | U.S. Treasury Obligations — 0.3% | U.S. Treasury Obligations — 0.3% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 2/19/26<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1990523 |
| Total U.S. Treasury Obligations<br> (identified cost $1,989,166) |  | **$1990523** |
| Total Short-Term Investments<br> (identified cost $8,205,877) |  | **$8207234** |
| Total Investments — 96.9%<br> (identified cost $265,894,124) |  | **$672230684** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — 3.1% | **$21478534** |
| Net Assets — 100.0% | **$693709218** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $3,576,119. |
| <sup>(3)</sup> | 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 December 31, 2025, the aggregate value of these securities is $3,393,596 or 0.5% of the Fund's net assets. |
| <sup>(4)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(5)</sup> | Represents investment of cash collateral received in connection with securities lending. |
| <sup>(6)</sup> | Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini NASDAQ-100<sup>®</sup> Index | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$7127890 | &nbsp;&nbsp;&nbsp;&nbsp;$(8070) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(8070)** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $260,353,163) - including<br> $3,576,119 of securities on loan | &nbsp;&nbsp;$666689723 |
| Investments in securities of affiliated issuers, at value (identified cost $5,540,961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540961 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22446185 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179268 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32685 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193489 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41218 |
| **Total assets** | &nbsp;&nbsp;**$695124423** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$61170 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27898 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675750 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170816 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68831 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65812 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41218 |
| Payable for accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71634 |
| Payable for transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124404 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107546 |
| **Total liabilities** | &nbsp;&nbsp;**$1415205** |
| **Net Assets** | &nbsp;&nbsp;**$693709218** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$270663826 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;423045392 |
| **Net Assets** | &nbsp;&nbsp;**$693709218** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$361988306 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828420 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$197.98 |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$331720912 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730536 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$191.69 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $10,893) | &nbsp;&nbsp;$4021955 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491687 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65057 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13598 |
| **Total investment income** | &nbsp;&nbsp;**$4592297** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$1752377 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700951 |
| Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637454 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32137 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10243 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576344 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122304 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63431 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48194 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184280 |
| **Total expenses** | &nbsp;&nbsp;**$4127715** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(703281) |
| **Net expenses** | &nbsp;&nbsp;**$3424434** |
| **Net investment income** | &nbsp;&nbsp;**$1167863** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13752974 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534509 |
| **Net realized gain** | &nbsp;&nbsp;**$15287483** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94282648 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404560 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$94687208** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$109974691** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$111142554** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1167863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1711729 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15287483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10663727 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94687208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84609878 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$111142554** | &nbsp;&nbsp;**$96985334** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6283473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(20322773) |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5474558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11908800) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(11758031)** | &nbsp;&nbsp;**$(32231573)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7833609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$480634 |
| &nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84777225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74002337 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$76943616** | &nbsp;&nbsp;**$74482971** |
| **Net increase in net assets** | &nbsp;&nbsp;**$176328139** | &nbsp;&nbsp;**$139236732** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$517381079 | &nbsp;&nbsp;$378144347 |
| **At end of year** | &nbsp;&nbsp;**$693709218** | &nbsp;&nbsp;**$517381079** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$167.34 | &nbsp;&nbsp;$143.17 | &nbsp;&nbsp;$93.02 | &nbsp;&nbsp;$146.70 | &nbsp;&nbsp;$122.67 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.85 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$34.11** | &nbsp;&nbsp;**$35.66** | &nbsp;&nbsp;**$50.56** | &nbsp;&nbsp;**$(47.98)** | &nbsp;&nbsp;**$32.12** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.39) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.70) |
| **Total distributions** | &nbsp;&nbsp;**$(3.47)** | &nbsp;&nbsp;**$(11.49)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(5.70)** | &nbsp;&nbsp;**$(8.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$197.98** | &nbsp;&nbsp;**$167.34** | &nbsp;&nbsp;**$143.17** | &nbsp;&nbsp;**$93.02** | &nbsp;&nbsp;**$146.70** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(32.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.87%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$361988 | &nbsp;&nbsp;$313760 | &nbsp;&nbsp;$268239 | &nbsp;&nbsp;$184733 | &nbsp;&nbsp;$287931 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$162.51 | &nbsp;&nbsp;$139.66 | &nbsp;&nbsp;$90.97 | &nbsp;&nbsp;$144.01 | &nbsp;&nbsp;$120.85 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.71 | &nbsp;&nbsp;&nbsp;&nbsp;(47.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.32 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$32.65** | &nbsp;&nbsp;**$34.34** | &nbsp;&nbsp;**$49.10** | &nbsp;&nbsp;**$(47.34)** | &nbsp;&nbsp;**$31.25** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.39) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.70) |
| **Total distributions** | &nbsp;&nbsp;**$(3.47)** | &nbsp;&nbsp;**$(11.49)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(5.70)** | &nbsp;&nbsp;**$(8.09)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$191.69** | &nbsp;&nbsp;**$162.51** | &nbsp;&nbsp;**$139.66** | &nbsp;&nbsp;**$90.97** | &nbsp;&nbsp;**$144.01** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.02%** | &nbsp;&nbsp;&nbsp;&nbsp;**(32.81)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$331721 | &nbsp;&nbsp;$203621 | &nbsp;&nbsp;$109905 | &nbsp;&nbsp;$51262 | &nbsp;&nbsp;$52753 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Nasdaq 100 Index Portfolio (the Fund) is a non-diversified series of Calvert Variable Trust, 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 investment results that correspond to the investment performance of U.S. common stocks, as represented by the NASDAQ-100<sup>®</sup> Index.

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 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.**

**Short-Term Debt Securities. 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.**

**Other Securities. Exchange-traded funds are valued at the official 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. 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.**

**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.**

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$655730265<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$655730265 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293185 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540961 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675750 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1990523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990523 |
| **Total Investments** | &nbsp;&nbsp;**$670240161** | &nbsp;&nbsp;**$1990523** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$672230684** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(8070) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(8070) |
| **Total** | &nbsp;&nbsp;**$(8070)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(8070)** |

---

<sup>(1)</sup> 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. 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. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued 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 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.

E 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.

F 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.

G 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

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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.

H Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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 0.30% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $1,752,377.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP). CRM pays AIP a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $16,917 relating to the Fund's investment in the Liquidity Fund.

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 0.48% for Class I and 0.73% for Class F of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $686,364.

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 year ended December 31, 2025, CRM was paid administrative fees of $700,951.

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 year ended December 31, 2025 amounted to $637,454 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $465 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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.

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[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $575,049, of which $65,062 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $5,787.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $123,614,700 and $77,028,131, respectively.

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1807468 | &nbsp;&nbsp;&nbsp;&nbsp;$5554217 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$9950563 | &nbsp;&nbsp;&nbsp;&nbsp;$26677356 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4738146 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12555838 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405751408 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$423045392** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$266479276** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$413475493 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7724085) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$405751408** |

---

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

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[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative<sup>(1)</sup>** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(8070) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$1534509 | &nbsp;&nbsp;&nbsp;&nbsp;$404560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2025 was approximately $12,128,000.

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 December 31, 2025, the total value of securities on loan was $3,576,119 and the total value of collateral received was $3,670,050, comprised of cash of $675,750 and U.S. government and/or agencies securities of $2,994,300.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$675750 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$675750 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

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[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $5,540,961, which represents 0.8% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $6941586 | $103395718 | $(104796343) | $— | $— | $5540961 | $491687 | 5540961 |

---

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 10,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149004 | &nbsp;&nbsp;&nbsp;&nbsp;$26001315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148933 | &nbsp;&nbsp;&nbsp;&nbsp;$23725336 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20322773 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(227483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40118397) | &nbsp;&nbsp;&nbsp;&nbsp;(273460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43567475) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(46590)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7833609)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1443** | &nbsp;&nbsp;&nbsp;&nbsp;**$480634** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771126 | &nbsp;&nbsp;&nbsp;&nbsp;$133871109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504484 | &nbsp;&nbsp;&nbsp;&nbsp;$80512618 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11908800 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(322213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54568442) | &nbsp;&nbsp;&nbsp;&nbsp;(114462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18419081) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**477592** | &nbsp;&nbsp;&nbsp;&nbsp;**$84777225** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**465986** | &nbsp;&nbsp;&nbsp;&nbsp;**$74002337** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 13.3% of the value of the outstanding shares of the Fund and separate accounts of two other insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 45.7%.

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Nasdaq 100 Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Nasdaq 100 Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVT

Nasdaq 100 Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $3,967,029, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 99.99% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $12,555,997 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_5920872b-dbc9-4629-973f-060cbe688519_TOC)

CVPNOI-NCSR 12.31.25

------

![](g51633img1ab9d17d1.gif)

------

## CVT

## S&P 500<sup>®</sup> Index Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633imgdc6d13812.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

S&P 500<sup>®</sup> Index Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_72151c31-7d28-44d8-9649-b4ece0a2f8d7_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_9cfe0d5a-0623-4c48-89f2-4ad7c59e4986_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_9cfe0d5a-0623-4c48-89f2-4ad7c59e4986_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_b382a3f2-ebae-4a55-88c5-88ec878b5dff_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_b382a3f2-ebae-4a55-88c5-88ec878b5dff_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_b382a3f2-ebae-4a55-88c5-88ec878b5dff_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_d9ed55ca-8f26-4edc-b458-e88db5161cd4_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_18368142-7edc-4b78-a386-589cd7407679_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_5e8bc8f9-c006-496e-a352-952493cbab3a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| [Federal Tax Information](#xx_413f88e9-c3ca-4a81-882f-55292e6ca8ea_1) | &nbsp;&nbsp;21 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments

------

Common Stocks — 96.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 2.1% | Aerospace & Defense — 2.1% |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | $406638 |
| Boeing Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7008 | &nbsp;&nbsp; 1521577 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp; 763882 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9441 | &nbsp;&nbsp; 2908111 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp; 737867 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp; 125826 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp; 491436 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp; 881731 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684822 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;2200800 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137467 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670244 |
|  |  | **$11530401** |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |  |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | $172978 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184474 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561255 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656043 |
|  |  | **$1574750** |
| Automobile Components — 0.0%<sup>†</sup> | Automobile Components — 0.0%<sup>†</sup> |  |
| Aptiv PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | $147158 |
|  |  | **$147158** |
| Automobiles — 2.3% | Automobiles — 2.3% |  |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;35028 | $459567 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678941 |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25244 | &nbsp;&nbsp;&nbsp;11352732 |
|  |  | **$12491240** |
| Banks — 3.5% | Banks — 3.5% |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60349 | $3319195 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16015 | &nbsp;&nbsp;&nbsp;&nbsp;1868790 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229668 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282405 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248973 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;24438 | &nbsp;&nbsp;&nbsp;&nbsp;7874412 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175358 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277237 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732642 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220404 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563405 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;13912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742344 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;28199 | &nbsp;&nbsp;&nbsp;&nbsp;2628147 |
|  |  | **$19162980** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Beverages — 1.0% | Beverages — 1.0% |  |
| Brown-Forman Corp., Class B<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | $44797 |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 | &nbsp;&nbsp; 2431470 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp; 179486 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382 | &nbsp;&nbsp; 346820 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp; 75481 |
| Monster Beverage Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383 | &nbsp;&nbsp; 489385 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12238 | &nbsp;&nbsp; 1756398 |
|  |  | **$5323837** |
| Biotechnology — 1.6% | Biotechnology — 1.6% |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15868 | $3625679 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;1577307 |
| Biogen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235123 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11104 | &nbsp;&nbsp;&nbsp;&nbsp;1362905 |
| Incyte Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149735 |
| Moderna, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94722 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696227 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;1029580 |
|  |  | **$8771278** |
| Broadline Retail — 3.8% | Broadline Retail — 3.8% |  |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87340 | $20159819 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352319 |
|  |  | **$20512138** |
| Building Products — 0.4% | Building Products — 0.4% |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | $73367 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129287 |
| Builders FirstSource, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107314 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374424 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655033 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146160 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117972 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772562 |
|  |  | **$2376119** |
| Capital Markets — 3.3% | Capital Markets — 3.3% |  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | $407963 |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302248 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724518 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp;1381809 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609 | &nbsp;&nbsp;&nbsp;&nbsp;1018711 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239203 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14950 | &nbsp;&nbsp;&nbsp;&nbsp;1493654 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881229 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466075 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103888 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66701 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;2359236 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256340 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Capital Markets (continued) | Capital Markets (continued) |  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 | $826482 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp; 110964 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | &nbsp;&nbsp; 783110 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp; 701397 |
| Morgan Stanley<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10811 | &nbsp;&nbsp; 1919277 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp; 386120 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp; 392114 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp; 238076 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259674 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797921 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;1450187 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322525 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205067 |
|  |  | **$18094489** |
| Chemicals — 0.9% | Chemicals — 0.9% |  |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 | $492064 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151765 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107967 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405397 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151058 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153443 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599071 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157423 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179 | &nbsp;&nbsp;&nbsp;&nbsp;1781884 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106908 |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69692 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210760 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668474 |
|  |  | **$5055906** |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | $574930 |
| Copart, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317467 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381686 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153771 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225703 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728778 |
|  |  | **$2382335** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% |  |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9242 | $1210979 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35390 | &nbsp;&nbsp;&nbsp;&nbsp;2726092 |
| F5, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133756 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571530 |
|  |  | **$4642357** |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | $293987 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249610 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Construction & Engineering (continued) | Construction & Engineering (continued) |  |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | $563450 |
|  |  | **$1107047** |
| Construction Materials — 0.3% | Construction Materials — 0.3% |  |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | $748675 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp; 342463 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp; 343405 |
|  |  | **$1434543** |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809 | $1779090 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp;1379028 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268978 |
|  |  | **$3427096** |
| Consumer Staples Distribution & Retail — 1.7% | Consumer Staples Distribution & Retail — 1.7% |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | $3433838 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266337 |
| Dollar Tree, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208871 |
| Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346389 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320699 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404881 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39367 | &nbsp;&nbsp;&nbsp;&nbsp;4385877 |
|  |  | **$9366892** |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |  |
| Amcor PLC<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21013 | $175248 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125861 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127075 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189584 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168078 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182136 |
|  |  | **$967982** |
| Distributors — 0.0%<sup>†</sup> | Distributors — 0.0%<sup>†</sup> |  |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | $153085 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68396 |
|  |  | **$221481** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |  |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63452 | $1576147 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37738 | &nbsp;&nbsp;&nbsp;&nbsp;1537069 |
|  |  | **$3113216** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% |  |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | $149588 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552450 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987390 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815782 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210790 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Electric Utilities (continued) | Electric Utilities (continued) |  |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069 | $376098 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp; 149329 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp; 233500 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206 | &nbsp;&nbsp; 401290 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp; 208315 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18640 | &nbsp;&nbsp; 1496419 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp; 280740 |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20033 | &nbsp;&nbsp; 321930 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96949 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236070 |
| Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859356 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391015 |
|  |  | **$7767011** |
| Electrical Equipment — 0.8% | Electrical Equipment — 0.8% |  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | $422939 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp;1107141 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667316 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp;1586868 |
| Generac Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76094 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214949 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398797 |
|  |  | **$4474104** |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |  |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10955 | $1480459 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162759 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611431 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223003 |
| Keysight Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318805 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599034 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218082 |
| Trimble, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166807 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116554 |
|  |  | **$3896934** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 | $409222 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219609 |
| SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513179 |
|  |  | **$1142010** |
| Entertainment — 1.3% | Entertainment — 1.3% |  |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | $410499 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204915 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38040 | &nbsp;&nbsp;&nbsp;&nbsp;3566630 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398127 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123937 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;15979 | &nbsp;&nbsp;&nbsp;&nbsp;1817931 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Entertainment (continued) | Entertainment (continued) |  |
| Warner Bros. Discovery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22178 | $639170 |
|  |  | **$7161209** |
| Financial Services — 3.7% | Financial Services — 3.7% |  |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 | $607124 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16444 | &nbsp;&nbsp; 8265577 |
| Block, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp; 326036 |
| Corpay, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp; 188382 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp; 308042 |
| Fiserv, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323356 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171131 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118247 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7368 | &nbsp;&nbsp;&nbsp;&nbsp;4206244 |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488874 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15145 | &nbsp;&nbsp;&nbsp;&nbsp;5311503 |
|  |  | **$20314516** |
| Food Products — 0.4% | Food Products — 0.4% |  |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | $251749 |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113310 |
| Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53343 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80492 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226641 |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245673 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62971 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95169 |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188374 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55797 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154405 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621683 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148484 |
|  |  | **$2298091** |
| Gas Utilities — 0.0%<sup>†</sup> | Gas Utilities — 0.0%<sup>†</sup> |  |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | $240884 |
|  |  | **$240884** |
| Ground Transportation — 0.8% | Ground Transportation — 0.8% |  |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16666 | $604142 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135649 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579750 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264365 |
| Uber Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18597 | &nbsp;&nbsp;&nbsp;&nbsp;1519561 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp;1228078 |
|  |  | **$4331545** |
| Health Care Equipment & Supplies — 2.0% | Health Care Equipment & Supplies — 2.0% |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;15563 | $1949888 |
| Align Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100404 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92569 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) |  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | $497790 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13268 | &nbsp;&nbsp; 1265104 |
| Cooper Cos., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp; 145807 |
| DexCom, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp; 237206 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp; 442789 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp; 341367 |
| Hologic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp; 150991 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp; 483719 |
| Insulet Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182482 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp;1797060 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp;1102769 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321562 |
| Solventum Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107053 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227661 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;1082528 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159518 |
|  |  | **$10688267** |
| Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% |  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | $437099 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585996 |
| Centene Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175011 |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658075 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901688 |
| DaVita, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37037 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697244 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667610 |
| Henry Schein, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71045 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280719 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189916 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906420 |
| Molina Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79828 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172836 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 | &nbsp;&nbsp;&nbsp;&nbsp;2685775 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107702 |
|  |  | **$8654001** |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% |  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | $71110 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105437 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320508 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | &nbsp;&nbsp;&nbsp;&nbsp;1140202 |
|  |  | **$1637257** |
| Hotel & Resort REITs — 0.0%<sup>†</sup> | Hotel & Resort REITs — 0.0%<sup>†</sup> |  |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828 | $103330 |
|  |  | **$103330** |
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 | $516550 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | $1542335 |
| Carnival Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp; 302651 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835 | &nbsp;&nbsp; 437895 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp; 196349 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp; 118794 |
| DoorDash, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp; 764144 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp; 296626 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp; 597480 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183294 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618308 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6374 | &nbsp;&nbsp;&nbsp;&nbsp;1948086 |
| MGM Resorts International<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71229 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94123 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633148 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856837 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92654 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382738 |
|  |  | **$9653241** |
| Household Durables — 0.2% | Household Durables — 0.2% |  |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | $353018 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302449 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198507 |
| NVR, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189612 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210833 |
|  |  | **$1254419** |
| Household Products — 0.8% | Household Products — 0.8% |  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | $186147 |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112426 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570050 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305091 |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;20991 | &nbsp;&nbsp;&nbsp;&nbsp;3008220 |
|  |  | **$4181934** |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |  |
| AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | $96365 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459952 |
|  |  | **$556317** |
| Industrial Conglomerates — 0.3% | Industrial Conglomerates — 0.3% |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | $761276 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp;1108501 |
|  |  | **$1869777** |
| Industrial REITs — 0.2% | Industrial REITs — 0.2% |  |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314 | $1061365 |
|  |  | **$1061365** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Insurance — 1.7% | Insurance — 1.7% |  |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222 | $465560 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp; 487487 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | &nbsp;&nbsp; 413121 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp; 678941 |
| Arch Capital Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp; 310013 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp; 594699 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp; 110791 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp; 210806 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp;1022505 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232731 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67363 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127596 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103217 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343673 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163231 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813505 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391069 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163012 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;&nbsp;1195075 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353653 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578960 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191498 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281610 |
|  |  | **$9300116** |
| Interactive Media & Services — 7.8% | Interactive Media & Services — 7.8% |  |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52232 | $16348616 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;41772 | &nbsp;&nbsp;&nbsp;13108054 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74751 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19555 | &nbsp;&nbsp;&nbsp;12908060 |
|  |  | **$42439481** |
| IT Services — 0.9% | IT Services — 0.9% |  |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | $1489065 |
| Akamai Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112378 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358560 |
| EPAM Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101211 |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162720 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156589 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366 | &nbsp;&nbsp;&nbsp;&nbsp;2478093 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186100 |
|  |  | **$5044716** |
| Leisure Products — 0.0%<sup>†</sup> | Leisure Products — 0.0%<sup>†</sup> |  |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | $99548 |
|  |  | **$99548** |
| Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% |  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | $352285 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84039 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) |  |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | $92559 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp; 1288133 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp; 349611 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp; 262108 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp; 98201 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp; 1948690 |
| Waters Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp; 206248 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp; 177190 |
|  |  | **$4859064** |
| Machinery — 1.5% | Machinery — 1.5% |  |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 | $2399180 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630406 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;1047532 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244050 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156962 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119398 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582007 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261188 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114926 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312451 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514806 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992346 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155585 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163685 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108449 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332555 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302183 |
|  |  | **$8437709** |
| Media — 0.4% | Media — 0.4% |  |
| Charter Communications, Inc., Class A<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | $164495 |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972292 |
| Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139929 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82201 |
| News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92987 |
| News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31171 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235548 |
| Paramount Skydance Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39275 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154194 |
|  |  | **$1912092** |
| Metals & Mining — 0.4% | Metals & Mining — 0.4% |  |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12852 | $652753 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975235 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341226 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213677 |
|  |  | **$2182891** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Multi-Utilities — 0.6% | Multi-Utilities — 0.6% |  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | $246155 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp; 228161 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp; 190769 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp; 326465 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp; 447803 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp; 244030 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp; 179234 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549 | &nbsp;&nbsp; 365285 |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515790 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309420 |
|  |  | **$3053112** |
| Office REITs — 0.0%<sup>†</sup> | Office REITs — 0.0%<sup>†</sup> |  |
| BXP, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | $92785 |
|  |  | **$92785** |
| Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% |  |
| APA Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | $83311 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16940 | &nbsp;&nbsp;&nbsp;&nbsp;2581825 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp;&nbsp;1035327 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179344 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211941 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257816 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509928 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302840 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239592 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37744 | &nbsp;&nbsp;&nbsp;&nbsp;4542113 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489982 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437475 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271598 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421890 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465318 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361804 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154237 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444417 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657002 |
|  |  | **$13647760** |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |  |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 | $410293 |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197846 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329981 |
|  |  | **$938120** |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% |  |
| Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | $234887 |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301737 |
|  |  | **$536624** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Pharmaceuticals — 3.2% | Pharmaceuticals — 3.2% |  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18220 | $982787 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134 | &nbsp;&nbsp; 7666767 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21632 | &nbsp;&nbsp; 4476742 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22214 | &nbsp;&nbsp; 2338246 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50888 | &nbsp;&nbsp; 1267111 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10309 | &nbsp;&nbsp; 128347 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp; 496234 |
|  |  | **$17356234** |
| Professional Services — 0.5% | Professional Services — 0.5% |  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620 | $931173 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238345 |
| Dayforce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100697 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244753 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141732 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210888 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331492 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72190 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284981 |
|  |  | **$2556251** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672 | $429631 |
| CoStar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259681 |
|  |  | **$689312** |
| Residential REITs — 0.2% | Residential REITs — 0.2% |  |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | $234978 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104796 |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195361 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150728 |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142868 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145578 |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104391 |
|  |  | **$1078700** |
| Retail REITs — 0.2% | Retail REITs — 0.2% |  |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | $73886 |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129424 |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469788 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107342 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540891 |
|  |  | **$1321331** |
| Semiconductors & Semiconductor Equipment — 13.6% | Semiconductors & Semiconductor Equipment — 13.6% |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14623 | $3131662 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403 | &nbsp;&nbsp;&nbsp;&nbsp;1194094 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp;1832339 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42396 | &nbsp;&nbsp;&nbsp;&nbsp;14673256 |
| First Solar, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255483 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |  |
| Intel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40256 | $1485446 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp; 1428934 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242 | &nbsp;&nbsp; 1924405 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp; 313439 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046 | &nbsp;&nbsp; 2867229 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp; 396079 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218110 | &nbsp;&nbsp; 40677515 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp; 489036 |
| ON Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201871 |
| Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155788 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp;1639685 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89852 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271371 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 | &nbsp;&nbsp;&nbsp;&nbsp;1410821 |
|  |  | **$74438305** |
| Software — 9.9% | Software — 9.9% |  |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 | $1311413 |
| AppLovin Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp;1632666 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564195 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761445 |
| CrowdStrike Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;1052835 |
| Datadog, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400763 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358411 |
| Fortinet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449222 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143672 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;&nbsp;&nbsp;1652738 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66753 | &nbsp;&nbsp;&nbsp;32283086 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15109 | &nbsp;&nbsp;&nbsp;&nbsp;2944895 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20510 | &nbsp;&nbsp;&nbsp;&nbsp;3645653 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp;1131909 |
| PTC, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190237 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428660 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | &nbsp;&nbsp;&nbsp;&nbsp;2257298 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285 | &nbsp;&nbsp;&nbsp;&nbsp;1422369 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780675 |
| Tyler Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178856 |
| Workday, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422902 |
|  |  | **$54013900** |
| Specialized REITs — 0.7% | Specialized REITs — 0.7% |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 | $735638 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352725 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452063 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673455 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251976 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223301 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373421 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189368 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273326 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Specialized REITs (continued) | Specialized REITs (continued) |  |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 | $155809 |
|  |  | **$3681082** |
| Specialty Retail — 1.6% | Specialty Retail — 1.6% |  |
| AutoZone, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | $505333 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp; 119939 |
| Carvana Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp; 534277 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939 | &nbsp;&nbsp; 3075910 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019 | &nbsp;&nbsp; 1210382 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689092 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524388 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;1530109 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241598 |
| Ulta Beauty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248054 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200199 |
|  |  | **$8879281** |
| Technology Hardware, Storage & Peripherals — 7.1% | Technology Hardware, Storage & Peripherals — 7.1% |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132704 | $36076910 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339624 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;11961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287303 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190739 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195332 |
| Sandisk Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299099 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533981 |
| Super Micro Computer, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133764 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527146 |
|  |  | **$38583898** |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | $140162 |
| lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206563 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678193 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124824 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234075 |
|  |  | **$1383817** |
| Tobacco — 0.6% | Tobacco — 0.6% |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15024 | $866284 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13932 | &nbsp;&nbsp;&nbsp;&nbsp;2234693 |
|  |  | **$3100977** |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |  |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;10461 | $419800 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460503 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395548 |
|  |  | **$1275851** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Water Utilities — 0.0%<sup>†</sup> | Water Utilities — 0.0%<sup>†</sup> |  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | $232028 |
|  |  | **$232028** |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |  |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305 | $874087 |
|  |  | **$874087** |
| Total Common Stocks<br> (identified cost $110,862,385) |  | **$524998529** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Exchange-Traded Funds — 1.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 1.4% | Equity Funds — 1.4% |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | $7842080 |
| Total Exchange-Traded Funds<br> (identified cost $5,941,525) |  | **$7842080** |

---

Rights — 0.0%<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Equipment & Supplies — 0.0%<sup>†</sup> | Health Care Equipment & Supplies — 0.0%<sup>†</sup> |  |
| Abiomed, Inc., CVR, Exp. 12/31/29<sup>(1)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | $555 |
| Total Rights<br> (identified cost $555) |  | **$555** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 2.6% |  |  |
| Affiliated Fund — 2.2% | Affiliated Fund — 2.2% | Affiliated Fund — 2.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(6)</sup> | 12149624 | $12149624 |
| Total Affiliated Fund<br> (identified cost $12,149,624) |  | **$12149624** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 0.0%<sup>†</sup> | Securities Lending Collateral — 0.0%<sup>†</sup> | Securities Lending Collateral — 0.0%<sup>†</sup> |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45927 | $45927 |
| Total Securities Lending Collateral<br> (identified cost $45,927) |  | **$45927** |

---

---

| | | |
|:---|:---|:---|
| U.S. Treasury Obligations — 0.4% | U.S. Treasury Obligations — 0.4% | U.S. Treasury Obligations — 0.4% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 2/19/26<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $1990523 |
| Total U.S. Treasury Obligations<br> (identified cost $1,989,166) |  | **$1990523** |
| Total Short-Term Investments<br> (identified cost $14,184,717) |  | **$14186074** |
| Total Investments — 100.1%<br> (identified cost $130,989,182) |  | **$547027238** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (0.1)% | **$(519339)** |
| Net Assets — 100.0% | **$546507899** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $554,937. |
| <sup>(3)</sup> | Represents an investment in an issuer that is deemed to be an affiliate (see Note 9). |
| <sup>(4)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(5)</sup> | Restricted security. Total market value of restricted securities amounts to $555, which represents less than 0.05% of the net assets of the Fund as of December 31, 2025. |
| <sup>(6)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(7)</sup> | Represents investment of cash collateral received in connection with securities lending. |
| <sup>(8)</sup> | Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CVR | – Contingent Value Rights |
| REITs | – Real Estate Investment Trusts |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Schedule of Investments — continued

------

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$14129625 | &nbsp;&nbsp;&nbsp;&nbsp;$(16018) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(16018)** |

---

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| Abiomed, Inc., CVR, Exp. 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;12/28/22 | &nbsp;&nbsp;&nbsp;&nbsp;$555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$555** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $118,638,928) - including<br> $554,937 of securities on loan | &nbsp;&nbsp;$532958337 |
| Investments in securities of affiliated issuers, at value (identified cost $12,350,254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068901 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20130 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292703 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25153 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169326 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110977 |
| **Total assets** | &nbsp;&nbsp;**$547645660** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$111043 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16639 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449022 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45927 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83072 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56026 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110977 |
| Payable for accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67550 |
| Payable for transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73986 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123366 |
| **Total liabilities** | &nbsp;&nbsp;**$1137761** |
| **Net Assets** | &nbsp;&nbsp;**$546507899** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$91367364 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;455140535 |
| **Net Assets** | &nbsp;&nbsp;**$546507899** |
| **Net Assets** | &nbsp;&nbsp;$546507899 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555376 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$213.87 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $1,452) | &nbsp;&nbsp;$6435919 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377676 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64725 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11122 |
| **Total investment income** | &nbsp;&nbsp;**$6889442** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$935602 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623734 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27978 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8488 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400078 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116207 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68872 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39836 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114263 |
| **Total expenses** | &nbsp;&nbsp;**$2335058** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(891321) |
| **Net expenses** | &nbsp;&nbsp;**$1443737** |
| **Net investment income** | &nbsp;&nbsp;**$5445705** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34590448 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159745 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794773 |
| **Net realized gain** | &nbsp;&nbsp;**$35544966** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43022842 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432839 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240617 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$43696298** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$79241264** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$84686969** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5445705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5853225 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35544966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48666042 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43696298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54669647 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$84686969** | &nbsp;&nbsp;**$109188914** |
| **Distributions to shareholders** | &nbsp;&nbsp;**$(53842638)** | &nbsp;&nbsp;**$(33555052)** |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(1281802)** | &nbsp;&nbsp;**$(23828379)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$29562529** | &nbsp;&nbsp;**$51805483** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$516945370 | &nbsp;&nbsp;$465139887 |
| **At end of year** | &nbsp;&nbsp;**$546507899** | &nbsp;&nbsp;**$516945370** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$201.72 | &nbsp;&nbsp;$172.99 | &nbsp;&nbsp;$146.75 | &nbsp;&nbsp;$200.13 | &nbsp;&nbsp;$165.98 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$2.19 | &nbsp;&nbsp;$2.27 | &nbsp;&nbsp;$2.28 | &nbsp;&nbsp;$2.28 | &nbsp;&nbsp;$2.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.96 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$34.95** | &nbsp;&nbsp;**$42.37** | &nbsp;&nbsp;**$37.03** | &nbsp;&nbsp;**$(37.90)** | &nbsp;&nbsp;**$46.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(2.43) | &nbsp;&nbsp;$(2.48) | &nbsp;&nbsp;$(2.30) | &nbsp;&nbsp;$(2.16) | &nbsp;&nbsp;$(2.56) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.33) |
| **Total distributions** | &nbsp;&nbsp;**$(22.80)** | &nbsp;&nbsp;**$(13.64)** | &nbsp;&nbsp;**$(10.79)** | &nbsp;&nbsp;**$(15.48)** | &nbsp;&nbsp;**$(11.89)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$213.87** | &nbsp;&nbsp;**$201.72** | &nbsp;&nbsp;**$172.99** | &nbsp;&nbsp;**$146.75** | &nbsp;&nbsp;**$200.13** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.42%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$546508 | &nbsp;&nbsp;$516945 | &nbsp;&nbsp;$465140 | &nbsp;&nbsp;$413450 | &nbsp;&nbsp;$548731 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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 years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT S&P 500<sup>®</sup> Index Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P 500<sup>®</sup> Index.

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.**

**Short-Term Debt Securities. 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.**

**Other Securities. Exchange-traded funds are valued at the official 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. 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.**

**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.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$524998529<sup>(2)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$524998529 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842080 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12149624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12149624 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45927 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1990523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990523 |
| **Total Investments** | &nbsp;&nbsp;**$545036160** | &nbsp;&nbsp;**$1990523** | &nbsp;&nbsp;**$555** | &nbsp;&nbsp;**$547027238** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(16018) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(16018) |
| **Total** | &nbsp;&nbsp;**$(16018)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(16018)** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(1)</sup> None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. <br> <sup>(2)</sup> The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C 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.

D Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.

E 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.

F 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.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

G 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.

H Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's 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 0.18% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $935,602.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP). CRM pays AIP a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $11,712 relating to the Fund's investment in the Liquidity Fund.

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 0.28% of the Fund's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $879,609.

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 year ended December 31, 2025, CRM was paid administrative fees of $623,734.

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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $425 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $398,953, of which $332,346 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $29,596.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $11,681,182 and $59,888,613, respectively.

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$7014904 | &nbsp;&nbsp;&nbsp;&nbsp;$7534770 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$46827734 | &nbsp;&nbsp;&nbsp;&nbsp;$26020282 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$6611704 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34489519 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414039312 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$455140535** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$132987926** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$419383441 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5344129) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$414039312** |

---

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$—&nbsp;&nbsp;&nbsp;&nbsp;$(16018)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$794773 | &nbsp;&nbsp;&nbsp;&nbsp;$240617 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss) – Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation) – Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2025 was approximately $10,831,000.

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 December 31, 2025, the total value of securities on loan was $554,937 and the total value of collateral received was $572,903, comprised of cash of $45,927 and U.S. government and/or agencies securities of $526,976.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$45927 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$45927 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in affiliated issuers and funds that may be deemed to be affiliated was $14,068,901, which represents 2.6% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |  |  |  |  |  |  |
| Morgan Stanley | $1519578 | $— | $(192885) | $159745 | $432839 | $1919277 | $44803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10811 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;13356034 | &nbsp;&nbsp;&nbsp;56460418 | &nbsp;&nbsp;&nbsp;(57666828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;12149624 | &nbsp;&nbsp;&nbsp;332873 | 12149624 |
| **Total** |  |  |  | **$159745** | **$432839** | **$14068901** | **$377676** |  |

---

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 30,000,000 common shares, $0.10 par value.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91944 | &nbsp;&nbsp;&nbsp;&nbsp;$19116355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85392 | &nbsp;&nbsp;&nbsp;&nbsp;$16509224 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53842638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33555052 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(354982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74240795) | &nbsp;&nbsp;&nbsp;&nbsp;(380748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73892655) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7339)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1281802)** | &nbsp;&nbsp;&nbsp;&nbsp;**(126049)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(23828379)** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 87.5% of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT S& P 500<sup>®</sup>Index Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT S&P 500<sup>®</sup> Index Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVT

S&P 500<sup>®</sup> Index Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, 163(j) interest dividends and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $5,965,341, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 85.88% qualifies for the corporate dividends received deduction.**

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 0.59% of distributions from net investment income as a 163(j) interest dividend.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $34,489,695 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

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------

[**Table of Contents**](#JOB_Calve_7160b583-bddd-4026-86c4-88b3539cf298_TOC)

CVPSPF-NCSR 12.31.25

------

![](g51633img8778f7bf1.gif)

------

## CVT

## Volatility Managed Moderate Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633imgcb017c212.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Volatility Managed Moderate Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_c4b79044-66d4-441a-967d-6290bbfaaa34_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_adf91cdf-55e7-4b8d-961d-79168b0a2717_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_adf91cdf-55e7-4b8d-961d-79168b0a2717_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_ac22fce8-6496-4ce2-bef9-69710d8144d7_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_ac22fce8-6496-4ce2-bef9-69710d8144d7_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_ac22fce8-6496-4ce2-bef9-69710d8144d7_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_98c5bfb1-25d5-494e-999a-df2cc1e16f00_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_f5451d3f-b690-42cf-ab70-3e90f61ae904_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_56fe8b1a-4b9b-4ca7-9847-9a8e86ade465_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| [Federal Tax Information](#xx_02508530-9561-49e1-aeec-c3c8c3cf5c31_1) | &nbsp;&nbsp;13 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Schedule of Investments

------

Exchange-Traded Funds — 95.8%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 48.3% | Equity Funds — 48.3% |  |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;24000 | $1584000 |
| iShares Russell 2000 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 1723120 |
| iShares S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp; 4067580 |
| iShares S&P 500 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp; 2968980 |
| Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp; 4935130 |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp; 1021440 |
| Vanguard Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp; 1238860 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;10661210 |
|  |  | **$28200320** |
| Fixed-Income Funds — 47.5% | Fixed-Income Funds — 47.5% |  |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;136000 | $13583680 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661140 |
| Vanguard Total Bond Market ETF | &nbsp;&nbsp;182000 | &nbsp;&nbsp;13480740 |
|  |  | **$27725560** |
| Total Exchange-Traded Funds<br> (identified cost $41,318,079) |  | **$55925880** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 3.8% |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | 2244106 | $2244106 |
| Total Short-Term Investments<br> (identified cost $2,244,106) |  | **$2244106** |
| Total Investments — 99.6%<br> (identified cost $43,562,185) |  | **$58169986** |
| Other Assets, Less Liabilities — 0.4% |  | **$220377** |
| Net Assets — 100.0% |  | **$58390363** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $654,529. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$3101625 | &nbsp;&nbsp;&nbsp;&nbsp;$(27678) |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14202) |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(41901)** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $41,318,079) - including<br> $654,529 of securities on loan | &nbsp;&nbsp;$55925880 |
| Investments in securities of affiliated issuers, at value (identified cost $2,244,106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244106 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338000 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30339 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26746 |
| **Total assets** | &nbsp;&nbsp;**$58574244** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$45124 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19754 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12527 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26746 |
| Payable for accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10527 |
| Payable for professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35494 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17947 |
| **Total liabilities** | &nbsp;&nbsp;**$183881** |
| **Net Assets** | &nbsp;&nbsp;**$58390363** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$44390016 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;14000347 |
| **Net Assets** | &nbsp;&nbsp;**$58390363** |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$58390363 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390754 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$17.22 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$1655188 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89010 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12447 |
| **Total investment income** | &nbsp;&nbsp;**$1756645** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$245703 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73711 |
| Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153564 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46049 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17845 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49033 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12877 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450 |
| **Total expenses** | &nbsp;&nbsp;**$618116** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(123655) |
| **Net expenses** | &nbsp;&nbsp;**$494461** |
| **Net investment income** | &nbsp;&nbsp;**$1262184** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4003297 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2968704) |
| **Net realized gain** | &nbsp;&nbsp;**$1034593** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1833506 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44481) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$1789025** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$2823618** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4085802** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1262184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1482248 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487078 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604142 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4085802** | &nbsp;&nbsp;**$5573468** |
| **Distributions to shareholders** | &nbsp;&nbsp;**$(5244224)** | &nbsp;&nbsp;**$(5549520)** |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(6540407)** | &nbsp;&nbsp;**$(12933398)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(7698829)** | &nbsp;&nbsp;**$(12909450)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$66089192 | &nbsp;&nbsp;$78998642 |
| **At end of year** | &nbsp;&nbsp;**$58390363** | &nbsp;&nbsp;**$66089192** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$17.60 | &nbsp;&nbsp;$17.73 | &nbsp;&nbsp;$17.03 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$19.10 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.21** | &nbsp;&nbsp;**$1.38** | &nbsp;&nbsp;**$1.94** | &nbsp;&nbsp;**$(2.97)** | &nbsp;&nbsp;**$1.91** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.21) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(1.59)** | &nbsp;&nbsp;**$(1.51)** | &nbsp;&nbsp;**$(1.24)** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$17.22** | &nbsp;&nbsp;**$17.60** | &nbsp;&nbsp;**$17.73** | &nbsp;&nbsp;**$17.03** | &nbsp;&nbsp;**$20.80** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.92%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$58390 | &nbsp;&nbsp;$66089 | &nbsp;&nbsp;$78999 | &nbsp;&nbsp;$81312 | &nbsp;&nbsp;$110534 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Amounts do not include the expenses of the Underlying Funds.

<sup>(5)</sup> 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 0.01%, 0.01%, 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Volatility Managed Moderate Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 pursue current income and modest growth potential consistent with preservation of capital, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

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 F shares.

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:

**Securities. Exchange-traded funds are valued at the official 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. 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.**

**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.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$55925880 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$55925880 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244106 |
| **Total Investments** | &nbsp;&nbsp;**$58169986** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$58169986** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(41901) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(41901) |
| **Total** | &nbsp;&nbsp;**$(41901)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(41901)** |

---

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. Distributions from the Underlying Funds and management investment companies are recorded on ex-dividend date. 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. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C 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.

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 and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 0.40% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $245,703.

Pursuant to investment sub-advisory agreements, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP) and Parametric Portfolio Associates LLC (Parametric), an affiliate of CRM. AIP is responsible for selecting the exchange-traded funds in which the Fund invests and Parametric is responsible for executing the Fund's volatility management strategy. CRM pays AIP and Parametric a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $3,086 relating to the Fund's investment in the Liquidity Fund.

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 0.81% of the Fund's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $120,569.

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 year ended December 31, 2025, CRM was paid administrative fees of $73,711.

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 year ended December 31, 2025 amounted to $153,564 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $1,593 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $44,253, all of which 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $3,535.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $5,804,259 and $20,611,457, respectively.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1921751 | &nbsp;&nbsp;&nbsp;&nbsp;$1864378 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$3322473 | &nbsp;&nbsp;&nbsp;&nbsp;$3685142 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1261571 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590918 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10147858 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$14000347** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$48022128** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$12613177 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2465319) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$10147858** |

---

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund's investments and to adjust the Fund's overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$—&nbsp;&nbsp;&nbsp;&nbsp;$(41901)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(2968704) | &nbsp;&nbsp;&nbsp;&nbsp;$(44481) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2025 was approximately $1,964,000 and $2,682,000, respectively.

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 December 31, 2025, the total value of securities on loan was $654,529 and the total value of collateral received was $671,690, comprised of U.S. government and/or agencies securities.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $2,244,106, which represents 3.8% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $1259001 | $16442661 | $(15457556) | $— | $— | $2244106 | $89010 | 2244106 |

---

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 100,000,000 common shares, $0.10 par value.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79418 | &nbsp;&nbsp;&nbsp;&nbsp;$1391667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29575 | &nbsp;&nbsp;&nbsp;&nbsp;$540944 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549520 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(750851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13176298) | &nbsp;&nbsp;&nbsp;&nbsp;(1041745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19023862) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(363854)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6540407)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(700749)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12933398)** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Volatility Managed Moderate Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Volatility Managed Moderate Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVT

Volatility Managed Moderate Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of capital gains dividends.

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $2,591,102 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

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[**Table of Contents**](#JOB_Calve_d621a31a-5227-4f55-9605-c4abc23b86dd_TOC)

CVPVMM-NCSR 12.31.25

------

![](g51633imged764ca11.gif)

------

## CVT

## Volatility Managed Moderate Growth Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633imgd1473fae2.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Volatility Managed Moderate Growth Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_fd442701-6ccc-451b-b0e1-c599686ae35c_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_10fd3ae2-4630-464a-9e12-da2e3d9c9752_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_10fd3ae2-4630-464a-9e12-da2e3d9c9752_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_3110c085-55e4-4952-b85d-1486d28b0461_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_3110c085-55e4-4952-b85d-1486d28b0461_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_3110c085-55e4-4952-b85d-1486d28b0461_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_c7d10aea-959a-4dd9-8a5a-2d8d1b9e8db4_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_03fd9ffa-a95b-42f1-b5b3-9472da010587_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_170a4b9b-6128-45e9-8385-b1cc393c4752_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| [Federal Tax Information](#xx_0759ab64-c203-4459-b772-8eecaf45a2e7_1) | &nbsp;&nbsp;14 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Schedule of Investments

------

Exchange-Traded Funds — 95.2%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 63.2% | Equity Funds — 63.2% |  |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;27000 | $1782000 |
| iShares Russell 2000 ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 2215440 |
| iShares S&P 500 Growth ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 6039740 |
| iShares S&P 500 Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp; 5089680 |
| Vanguard FTSE Developed Markets ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp; 6434410 |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp; 967680 |
| Vanguard Real Estate ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 1504330 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;10974775 |
|  |  | **$35008055** |
| Fixed-Income Funds — 32.0% | Fixed-Income Funds — 32.0% |  |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;86000 | $8589680 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550950 |
| Vanguard Total Bond Market ETF | &nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;8592120 |
|  |  | **$17732750** |
| Total Exchange-Traded Funds<br> (identified cost $33,292,244) |  | **$52740805** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 10.5% |  |  |
| Affiliated Fund — 4.4% | Affiliated Fund — 4.4% | Affiliated Fund — 4.4% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | 2426411 | $2426411 |
| Total Affiliated Fund<br> (identified cost $2,426,411) |  | **$2426411** |
| Securities Lending Collateral — 6.1% | Securities Lending Collateral — 6.1% | Securities Lending Collateral — 6.1% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(3)</sup> | 3409575 | $3409575 |
| Total Securities Lending Collateral<br> (identified cost $3,409,575) |  | **$3409575** |
| Total Short-Term Investments<br> (identified cost $5,835,986) |  | **$5835986** |
| Total Investments — 105.7%<br> (identified cost $39,128,230) |  | **$58576791** |
| Other Assets, Less Liabilities — (5.7)% |  | **$(3183684)** |
| Net Assets — 100.0% |  | **$55393107** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $10,808,230. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(3)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Schedule of Investments — continued

------

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$2757000 | &nbsp;&nbsp;&nbsp;&nbsp;$(29708) |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15503) |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(40481)** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $36,701,819) - including<br> $10,808,230 of securities on loan | &nbsp;&nbsp;$56150380 |
| Investments in securities of affiliated issuers, at value (identified cost $2,426,411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426411 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9027 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37491 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21716 |
| **Total assets** | &nbsp;&nbsp;**$58964134** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$40919 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409575 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18569 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5674 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11822 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21716 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62406 |
| **Total liabilities** | &nbsp;&nbsp;**$3571027** |
| **Net Assets** | &nbsp;&nbsp;**$55393107** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$36926238 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;18466869 |
| **Net Assets** | &nbsp;&nbsp;**$55393107** |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$55393107 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847166 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.46 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$1313468 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99805 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14744 |
| **Total investment income** | &nbsp;&nbsp;**$1428017** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$221948 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66584 |
| Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138717 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40891 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15967 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47356 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22142 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091 |
| **Total expenses** | &nbsp;&nbsp;**$572573** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(126493) |
| **Net expenses** | &nbsp;&nbsp;**$446080** |
| **Net investment income** | &nbsp;&nbsp;**$981937** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3603549 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2794825) |
| **Net realized gain** | &nbsp;&nbsp;**$808724** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2589074 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$2602764** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$3411488** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4393425** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$981937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1139474 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420084 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803751 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$4393425** | &nbsp;&nbsp;**$6363309** |
| **Distributions to shareholders** | &nbsp;&nbsp;**$(5509725)** | &nbsp;&nbsp;**$(4114375)** |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(2565167)** | &nbsp;&nbsp;**$(11884316)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(3681467)** | &nbsp;&nbsp;**$(9635382)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$59074574 | &nbsp;&nbsp;$68709956 |
| **At end of year** | &nbsp;&nbsp;**$55393107** | &nbsp;&nbsp;**$59074574** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$19.88 | &nbsp;&nbsp;$19.28 | &nbsp;&nbsp;$18.33 | &nbsp;&nbsp;$22.49 | &nbsp;&nbsp;$19.99 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.67** | &nbsp;&nbsp;**$1.98** | &nbsp;&nbsp;**$2.42** | &nbsp;&nbsp;**$(3.31)** | &nbsp;&nbsp;**$2.72** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.22) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(2.09)** | &nbsp;&nbsp;**$(1.38)** | &nbsp;&nbsp;**$(1.47)** | &nbsp;&nbsp;**$(0.85)** | &nbsp;&nbsp;**$(0.22)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.46** | &nbsp;&nbsp;**$19.88** | &nbsp;&nbsp;**$19.28** | &nbsp;&nbsp;**$18.33** | &nbsp;&nbsp;**$22.49** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.79%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.64%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$55393 | &nbsp;&nbsp;$59075 | &nbsp;&nbsp;$68710 | &nbsp;&nbsp;$68839 | &nbsp;&nbsp;$90358 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Amounts do not include the expenses of the Underlying Funds.

<sup>(5)</sup> 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 0.01%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Volatility Managed Moderate Growth Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 pursue a balance of current income and growth potential, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

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 F shares.

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:

**Securities. Exchange-traded funds are valued at the official 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. 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.**

**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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$52740805 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$52740805 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426411 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409575 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409575 |
| **Total Investments** | &nbsp;&nbsp;**$58576791** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$58576791** |

---

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Futures Contracts | &nbsp;&nbsp;$4730 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4730 |
| **Total** | &nbsp;&nbsp;**$58581521** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$58581521** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(45211) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(45211) |
| **Total** | &nbsp;&nbsp;**$(45211)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(45211)** |

---

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. Distributions from the Underlying Funds and management investment companies are recorded on ex-dividend date. 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. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C 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.

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 and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 0.40% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $221,948.

Pursuant to investment sub-advisory agreements, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP) and Parametric Portfolio Associates LLC (Parametric), an affiliate of CRM. AIP is responsible for selecting the exchange-traded funds in which the Fund invests and Parametric is responsible for executing the Fund's volatility management strategy. CRM pays AIP and Parametric a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $3,468 relating to the Fund's investment in the Liquidity Fund.

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 0.81% of the Fund's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $123,025.

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 year ended December 31, 2025, CRM was paid administrative fees of $66,584.

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 year ended December 31, 2025 amounted to $138,717 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $760 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $39,981, all of which 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $3,232.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $5,150,935 and $15,890,678, respectively.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1475862 | &nbsp;&nbsp;&nbsp;&nbsp;$1771877 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$4033863 | &nbsp;&nbsp;&nbsp;&nbsp;$2342498 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$981777 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605720 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14879372 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$18466869** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$43697419** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$16235129 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1355757) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$14879372** |

---

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund's investments and to adjust the Fund's overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | |
|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4730<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;$(45211)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(2794825) | &nbsp;&nbsp;&nbsp;&nbsp;$13690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2025 was approximately $2,212,000 and $2,704,000, respectively.

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 December 31, 2025, the total value of securities on loan was $10,808,230 and the total value of collateral received was $11,099,528, comprised of cash of $3,409,575 and U.S. government and/or agencies securities of $7,689,953.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$3409575 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3409575 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $2,426,411, which represents 4.4% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $1798352 | $15058300 | $(14430241) | $— | $— | $2426411 | $99805 | 2426411 |

---

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 100,000,000 common shares, $0.10 par value.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116988 | &nbsp;&nbsp;&nbsp;&nbsp;$2321829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109689 | &nbsp;&nbsp;&nbsp;&nbsp;$2243772 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114375 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(527581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10396721) | &nbsp;&nbsp;&nbsp;&nbsp;(905724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18242463) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(124076)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2565167)** | &nbsp;&nbsp;&nbsp;&nbsp;**(591645)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11884316)** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Volatility Managed Moderate Growth Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Volatility Managed Moderate Growth Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVT

Volatility Managed Moderate Growth Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of capital gains dividends.

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $2,605,962 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_d1a7a8f9-b719-48c0-9c4e-4c871cac3111_TOC)

CVPVMP-NCSR 12.31.25

------

![](g51633imgea3fb2fe1.gif)

------

## CVT

## Volatility Managed Growth Portfolio

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g51633imgd38675102.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
CVT

Volatility Managed Growth Portfolio

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_eb7e25e0-b278-448d-8fae-2579e968b835_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_8753edc9-93ce-4f68-bc67-f9faf88cbd33_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_8753edc9-93ce-4f68-bc67-f9faf88cbd33_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_9083d3c6-8b43-4c6c-b17b-88b13e4b02c4_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_9083d3c6-8b43-4c6c-b17b-88b13e4b02c4_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_9083d3c6-8b43-4c6c-b17b-88b13e4b02c4_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_7d0a00ac-2ec8-44c0-aeb3-4bd085f15996_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_f1826923-b135-4873-8952-bafe59d6fc6f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_663fd650-1dfd-47a3-8280-c4b97e13b398_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| [Federal Tax Information](#xx_b045b844-dba0-464c-b3c5-8fd44d4f1eb7_1) | &nbsp;&nbsp;14 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Schedule of Investments

------

Exchange-Traded Funds — 95.2%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 77.9% | Equity Funds — 77.9% |  |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;47000 | $3102000 |
| iShares Russell 2000 ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp; 3938560 |
| iShares S&P 500 Growth ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;13065560 |
| iShares S&P 500 Value ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;10603500 |
| Vanguard FTSE Developed Markets ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;11806830 |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 1344000 |
| Vanguard Real Estate ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp; 3185640 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;16618945 |
|  |  | **$63665035** |
| Fixed-Income Funds — 17.3% | Fixed-Income Funds — 17.3% |  |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;132000 | $13184160 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991710 |
|  |  | **$14175870** |
| Total Exchange-Traded Funds<br> (identified cost $40,092,415) |  | **$77840905** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 5.7% |  |  |
| Affiliated Fund — 4.5% | Affiliated Fund — 4.5% | Affiliated Fund — 4.5% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(2)</sup> | 3665423 | $3665423 |
| Total Affiliated Fund<br> (identified cost $3,665,423) |  | **$3665423** |
| Securities Lending Collateral — 1.2% | Securities Lending Collateral — 1.2% | Securities Lending Collateral — 1.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(3)</sup> | 1010450 | $1010450 |
| Total Securities Lending Collateral<br> (identified cost $1,010,450) |  | **$1010450** |
| Total Short-Term Investments<br> (identified cost $4,675,873) |  | **$4675873** |
| Total Investments — 100.9%<br> (identified cost $44,768,288) |  | **$82516778** |
| Other Assets, Less Liabilities — (0.9)% |  | **$(750302)** |
| Net Assets — 100.0% |  | **$81766476** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $15,894,554. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of December 31, 2025. |
| <sup>(3)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Schedule of Investments — continued

------

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$5858625 | &nbsp;&nbsp;&nbsp;&nbsp;$(51239) |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31273) |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(80122)** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $41,102,865) - including<br> $15,894,554 of securities on loan | &nbsp;&nbsp;$78851355 |
| Investments in securities of affiliated issuers, at value (identified cost $3,665,423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665423 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411000 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11949 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31541 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37844 |
| **Total assets** | &nbsp;&nbsp;**$83014915** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$77920 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010450 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17465 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37844 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68029 |
| **Total liabilities** | &nbsp;&nbsp;**$1248439** |
| **Net Assets** | &nbsp;&nbsp;**$81766476** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$47972044 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;33794432 |
| **Net Assets** | &nbsp;&nbsp;**$81766476** |
| Class F Shares |  |
| **Net Assets** | &nbsp;&nbsp;$81766476 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195596 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.49 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$1680104 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136616 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26949 |
| **Total investment income** | &nbsp;&nbsp;**$1843669** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$326273 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97882 |
| Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203921 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60689 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22031 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52578 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621 |
| **Total expenses** | &nbsp;&nbsp;**$793209** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(137209) |
| **Net expenses** | &nbsp;&nbsp;**$656000** |
| **Net investment income** | &nbsp;&nbsp;**$1187669** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6965362 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5244679) |
| **Net realized gain** | &nbsp;&nbsp;**$1720683** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3514328 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$3515875** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$5236558** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$6424227** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1187669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1453283 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10248968 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259212) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$6424227** | &nbsp;&nbsp;**$11443039** |
| **Distributions to shareholders** | &nbsp;&nbsp;**$(11627670)** | &nbsp;&nbsp;**$(8630527)** |
| **Net increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp;**$295753** | &nbsp;&nbsp;**$(21010288)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(4907690)** | &nbsp;&nbsp;**$(18197776)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$86674166 | &nbsp;&nbsp;$104871942 |
| **At end of year** | &nbsp;&nbsp;**$81766476** | &nbsp;&nbsp;**$86674166** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$20.91 | &nbsp;&nbsp;$20.58 | &nbsp;&nbsp;$19.67 | &nbsp;&nbsp;$23.93 | &nbsp;&nbsp;$20.86 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.65** | &nbsp;&nbsp;**$2.53** | &nbsp;&nbsp;**$2.91** | &nbsp;&nbsp;**$(3.60)** | &nbsp;&nbsp;**$3.30** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(3.07)** | &nbsp;&nbsp;**$(2.20)** | &nbsp;&nbsp;**$(2.00)** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.49** | &nbsp;&nbsp;**$20.91** | &nbsp;&nbsp;**$20.58** | &nbsp;&nbsp;**$19.67** | &nbsp;&nbsp;**$23.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14.94)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.87%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$81766 | &nbsp;&nbsp;$86674 | &nbsp;&nbsp;$104872 | &nbsp;&nbsp;$109769 | &nbsp;&nbsp;$141933 |
| Ratios (as a percentage of average daily net assets):<sup>(3)(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Amounts do not include the expenses of the Underlying Funds.

<sup>(5)</sup> 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 0.01%, 0.01%, 0.01% and less than 0.01% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

CVT Volatility Managed Growth Portfolio (the Fund) is a diversified series of Calvert Variable Trust, 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 pursue growth potential and some current income, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

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 F shares.

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:

**Securities. Exchange-traded funds are valued at the official 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. 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.**

**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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$77840905 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$77840905 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665423 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665423 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010450 |
| **Total Investments** | &nbsp;&nbsp;**$82516778** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$82516778** |

---

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Futures Contracts | &nbsp;&nbsp;$2390 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2390 |
| **Total** | &nbsp;&nbsp;**$82519168** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$82519168** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(82512) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(82512) |
| **Total** | &nbsp;&nbsp;**$(82512)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(82512)** |

---

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. Distributions from the Underlying Funds and management investment companies are recorded on ex-dividend date. 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. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C 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.

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 and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

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 0.40% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $326,273.

Pursuant to investment sub-advisory agreements, CRM has delegated the investment management of the Fund to Ameritas Investment Partners, Inc. (AIP) and Parametric Portfolio Associates LLC (Parametric), an affiliate of CRM. AIP is responsible for selecting the exchange-traded funds in which the Fund invests and Parametric is responsible for executing the Fund's volatility management strategy. CRM pays AIP and Parametric a portion of its investment advisory fee for sub-advisory services provided to the Fund.

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 year ended December 31, 2025, the investment advisory fee paid was reduced by $4,703 relating to the Fund's investment in the Liquidity Fund.

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 0.81% of the Fund's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $132,506.

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 year ended December 31, 2025, CRM was paid administrative fees of $97,882.

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 year ended December 31, 2025 amounted to $203,921 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $1,601 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 $250,000, 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 $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 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 year ended December 31, 2025, expenses incurred under the Servicing Plan amounted to $59,019, all of which 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 December 31, 2025 are amounts payable to an affiliate of AIP under the Servicing Plan of $5,074.

4 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $11,107,431 and $27,029,526, respectively.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

5 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1681707 | &nbsp;&nbsp;&nbsp;&nbsp;$2236612 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$9945963 | &nbsp;&nbsp;&nbsp;&nbsp;$6393915 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1187225 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585487 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28021720 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$33794432** |

---

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$54495058** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$28769399 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747679) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$28021720** |

---

6 Financial Instruments

A summary of futures contracts outstanding at December 31, 2025 is included in the Schedule of Investments. During the year ended December 31, 2025, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund's investments and to adjust the Fund's overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

---

| | | |
|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2390<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;$(82512)<sup>(1)</sup> |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> 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 and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2025 was as follows:

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(5244679) | &nbsp;&nbsp;&nbsp;&nbsp;$1547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2025 was approximately $3,706,000 and $5,078,000, respectively.

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 December 31, 2025, the total value of securities on loan was $15,894,554 and the total value of collateral received was $16,324,933, comprised of cash of $1,010,450 and U.S. government and/or agencies securities of $15,314,483.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$1010450 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1010450 |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Notes to Financial Statements — continued

------

9 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,665,423, which represents 4.5% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $3385328 | $27371721 | $(27091626) | $— | $— | $3665423 | $136616 | 3665423 |

---

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 100,000,000 common shares, $0.10 par value.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class F** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400325 | &nbsp;&nbsp;&nbsp;&nbsp;$8273608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;$117482 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11627670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630527 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(953313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19605525) | &nbsp;&nbsp;&nbsp;&nbsp;(1364057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29758297) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50420** | &nbsp;&nbsp;&nbsp;&nbsp;**$295753** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(950085)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(21010288)** |

---

At December 31, 2025, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of CVT Volatility Managed Growth Portfolio and Board of Directors of Calvert Variable Trust, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CVT Volatility Managed Growth Portfolio (the "Fund"), one of the funds constituting Calvert Variable Trust, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 19, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVT

Volatility Managed Growth Portfolio

December 31, 2025

Federal Tax Information (Unaudited)

------

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of capital gains dividends.

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $4,585,504 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_8589dc10-a8cf-4d8e-a475-136f530a9b27_TOC)

CVPVMG-NCSR 12.31.25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

------

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control over financial reporting 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

------

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d51633dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d51633dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d51633dex99906cert.htm) |

---

------

#### 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.

---

| | |
|:---|:---|
| <u>Calvert Variable Trust, Inc</u>. | <u>Calvert Variable Trust, Inc</u>. |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | February 24, 2026 |

---

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/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | February 24, 2026 |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | February 24, 2026 |

---

## Ex-99.Cert

**Calvert Variable Trust, Inc.** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Variable Trust,
Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Calvert Variable Trust, Inc.** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Von M. Hughes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Variable Trust,
Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Calvert Variable Trust, Inc. (the "**Corporation**") that:

(a) the Report of the **Corporation** on Form N-CSR for the period ended
December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Corporation** for such period.

**A signed original of this written statement required by section 906 has been provided to the Corporation and will be retained by the Corporation and furnished to the Securities and Exchange Commission or its staff upon request.** 

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| |
|:---|
| Calvert Variable Trust, Inc. |
| <br> Date: February 24, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: February 24, 2026 |
| /s/ Von M. Hughes |
| Von M. Hughes |
| Principal Executive Officer |

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