# EDGAR Filing Document

**Accession Number:** 0000743773
**File Stem:** 0001410368-25-032304
**Filing Date:** 2025-11
**Character Count:** 18753
**Document Hash:** f17e8e97b06f898031268bd5f5cabe72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032304.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032304

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04000
- **FILM NUMBER:** 251528466

**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 Volatility Managed Growth Portfolio (Series ID: S000040490)

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

## Nport-Ex

CVT

Volatility Managed Growth Portfolio

September 30, 2025

Schedule of Investments (Unaudited)

------

Exchange-Traded Funds — 95.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Equity Funds — 77.5% | Equity Funds — 77.5% |  |
| iShares Core S&P Mid-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;51000 | $3328260 |
| iShares Russell 2000 ETF | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 4113320 |
| iShares S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;13520640 |
| iShares S&P 500 Value ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;10945030 |
| Vanguard FTSE Developed Markets ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;12223680 |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp; 1246140 |
| Vanguard Real Estate ETF | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp; 3473960 |
| Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;16534260 |
|  |  | **$65385290** |
| Fixed-Income Funds — 17.7% | Fixed-Income Funds — 17.7% |  |
| iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;134000 | $13433500 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;1449110 |
|  |  | **$14882610** |
| Total Exchange-Traded Funds<br> (identified cost $42,950,123) |  | **$80267900** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 5.6% |  |  |
| Affiliated Fund — 4.2% | Affiliated Fund — 4.2% | Affiliated Fund — 4.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(2)</sup> | 3594510 | $3594510 |
| Total Affiliated Fund<br> (identified cost $3,594,510) |  | **$3594510** |
| Securities Lending Collateral — 1.4% | Securities Lending Collateral — 1.4% | Securities Lending Collateral — 1.4% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(3)</sup> | 1151100 | $1151100 |
| Total Securities Lending Collateral<br> (identified cost $1,151,100) |  | **$1151100** |
| Total Short-Term Investments<br> (identified cost $4,745,610) |  | **$4745610** |
| Total Investments — 100.8%<br> (identified cost $47,695,733) |  | **$85013510** |
| Other Assets, Less Liabilities — (0.8)% |  | **$(666752)** |
| Net Assets — 100.0% |  | **$84346758** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $10,240,491 and the total market value of the collateral received by the Fund was $10,412,996, comprised of cash of $1,151,100 and U.S. government and/or agencies securities of $9,261,896. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2025. |
| <sup>(3)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

------

CVT

Volatility Managed Growth Portfolio

September 30, 2025

Schedule of Investments (Unaudited) — 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;18 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;$6064875 | &nbsp;&nbsp;&nbsp;&nbsp;$34820 |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28445) |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3928) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2447** |

---

During the fiscal year to date ended September 30, 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 September 30, 2025, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,594,510, which represents 4.2% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended September 30, 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, Institutional Class<sup>(1)</sup> | $3385328 | $21108446 | $(20899264) | $— | $— | $3594510 | $102601 | 3594510 |

---

<sup>(1)</sup> Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.

Fair Value Measurements

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the market value of the Fund's holdings as of September 30, 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;$80267900 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$80267900 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594510 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151100 |
| **Total Investments** | &nbsp;&nbsp;**$85013510** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$85013510** |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34820 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34820 |
| **Total** | &nbsp;&nbsp;**$85048330** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$85048330** |

---

------

CVT

Volatility Managed Growth Portfolio

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(32373) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(32373) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(32373)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(32373)** |

---

For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Calvert Variable Trust, Inc.

- **b. Investment Company Act file number:** 811-04000

- **c. CIK number of Registrant:** 0000743773

- **d. LEI of Registrant:** 549300PDAQJMP5ONK782

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2050 M Street NW

  - **City:** Washington

  - **State:** DC

  - **Foreign country:** US

  - **Zip / Postal Code:** 20036

  - **Telephone number:** 202-238-2200

**Item A.2. Information about the Series.**

- **a. Name of Series:** CVT Volatility Managed Growth Portfolio

- **b. EDGAR series identifier (if any):** S000040490

- **c. LEI of Series:** 549300VVYIFJ3G4WJ881

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $85821258.45

**Total Liabilities:** $1279224.24

**Net Assets:** $84542034.21

**Cash Not Reported:** $700979.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125701 | 0.86%                | 2.42%                | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6210.00                 | $748990.06                                 |
| Month 2  | $-7212.40                | $2041165.13                                |
| Month 3  | $436345.95               | $1461559.15                                |

**Designated Index Information**

- **Index Name:** S&P 500

- **Index Identifier:** SPX

### Schedule of Portfolio Investments

| Name                                                | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard FTSE Developed Markets ETF                 | Vanguard FTSE Developed Markets ETF                                         | CUSIP: 921943858<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | RF                | US        |    204000 | NS      | $12223680.00  | 14.46%            |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard FTSE Emerging Markets ETF                  | Vanguard FTSE Emerging Markets ETF                                          | CUSIP: 922042858<br>LEI: I9EY4HOGV0KQ5WF8MP19 | Long             | EC               | RF                | US        |     23000 | NS      | $1246140.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 500 Growth ETF                          | iShares S&P 500 Growth ETF                                                  | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Long             | EC               | RF                | US        |    112000 | NS      | $13520640.00  | 15.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                         | S+P500 EMINI FUT DEC25                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        18 | NC      | $34818.87     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core U.S. Aggregate Bond ETF                | iShares Core U.S. Aggregate Bond ETF                                        | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             | EC               | RF                | US        |    134000 | NS      | $13433500.00  | 15.89%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                        | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   1151100 | NS      | $1151100.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 500 Value ETF                           | iShares S&P 500 Value ETF                                                   | CUSIP: 464287408<br>LEI: 549300CBC7RH6BCDVO32 | Long             | EC               | RF                | US        |     53000 | NS      | $10945030.00  | 12.95%            |  |  |  | No            |                  1 | On Loan: —       |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | iShares iBoxx $ Investment Grade Corporate Bond ETF                         | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |     13000 | NS      | $1449110.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                            | iShares Russell 2000 ETF                                                    | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Long             | EC               | RF                | US        |     17000 | NS      | $4113320.00   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                         | S+P MID 400 EMINI DEC25                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         8 | NC      | $-28444.55    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                              | MSCI EAFE DEC25                                                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        24 | NC      | $-3927.52     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate ETF                            | Vanguard Real Estate ETF                                                    | CUSIP: 922908553<br>LEI: B1HNOZOSPCLXHIVBEI82 | Long             | EC               | RF                | US        |     38000 | NS      | $3473960.00   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                            | Morgan Stanley Institutional Liquidity Funds - Government Portfolio         | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3594510 | NS      | $3594509.77   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF                        | iShares Core S&P Mid-Cap ETF                                                | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |     51000 | NS      | $3328260.00   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                                | Vanguard S&P 500 ETF                                                        | CUSIP: 922908363<br>LEI: 549300D8V8ZP5GRJOC71 | Long             | EC               | RF                | US        |     27000 | NS      | $16534260.00  | 19.56%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Calvert Variable Trust, Inc.

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer