N-Q 1 cvsbmnqcd2doc.htm N-Q CVSBMNQCD2 Combined Document
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

811-03591
Investment Company Act File Number

Calvert Variable Series, Inc.
(Exact Name of Registrant as Specified in Charter)

4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)
 
(301) 951-4800
(Registrant's telephone number, including area code)

December 31
Date of Fiscal Year End

March 31, 2017
Date of Reporting Period
 
 
 



 
Item 1. Schedule of Investments

 



CALVERT VP SRI BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2017 (Unaudited)
 
SHARES
VALUE ($)
COMMON STOCKS - 59.6%
 
 
 
Aerospace & Defense - 0.9%
 
 
CAE, Inc.
144,000
2,200,309
Hexcel Corp.
11,326
617,833
 
 
2,818,142
 
Air Freight & Logistics - 0.5%
 
 
C.H. Robinson Worldwide, Inc.
19,820
1,531,888
 
Auto Components - 0.9%
 
 
Delphi Automotive plc
36,053
2,901,906
 
Banks - 4.3%
 
 
Citigroup, Inc.
28,519
1,706,007
KeyCorp
117,000
2,080,260
US Bancorp
87,284
4,495,126
Wells Fargo & Co.
104,164
5,797,768
 
 
14,079,161
 
Beverages - 1.1%
 
 
PepsiCo, Inc.
31,128
3,481,978
 
Biotechnology - 1.7%
 
 
Biogen, Inc. *
2,211
604,532
Celgene Corp. *
7,297
907,966
Gilead Sciences, Inc.
38,894
2,641,680
Incyte Corp. *
4,786
639,744
Vertex Pharmaceuticals, Inc. *
6,000
656,100
 
 
5,450,022
 
Building Products - 0.7%
 
 
Johnson Controls International plc
55,774
2,349,201
 
Capital Markets - 1.3%
 
 
Charles Schwab Corp. (The)
30,525
1,245,725

See notes to Schedule of Investments


Credit Suisse Group AG ADR *
123,215
1,828,511
Lazard Ltd., Class A
27,816
1,279,258
 
 
4,353,494
 
Chemicals - 0.6%
 
 
PPG Industries, Inc.
17,187
1,806,010
 
Commercial Services & Supplies - 1.0%
 
 
Deluxe Corp.
43,415
3,133,261
 
Containers & Packaging - 0.7%
 
 
WestRock Co.
43,308
2,253,315
 
Diversified Consumer Services - 0.6%
 
 
Bright Horizons Family Solutions, Inc. *
14,086
1,021,094
ServiceMaster Global Holdings, Inc. *
26,623
1,111,510
 
 
2,132,604
 
Diversified Telecommunication Services - 1.5%
 
 
Verizon Communications, Inc.
98,572
4,805,385
 
Electric Utilities - 0.3%
 
 
Portland General Electric Co.
18,587
825,635
 
Electrical Equipment - 0.6%
 
 
Hubbell, Inc.
16,563
1,988,388
 
Electronic Equipment & Instruments - 1.0%
 
 
Avnet, Inc.
73,601
3,367,982
 
Energy Equipment & Services - 2.2%
 
 
National Oilwell Varco, Inc.
51,188
2,052,127
Oceaneering International, Inc.
60,693
1,643,567
TechnipFMC plc *
80,330
2,610,725
US Silica Holdings, Inc.
17,260
828,307
 
 
7,134,726
 
Equity Real Estate Investment Trusts (REITs) - 1.7%
 
 
CubeSmart
108,527
2,817,361
Equity Residential
26,912
1,674,465
Simon Property Group, Inc.
6,200
1,066,586
 
 
5,558,412
 

See notes to Schedule of Investments


Food & Staples Retailing - 1.1%
 
 
CVS Health Corp.
12,340
968,690
Performance Food Group Co. *
117,976
2,807,829
 
 
3,776,519
 
Food Products - 2.4%
 
 
Blue Buffalo Pet Products, Inc. *
48,943
1,125,689
General Mills, Inc.
26,459
1,561,346
Mondelez International, Inc., Class A
44,815
1,930,630
Pinnacle Foods, Inc.
55,519
3,212,884
 
 
7,830,549
 
Gas Utilities - 0.5%
 
 
ONE Gas, Inc.
9,374
633,682
UGI Corp.
21,241
1,049,306
 
 
1,682,988
 
Health Care Equipment & Supplies - 1.1%
 
 
Abbott Laboratories
16,157
717,532
Danaher Corp.
35,205
3,011,084
 
 
3,728,616
 
Health Care Providers & Services - 0.6%
 
 
McKesson Corp.
13,275
1,968,151
 
Household Durables - 1.0%
 
 
Newell Brands, Inc.
71,232
3,360,013
 
Independent Power and Renewable Electricity Producers - 0.1%
 
 
NextEra Energy Partners LP
7,121
235,919
 
Industrial Conglomerates - 0.8%
 
 
General Electric Co.
88,904
2,649,339
 
Insurance - 3.4%
 
 
American Financial Group, Inc.
34,855
3,325,864
Chubb Ltd.
34,930
4,759,212
First American Financial Corp.
80,988
3,181,209
 
 
11,266,285
 
Internet & Direct Marketing Retail - 1.0%
 
 
Amazon.com, Inc. *
3,598
3,189,771
 
Internet Software & Services - 3.8%
 
 
Alphabet, Inc., Class C *
6,139
5,092,669
eBay, Inc. *
101,957
3,422,696

See notes to Schedule of Investments


Facebook, Inc., Class A *
27,193
3,862,766
 
 
12,378,131
 
IT Services - 0.9%
 
 
Amdocs Ltd.
50,022
3,050,842
 
Life Sciences - Tools & Services - 0.6%
 
 
Thermo Fisher Scientific, Inc.
13,549
2,081,126
 
Machinery - 1.4%
 
 
Dover Corp.
31,261
2,511,822
Fortive Corp.
36,119
2,175,086
 
 
4,686,908
 
Media - 2.2%
 
 
Interpublic Group of Cos., Inc. (The)
50,140
1,231,940
Time Warner, Inc.
30,771
3,006,634
Walt Disney Co. (The)
26,985
3,059,829
 
 
7,298,403
 
Metals & Mining - 0.7%
 
 
Reliance Steel & Aluminum Co.
29,308
2,345,226
 
Multi-Utilities - 1.0%
 
 
Avista Corp.
5,663
221,140
CMS Energy Corp.
37,672
1,685,445
Sempra Energy
12,537
1,385,339
 
 
3,291,924
 
Oil, Gas & Consumable Fuels - 0.8%
 
 
ONEOK, Inc.
50,328
2,790,184
 
Personal Products - 0.8%
 
 
Estee Lauder Cos., Inc. (The), Class A
29,251
2,480,192
 
Pharmaceuticals - 4.2%
 
 
Eli Lilly & Co.
25,381
2,134,796
Johnson & Johnson
50,797
6,326,766
Pfizer, Inc.
158,844
5,434,053
 
 
13,895,615
 

See notes to Schedule of Investments


Road & Rail - 0.5%
 
 
Norfolk Southern Corp.
14,718
1,647,974
 
Semiconductors & Semiconductor Equipment - 2.6%
 
 
Broadcom Ltd.
5,885
1,288,580
Intel Corp.
118,839
4,286,523
NXP Semiconductors NV *
14,339
1,484,086
Texas Instruments, Inc.
20,298
1,635,207
 
 
8,694,396
 
Software - 1.9%
 
 
Adobe Systems, Inc. *
8,683
1,129,919
Intuit, Inc.
8,872
1,029,063
Microsoft Corp.
30,964
2,039,289
Oracle Corp.
47,898
2,136,730
 
 
6,335,001
 
Specialty Retail - 1.8%
 
 
Advance Auto Parts, Inc.
8,575
1,271,330
Home Depot, Inc. (The)
15,000
2,202,450
TJX Cos., Inc. (The)
32,089
2,537,598
 
 
6,011,378
 
Technology Hardware, Storage & Peripherals - 2.8%
 
 
Apple, Inc.
65,217
9,369,074
 
Total Common Stocks (Cost $180,904,400)
 
196,016,034
 
 
 
PRINCIPAL AMOUNT ($)
VALUE ($)
ASSET-BACKED SECURITIES - 6.7%
 
 
 
Automobile - 0.4%
 
 
Avis Budget Rental Car Funding LLC, Series 2012-2A, Class A, 2.802%, 5/20/18 (a)
166,667
166,880
Capital Automotive REIT, Series 2014-1A, Class A, 3.66%, 10/15/44 (a)
550,000
535,950
Ford Credit Auto Owner Trust/Ford Credit, Series 2014-1, Class B, 2.41%, 11/15/25 (a)
200,000
200,916
Skopos Auto Receivables Trust:
 
 
Series 2015-2A, Class A, 3.55%, 2/15/20 (a)
186,468
186,710
Series 2015-1A, Class B, 5.43%, 12/15/23 (a)
300,000
301,724
 
 
1,392,180
 
Other - 6.0%
 
 
American Homes 4 Rent:
 
 
Series 2014-SFR1, Class B, 2.293%, 6/17/31 (a)(b)
130,000
129,733
Series 2014-SFR1, Class C, 2.693%, 6/17/31 (a)(b)
200,000
199,784

See notes to Schedule of Investments


Series 2014-SFR1, Class D, 3.043%, 6/17/31 (a)(b)
100,000
100,108
Series 2014-SFR1, Class E, 3.443%, 6/17/31 (a)(b)
500,000
499,999
Series 2014-SFR2, Class A, 3.786%, 10/17/36 (a)
671,531
692,662
Apidos CLO XXI, Series 2015-21A, Class C, 4.574%, 7/18/27 (a)(b)
200,000
200,346
AVANT Loans Funding Trust:
 
 
Series 2016-A, Class A, 4.11%, 5/15/19 (a)
17,906
17,919
Series 2016-B, Class A, 3.92%, 8/15/19 (a)
34,603
34,685
Series 2016-C, Class A, 2.96%, 9/16/19 (a)
134,154
134,368
Citi Held For Asset Issuance:
 
 
Series 2015-PM2, Class A, 2.35%, 3/15/22 (a)
10,783
10,787
Series 2015-PM2, Class B, 4.00%, 3/15/22 (a)
1,135,000
1,142,825
Series 2015-PM3, Class B, 4.31%, 5/16/22 (a)
350,000
353,627
Series 2016-MF1, Class A, 4.48%, 8/15/22 (a)
108,624
109,965
CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2, 4.474%, 3/20/43 (a)
1,056,922
1,048,321
Colony American Homes, Series 2014-1A, Class B, 2.293%, 5/17/31 (a)(b)
200,000
199,582
Colony Starwood Homes Trust:
 
 
Series 2016-1A, Class C, 3.593%, 7/17/33 (a)(b)
150,000
152,918
Series 2016-1A, Class D, 4.043%, 7/17/33 (a)(b)
151,000
153,468
Conn Funding II LP:
 
 
Series 2016-A, Class A, 4.68%, 4/16/18 (a)
45,360
45,409
Series 2016-A, Class B, 8.96%, 8/15/18 (a)
100,000
101,287
Series 2016-B, Class A, 3.73%, 10/15/18 (a)
522,865
524,317
Series 2016-B, Class B, 7.34%, 3/15/19 (a)
200,000
204,134
DB Master Finance LLC, Series 2015-1A, Class A2I, 3.262%, 2/20/45 (a)
784,000
788,118
Driven Brands Funding LLC:
 
 
Series 2015-1A, Class A2, 5.216%, 7/20/45 (a)
493,750
482,156
Series 2016-1A, Class A2, 6.125%, 7/20/46 (a)
149,250
151,851
Dryden 40 Senior Loan Fund, Series 2015-40A, Class D, 4.739%, 8/15/28 (a)(b)
250,000
248,388
Element Rail Leasing I LLC:
 
 
Series 2014-1A, Class A1, 2.299%, 4/19/44 (a)
114,077
111,339
Series 2014-1A, Class A2, 3.668%, 4/19/44 (a)
300,000
294,917
Series 2014-1A, Class B1, 4.406%, 4/19/44 (a)
350,000
331,358
Element Rail Leasing II LLC, Series 2015-1A, Class A2, 3.585%, 2/19/45 (a)
600,000
577,048
FOCUS Brands Funding LLC:
 
 
Series 2017-1A, Class A2I, 3.857%, 4/30/47 (a)
140,000
140,700
Series 2017-1A, Class A2II, 5.093%, 4/30/47 (a)
180,000
179,991
FRS I LLC, Series 2013-1A, Class A2, 3.08%, 4/15/43 (a)
386,697
379,355
GCAT LLC, Series 2015-1, Class A1, 3.625%, 5/26/20 (a)(b)
150,354
150,369
GLC Trust, Series 2014-A, Class A, 3.00%, 7/15/21 (a)
16,797
16,751
GMAT Trust, Series 2015-1A, Class A1, 4.25%, 9/25/20 (a)(b)
154,085
154,098
InSite Issuer LLC, Series 2016-1A, Class C, 6.414%, 11/15/46 (a)
25,000
25,386
Invitation Homes Trust:
 
 
Series 2015-SFR2, Class C, 2.00%, 6/17/32 (a)(b)
100,000
100,307
Series 2015-SFR2, Class E, 4.093%, 6/17/32 (a)(b)
400,000
403,161
Series 2015-SFR3, Class D, 3.693%, 8/17/32 (a)(b)
200,000
200,956
OneMain Financial Issuance Trust:
 
 

See notes to Schedule of Investments


Series 2014-1A, Class A, 2.43%, 6/18/24 (a)
365,825
365,896
Series 2014-1A, Class B, 3.24%, 6/18/24 (a)
150,000
150,273
Series 2014-2A, Class A, 2.47%, 9/18/24 (a)
72,349
72,466
Series 2015-2A, Class A, 2.57%, 7/18/25 (a)
545,000
546,103
OWS Structured Asset Trust, Series 2016-NPL1, Class A1, 3.75%, 7/25/56 (a)(b)
245,105
245,921
PennyMac LLC, Series 2015-NPL1, Class A1, 4.00%, 3/25/55 (a)(b)
85,274
85,707
Progress Residential Trust:
 
 
Series 2016-SFR1, Class B, 2.943%, 9/17/33 (a)(b)
260,000
261,626
Series 2016-SFR1, Class C, 3.443%, 9/17/33 (a)(b)
175,000
177,172
RenewFund Receivables Trust, Series 2015-1, Class A, 3.51%, 4/15/25 (a)
224,670
223,990
RMAT LLC, Series 2015-1, Class A1, 4.09%, 7/27/20 (a)(b)
294,510
296,169
Sierra Timeshare Receivables Funding LLC:
 
 
Series 2013-3A, Class B, 2.70%, 10/20/30 (a)
55,204
55,306
Series 2014-2A, Class B, 2.40%, 6/20/31 (a)
606,864
606,214
Series 2014-3A, Class B, 2.80%, 10/20/31 (a)
85,558
85,788
SolarCity LMC:
 
 
Series 2013-1, Class A, 4.80%, 11/20/38 (a)
482,428
476,401
Series 2014-1, Class A, 4.59%, 4/20/44 (a)
255,656
252,873
Series 2014-2, Class A, 4.02%, 7/20/44 (a)
448,723
434,271
Series 2014-2, Class B, 5.44%, 7/20/44 (a)
953,465
884,955
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24 (a)
300,000
299,651
Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 6/15/28 (a)
205,658
202,750
STORE Master Funding LLC, Series 2014-1A, Class A1, 4.21%, 4/20/44 (a)
591,500
593,399
Sunrun Callisto Issuer LLC, Series 2015-1A, Class B, 5.38%, 7/20/45 (a)
378,561
390,794
TAL Advantage V LLC, Series 2014-2A, Class B, 3.97%, 5/20/39 (a)
71,667
64,974
VB-S1 Issuer LLC, Series 2016-1A, Class C, 3.065%, 6/15/46 (a)
300,000
295,480
Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, 3.375%, 10/25/58 (a)(b)
59,900
59,665
VML LLC, Series 2014-NPL1, Class A1, 3.875%, 4/27/54 (a)(b)
117,681
117,051
VOLT XXV LLC, Series 2015-NPL8, Class A1, 3.50%, 6/26/45 (a)(b)
121,206
121,651
VOLT XXXVIII LLC, Series 2015-NP12, Class A1, 3.875%, 9/25/45 (a)(b)
185,195
186,499
Wendys Funding LLC:
 
 
Series 2015-1A, Class A2I, 3.371%, 6/15/45 (a)
1,070,695
1,075,667
Series 2015-1A, Class A2II, 4.08%, 6/15/45 (a)
394,000
396,632
 
 
19,817,837
 
Student Loan - 0.3%
 
 
DRB Prime Student Loan Trust, Series 2016-B, Class A2, 2.89%, 6/25/40 (a)
258,552
257,772
SLM Private Education Loan Trust, Series 2013-B, Class B, 3.00%, 5/16/44 (a)
300,000
299,155
Social Professional Loan Program LLC:
 
 
Series 2014-B, Class A2, 2.55%, 8/27/29 (a)
214,926
215,526
Series 2014-B, Class A1, 2.028%, 8/25/32 (a)(b)
93,896
95,206
 
 
867,659
 
Total Asset-Backed Securities (Cost $22,157,277)
 
22,077,676
 
 

See notes to Schedule of Investments


COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 1.2%
 
 
Bellemeade Re Ltd., Series 2015-1A, Class M2, 5.282%, 7/25/25 (a)(b)
410,955
413,862
Fannie Mae Connecticut Avenue Securities:
 
 
Series 2014-C02, Class 1M2, 3.582%, 5/25/24 (b)
300,000
306,014
Series 2014-C03, Class 2M2, 3.882%, 7/25/24 (b)
400,000
411,349
Series 2016-C05, Class 2M1, 2.332%, 1/25/29 (b)
162,309
163,218
Series 2016-C04, Class 1M1, 2.432%, 1/25/29 (b)
673,055
680,412
Series 2016-C06, Class 1M2, 5.232%, 4/25/29 (b)
200,000
211,803
Series 2017-C01, Class 1B1, 6.732%, 7/25/29 (b)
35,000
36,563
Series 2017-C02, Class 2B1, 6.477%, 9/25/29 (b)
65,600
66,010
Freddie Mac Structured Agency Credit Risk Debt Notes:
 
 
Series 2015-HQ2, Class M3, 4.232%, 5/25/25 (b)
493,000
521,586
Series 2015-HQA2, Class M2, 3.782%, 5/25/28 (b)
380,297
392,079
Series 2016-DNA2, Class M2, 3.182%, 10/25/28 (b)
300,000
305,540
Series 2016-DNA2, Class B, 11.482%, 10/25/28 (b)
249,973
306,784
Wedgewood Real Estate Trust, Series 2016-1, Class A2, 5.00%, 7/15/46 (a)(b)
54,027
53,919
 
Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $3,693,074)
 
3,869,139
 
 
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.3%
 
 
Bear Stearns Commercial Mortgage Securities Trust, Series 2015-RRI, Class D, 3.812%, 5/15/32 (a)(b)
100,000
99,852
BLCP Hotel Trust, Series 2014-CLRN, Class D, 3.412%, 8/15/29 (a)(b)
500,000
501,413
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class B, 2.762%, 12/15/27 (a)(b)
400,000
400,250
Citigroup Commercial Mortgage Trust, Series 2015-SSHP, Class E, 4.312%, 9/15/27 (a)(b)
300,000
298,865
Colony Multifamily Mortgage Trust, Series 2014-1, Class A, 2.543%, 4/20/50 (a)
80,505
80,118
COMM Mortgage Trust, Series 2013-THL, Class C, 2.847%, 6/8/30 (a)(b)
550,000
551,037
Equity Mortgage Trust:
 
 
Series 2014-INNS, Class E, 4.297%, 5/8/31 (a)(b)
600,000
596,456
Series 2014-INNS, Class F, 4.747%, 5/8/31 (a)(b)
100,000
98,614
GS Mortgage Securities Trust, Series 2014-NEW, Class D, 3.79%, 1/10/31 (a)
200,000
195,955
JP Morgan Chase Commercial Mortgage Securities Trust:
 
 
Series 2014-DSTY, Class D, 3.771%, 6/10/27 (a)
300,000
300,382
Series 2014-DSTY, Class C, 3.805%, 6/10/27 (a)(b)
200,000
197,367
Series 2014-INN, Class E, 4.512%, 6/15/29 (a)(b)
750,000
750,000
Morgan Stanley Capital I Trust:
 
 
Series 2014-CPT, Class F, 3.446%, 7/13/29 (a)(b)
230,000
225,605
Series 2014-CPT, Class G, 3.446%, 7/13/29 (a)(b)
160,000
155,417
Motel 6 Trust, Series 2015-MTL6, Class E, 5.279%, 2/5/30 (a)
965,000
969,933
MSCG Trust, Series 2016-SNR, Class D, 6.55%, 11/15/34 (a)
310,000
301,574
ORES NPL LLC, Series 2014-LV3, Class B, 6.00%, 3/27/24 (a)
219,913
219,248
TRU Trust:
 
 

See notes to Schedule of Investments


Series 2016-TOYS, Class A, 3.162%, 11/15/30 (a)(b)
669,342
671,175
Series 2016-TOYS, Class B, 4.062%, 11/15/30 (a)(b)
365,000
366,874
WFLD Mortgage Trust, Series 2014-MONT, Class C, 3.755%, 8/10/31 (a)(b)
450,000
455,554
 
Total Commercial Mortgage-Backed Securities (Cost $7,365,943)
 
7,435,689
 
 
CORPORATE BONDS - 17.7%
 
 
 
Basic Materials - 0.2%
 
 
Fibria Overseas Finance Ltd., 5.50%, 1/17/27
270,000
270,580
Methanex Corp., 3.25%, 12/15/19
400,000
402,812
 
 
673,392
 
Communications - 2.0%
 
 
AT&T, Inc.:
 
 
3.80%, 3/1/24
255,000
258,919
4.125%, 2/17/26
650,000
659,164
4.75%, 5/15/46
320,000
298,588
CBS Corp., 2.90%, 1/15/27
290,000
269,662
Clearwire Communications LLC / Clearwire Finance, Inc., 8.25%, 12/1/40 (a)
125,000
129,219
Comcast Corp., 3.20%, 7/15/36
480,000
425,987
Crown Castle Towers LLC, 3.663%, 5/15/45 (a)
250,000
250,205
NBCUniversal Media LLC, 4.45%, 1/15/43
200,000
201,327
Sprint Communications, Inc., 8.375%, 8/15/17
1,345,000
1,374,590
Telefonica Emisiones SAU, 3.192%, 4/27/18
400,000
405,198
Time Warner Cable LLC:
 
 
5.85%, 5/1/17
50,000
50,153
4.00%, 9/1/21
200,000
207,322
Time Warner, Inc., 4.90%, 6/15/42
300,000
293,129
Verizon Communications, Inc.:
 
 
1.75%, 8/15/21
265,000
253,692
2.45%, 11/1/22
305,000
294,199
3.50%, 11/1/24
490,000
485,882

See notes to Schedule of Investments


4.862%, 8/21/46
270,000
259,578
5.50%, 3/16/47
550,000
576,480
 
 
6,693,294
 
Consumer, Cyclical - 2.7%
 
 
American Airlines Pass-Through Trust:
 
 
Series B, 7.00%, 7/31/19 (a)
393,520
406,309
5.60%, 1/15/22 (a)
327,038
338,075
4.40%, 3/22/25
399,215
402,209
Series B, 5.25%, 7/15/25
320,713
331,136
Carrols Restaurant Group, Inc., 8.00%, 5/1/22
100,000
106,750
CVS Health Corp., 5.125%, 7/20/45
140,000
154,462
CVS Pass-Through Trust, 6.036%, 12/10/28
481,608
541,361
Delta Air Lines Pass-Through Trust, Series 1A, 6.20%, 1/2/20
108,964
114,549
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20
25,000
23,937
Ford Motor Credit Co. LLC:
 
 
6.625%, 8/15/17
150,000
152,736
2.875%, 10/1/18 (c)
350,000
354,142
2.262%, 3/28/19
250,000
250,620
1.964%, 11/4/19 (b)
400,000
402,082
3.336%, 3/18/21
500,000
505,870
4.134%, 8/4/25
375,000
376,829
Home Depot, Inc. (The), 4.20%, 4/1/43
400,000
412,166
JC Penney Corp., Inc., 7.95%, 4/1/17
65,000
65,000
Latam Airlines Pass-Through Trust:
 
 
4.50%, 8/15/25
215,132
209,753
4.20%, 8/15/29
234,961
232,905
Lowe's Cos., Inc.:
 
 
2.50%, 4/15/26
125,000
118,731
3.70%, 4/15/46
125,000
116,165
New Albertsons, Inc., 7.75%, 6/15/26
25,000
24,437
Newell Brands, Inc., 3.85%, 4/1/23
275,000
284,233
Nordstrom, Inc.:
 
 
4.00%, 3/15/27 (c)
240,000
239,177
5.00%, 1/15/44
180,000
170,333
Norwegian Air Shuttle ASA Pass-Through Trust, 4.875%, 11/10/29 (a)
300,000
303,332
Southwest Airlines Co., 3.00%, 11/15/26
280,000
264,335
Staples, Inc., 2.75%, 1/12/18
276,000
277,387
Starbucks Corp., 2.45%, 6/15/26
250,000
239,535
Virgin Australia Pass-Through Trust:
 
 
7.125%, 10/23/18 (a)
6,744
6,927
6.00%, 4/23/22 (a)
282,849
288,506
5.00%, 4/23/25 (a)
114,104
118,668
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26
270,000
263,995
Whirlpool Corp.:
 
 
3.70%, 3/1/23
400,000
411,742

See notes to Schedule of Investments


3.70%, 5/1/25
200,000
205,112
Wyndham Worldwide Corp.:
 
 
4.15%, 4/1/24
120,000
121,022
4.50%, 4/1/27
54,000
54,401
 
 
8,888,929
 
Consumer, Non-cyclical - 1.3%
 
 
Abbott Laboratories, 2.90%, 11/30/21
110,000
110,481
Amgen, Inc., 4.663%, 6/15/51
447,000
447,278
AstraZeneca plc:
 
 
3.375%, 11/16/25
300,000
302,054
4.375%, 11/16/45
175,000
178,419
Express Scripts Holding Co.:
 
 
3.00%, 7/15/23
125,000
120,826
3.40%, 3/1/27
100,000
94,178
Grupo Bimbo SAB de CV:
 
 
3.875%, 6/27/24 (a)
300,000
301,096
4.875%, 6/27/44 (a)
300,000
283,044
Kraft Heinz Foods Co., 5.20%, 7/15/45
300,000
313,126
Land O'Lakes Capital Trust I, 7.45%, 3/15/28 (a)
200,000
222,000
Land O'Lakes, Inc., 6.00%, 11/15/22 (a)
400,000
441,000
Life Technologies Corp., 6.00%, 3/1/20
300,000
328,667
Massachusetts Institute of Technology, 3.959%, 7/1/38
200,000
211,469
MEDNAX, Inc., 5.25%, 12/1/23 (a)
75,000
76,500
Shire Acquisitions Investments Ireland DAC:
 
 
2.875%, 9/23/23
305,000
295,948
3.20%, 9/23/26
225,000
214,250
Thermo Fisher Scientific, Inc., 5.30%, 2/1/44
200,000
226,950
 
 
4,167,286
 
Energy - 0.4%
 
 
Enterprise Products Operating LLC:
 
 
6.30%, 9/15/17
545,000
556,201
7.034% to 1/15/18, floating rate thereafter to 1/15/68 (b)
555,000
574,925
4.85%, 3/15/44
200,000
202,277
ONEOK Partners LP, 6.125%, 2/1/41
105,000
116,098
 
 
1,449,501
 
Financial - 8.1%
 
 
Air Lease Corp.:
 
 
5.625%, 4/1/17
105,000
105,000
3.00%, 9/15/23
175,000
171,012
Ally Financial, Inc.:
 
 
6.25%, 12/1/17
560,000
574,706
3.60%, 5/21/18
600,000
607,500
American Tower Corp.:
 
 

See notes to Schedule of Investments


3.45%, 9/15/21
285,000
290,141
3.375%, 10/15/26
300,000
286,032
Bank of America Corp.:
 
 
2.00%, 1/11/18
739,000
740,889
3.124% to 1/20/22, floating rate thereafter to 1/20/23 (b)
600,000
603,083
2.221%, 10/21/22 (b)
280,000
284,428
2.503%, 10/21/22
1,375,000
1,340,343
3.875%, 8/1/25
840,000
854,891
3.824% to 1/20/27, floating rate thereafter to 1/20/28 (b)
1,385,000
1,387,323
Capital One Bank, 2.25%, 2/13/19
200,000
200,303
Capital One Financial Corp.:
 
 
4.20%, 10/29/25
300,000
301,196
3.75%, 7/28/26
335,000
324,407
Capital One NA, 2.35%, 8/17/18
340,000
342,142
CIT Group, Inc.:
 
 
4.25%, 8/15/17
500,000
504,375
5.25%, 3/15/18
1,050,000
1,078,219
Citigroup, Inc.:
 
 
1.70%, 4/27/18
840,000
840,356
2.65%, 10/26/20
440,000
442,849
6.25% to 8/15/26, floating rate thereafter (b)(d)
275,000
296,656
3.887% to 1/10/27, floating rate thereafter to 1/10/28 (b)
1,735,000
1,742,733
Citizens Bank NA:
 
 
2.25%, 3/2/20
250,000
249,641
2.55%, 5/13/21
200,000
198,865
Citizens Financial Group, Inc.:
 
 
5.158% to 6/29/18, floating rate thereafter to 6/29/23 (b)
590,000
606,010
2.375%, 7/28/21
170,000
167,636
Compass Bank, 1.85%, 9/29/17
250,000
249,930
Credit Acceptance Corp.:
 
 
6.125%, 2/15/21
120,000
119,700
7.375%, 3/15/23
300,000
301,500
DDR Corp.:
 
 
4.75%, 4/15/18
300,000
306,799
3.625%, 2/1/25
300,000
288,602
Digital Realty Trust LP, 4.75%, 10/1/25
260,000
274,405
Discover Financial Services:
 
 
3.85%, 11/21/22
500,000
509,854
3.95%, 11/6/24
200,000
200,306
ING Bank NV, 2.00%, 11/26/18 (a)
450,000
449,692
International Finance Corp., 1.75%, 3/30/20
320,000
319,910
iStar, Inc.:
 
 
4.00%, 11/1/17
460,000
461,150
6.00%, 4/1/22
367,000
372,505
Morgan Stanley:
 
 
2.80%, 6/16/20
1,000,000
1,012,130

See notes to Schedule of Investments


4.875%, 11/1/22
260,000
281,124
2.443%, 10/24/23 (b)
260,000
265,517
4.00%, 7/23/25
325,000
335,123
3.125%, 7/27/26
640,000
610,864
Navient Corp., 6.50%, 6/15/22
21,000
21,184
OneMain Financial Holdings LLC, 6.75%, 12/15/19 (a)
75,000
78,375
PNC Bank NA, 2.70%, 11/1/22
500,000
495,761
Prudential Financial, Inc., 8.875% to 6/15/18, floating rate thereafter to 6/15/68 (b)
350,000
376,250
Synchrony Financial:
 
 
1.875%, 8/15/17
1,000,000
1,000,372
2.438%, 11/9/17 (b)
55,000
55,307
Toronto-Dominion Bank (The):
 
 
1.75%, 7/23/18
450,000
451,015
3.625% to 9/15/26, floating rate thereafter to 9/15/31 (b)
570,000
558,172
Vornado Realty LP, 2.50%, 6/30/19
375,000
377,122
Wells Fargo & Co.:
 
 
2.50%, 3/4/21
500,000
498,568
2.10%, 7/26/21
350,000
342,798
3.069%, 1/24/23
1,270,000
1,277,724
Westpac Banking Corp., 4.322% to 11/23/26, floating rate thereafter to 11/23/31 (b)
330,000
333,468
 
 
26,765,963
 
Government - 0.1%
 
 
International Bank for Reconstruction & Development, 1.005%, 10/1/18
300,000
298,352
 
Industrial - 1.4%
 
 
Carlisle Cos., Inc., 3.75%, 11/15/22
435,000
438,138
Johnson Controls International plc, 4.625%, 7/2/44 (b)
225,000
230,849
Keysight Technologies, Inc., 4.60%, 4/6/27
369,000
371,676
Masco Corp.:
 
 
4.45%, 4/1/25
100,000
104,374
6.50%, 8/15/32
150,000
177,032
Owens Corning, 3.40%, 8/15/26
230,000
222,735
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.375%, 2/1/22 (a)
375,000
380,509
Pentair Finance SA:
 
 
1.875%, 9/15/17
700,000
700,342
3.625%, 9/15/20
310,000
318,329
SBA Tower Trust:
 
 
2.933%, 12/9/42 (a)
60,000
60,030
2.24%, 4/15/43 (a)
220,000
220,028
2.877%, 7/15/46 (a)
300,000
298,233
3.722%, 4/15/48 (a)
660,000
668,407
SMBC Aviation Capital Finance DAC, 2.65%, 7/15/21 (a)
260,000
253,110
Tutor Perini Corp., 7.625%, 11/1/18
25,000
25,031
 
 
4,468,823
 

See notes to Schedule of Investments


Technology - 1.5%
 
 
Apple, Inc.:
 
 
3.25%, 2/23/26
175,000
176,784
3.45%, 2/9/45
175,000
155,985
Broadridge Financial Solutions, Inc., 3.95%, 9/1/20
205,000
214,644
CA, Inc., 4.70%, 3/15/27
250,000
259,436
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 6.02%, 6/15/26 (a)
550,000
599,600
Dun & Bradstreet Corp. (The), 3.50%, 12/1/17
400,000
402,858
DXC Technology Co.:
 
 
2.875%, 3/27/20 (a)
139,000
140,165
4.25%, 4/15/24 (a)
149,000
151,507
Hewlett Packard Enterprise Co.:
 
 
2.45%, 10/5/17
1,120,000
1,123,268
2.85%, 10/5/18
190,000
192,289
Intel Corp., 3.10%, 7/29/22
200,000
205,554
Microsoft Corp.:
 
 
2.40%, 8/8/26
285,000
269,658
4.45%, 11/3/45
250,000
263,850
Oracle Corp.:
 
 
2.40%, 9/15/23
100,000
97,341
2.65%, 7/15/26
230,000
219,008
Seagate HDD Cayman:
 
 
4.875%, 3/1/24 (a)
235,000
230,899
4.875%, 6/1/27
60,000
56,171
 
 
4,759,017
 
Total Corporate Bonds (Cost $57,793,542)
 
58,164,557
 
 
FLOATING RATE LOANS (e) - 0.1%
 
 
 
Consumer, Cyclical - 0.1%
 
 
Varsity Brands, Inc., 5.00%, 12/11/21 (b)
246,222
249,222
 

See notes to Schedule of Investments


Financial - 0.0%
 
 
Alliance Mortgage Investments Term Loan, 0.00%, 6/1/10 *(b)(f)(g)(h)
385,345
10,212
 
Total Floating Rate Loans (Cost $632,286)
 
259,434
 
 
SOVEREIGN GOVERNMENT BONDS - 0.1%
 
 
Nacional Financiera SNC, 3.375%, 11/5/20 (a)
490,000
497,105
 
Total Sovereign Government Bonds (Cost $489,358)
 
497,105
 
 
TAXABLE MUNICIPAL OBLIGATIONS - 0.9%
 
 
 
California - 0.2%
 
 
Los Angeles California Unified School District GO Bonds, 5.75%, 7/1/34
450,000
552,348
 
Connecticut - 0.1%
 
 
Connecticut Special Tax Obligation Revenue Bonds, 5.459%, 11/1/30
300,000
348,063
 
Massachusetts - 0.1%
 
 
Commonwealth of Massachusetts GO Bonds, 3.277%, 6/1/46
325,000
296,198
 
New York - 0.5%
 
 
New York City GO Bonds, 5.206%, 10/1/31
470,000
545,449
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.767%, 8/1/36
600,000
728,088
New York State Dormitory Authority Revenue Bonds, 5.289%, 3/15/33
400,000
467,420
New York Transportation Development Corp. Revenue Bonds:
 
 
(LaGuardia Airport Terminal B Redevelopment), 3.423%, 7/1/27
50,000
48,120
(LaGuardia Airport Terminal B Redevelopment), 3.473%, 7/1/28
50,000
47,586
 
 
1,836,663
 
Total Taxable Municipal Obligations (Cost $3,034,245)
 
3,033,272
 
 
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 0.1%
 
 
Overseas Private Investment Corp., 3.22%, 9/15/29
450,000
449,714
 
Total U.S. Government Agencies and Instrumentalities (Cost $450,000)
 
449,714
 
 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.3%
 
 
Fannie Mae:
 
 
2.65%, 6/1/26
345,749
340,454
2.68%, 7/1/26
350,000
343,559

See notes to Schedule of Investments


2.784%, 2/25/27(b)
324,306
326,929
 
Total U.S. Government Agency Mortgage-Backed Securities (Cost $1,033,154)
 
1,010,942
 
 
U.S. TREASURY OBLIGATIONS - 7.2%
 
 
U.S. Treasury Bonds:
 
 
2.25%, 8/15/46
8,529,000
7,218,332
2.875%, 11/15/46
1,575,000
1,528,180
U.S. Treasury Notes:
 
 
1.375%, 12/15/19
2,316,000
2,311,657
1.75%, 11/30/21
2,206,000
2,191,610
2.125%, 11/30/23
508,000
506,254
2.00%, 11/15/26
5,492,000
5,305,360
2.25%, 2/15/27
4,550,000
4,491,883
 
Total U.S. Treasury Obligations (Cost $23,588,988)
 
23,553,276
 
 
COMMERCIAL PAPER - 0.2%
 
 
Vodafone Group plc, 1.60%, 9/12/17 (a)
570,000
566,011
 
Total Commercial Paper (Cost $565,845)
 
566,011
 
 
TIME DEPOSIT - 4.5%
 
 
State Street Bank and Trust Eurodollar Time Deposit, 0.09%, 4/3/17
14,866,581
14,866,581
 
Total Time Deposit (Cost $14,866,581)
 
14,866,581
 
 
 
SHARES
VALUE ($)
SHORT TERM INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%
 
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.62%
446,945
446,945
 
Total Short Term Investment of Cash Collateral For Securities Loaned (Cost $446,945)
 
446,945
 
 
TOTAL INVESTMENTS (Cost $317,021,638) - 101.0%
 
332,246,375
Other assets and liabilities, net - (1.0%)
 
(3,325,930)
NET ASSETS - 100.0%
 
328,920,445

See notes to Schedule of Investments


NOTES TO SCHEDULE OF INVESTMENTS
* Non-income producing security.
(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $37,739,698, which represents 11.5% of the net assets of the Portfolio as of March 31, 2017.
(b) The coupon rate shown on floating or adjustable rate securities represents the rate in effect on March 31, 2017.
(c) Security, or portion of security, is on loan. Total value of securities on loan is $438,921 as of March 31, 2017.
(d) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(e) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate (“LIBOR”) or other short-term rates. The rate shown is the rate in effect at March 31, 2017. Floating rate loans are generally considered restrictive in that the Portfolio is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.
(f) Restricted security. Total market value of restricted securities amounts to $10,212, which represents less than 0.05% of the net assets of the Portfolio as of March 31, 2017.
(g) For fair value measurement disclosure purposes, security is categorized as Level 3.
(h) Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.
 
Abbreviations:
ADR:
American Depositary Receipt
 
GO:
General Obligation
 

RESTRICTED SECURITIES
ACQUISITION DATES
COST ($)
Alliance Mortgage Investments Term Loan, 0.00%, 6/1/10
5/26/05-6/13/07
385,345



See notes to Schedule of Investments


CALVERT VP SRI MID CAP PORTFOLIO
SCHEDULE OF INVESTMENTS
MARCH 31, 2017 (Unaudited)
 
SHARES
VALUE ($)
COMMON STOCKS - 99.0%
 
 
 
Aerospace & Defense - 1.1%
 
 
Hexcel Corp.
8,820
481,131
 
Air Freight & Logistics - 1.4%
 
 
C.H. Robinson Worldwide, Inc.
7,785
601,703
 
Auto Components - 1.2%
 
 
Delphi Automotive plc
6,500
523,185
 
Automobiles - 0.3%
 
 
Tesla, Inc. *
428
119,112
 
Banks - 4.1%
 
 
Bank of the Ozarks, Inc.
10,960
570,030
First Republic Bank
4,961
465,391
Great Western Bancorp, Inc.
7,662
324,945
KeyCorp
25,125
446,723
 
 
1,807,089
 
Biotechnology - 1.6%
 
 
Alexion Pharmaceuticals, Inc. *
3,300
400,092
Incyte Corp. *
2,191
292,871
 
 
692,963
 
Building Products - 1.6%
 
 
Johnson Controls International plc
16,426
691,863
 
Capital Markets - 4.9%
 
 
CBOE Holdings, Inc.
8,493
688,528
E*Trade Financial Corp. *
12,511
436,509
Lazard Ltd., Class A
10,977
504,832
S&P Global, Inc.
4,079
533,288
 
 
2,163,157
 
Chemicals - 1.7%
 
 
PPG Industries, Inc.
7,205
757,101
 
Containers & Packaging - 2.6%
 
 
Crown Holdings, Inc. *
8,640
457,488

See notes to Schedule of Investments

WestRock Co.
13,190
686,276
 
 
1,143,764
 
Distributors - 0.8%
 
 
LKQ Corp. *
12,784
374,188
 
Diversified Consumer Services - 3.0%
 
 
Bright Horizons Family Solutions, Inc. *
9,746
706,488
ServiceMaster Global Holdings, Inc. *
15,371
641,739
 
 
1,348,227
 
Electric Utilities - 1.3%
 
 
Portland General Electric Co.
13,309
591,186
 
Electrical Equipment - 3.5%
 
 
AMETEK, Inc.
14,008
757,553
Hubbell, Inc.
6,772
812,978
 
 
1,570,531
 
Electronic Equipment & Instruments - 4.1%
 
 
Amphenol Corp., Class A
8,496
604,660
Avnet, Inc.
12,181
557,403
Dolby Laboratories, Inc., Class A
12,464
653,238
 
 
1,815,301
 
Energy Equipment & Services - 3.8%
 
 
Oceaneering International, Inc.
31,784
860,711
TechnipFMC plc *
25,090
815,425
 
 
1,676,136
 
Equity Real Estate Investment Trusts (REITs) - 10.0%
 
 
AvalonBay Communities, Inc.
5,148
945,173
Equity Residential
14,099
877,240
Extra Space Storage, Inc.
11,706
870,809
Federal Realty Investment Trust
6,322
843,987
National Retail Properties, Inc.
19,930
869,346
 
 
4,406,555
 
Food & Staples Retailing - 0.7%
 
 
Kroger Co. (The)
10,229
301,653
 
Food Products - 3.3%
 
 
B&G Foods, Inc. (a)
5,219
210,065
Blue Buffalo Pet Products, Inc. *
13,861
318,803
Kellogg Co.
6,282
456,136
Pinnacle Foods, Inc.
8,570
495,946

See notes to Schedule of Investments

 
 
1,480,950
 
Gas Utilities - 3.2%
 
 
Southwest Gas Holdings, Inc.
7,848
650,678
UGI Corp.
15,316
756,610
 
 
1,407,288
 
Health Care Equipment & Supplies - 3.2%
 
 
Teleflex, Inc.
4,968
962,451
West Pharmaceutical Services, Inc.
5,401
440,775
 
 
1,403,226
 
Health Care Providers & Services - 1.6%
 
 
Humana, Inc.
1,144
235,824
McKesson Corp.
3,135
464,795
 
 
700,619
 
Household Durables - 2.6%
 
 
Newell Brands, Inc.
13,078
616,889
Whirlpool Corp.
3,087
528,896
 
 
1,145,785
 
Insurance - 4.9%
 
 
Alleghany Corp. *
1,509
927,522
American Financial Group, Inc.
5,229
498,951
First American Financial Corp.
18,420
723,538
 
 
2,150,011
 
Internet Software & Services - 2.9%
 
 
Akamai Technologies, Inc. *
6,402
382,199
eBay, Inc. *
26,408
886,517
 
 
1,268,716
 
IT Services - 3.7%
 
 
Amdocs Ltd.
15,707
957,970
Convergys Corp.
9,955
210,548
Fiserv, Inc. *
4,229
487,646
 
 
1,656,164
 
Life Sciences - Tools & Services - 1.2%
 
 
VWR Corp. *
18,175
512,535
 
Machinery - 3.1%
 
 
Fortive Corp.
12,772
769,130
Ingersoll-Rand plc
7,437
604,777
 
 
1,373,907

See notes to Schedule of Investments

 
Media - 2.1%
 
 
Interpublic Group of Cos., Inc. (The)
37,614
924,176
 
Metals & Mining - 1.0%
 
 
Reliance Steel & Aluminum Co.
5,583
446,752
 
Multi-Utilities - 2.1%
 
 
CMS Energy Corp.
10,938
489,366
Sempra Energy
3,836
423,878
 
 
913,244
 
Oil, Gas & Consumable Fuels - 1.0%
 
 
Enbridge, Inc.
10,238
428,358
 
Personal Products - 1.0%
 
 
Estee Lauder Cos., Inc. (The), Class A
5,048
428,020
 
Pharmaceuticals - 1.0%
 
 
Zoetis, Inc.
8,516
454,499
 
Professional Services - 2.1%
 
 
Verisk Analytics, Inc. *
11,249
912,744
 
Road & Rail - 1.3%
 
 
Norfolk Southern Corp.
5,129
574,294
 
Semiconductors & Semiconductor Equipment - 3.7%
 
 
Applied Materials, Inc.
11,253
437,742
Cirrus Logic, Inc. *
4,118
249,921
NXP Semiconductors NV *
9,335
966,173
 
 
1,653,836
 
Software - 1.5%
 
 
Intuit, Inc.
5,655
655,923
 
Specialty Retail - 4.8%
 
 
Advance Auto Parts, Inc.
5,344
792,301
Burlington Stores, Inc. *
4,500
437,805
Ross Stores, Inc.
13,623
897,347
 
 
2,127,453
 
Total Common Stocks (Cost $42,417,651)
 
43,683,345
 
 

See notes to Schedule of Investments

 
PRINCIPAL AMOUNT ($)
VALUE ($)
TIME DEPOSIT - 1.0%
 
 
State Street Bank and Trust Eurodollar Time Deposit, 0.09%, 4/3/17
445,293
445,293
 
Total Time Deposit (Cost $445,293)
 
445,293
 
 
 
SHARES
VALUE ($)
SHORT TERM INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.5%
 
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.62%
214,389
214,389
 
Total Short Term Investment of Cash Collateral For Securities Loaned (Cost $214,389)
 
214,389
 
 
TOTAL INVESTMENTS (Cost $43,077,333) - 100.5%
 
44,343,027
Other assets and liabilities, net - (0.5%)
 
(220,069)
NET ASSETS - 100.0%
 
44,122,958

NOTES TO SCHEDULE OF INVESTMENTS
* Non-income producing security.
(a) Security, or portion of security, is on loan. Total value of securities on loan is $207,932 as of March 31, 2017.


See notes to Schedule of Investments


Calvert Variable Series, Inc. (the “Corporation”) was organized as a Maryland corporation on September 27, 1982, and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Corporation operates two (2) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the portfolio holdings for Calvert VP SRI Mid Cap Portfolio and Calvert VP SRI Balanced Portfolio (each, a “Portfolio” and collectively, the “Portfolios”).
NOTE A - Valuation
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 a portfolio'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.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Transfers in and/or out of levels are determined based on the fair value of such securities at the end of the period.
The following tables summarize the market value of each Portfolio’s holdings as of March 31, 2017, based on the inputs used to value them:
VP SRI MID CAP
 
VALUATION INPUTS
INVESTMENTS IN SECURITIES
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Common Stocks*

$43,683,345

$—

 
$—


$43,683,345

Time Deposit
—

445,293

 
—

445,293

Short Term Investment of Cash Collateral For Securities Loaned
214,389

—

 
—

214,389

TOTAL

$43,897,734


$445,293

$—
 

$44,343,027

 
* For further breakdown of equity securities by industry, please refer to the Schedule of Investments.


There were no transfers between Level 1 and Level 2 during the period ended March 31, 2017.





VP SRI BALANCED
 
VALUATION INPUTS
INVESTMENTS IN SECURITIES
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Common Stocks*

$196,016,034

$—

 
$—


$196,016,034

Asset-Backed Securities
—

22,077,676

 
—

22,077,676

Collateralized Mortgage-Backed Obligations (Privately Originated)
—

3,869,139

 
—

3,869,139

Commercial Mortgage-Backed Securities
—

7,435,689

 
—

7,435,689

Corporate Bonds
—

58,164,557

 
—

58,164,557

Floating Rate Loans
—

249,222

 
10,212

259,434

Sovereign Government Bonds
—

497,105

 
—

497,105

Taxable Municipal Obligations
—

3,033,272

 
—

3,033,272

U.S. Government Agencies and Instrumentalities
—

449,714

 
—

449,714

U.S. Government Agency Mortgage-Backed Securities
—

1,010,942

 
—

1,010,942

U.S. Treasury Obligations
—

23,553,276

 
—

23,553,276

Commercial Paper
—

566,011

 
—

566,011

Time Deposit
—

14,866,581

 
—

14,866,581

Short Term Investment of Cash Collateral For Securities Loaned
446,945

—

 
—

446,945

TOTAL

$196,462,979


$135,773,184

$10,212^
 

$332,246,375

 
* For further breakdown of equity securities by industry, please refer to the Schedule of Investments.
^ Level 3 securities represent less than 0.05% of net assets.

There were no transfers between Level 1 and Level 2 during the period ended March 31, 2017.
NOTE B – Futures Contracts
During the period ended March 31, 2017, the VP SRI Balanced Portfolio used U.S. Treasury and equity futures contracts as a substitute for direct investment in particular asset classes, to hedge against interest rate changes, to manage overall duration of the Portfolio, and to implement tactical asset allocation decisions. The VP SRI Balanced Portfolio's futures contracts at period end, if any, are presented in the Schedule of Investments.
 
The volume of outstanding contracts has varied throughout the period ended March 31, 2017 with an average notional cost of contracts as in the following table:

 
Average Notional Cost of Contracts
 
Long
Short
VP SRI Balanced Portfolio

$—
$(1,728,461)

NOTE C – Tax Information
The cost and unrealized appreciation (depreciation) of investments of the Portfolios at March 31, 2017, as determined on a federal income tax basis, were as follows:
 




 
VP SRI MID CAP
VP SRI BALANCED
Unrealized appreciation

$2,314,796

 

$19,731,396

 
Unrealized (depreciation)
(1,043,212)

 
(4,600,199)

 
Net unrealized appreciation (depreciation)

$1,271,584

 

$15,131,197

 
 
Federal income tax cost of investments

$43,071,443

 

$317,115,178

 

For information on each Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to each Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.





 
Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.
    




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Calvert Variable Series, Inc.

By:    /s/ John H. Streur
    John H. Streur
    President

Date:    May 22, 2017
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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/ John H. Streur
    John H. Streur
    President

Date:    May 22, 2017
 


By:    /s/ James F. Kirchner
    James F. Kirchner
    Treasurer

Date:    May 22, 2017