N-CSR 1 cvpncsrfiled0312.htm cvpncsrfiled0312.htm - Generated by SEC Publisher for SEC Filing

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 Products, Inc.

(Exact name of registrant as specified in charter)

4550 Montgomery Avenue

Suite 1000N

Bethesda, Maryland 20814

(Address of Principal Executive Offices)

William M. Tartikoff, Esq.

4550 Montgomery Avenue

Suite 1000N

Bethesda, Maryland 20814

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: (301) 951-4800

Date of fiscal year end: December 31

Date of reporting period: Year ended December 31, 2011

Item 1. Report to Stockholders.

[Calvert VP SRI Large Cap Value Portfolio Annual Report to Shareholders]

[Calvert VP S&P 500 Index Portfolio Annual Report to Shareholders]

[Calvert VP S&P MidCap 400 Index Portfolio Annual Report to Shareholders]

[Calvert VP Nasdaq-100 Index Portfolio Annual Report to Shareholders]

[Calvert VP Russell 2000 Small Cap Index Portfolio Annual Report to Shareholders]

[Calvert VP EAFE International Index Portfolio Annual Report to Shareholders]

[Calvert VP Barclays Capital Aggregate Bond Index Portfolio Annual Report to Shareholders]

[Calvert VP Inflation Protected Plus Portfolio Annual Report to Shareholders]

[Calvert VP Natural Resources Portfolio Annual Report to Shareholders]

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP SRI LARGE CAP VALUE PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Calvert Investment Management, Inc.

Investment Performance

For the 12-month period ended December 31, 2011, Calvert VP SRI Large Cap Value returned -1.68% versus 0.39% for the Russell 1000 Value Index. The underperformance was primarily due to adverse stock selection in the Financials sector.

Investment Climate

The past 12 months witnessed continued positive economic growth but at a slowing pace, exacerbated by domestic political gridlock and European Union financing pains. The overriding U.S. economic concern was the high unemployment rate, which started the year at 9.4% and ended at a still high 8.6%. This kept a lid on inflation but also prevented the federal government from seriously attacking the budget deficit. In the meantime, GDP growth hovered around 2% for most of the year.

The combination of high unemployment and low economic growth collided as Congress was unable to pass yet another debt ceiling increase this past July and the White House began scrambling to increase employment and economic growth. However, Congress rebuffed notions of putting the country further into debt for a short-term economic boost.

Unfortunately, Europe’s fiscal woes were far worse. The euro ties many European nations together and restricts the ability of the weaker countries to devalue their currency to boost economic growth. Germany and France continued to defend the common currency, despite resistance from their citizens about supporting the more profligate partners. In the end, Europe continued to postpone a feasible solution to the mounting debt of the weak nations (Portugal, Ireland, Italy, Greece, and Spain).

Average annual total return
(period ended 12.31.11)

One Year	-1.68	%
Five year	-3.33	%
Ten year	2.89	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.84%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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But Europe’s economic slowdown isn’t the only issue for the United States. The uncertain impact that a potential default by one of these countries could have on our domestic financial institutions is problematic as well. In the meantime, gold soared to more than $1,600 an ounce due to concern about the creditworthiness of many currencies.

A March earthquake, tsunami, and subsequent nuclear plant explosion in Japan increased that country’s demand for oil. Germany, Switzerland, and Italy subsequently began to reduce their usage of nuclear energy, which further pressured petroleum demand. The political turmoil in the Middle East and North Africa also kept energy prices elevated throughout the year.

	% of total
Economic sectors	Investments

Consumer Discretionary	8.9	%
Consumer Staples	9.6	%
Energy	13.7	%
Financials	19.8	%
Health Care	11.6	%
Industrials	9.5	%
Information Technology	10.6	%
Materials	4.3	%
Telecommunication Services	5.9	%
Time Deposit	1.8	%
Utilities	4.3	%
Total	100	%

Portfolio strategy

Overall, as the markets swayed from fears of a new recession to optimism about an imminent rebound, we used the volatility to reduce holdings during rallies and increase positions during sell-offs. PNC

Financial was one of three new holdings over the past year. We believe it is a high-quality financial institution with a solid yield that we expect to rebound as Financials recover. However, Bank of New York Mellon was sold as it seemed tighter regulations would make its foreign currency trading much less profitable.

We added Lowe’s because it has begun to slow store growth and should benefit from an eventual rebound in home construction and remodeling. We also purchased Ebay, which should benefit from more mobile consumer purchasing and financing.

However, Walgreens, Discover Financial, Anadarko Petroleum, Motorola Solutions, and Travelers Insurance were sold after their values rebounded. But after a subsequent decline, we repurchased Travelers and sold it again at a nice discount to book value. We also sold Nokia before it announced that its technology ecosystem would need radical alterations, and we sold Motorola Mobility after Google offered to acquire the company for cash at a substantial premium.

Detractors from Performance

The Portfolio’s three most significant detractors from performance were the Financials, Telecommunications Services, and Utilities sectors. As the worst-performing sector for the year, Financials hurt the most. Poor sub-sector allocation further dampened performance.

In fact, seven of the 10 worst performers came from Financials, including Bank of America, Morgan Stanley, Hartford Financial Services, MetLife, Goldman Sachs, JPMorgan Chase, and Alliance Bernstein.

Frontier Communications was the primary reason Telecommunication Services detracted from performance. The holding stumbled throughout the year due to continued revenue weakness as it worked to integrate assets acquired from Verizon. This was partially offset by avoiding the wireless telecommunication services sub-sector.

An underweight to Utilities also hurt performance, as did a lack of exposure to the multi-utilities, gas utilities, and water utilities sub-sectors. However, this was partially offset by an overweight to electric utilities, with Duke Energy a top 10 contributor to returns.

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Contributors to Performance

The Fund’s top three performance contributors were Consumer Staples, Energy, and Materials. An overweight to the Consumer Staples sector and food & staples retailing sub-sector helped, particularly holdings in Wal-Mart and CVS Caremark.

Wal-Mart outperformed in the fourth quarter, as its return to the “everyday low price” strategy helped improve same-store sales. CVS Caremark gained from market uncertainties surrounding a dispute between Walgreens and Express Scripts and the latter’s pending merger with Medco. Coca-Cola also added value.

An overweight to the outperforming Energy sector also helped as crude oil jumped as high as $113 per barrel during the year. In fact, three of the top 10 contributors were Energy holdings--Marathon Oil, Spectra Energy, and ExxonMobil.

Superior stock selection in Materials also added value, including an overweight in Newmont Mining. As gold prices soared during the second half of the year, investors flocked to Newmont, which began offering a dividend linked to the price of gold.

Outlook

The U.S. economy has begun to recover, although at too slow a pace to reduce either the deficit or the unemployment rate. The combination of a revitalized automobile sector and a housing sector that is beginning to stabilize also bodes well for economic growth. Unemployment, an excess supply of housing, and concerns about Europe’s financial situation are keeping the Federal Reserve in stimulus mode. And, given the upcoming elections, the time to reduce unemployment and promote economic growth at all costs is now. Therefore, we believe equities are in a much more favorable position than fixed-income securities.

The equity market revival, economic recovery, and low yields for fixed-income securities should draw investors back to the stock market, finally producing some much-needed additional demand. As equity investors, we plan to remain diversified among sectors, investing with the expectations of returning cost inflation and rising interest rates while staying fully invested to benefit from strengthening economic recovery.

January 2012

The following companies represented the following percentages of Fund net assets as of December 31, 2011: PNC Financial 1.12%, Bank of New York Mellon 0%, Lowe’s 0.90%, Ebay 0.49%, Walgreens 0%, Discover Financial 0%, Anadarko 0%, Motorola Solutions 0%, Travelers Insurance 0.58%, Nokia 0%, Motorola Mobility 0%, Google 1.05%, Bank of America 1.14%, Morgan Stanley 1.42%, Hartford 1.61%, MetLife 1.70%, Goldman Sachs 0.80%, JPMorgan Chase 2.09%, Alliance Bernstein 0.78%, Frontier Communications 1.24%, Verizon 1.94%, Duke Energy 1.94%, Wal-Mart 2.37%, CVS Caremark 2.70%, ExpressScripts 0%, Medco 0%, Coca-Cola 0%, Marathon Oil 1.58%, Spectra Energy 1.69%, ExxonMobil 1.24%, and Newmont 1.69%. Portfolio holdings are subject to change.

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$947.60	$3.73

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.37	$3.87

* Expenses are equal to the Fund’s annualized expense ratio of 0.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP SRI Large Cap Value Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP SRI Large Cap Value Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the finan-cial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP SRI Large Cap Value Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

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STATEMENT OF NET ASSETS
DECEMBER 31, 2011



EQUITY SECURITIES - 98.2%	SHARES		VALUE
Capital Markets - 3.9%
AllianceBernstein Holding LP*	69,900	$	914,292
Goldman Sachs Group, Inc	10,300		931,429
Legg Mason, Inc.	42,900		1,031,745
Morgan Stanley	109,700		1,659,761
			4,537,227

Chemicals - 2.6%
Dow Chemical Co.	105,100		3,022,676

Commercial Banks - 5.4%
PNC Financial Services Group, Inc.	22,700		1,309,109
US Bancorp	91,700		2,480,485
Wells Fargo & Co	91,300		2,516,228
			6,305,822

Communications Equipment - 1.7%
Cisco Systems, Inc.	107,700		1,947,216

Computers & Peripherals - 1.3%
Hewlett-Packard Co	60,800		1,566,208

Diversified Financial Services - 4.7%
Bank of America Corp.	240,984		1,339,871
CME Group, Inc.	7,200		1,754,424
JPMorgan Chase & Co.	73,704		2,450,658
			5,544,953

Diversified Telecommunication Services - 5.9%
AT&T, Inc.	107,100		3,238,704
Frontier Communications Corp	281,177		1,448,062
Verizon Communications, Inc.	56,600		2,270,792
			6,957,558

Electric Utilities - 4.3%
Duke Energy Corp	103,544		2,277,968
Exelon Corp	64,600		2,801,702
			5,079,670

Electrical Equipment - 2.0%
Emerson Electric Co.	49,400		2,301,546

Electronic Equipment & Instruments - 1.9%
TE Connectivity Ltd	71,825		2,212,928

Energy Equipment & Services - 1.4%
Diamond Offshore Drilling, Inc.	30,500		1,685,430

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EQUITY SECURITIES - cont’D	SHARES		VALUE
Food & Staples Retailing - 5.1%
CVS Caremark Corp.	77,600	$	3,164,528
Wal-Mart Stores, Inc.	46,500		2,778,840
			5,943,368

Food Products - 2.1%
Unilever NV, NY Shares	71,800		2,467,766

Health Care Equipment & Supplies - 1.2%
Covidien plc	30,525		1,373,930

Health Care Providers & Services - 1.6%
WellPoint, Inc.	28,400		1,881,500

Household Durables - 1.0%
Sony Corp. (ADR)	66,500		1,199,660

Household Products - 2.4%
Procter & Gamble Co	41,700		2,781,807

Industrial Conglomerates - 7.6%
3M Co.	33,900		2,770,647
General Electric Co	176,400		3,159,324
Tyco International Ltd	62,625		2,925,214
			8,855,185

Insurance - 5.8%
Berkshire Hathaway, Inc., Class B*	29,250		2,231,775
Hartford Financial Services Group, Inc	115,800		1,881,750
MetLife, Inc.	63,900		1,992,402
Travelers Co.’s, Inc.	11,400		674,538
			6,780,465

Internet Software & Services - 1.5%
eBay, Inc.*	18,900		573,237
Google, Inc.*	1,900		1,227,210
			1,800,447

IT Services - 2.0%
International Business Machines Corp.	12,600		2,316,888

Media - 6.9%
CBS Corp., Class B	51,974		1,410,574
Comcast Corp	32,300		765,833
Gannett Co., Inc	42,600		569,562
News Corp., Class B	121,800		2,214,324
Time Warner, Inc.	86,966		3,142,951
			8,103,244

Metals & Mining - 1.7%
Newmont Mining Corp	32,900		1,974,329

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EQUITY SECURITIES - cont’d		SHARES		VALUE
Oil, Gas & Consumable Fuels - 12.3%
ConocoPhillips		41,242	$	3,005,305
Devon Energy Corp.		30,700		1,903,400
Exxon Mobil Corp		17,100		1,449,396
Marathon Oil Corp		63,100		1,846,937
Marathon Petroleum Corp		43,450		1,446,450
Royal Dutch Shell plc (ADR)		37,400		2,733,566
Spectra Energy Corp.		64,372		1,979,439
				14,364,493

Pharmaceuticals - 8.8%
GlaxoSmithKline plc (ADR)		51,400		2,345,382
Johnson & Johnson		29,500		1,934,610
Merck & Co., Inc.		82,200		3,098,940
Pfizer, Inc		138,000		2,986,320
				10,365,252

Software - 2.2%
Microsoft Corp.		99,800		2,590,808

Specialty Retail - 0.9%
Lowe’s Co.’s, Inc		41,400		1,050,732


Total Equity Securities (Cost $125,644,536)				115,011,108



		PRINCIPAL
TIME DEPOSIT - 1.8%		AMOUNT
State Street Time Deposit, 0.113%, 1/3/12	$	2,082,688		2,082,688

Total Time Deposit (Cost $2,082,688)				2,082,688




TOTAL INVESTMENTS (Cost $127,727,224) - 100.0%				117,093,796
Other assets and liabilities, net - 0.0%				31,349
net assets - 100%			$	117,125,145

See notes to financial statements.

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Net assets consist of:
Paid-in capital applicable to 1,823,843 shares of common stock outstanding;
$0.10 par value, 40,000,000 shares authorized	$	164,661,965
Undistributed net investment income		672,504
Accumulated net realized gain (loss) on investments		(37,575,896	)
Net unrealized appreciation (depreciation) on investments		(10,633,428	)

Net Assets	$	117,125,145

Net Asset Value Per Share	$	64.22

*Non-income producing security.

Abbreviations:
ADR: American Depository Receipts
LP: Limited Partnership

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $41,668)	$	3,676,917
Interest income		1,602
Total investment income		3,678,519

Expenses:
Investment advisory fee		903,339
Transfer agency fees and expenses		1,650
Directors’ fees and expenses		21,476
Administrative fees		141,147
Accounting fees		22,634
Custodian fees		21,068
Reports to shareholders		54,964
Professional fees		30,123
Miscellaneous		8,936
Total expenses		1,205,337
Reimbursement from Advisor		(141,597	)
Fees paid indirectly		(2,200	)
Net expenses		1,061,540


Net Investment Income		2,616,979


Realized and unrealized gain (loss) on investments
Net realized gain (loss)		1,946,416
Change in unrealized appreciation (depreciation)		(5,314,602	)


Net realized and unrealized gain (loss) on investments		(3,368,186	)

Increase (Decrease) In net assets
Resulting from operations	($	751,207	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS



		Year ended			Year ended
		December 31,			December 31,
Increase (Decrease) In net assets		2011			2010
Operations:
Net investment income	$	2,616,979		$	2,810,099
Net realized gain (loss) on investments		1,946,416			(7,931,513	)
Change in unrealized appreciation (depreciation)		(5,314,602	)		21,738,907


Increase (Decrease) In net assets
resultIng from oPeratIons		(751,207	)		16,617,493

Distributions to shareholders from:
Net investment income		(2,640,184	)		(2,397,775	)
Total distributions		(2,640,184	)		(2,397,775	)



Capital share transactions:
Shares sold		4,082,008			8,141,260
Reinvestment of distributions		2,640,184			2,397,769
Shares redeemed		(51,068,355	)		(37,959,221	)
Total capital share transactions		(44,346,163	)		(27,420,192	)



Total Increase (Decrease) In net assets		(47,737,554	)		(13,200,474	)


Net assets
Beginning of year		164,862,699			178,063,173
End of year (including undistributed net investment
income of $672,504 and $699,275, respectively)	$	117,125,145		$	164,862,699



Capital share activity
Shares sold		62,020			130,608
Reinvestment of distributions		40,965			35,965
Shares redeemed		(746,338	)		(630,216	)
Total capital share activity		(643,353	)		(463,643	)

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP SRI Large Cap Value Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliate and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Security 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 Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

The Portfolio utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (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 Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodology 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. Valuation techniques used to value the Portfolio’s investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or 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. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these

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events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments In securItIes	level 1	level 2	level 3	total
Equity securities*	$115,011,108	—	—	$115,011,108
Other debt obligations	—	$2,082,688	—	2,082,688
TOTAL	$115,011,108	$2,082,688	—	$117,093,796

*For further breakdown of Equity Securities by industry type, please refer to the Statement of Net Assets.

Security Transactions and Investment Income: Security transactions 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 or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

Foreign Currency Transactions: The Portfolio’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. The effect of changes in foreign exchange rates on securities is included with the net realized and unrealized gain or loss on investments.

Distributions to Shareholders: Distributions to shareholders are recorded by the Portfolio on ex-dividend date. Dividends from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Portfolio’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Expense Offset Arrangements: The Portfolio has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Portfolio’s cash on deposit with the bank. These credits are used to reduce the Portfolio’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

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Federal Income Taxes: No provision for federal income or excise tax is required since the Portfolio 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 Portfolio’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 Portfolio’s financial statements. A Portfolio’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

New Accounting Pronouncements: In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 requires disclosure of the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers. For Level 3 fair value measurements, ASU No. 2011-04 requires disclosure of quantitative information about the significant unobservable inputs used. In addition for Level 3 fair value measurements, ASU No. 2011-04 requires a description of the valuation processes used by the reporting entity and ASU No. 2011-04 requires a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. ASU No. 2011-04 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2011. Management is currently evaluating the impact the adoption of ASU No. 2011-04 will have on the Portfolio’s financial statements and related disclosures.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .64% of the Portfolio’s average daily net assets. Under the terms of the agreement, $63,170 was payable at year end. In addition, $298 was receivable at year end from the Advisor for reimbursement of operating expenses paid during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .76% (.74% prior to May 1, 2011). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc. (“CIAS”) (formerly known as Calvert Administrative Services Company), an affiliate of the Advisor, provides administrative services for the Portfolio. For its services, CIAS receives an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $9,885 was payable at year end.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $64 for the year ended December 31, 2011. Under the terms of the agreement, $5 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

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Each Director of the Fund who is not an employee of the Advisor or its affiliates receives a fee of $1,500 for each Board and Committee meeting attended plus an annual fee of $30,000. Committee chairs receive an additional $5,000 annual retainer. Director’s fees are allocated to each of the portfolios served.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $22,651,409 and $65,186,003, respectively.

Capital loss carryforwards

Expiration Date
31-Dec-15	($953,081	)
31-Dec-17	(28,392,460	)
31-Dec-18	(8,033,097	)

Capital losses may be utilized to offset future capital gains until expiration; however the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Income & Growth Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax characters of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follow:

	2011	2010
Distributions paid from:
Ordinary income	$2,640,184	$2,397,775
Total	$2,640,184	$2,397,775

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$12,240,785
Unrealized (depreciation)	(23,071,471	)
Net unrealized appreciation/(depreciation)	($10,830,686	)
Undistributed ordinary income	$672,504
Capital loss carryforward	($37,378,638	)
Federal income tax cost of investments	$127,924,482

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Reclassifications, as shown in the table below, have been made to the Portfolio’s components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax law and regulations. These reclassifications are due to permanent book-tax differences and have no impact on net assets. The primary permanent differences causing such reclassifications for the Portfolio are due to partnerships.

Undistributed net investment income	($3,566	)
Net realized gain (loss)	34,223
Paid-in capital	(30,657	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no borrowings under the agreement during the year ended December 31, 2011.

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTICE TO SHAREHOLDERS (UNAUDITED)

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FINANCIAL HIGHLIGHTS

		Years ended
		December 31,			December 31,			December 31,
		2011	*(z)*		2010	*(z)*		2009
Net asset value, beginning	$	66.82		$	60.76		$	49.45
Income from investment operations:
Net investment income		1.24			1.05			1.16
Net realized and unrealized gain (loss)		(2.36	)		6.00			11.41
Total from investment operations		(1.12	)		7.05			12.57
Distributions from:
Net investment income		(1.48	)		(.99	)		(1.14	)
Net realized gain		—			—			(.12	)
Total distributions		(1.48	)		(.99	)		(1.26	)
Total increase (decrease) in net asset value		(2.60	)		6.06			11.31
Net asset value, ending	$	64.22		$	66.82		$	60.76

Total return*		(1.68	%)		11.60	%		25.40	%
Ratios to average net assets:A
Net investment income (loss)		1.85	%		1.70	%		2.19	%
Total expenses		.85	%		.84	%		.85	%
Expenses before offsets		.75	%		.74	%		.74	%
Net expenses		.75	%		.74	%		.74	%
Portfolio turnover		16	%		27	%		29	%
Net assets, ending (in thousands)	$	117,125		$	164,863		$	178,063


					Years ended
					December 31,			December 31,
					2008			2007
Net asset value, beginning				$	92.96		$	101.12
Income from investment operations:
Net investment income					.61			1.64
Net realized and unrealized gain (loss)					(34.05	)		(.06	)
Total from investment operations					(33.44	)		1.58
Distributions from:
Net investment income					(1.95	)		(1.42	)
Net realized gain					(8.12	)		(8.32	)
Total distributions					(10.07	)		(9.74	)
Total increase (decrease) in net asset value					(43.51	)		(8.16	)
Net asset value, ending				$	49.45		$	92.96

Total return*					(39.49	%)		1.40	%
Ratios to average net assets: A
Net investment income					2.14	%		1.61	%
Total expenses					.90	%		.87	%
Expenses before offsets					.90	%		.87	%
Net expenses					.90	%		.87	%
Portfolio turnover					34	%		42	%
Net assets, ending (in thousands)				$	144,425		$	58,157


See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities typically include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

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The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown by class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

PROXY VOTING

The Proxy Voting Guidelines that the Portfolio uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling the Fund, by visiting the Calvert website at www.calvert.com or visiting the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Fund and the Advisor with respect to the Portfolio.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Portfolio and the Advisor. The disinterested Directors reviewed a report prepared by the Advisor regarding various services provided to the Portfolio by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Portfolio, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Portfolio’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Portfolio’s advisory fee; comparative performance, fee and expense information for the Portfolio; the profitability of the Calvert Family of Funds to the Advisor and its affiliates; the allocation of the Portfolio’s brokerage, including the Advisor’s process for monitoring “best execution”; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Portfolio; the effect of the Portfolio’s growth and size on the Portfolio’s performance and expenses; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies, as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Advisor’s compliance with applicable policies and procedures, including those related to personal investing. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board also took into account the environmental, social, sustainability and governance research and analysis provided by the Advisor to the Portfolio. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

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In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer group for the one-, three- and five-year periods ended June 30, 2011. The data also indicated that the Portfolio underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2011. The Board took into account management’s discussion of the Portfolio’s performance, including the recent improvement in performance, and management’s continued monitoring of the Portfolio’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was below the median of its peer group and that total expenses (net of expense reimbursements) were also below the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer group. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio and management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio and the cost of providing the environmental, social, sustainability and governance research and analysis provided by the Advisor. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services received by the Portfolio from the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profitability of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board noted that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

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The Board considered the effect of the Portfolio’s growth and size on its performance and fees. Although the Portfolio’s advisory fee did not contain breakpoints that would reduce the advisory fee rate on assets above specified asset levels, the Board noted that if the Portfolio’s assets increased over time, the Portfolio might realize other economies of scale if assets increased proportionally more than certain other expenses. The Board also noted that given the Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) appropriate action is being taken with respect to performance of the Portfolio; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Portfolio’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Portfolio and its shareholders.

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745.

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Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

Dean Emeritus (as of May 2009), College of Business Administration, University of Nebraska, Lincoln. She is former President and Chief Executive Officer for CMA, a consulting firm for financial institutions.

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Investments, Inc., and Chief Compliance Officer for Calvert Investment Management, Inc. and Calvert Investment Distributors, Inc.

PATRICK FAUL

AGE: 47

Vice President

2010

Vice President of Calvert Investment Management, Inc. since 2008 and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Senior Vice President of Calvert Investment Management, Inc., and Chief Investment Officer - Equities. Prior to joining Calvert in August 2008, Ms. Trunow was the Section Head (2005-2008) and Portfolio Manager (2001-2008) for the Global Public Markets Group of General Motors Asset Management.

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

The address of Directors and Officers is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Ms. Krumsiek is an interested person of the Fund since she is an officer and director of the Fund’s Advisor and its affiliates. Mr. Lester is an interested person of the Fund since he is an officer and director of the parent company of the Fund’s Advisor.

Additional information about the Fund’s Directors can be found in the Statement of Additional Information (SAI). You can get a free copy of the SAI by contacting your broker, or the Fund at 1-800-368-2745.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP S&P 500 INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the one-year ended December 31, 2011, Calvert VP S&P 500 Index Portfolio returned 1.73% compared to a return of 2.11% for the Standard & Poor’s (S&P) 500 Index. The Portfolio’s underperformance is largely attributable to fees and operating expenses which the Index does not incur.

Investment climate

Equity markets were mixed in 2011, with large cap stocks outperforming small cap stocks. Generally, equity markets performed well during the first half of the year. However, a growing financial crisis in Europe and the potential for global recession pushed stocks lower during the second half. The Standard and Poor’s downgrade of the AAA credit rating for the U.S., a failed fiscal process in Washington, and political unrest in the Middle East added fuel to the fire. Volatility increased substantially and a flight to quality characterized the second half of the year.

Central banks in both the U.S. and Europe continue to use accommodative monetary policy as politicians attempt to solve the debt problems plaguing many sovereign nations. Against that backdrop, domestic economic activity improved slightly during the year, with relatively strong corporate profits and balance sheets.

Portfolio strategy

As an index fund, the Portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the S&P 500 Index. The Index includes 500 of the largest companies in the U.S. with a total equity market capitalization of over $11 trillion and is widely accepted as a proxy for the performance of U.S. markets.


	Average annual total return
	(period ended 12.31.11)
One year	1.73	%
Five year	-0.54	%
Ten year	2.53	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.46%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 4

Over the full year, the top-performing sectors of the S&P 500 Index were Utilities (19.9%), Consumer Staples (14.0%), and Health Care (12.7%). The worst performing sectors included Financials (-17.0%), Materials (-9.7%), and Industrials (-0.6%).

At year end, the S&P 500 Index had the heaviest investments in the Information Technology (19.0%) and Financials (13.4%) sectors. Other sectors of significant weight included Energy (12.3%), Health Care (11.8%), and Consumer Staples (11.5%). The portfolio had the lowest exposure to companies in Telecommunication Services (3.2%) and Materials (3.5%).

The Portfolio continued to meet its investment objective of closely tracking the total return of the S&P 500 Index. The Portfolio fully replicates the Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. The S&P 500 Index is not a mutual fund and direct investment in the Index is not possible. Unlike the Index, the Portfolio incurs operating expenses. During 2011, the Portfolio’s slight underperformance was largely attributable to these expenses.

	% of total
Economic sectors	Investments

Consumer Discretionary	10.3	%
Consumer Staples	11.1	%
Energy	11.7	%
Exchange Traded Funds	2.6	%
Financials	12.8	%
Government	0.4	%
Health Care	11.3	%
Industrials	10.3	%
Information Technology	18.3	%
Materials	3.4	%
Telecommunication Services	3.0	%
Time Deposit	1.0	%
Utilities	3.8	%
Total	100	%

Outlook

The outlook for 2012 is for a modest increase in U.S. economic growth and a sluggish global economy. Domestic corporate earnings and balance sheets appear to be healthy. Interest rates should remain low, as central banks around the world maintain an accommodative stance until economic growth improves. The unemployment rate is likely to fall but will probably remain at abnormally high levels.

However, the risk to this outlook is clearly skewed toward the downside. It is unclear if Europe can solve its financial problems without large scale defaults or debt restructuring. A recession in Europe appears likely at this point, and the depth and length of that potential recession is unknown. Furthermore, it is not clear whether Europe’s problems will be contained to Europe or if they will spread to other parts of the world, causing a global recession.

January 2012

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$961.30	$1.98

Hypothetical (5% return per year before expenses)	$1,000.00	$1,023.19	$2.04

* Expenses are equal to the Fund’s annualized expense ratio of 0.40%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP S&P 500 Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP S&P 500 Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP S&P 500 Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2011


EQUITY SECURITIES - 95.6%	SHARES		VALUE
Aerospace & Defense - 2.5%
General Dynamics Corp.	7,802	$	518,131
Goodrich Corp.	2,716		335,969
Honeywell International, Inc.	16,833		914,874
L-3 Communications Holdings, Inc.	2,226		148,430
Lockheed Martin Corp.	5,774		467,117
Northrop Grumman Corp.	5,671		331,640
Precision Castparts Corp	3,129		515,628
Raytheon Co	7,683		371,703
Rockwell Collins, Inc.	3,339		184,880
Textron, Inc	5,792		107,094
The Boeing Co.	16,102		1,181,082
United Technologies Corp	19,744		1,443,089
			6,519,637

Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc	3,583		250,021
Expeditors International of Washington, Inc.	4,454		182,436
FedEx Corp	6,888		575,217
United Parcel Service, Inc., Class B	21,000		1,536,990
			2,544,664

Airlines - 0.1%
Southwest Airlines Co	17,469		149,535

Auto Components - 0.3%
BorgWarner, Inc.*	2,387		152,147
Goodyear Tire & Rubber Co.*	5,316		75,328
Johnson Controls, Inc	14,769		461,679
			689,154

Automobiles - 0.4%
Ford Motor Co.*	82,560		888,345
Harley-Davidson, Inc	4,956		192,640
			1,080,985

Beverages - 2.6%
Beam, Inc	3,356		171,928
Brown-Forman Corp., Class B	2,204		177,444
Coca-Cola Co.	49,427		3,458,407
Coca-Cola Enterprises, Inc	6,736		173,654
Constellation Brands, Inc.*	4,007		82,825
Dr Pepper Snapple Group, Inc.	4,714		186,109
Molson Coors Brewing Co., Class B	3,540		154,131
PepsiCo, Inc	34,023		2,257,426
			6,661,924

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 8


EQUITY SECURITIES - cont’d	SHARES		VALUE
Biotechnology - 1.2%
Amgen, Inc.	17,198	$	1,104,284
Biogen Idec, Inc.*	5,270		579,963
Celgene Corp.*	9,661		653,084
Gilead Sciences, Inc.*	16,346		669,042
			3,006,373

Building Products - 0.0%
Masco Corp.	7,125		74,670

Capital Markets - 1.7%
Ameriprise Financial, Inc.	4,990		247,704
Bank of New York Mellon Corp	26,389		525,405
BlackRock, Inc	2,179		388,385
Charles Schwab Corp	23,418		263,687
ETrade Financial Corp.	5,579		44,409
Federated Investors, Inc., Class B	1,821		27,588
Franklin Resources, Inc	3,163		303,838
Goldman Sachs Group, Inc	10,714		968,867
Invesco Ltd.	9,692		194,712
Legg Mason, Inc.	2,695		64,815
Morgan Stanley	32,254		488,003
Northern Trust Corp.	5,243		207,937
State Street Corp	10,706		431,559
T. Rowe Price Group, Inc	5,448		310,263
			4,467,172

Chemicals - 2.1%
Air Products & Chemicals, Inc.	4,631		394,515
Airgas, Inc	1,403		109,546
CF Industries Holdings, Inc	1,419		205,727
Dow Chemical Co.	25,665		738,125
Eastman Chemical Co.	2,872		112,180
Ecolab, Inc.	6,570		379,812
EI Du Pont de Nemours & Co	20,106		920,453
FMC Corp	1,557		133,964
International Flavors & Fragrances, Inc.	1,757		92,102
Monsanto Co	11,618		814,073
Mosaic Co	6,470		326,282
PPG Industries, Inc	3,422		285,703
Praxair, Inc	6,565		701,798
Sherwin-Williams Co	1,917		171,131
Sigma-Aldrich Corp.	2,555		159,585
			5,544,996

Commercial Banks - 2.5%
BB&T Corp	15,145		381,200
Comerica, Inc.	4,204		108,463
Fifth Third Bancorp	19,985		254,209
First Horizon National Corp.	5,102		40,816
Huntington Bancshares, Inc	18,758		102,981
KeyCorp	19,943		153,362
M&T Bank Corp	2,729		208,332

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - cont’d	SHARES		VALUE
Commercial Banks - Cont’d
PNC Financial Services Group, Inc.	11,434	$	659,399
Regions Financial Corp	26,354		113,322
SunTrust Banks, Inc.	11,665		206,470
US Bancorp	41,737		1,128,986
Wells Fargo & Co	114,733		3,162,041
Zions Bancorporation	3,856		62,776
			6,582,357
Commercial Services & Supplies - 0.4%
Avery Dennison Corp.	2,181		62,551
Cintas Corp.	2,423		84,345
Iron Mountain, Inc	4,209		129,637
Pitney Bowes, Inc	4,108		76,162
Republic Services, Inc.	6,954		191,583
RR Donnelley & Sons Co	3,729		53,809
Stericycle, Inc.*	1,801		140,334
Waste Management, Inc.	10,018		327,689
			1,066,110

Communications Equipment - 2.0%
Cisco Systems, Inc.	116,990		2,115,179
F5 Networks, Inc.*	1,701		180,510
Harris Corp	2,564		92,407
JDS Uniphase Corp.*	4,955		51,730
Juniper Networks, Inc.*	11,580		236,348
Motorola Mobility Holdings, Inc.*	5,683		220,501
Motorola Solutions, Inc.	6,211		287,507
QUALCOMM, Inc.	36,496		1,996,331
			5,180,513

Computers & Peripherals - 4.4%
Apple, Inc.*	20,221		8,189,505
Dell, Inc.*	33,231		486,170
EMC Corp.*	44,394		956,247
Hewlett-Packard Co	43,241		1,113,888
Lexmark International, Inc	1,561		51,622
NetApp, Inc.*	7,804		283,051
SanDisk Corp.*	5,198		255,794
Western Digital Corp.*	4,875		150,881
			11,487,158

Construction & Engineering - 0.2%
Fluor Corp.	3,776		189,744
Jacobs Engineering Group, Inc.*	2,771		112,447
Quanta Services, Inc.*	4,611		99,321
			401,512

Construction Materials - 0.0%
Vulcan Materials Co.	2,808		110,495

Consumer Finance - 0.7%
American Express Co.	21,990		1,037,268
Capital One Financial Corp	9,981		422,097

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - cont’d	SHARES		VALUE
Consumer Finance - Cont’d
Discover Financial Services	11,856	$	284,544
SLM Corp	11,062		148,231
			1,892,140

Containers & Packaging - 0.1%
Ball Corp.	3,372		120,414
Bemis Co., Inc.	2,169		65,244
Owens-Illinois, Inc.*	3,251		63,004
Sealed Air Corp	4,172		71,800
			320,462

Distributors - 0.1%
Genuine Parts Co	3,300		201,960

Diversified Consumer Services - 0.1%
Apollo Group, Inc.*	2,607		140,439
DeVry, Inc.	1,339		51,498
H&R Block, Inc.	6,643		108,480
			300,417

Diversified Financial Services - 2.6%
Bank of America Corp.	220,192		1,224,267
Citigroup, Inc.	63,399		1,668,028
CME Group, Inc.	1,453		354,052
IntercontinentalExchange, Inc.*	1,542		185,888
JPMorgan Chase & Co.	82,691		2,749,476
Leucadia National Corp	4,155		94,485
Moody’s Corp	4,373		147,283
NYSE Euronext	5,491		143,315
The NASDAQ OMX Group, Inc.*	3,020		74,020
			6,640,814

Diversified Telecommunication Services - 2.8%
AT&T, Inc.	128,928		3,898,783
CenturyLink, Inc.	13,394		498,257
Frontier Communications Corp	20,874		107,501
Verizon Communications, Inc.	61,501		2,467,420
Windstream Corp.	12,496		146,703
			7,118,664

Electric Utilities - 2.0%
American Electric Power Co., Inc.	10,479		432,887
Duke Energy Corp	28,937		636,614
Edison International	7,079		293,071
Entergy Corp.	3,832		279,928
Exelon Corp	14,399		624,485
FirstEnergy Corp.	9,087		402,554
NextEra Energy, Inc.	9,176		558,635
Northeast Utilities	3,843		138,617
Pepco Holdings, Inc	4,919		99,856
Pinnacle West Capital Corp	2,247		108,260
PPL Corp	12,553		369,309

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - cont’d	SHARES		VALUE
Electric Utilities - Cont’d
Progress Energy, Inc	6,401	$	358,584
The Southern Co.	18,635		862,614
			5,165,414

Electrical Equipment - 0.5%
Cooper Industries plc	3,500		189,525
Emerson Electric Co.	16,011		745,953
Rockwell Automation, Inc.	3,027		222,091
Roper Industries, Inc	2,099		182,340
			1,339,909

Electronic Equipment & Instruments - 0.4%
Amphenol Corp.	3,695		167,716
Corning, Inc.	34,136		443,085
FLIR Systems, Inc	3,471		87,018
Jabil Circuit, Inc.	4,017		78,974
Molex, Inc.	2,736		65,281
TE Connectivity Ltd	9,237		284,592
			1,126,666

Energy Equipment & Services - 1.9%
Baker Hughes, Inc.	9,477		460,961
Cameron International Corp.*	5,325		261,937
Diamond Offshore Drilling, Inc.	1,510		83,443
FMC Technologies, Inc.*	5,218		272,536
Halliburton Co.	19,981		689,544
Helmerich & Payne, Inc.	2,244		130,960
Nabors Industries Ltd.*	6,027		104,508
National Oilwell Varco, Inc.	9,205		625,848
Noble Corp.*	5,484		165,727
Rowan Co.’s, Inc.*	2,619		79,434
Schlumberger Ltd	29,207		1,995,130
			4,870,028

Food & Staples Retailing - 2.3%
Costco Wholesale Corp	9,513		792,623
CVS Caremark Corp.	28,326		1,155,134
Kroger Co.	13,148		318,445
Safeway, Inc.	7,584		159,567
SUPERVALU, Inc.	4,582		37,206
Sysco Corp	12,878		377,712
Walgreen Co.	19,353		639,810
Wal-Mart Stores, Inc.	38,010		2,271,478
Whole Foods Market, Inc.	3,426		238,381
			5,990,356

Food Products - 1.9%
Archer-Daniels-Midland Co	14,683		419,934
Campbell Soup Co	3,877		128,872
ConAgra Foods, Inc	9,008		237,811
Dean Foods Co.*	3,917		43,870
General Mills, Inc.	14,049		567,720

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - cont’d	SHARES		VALUE
Food Products - Cont’d
H.J. Heinz Co	6,975	$	376,929
Hershey Co.	3,360		207,581
Hormel Foods Corp	3,019		88,426
J.M. Smucker Co.	2,485		194,253
Kellogg Co.	5,427		274,443
Kraft Foods, Inc.	38,373		1,433,615
McCormick & Co., Inc.	2,874		144,907
Mead Johnson Nutrition Co	4,431		304,543
Sara Lee Corp.	12,794		242,063
Tyson Foods, Inc.	6,441		132,942
			4,797,909

Gas Utilities - 0.1%
AGL Resources, Inc.	2,552		107,848
Oneok, Inc	2,247		194,792
			302,640

Health Care Equipment & Supplies - 1.7%
Baxter International, Inc.	12,347		610,930
Becton Dickinson & Co.	4,725		353,052
Boston Scientific Corp.*	33,258		177,598
C.R. Bard, Inc	1,883		160,996
CareFusion Corp.*	4,887		124,179
Covidien plc	10,499		472,560
DENTSPLY International, Inc.	2,966		103,780
Edwards Lifesciences Corp.*	2,498		176,609
Intuitive Surgical, Inc.*	849		393,095
Medtronic, Inc.	22,944		877,608
St. Jude Medical, Inc.	6,942		238,111
Stryker Corp.	7,172		356,520
Varian Medical Systems, Inc.*	2,418		162,320
Zimmer Holdings, Inc.*	4,026		215,069
			4,422,427

Health Care Providers & Services - 2.0%
Aetna, Inc.	7,960		335,832
AmerisourceBergen Corp.	5,746		213,694
Cardinal Health, Inc.	7,517		305,265
CIGNA Corp	6,186		259,812
Coventry Health Care, Inc.*	3,228		98,034
DaVita, Inc.*	2,029		153,819
Express Scripts, Inc.*	10,607		474,027
Humana, Inc	3,625		317,586
Laboratory Corp. of America Holdings*	2,200		189,134
McKesson Corp.	5,288		411,988
Medco Health Solutions, Inc.*	8,386		468,778
Patterson Co.’s, Inc	1,980		58,450
Quest Diagnostics, Inc.	3,432		199,262
Tenet Healthcare Corp.*	10,103		51,828
UnitedHealth Group, Inc.	23,199		1,175,725
WellPoint, Inc.	7,570		501,512
			5,214,746

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - cont’d	SHARES		VALUE
Health Care Technology - 0.1%
Cerner Corp.*	3,159	$	193,489

Hotels, Restaurants & Leisure - 2.0%
Carnival Corp.	10,045		327,869
Chipotle Mexican Grill, Inc.*	681		230,001
Darden Restaurants, Inc	2,924		133,276
International Game Technology	6,486		111,559
Marriott International, Inc	5,955		173,707
McDonald’s Corp.	22,267		2,234,048
Starbucks Corp.	16,211		745,868
Starwood Hotels & Resorts Worldwide, Inc.	4,092		196,293
Wyndham Worldwide Corp.	3,321		125,634
Wynn Resorts Ltd	1,737		191,921
Yum! Brands, Inc.	10,090		595,411
			5,065,587

Household Durables - 0.2%
D.R. Horton, Inc	5,562		70,137
Harman International Industries, Inc	1,447		55,044
Leggett & Platt, Inc.	2,911		67,069
Lennar Corp.	3,161		62,114
Newell Rubbermaid, Inc.	6,331		102,246
PulteGroup, Inc.*	6,859		43,280
Whirlpool Corp.	1,660		78,767
			478,657

Household Products - 2.2%
Colgate-Palmolive Co.	10,570		976,563
Kimberly-Clark Corp.	8,513		626,216
Procter & Gamble Co	59,859		3,993,194
The Clorox Co	2,870		191,027
			5,787,000

Independent Power Producers & Energy Traders - 0.2%
AES Corp.*	14,280		169,075
Constellation Energy Group, Inc.	4,374		173,517
NRG Energy, Inc.*	5,032		91,180
			433,772

Industrial Conglomerates - 2.5%
3M Co.	15,252		1,246,546
Danaher Corp.	12,363		581,556
General Electric Co	229,718		4,114,249
Tyco International Ltd	10,089		471,257
			6,413,608

Insurance - 3.4%
ACE Ltd.	7,343		514,891
Aflac, Inc	10,150		439,089
Allstate Corp.	10,969		300,660
American International Group, Inc.*	9,491		220,191
AON Corp	7,098		332,186

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - cont’d	SHARES		VALUE
Insurance - Cont’d
Assurant, Inc.	2,117	$	86,924
Berkshire Hathaway, Inc., Class B*	38,210		2,915,423
Cincinnati Financial Corp.	3,545		107,981
Genworth Financial, Inc.*	9,721		63,672
Hartford Financial Services Group, Inc	9,339		151,759
Lincoln National Corp	6,575		127,686
Loews Corp	6,761		254,552
Marsh & McLennan Co.’s, Inc.	11,769		372,136
MetLife, Inc.	22,977		716,423
Principal Financial Group, Inc	6,739		165,779
Progressive Corp.	13,711		267,502
Prudential Financial, Inc.	10,272		514,833
The Chubb Corp.	6,136		424,734
Torchmark Corp	2,218		96,239
Travelers Co.’s, Inc.	9,098		538,329
Unum Group	6,495		136,850
XL Group plc	6,884		136,097
			8,883,936

Internet & Catalog Retail - 0.8%
Amazon.com, Inc.*	7,890		1,365,759
Expedia, Inc.	2,064		59,897
Netflix, Inc.*	1,141		79,060
priceline.com, Inc.*	1,081		505,594
TripAdvisor, Inc.*	2,064		52,034
			2,062,344

Internet Software & Services - 1.9%
Akamai Technologies, Inc.*	3,916		126,409
eBay, Inc.*	24,921		755,854
Google, Inc.*	5,496		3,549,866
VeriSign, Inc	3,460		123,591
Yahoo!, Inc.*	27,328		440,801
			4,996,521

IT Services - 3.7%
Accenture plc	14,002		745,327
Automatic Data Processing, Inc.	10,639		574,612
Cognizant Technology Solutions Corp.*	6,598		424,317
Computer Sciences Corp.	3,369		79,845
Fidelity National Information Services, Inc	5,385		143,187
Fiserv, Inc.*	2,984		175,280
International Business Machines Corp.	25,649		4,716,338
MasterCard, Inc.	2,319		864,570
Paychex, Inc	7,017		211,282
SAIC, Inc.*	6,061		74,490
Teradata Corp.*	3,540		171,725
Total System Services, Inc	3,443		67,345
Visa, Inc.	11,114		1,128,404
Western Union Co	13,638		249,030
			9,625,752

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - cont’d	SHARES		VALUE
Leisure Equipment & Products - 0.1%
Hasbro, Inc.	2,628	$	83,807
Mattel, Inc.	7,450		206,812
			290,619

Life Sciences - Tools & Services - 0.4%
Agilent Technologies, Inc.*	7,562		264,141
Life Technologies Corp.*	3,921		152,566
PerkinElmer, Inc	2,449		48,980
Thermo Fisher Scientific, Inc.*	8,297		373,116
Waters Corp.*	1,922		142,324
			981,127

Machinery - 1.9%
Caterpillar, Inc	14,037		1,271,752
Cummins, Inc	4,230		372,325
Deere & Co.	8,993		695,608
Dover Corp	4,033		234,116
Eaton Corp.	7,411		322,601
Flowserve Corp.	1,211		120,276
Illinois Tool Works, Inc	10,515		491,156
Ingersoll-Rand plc	6,781		206,617
Joy Global, Inc	2,203		165,159
PACCAR, Inc.	7,942		297,587
Pall Corp	2,527		144,418
Parker Hannifin Corp.	3,288		250,710
Snap-on, Inc.	1,212		61,351
Stanley Black & Decker, Inc.	3,658		247,281
Xylem, Inc.	4,026		103,428
			4,984,385

Media - 3.0%
Cablevision Systems Corp.	4,778		67,943
CBS Corp., Class B	14,241		386,501
Comcast Corp	59,298		1,405,956
DIRECTV*	15,355		656,580
Discovery Communications, Inc.*	5,843		239,388
Gannett Co., Inc	4,742		63,400
McGraw-Hill Co.’s, Inc.	6,391		287,403
News Corp	47,723		851,378
Omnicom Group, Inc	6,072		270,690
Scripps Networks Interactive, Inc.	2,144		90,948
The Interpublic Group of Co.’s, Inc.	9,715		94,527
Time Warner Cable, Inc.	6,945		441,494
Time Warner, Inc.	21,781		787,165
Viacom, Inc., Class B	12,017		545,692
Walt Disney Co.	39,096		1,466,100
Washington Post Co., Class B	111		41,826
			7,696,991

Metals & Mining - 0.9%
Alcoa, Inc	23,122		200,005
Allegheny Technologies, Inc.	2,226		106,403

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - cont’d	SHARES		VALUE
Metals & Mining - Cont’d
Cliffs Natural Resources, Inc	3,173	$	197,837
Freeport-McMoRan Copper & Gold, Inc	20,595		757,690
Newmont Mining Corp	10,737		644,327
Nucor Corp.	6,877		272,123
Titanium Metals Corp.	1,566		23,459
United States Steel Corp.	3,129		82,793
			2,284,637

Multiline Retail - 0.8%
Big Lots, Inc.*	1,502		56,716
Dollar Tree, Inc.*	2,590		215,255
Family Dollar Stores, Inc.	2,503		144,323
J.C. Penney Co., Inc.	3,104		109,106
Kohl’s Corp.	5,515		272,165
Macy’s, Inc	9,280		298,630
Nordstrom, Inc.	3,557		176,818
Sears Holdings Corp.*	919		29,206
Target Corp.	14,671		751,449
			2,053,668

Multi-Utilities - 1.4%
Ameren Corp.	5,270		174,595
Centerpoint Energy, Inc.	9,253		185,893
CMS Energy Corp.	5,471		120,800
Consolidated Edison, Inc.	6,363		394,697
Dominion Resources, Inc	12,367		656,440
DTE Energy Co	3,682		200,485
Integrys Energy Group, Inc	1,595		86,417
NiSource, Inc	6,097		145,169
PG&E Corp	8,740		360,263
Public Service Enterprise Group, Inc.	10,992		362,846
SCANA Corp	2,495		112,425
Sempra Energy	5,205		286,275
TECO Energy, Inc.	4,687		89,709
Wisconsin Energy Corp.	4,903		171,409
Xcel Energy, Inc	10,528		290,994
			3,638,417

Office Electronics - 0.1%
Xerox Corp.	30,494		242,732

Oil, Gas & Consumable Fuels - 9.9%
Alpha Natural Resources, Inc.*	4,752		97,083
Anadarko Petroleum Corp.	10,816		825,585
Apache Corp.	8,342		755,618
Cabot Oil & Gas Corp.	2,270		172,293
Chesapeake Energy Corp.	14,358		320,040
Chevron Corp	43,339		4,611,270
ConocoPhillips	28,894		2,105,506
Consol Energy, Inc.	4,927		180,821
Denbury Resources, Inc.*	8,332		125,813
Devon Energy Corp.	8,790		544,980

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - cont’d	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
El Paso Corp.	16,735	$	444,649
EOG Resources, Inc	5,837		575,003
EQT Corp.	3,134		171,712
Exxon Mobil Corp	104,310		8,841,316
Hess Corp.	6,572		373,290
Marathon Oil Corp	15,514		454,095
Marathon Petroleum Corp	7,746		257,864
Murphy Oil Corp.	4,205		234,387
Newfield Exploration Co.*	2,875		108,474
Noble Energy, Inc	3,835		361,986
Occidental Petroleum Corp.	17,659		1,654,648
Peabody Energy Corp.	5,884		194,819
Pioneer Natural Resources Co	2,663		238,285
QEP Resources, Inc.	3,707		108,615
Range Resources Corp.	3,499		216,728
Southwestern Energy Co.*	7,561		241,498
Spectra Energy Corp.	14,129		434,467
Sunoco, Inc	2,357		96,684
Tesoro Corp.*	2,957		69,075
Valero Energy Corp.	12,431		261,673
Williams Co.’s, Inc.	12,795		422,491
			25,500,768

Paper & Forest Products - 0.2%
International Paper Co	9,497		281,111
MeadWestvaco Corp	3,709		111,085
			392,196

Personal Products - 0.2%
Avon Products, Inc.	9,358		163,484
Estee Lauder Co.’s, Inc.	2,391		268,557
			432,041

Pharmaceuticals - 6.0%
Abbott Laboratories, Inc.	33,820		1,901,699
Allergan, Inc	6,681		586,191
Bristol-Myers Squibb Co.	37,060		1,305,994
Eli Lilly & Co.	22,135		919,931
Forest Laboratories, Inc.*	6,002		181,621
Hospira, Inc.*	3,519		106,872
Johnson & Johnson	59,391		3,894,862
Merck & Co., Inc.	66,329		2,500,603
Mylan, Inc.*	9,213		197,711
Perrigo Co	2,028		197,324
Pfizer, Inc	167,285		3,620,047
Watson Pharmaceuticals, Inc.*	2,766		166,900
			15,579,755

Professional Services - 0.1%
Equifax, Inc.	2,485		96,269
Robert Half International, Inc.	2,935		83,530
The Dun & Bradstreet Corp	995		74,456
			254,255

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 18

EQUITY SECURITIES - cont’d	SHARES		VALUE
Real Estate Investment Trusts - 1.7%
Apartment Investment & Management Co	2,625	$	60,139
AvalonBay Communities, Inc.	2,043		266,816
Boston Properties, Inc	3,192		317,923
Equity Residential	6,442		367,387
HCP, Inc.	8,847		366,531
Health Care REIT, Inc.	4,080		222,483
Host Hotels & Resorts, Inc	15,343		226,616
Kimco Realty Corp.	8,535		138,608
Plum Creek Timber Co., Inc.	3,520		128,691
Prologis, Inc.	9,973		285,128
Public Storage	3,078		413,868
Simon Property Group, Inc.	6,379		822,508
Ventas, Inc	6,256		344,893
Vornado Realty Trust	4,007		307,978
Weyerhaeuser Co.	11,704		218,514
			4,488,083

Real Estate Management & Development - 0.0%
CBRE Group, Inc.*	7,064		107,514

Road & Rail - 0.8%
CSX Corp.	22,849		481,200
Norfolk Southern Corp	7,314		532,898
Ryder System, Inc.	1,042		55,372
Union Pacific Corp	10,513		1,113,747
			2,183,217

Semiconductors & Semiconductor Equipment - 2.2%
Advanced Micro Devices, Inc.*	12,618		68,137
Altera Corp.	7,040		261,184
Analog Devices, Inc.	6,506		232,785
Applied Materials, Inc	28,627		306,595
Broadcom Corp.*	10,462		307,165
First Solar, Inc.*	1,275		43,044
Intel Corp.	110,813		2,687,215
KLA-Tencor Corp.	3,628		175,051
Linear Technology Corp.	4,777		143,453
LSI Corp.*	12,756		75,898
Microchip Technology, Inc	3,995		146,337
Micron Technology, Inc.*	21,814		137,210
Novellus Systems, Inc.*	1,427		58,921
NVIDIA Corp.*	13,117		181,802
Teradyne, Inc.*	3,535		48,182
Texas Instruments, Inc	25,102		730,719
Xilinx, Inc.	5,571		178,606
			5,782,304

Software - 3.3%
Adobe Systems, Inc.*	10,581		299,125
Autodesk, Inc.*	4,844		146,918
BMC Software, Inc.*	3,709		121,581
CA, Inc.	8,224		166,248

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 19


EQUITY SECURITIES - cont’d	SHARES		VALUE
Software - Cont’d
Citrix Systems, Inc.*	4,091	$	248,405
Electronic Arts, Inc.*	6,973		143,644
Intuit, Inc.	6,469		340,205
Microsoft Corp.	162,886		4,228,521
Oracle Corp.	85,629		2,196,384
Red Hat, Inc.*	4,195		173,212
Salesforce.com, Inc.*	2,944		298,698
Symantec Corp.*	16,290		254,938
			8,617,879

Specialty Retail - 1.9%
Abercrombie & Fitch Co.	1,905		93,040
AutoNation, Inc.*	1,077		39,709
AutoZone, Inc.*	608		197,582
Bed Bath & Beyond, Inc.*	5,244		303,995
Best Buy Co., Inc	6,573		153,611
CarMax, Inc.*	4,737		144,384
GameStop Corp.*	2,806		67,709
Limited Brands, Inc.	5,261		212,281
Lowe’s Co.’s, Inc	27,470		697,188
Orchard Supply Hardware Stores Corp.:
Common*	41		171
Preferred*	41		-
O’Reilly Automotive, Inc.*	2,772		221,621
Ross Stores, Inc	5,024		238,791
Staples, Inc	15,409		214,031
The Gap, Inc.	7,538		139,830
The Home Depot, Inc.	33,548		1,410,358
Tiffany & Co.	2,679		177,510
TJX Co.’s, Inc	8,278		534,345
Urban Outfitters, Inc.*	2,560		70,554
			4,916,710

Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc.	6,280		383,331
Nike, Inc., Class B	8,072		777,899
Ralph Lauren Corp.	1,406		194,140
VF Corp.	1,897		240,900
			1,596,270

Thrifts & Mortgage Finance - 0.1%
Hudson City Bancorp, Inc	10,462		65,388
People’s United Financial, Inc.	8,180		105,113
			170,501

Tobacco - 1.9%
Altria Group, Inc.	44,752		1,326,897
Lorillard, Inc.	2,938		334,932
Philip Morris International, Inc.	37,800		2,966,544
Reynolds American, Inc.	7,346		304,271
			4,932,644

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 20


EQUITY SECURITIES - cont’d		SHARES		VALUE
Trading Companies & Distributors - 0.2%
Fastenal Co.		6,412	$	279,627
W.W. Grainger, Inc		1,321		247,278
				526,905

Wireless Telecommunication Services - 0.3%
American Tower Corp.		8,599		516,026
MetroPCS Communications, Inc.*		6,370		55,291
Sprint Nextel Corp.*		65,061		152,243
				723,560


Total Equity Securities(Cost $216,631,882)				247,589,651

EXCHANGE TRADED FUNDS - 2.6%
SPDR S&P 500 Trust		53,800		6,751,900

Total Exchange Traded Funds (Cost $7,036,300)				6,751,900


		PRINCIPAL
U.S. TREASURY - 0.4%		AMOUNT
United States Treasury Bills, 0.0245%, 3/22/12^	$	1,000,000		999,945

Total U.S. Treasury (Cost $999,945)				999,945


TIME DEPOSIT - 1.0%				value
State Street Time Deposit, 0.113%, 1/3/12		2,642,574		2,642,574

Total Time Deposit (Cost $2,642,574)				2,642,574


TOTAL INVESTMENTS (Cost $227,310,701) - 99.6%				257,984,070
Other assets and liabilities, net - 0.4%				1,083,519
net assets - 100%			$	259,067,589

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 21


Net assets consist of:
Paid-in capital applicable to 3,394,601 shares of common stock outstanding;
$0.10 par value, 30,000,000 shares authorized				$	248,788,060
Undistributed net investment income					1,104,336
Accumulated net realized gain (loss) on investments					(21,566,807	)
Net unrealized appreciation (depreciation) on investments					30,742,000

Net assets				$	259,067,589

Net asset value Per share				$	76.32


			Underlying		Unrealized
	Number of	Expiration	face amount		appreciation
Futures	contracts	date	at value		(depreciation)
Purchased:
E-Mini S&P 500 Index^	27	3/12	$1,691,010		$30,773
S&P 500 Index^	10	3/12	3,131,500		37,858
Total Purchased					$68,631

^ Futures collateralized by $1,000,000 par value of U.S. Treasury Bills.

* Non-income producing security.

See notes to financial statements.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 22


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011

Net Investment Income
Investment Income:
Dividend income	$	5,217,518
Interest income		5,383
Total investment income		5,222,901

Expenses:
Investment advisory fee		624,442
Transfer agency fees and expenses		2,438
Accounting fees		39,482
Directors’ fees and expenses		38,973
Administrative fees		249,777
Contract services		58,446
Custodian fees		51,925
Reports to shareholders		39,448
Professional fees		37,214
Miscellaneous		5,379
Total expenses		1,147,524
Reimbursement from Advisor		(164,033	)
Fees paid indirectly		(316	)
Net expenses		983,175

Net Investment Income		4,239,726



Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		330,193
Futures		(632,765	)
		(302,572	)

Change in unrealized appreciation (depreciation) on:
Investments		(876,412	)
Futures		(4,434	)
		(880,846	)


Net realized and unrealized gain (loss)		(1,183,418	)

Increase (decrease) In net assets
Resulting from operations	$	3,056,308

See notes to financial statements.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 23

STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	4,239,726		$	3,826,412
Net realized gain (loss)		(302,572	)		4,259,158
Change in unrealized appreciation (depreciation)		(880,846	)		23,187,925


Increase (decrease) In net assets
resultIng from oPeratIons		3,056,308			31,273,495

Distributions to shareholders from:
Net investment income		(4,056,665	)		(3,260,092	)
Net realized gain		(8,339,149	)		(6,140,094	)
Total distributions		(12,395,814	)		(9,400,186	)


Capital share transactions:
Shares sold		55,276,944			11,711,152
Reinvestment of distributions		12,395,814			9,400,179
Shares redeemed		(35,351,562	)		(44,975,898	)
Total capital share transactions		32,321,196			(23,864,567	)


total Increase (decrease) In net assets		22,981,690			(1,991,258	)


Net assets
Beginning of year		236,085,899			238,077,157
End of year (including undistributed net investment
income of $1,104,336 and $969,025, respectively)	$	259,067,589		$	236,085,899


Capital share activity
Shares sold		676,978			159,011
Reinvestment of distributions		161,720			119,322
Shares redeemed		(441,402	)		(609,778	)
Total capital share activity		397,296			(331,445	)

See notes to financial statements.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 24

NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP S&P 500 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or 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. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 25

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. Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments in securities	level 1	level 2	level 3	total
Equity securities*	$247,589,651	—	—	$247,589,651
Exchange traded funds	6,751,900	—	—	6,751,900
U.S. government obligations	—	$999,945	—	999,945
Other debt obligations	—	2,642,574	—	2,642,574
TOTAL	$254,341,551	$3,642,519	—	$257,984,070

Other financial instruments**	$68,631	—	—	$68,631

*	For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets.
**	Other financial instruments are derivative instruments not reflected in the Statement of Net Assets, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

Futures Contracts: The Portfolio may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Portfolio may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, market index futures contracts. The Portfolio is subject to market risk in the normal course of pursuing its investment objectives. The Portfolio may use futures contracts to hedge against changes in the value of securities. The Portfolio may enter into futures contracts agreeing 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 Portfolio. 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 Portfolio’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 Portfolio. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position.

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During the year, the Portfolio invested in E-Mini S&P 500 Index and S&P 500 Index Futures. The volume of activity has varied throughout the year with a weighted average of 6 contracts and $4,042,855 weighted average notional value.

Foreign Currency Transactions: The Portfolio’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 translated 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. The effect of changes in foreign exchange rates on securities and foreign currencies is included with the net realized and unrealized gain or loss on investments and foreign currencies.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affili-ates. For its services, the Advisor receives an annual fee, payable monthly, of .25% of the Portfolio’s average daily net assets. Under the terms of the agreement, $54,712 was payable at year end. In addition, $7,484 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .40% (.38% prior to May 1, 2011). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $96 for the year ended December 31, 2011. Under the terms of the agreement, $8 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $40,346,053 and $16,264,064, respectively.

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Capital loss carryforwards

	Pre-enactment				Post-enactment
Expiration date
31-Dec-12		($2,529,937	)	Short-term		($67,162	)
31-Dec-13		(1,687,669	)	Long-term		(253,130	)
31-Dec-15		(2,330,473	)
31-Dec-16		(280,386	)
31-Dec-17		(2,509,534	)
31-Dec-18		(2,611,900	)

Capital losses may be utilized to offset future capital gains until expiration; however the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Index 500 Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryfor-wards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

Distributions paid from:		2011		2010
Ordinary income	$	4,208,185	$	3,260,092
Long term capital gain		8,187,629		6,140,094
Total	$	12,395,814	$	9,400,186

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$64,854,756
Unrealized (depreciation)	($43,409,372	)
Net unrealized appreciation/(depreciation)	$21,445,384

Undistributed ordinary income	$1,104,336
Capital loss carryforward	($12,270,191	)
Federal income tax cost of investments	$236,538,686

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales, real estate investment trusts, Section 1256 contracts, and capital loss carryovers subject to limitations under Internal Revenue Code Section 382.

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and regulations. These reclassifications are due to permanent book-tax differences and have no impact on net assets. The primary pemanent differences causing such reclassifications for the Portfolio are due to real estate investment trusts and expired capital losses.

Undistributed net investment income	($47,750	)
Accumulated net realized gain (loss)	1,008,326
Paid-in capital	(960,576	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$22,001	1.47%	$743,641	May 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2011, the Portfolio considers 100% of the ordinary dividends paid during the year as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code and $8,187,629 of the long term capital gain distributions paid during the year as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

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FINANCIAL HIGHLIGHTS


					Years ended
		December 31, 2011			December 31, 2010			December 31, 2009
Net asset value, beginning	$	78.77		$	71.52		$	58.44
Income from investment operations:
Net investment income		1.27			1.33			1.33
Net realized and unrealized gain (loss)		.11			9.18			13.95
Total from investment operations		1.38			10.51			15.28
Distributions from:
Net investment income		(1.25	)		(1.13	)		(1.30	)
Net realized gain		(2.58	)		(2.13	)		(.90	)
Total distributions		(3.83	)		(3.26	)		(2.20	)
Total increase (decrease) in net asset value		(2.45	)		7.25			13.08
Net asset value, ending	$	76.32		$	78.77		$	71.52

Total return*		1.73	%		14.69	%		26.11	%
Ratios to average net assets: A
Net investment income		1.70	%		1.67	%		1.98	%
Total expenses		.46	%		.46	%		.46	%
Expenses before offsets		.39	%		.38	%		.38	%
Net expenses		.39	%		.38	%		.38	%
Portfolio turnover		7	%		9	%		9	%
Net assets, ending (in thousands)	$	259,068		$	236,086		$	238,077

					Years ended
					December 31, 2008			December 31, 2007
Net asset value, beginning				$	97.44		$	94.19
Income from investment operations:
Net investment income					1.44			1.52
Net realized and unrealized gain (loss)					(36.76	)		3.31
Total from investment operations					(35.32	)		4.83
Distributions from:
Net investment income					(2.60	)		(1.42	)
Net realized gain					(1.08	)		(.16	)
Total distributions					(3.68	)		(1.58	)
Total increase (decrease) in net asset value					(39.00	)		3.25
Net asset value, ending				$	58.44		$	97.44

Total return*					(37.10	%)		5.16	%
Ratios to average net assets: A
Net investment income					2.00	%		1.59	%
Total expenses					.47	%		.45	%
Expenses before offsets					.39	%		.39	%
Net expenses					.39	%		.39	%
Portfolio turnover					7	%		3	%
Net assets, ending (in thousands)				$	213,624		$	302,821


See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fis-cal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

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Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed at the median of its peer group for the one-year period ended June 30, 2011, above the median of its peer group for the three-year period ended June 30, 2011 and below the median of its peer group for the five-year period ended June 30, 2011. The data also indicated that the Portfolio outperformed its Lipper index for the three-year period ended June 30, 2011 and underperformed its Lipper index for the one- and five-year periods ended June 30, 2011. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of differing fees and expenses among the funds in the peer group on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was at the median of its peer group and that total expenses (net of expense reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer group. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profitability of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

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The Board considered the effect of the Portfolio’s current size and potential growth on its performance and fees. Although the Portfolio’s advisory fee did not contain breakpoints that would reduce the advisory fee rate on assets above specified asset levels, the Board noted that if the Portfolio’s assets increased over time, the Portfolio might realize other economies of scale if assets increased proportionally more than certain other expenses. The Board also noted that given the Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

In evaluating the Investment Subadvisory Agreement, the disinterested Directors reviewed information provided by the Subadvisor relating to its operations, personnel, investment philosophy, strategies and techniques. Among other information, the Subadvisor provided biographical information on portfolio management and other professional staff, performance information for itself, and descriptions of its investment philosophies, strategies and techniques, organizational and management structures and brokerage policies and practices.

The Board reapproved the Investment Subadvisory Agreement between the Subadvisor and the Advisor based on a number of factors relating to the Subadvisor’s ability to perform under the Investment Subadvisory Agreement. In the course of its deliberations, the Board evaluated, among other factors: the nature, extent and the quality of the services to be provided by the Subadvisor; the Subadvisor’s management style and long-term performance record; the Portfolio’s performance record and the Subadvisor’s performance in employing its investment strategies; the Subadvisor’s current level of staffing and its overall resources; the qualifications and experience of the Subadvisor’s personnel; the Subadvisor’s financial condition with respect to its ability to perform the services required under the Investment Subadvisory Agreement; the Subadvisor’s risk management processes; the Subadvisor’s compliance systems, including those related to personal investing; and any disciplinary history. Based upon its review, the Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Subadvisor under the Investment Subadvisory Agreement.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2011 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subadvisory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

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In reapproving the Investment Subadvisory Agreement, the Board, including the disinterested Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

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Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2011, Calvert VP S&P MidCap 400 Index Portfolio (Class I) returned -2.24% compared with -1.73% for the Standard & Poor’s (S&P) MidCap 400 Index. The Portfolio’s underperformance is largely attributable to fees and operating expenses which the Index does not incur.

Investment Climate

Equity markets were mixed in 2011, with large cap stocks outperforming small cap stocks. Generally, equity markets performed well during the first half of the year. However, a growing financial crisis in Europe and the potential for global recession pushed stocks lower during the second half. The Standard and Poor’s downgrade of the AAA credit rating of the U.S., a failed fiscal process in Washington, and political unrest in the Middle East added fuel to the fire. Volatility increased substantially and a flight to quality characterized the second half of the year.

Portfolio Strategy

As an index fund, the Portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the S&P MidCap 400 Index. The Index includes 400 mid-sized companies that have an average market capitalization of $2.7 billion.


Average Annual Total Return
(period ended 12.31.11)
	Class I		Class F
One Year	-2.24	%	-2.47	%
Five year	2.71	%	2.50	%*
Ten year	6.39	%	6.18	%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I shares is 0.59%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

* Class F share performance prior to October 1, 2007 is based on Class I performance, adjusted to reflect Class F expenses.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 4

At year end, the S&P MidCap 400 Index was most heavily invested in Financials (20.6%) and Industrials (16.6%). Other sectors of significant weight included Information Technology (15.2%), Consumer Discretionary (13.0%), and Health Care (10.1%). The Index had the lowest exposure to Telecommunication Services (0.5%) and Consumer Staples (4.2%).

Over the full year, the top-performing sectors of the S&P MidCap 400 Index were Consumer Staples (22.2%) and Utilities (16.7%). The worst performing sectors included Information Technology (-11.6%), Telecommunication Services (-9.8%), and Energy (-9.6%).

The Portfolio continued to meet its investment objective of closely tracking the total return of the S&P MidCap 400 Index. The Portfolio fully replicates the Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. The S&P MidCap 400 Index is not a mutual fund and direct investment in the Index is not possible. Unlike the Index, the Portfolio incurs operating expenses. During 2011, the Portfolio’s slight underperformance was largely attributable to these expenses.

	% of Total
Economic Sectors	Investments

Consumer Discretionary	12.8	%
Consumer Staples	4.2	%
Energy	6.5	%
Exchange Traded Funds	0.5	%
Financials	20.3	%
Government	0.2	%
Health Care	9.5	%
Industrials	16.5	%
Information Technology	15.5	%
Materials	6.7	%
Telecommunication Services	0.5	%
Time Deposit	0.7	%
Utilities	6.1	%

Total	100	%

Outlook

January 2012

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Class I
Actual	$1,000.00	$902.70	$2.64

Hypothetical (5% return per year before expenses)	$1,000.00	$1,022.43	$2.80

Class F
Actual	$1,000.00	$901.50	$3.79

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.22	$4.02

* Expenses are equal to the Fund’s annualized expense ratio of 0.55% and 0.79%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP S&P MidCap 400 Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP S&P MidCap 400 Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP S&P MidCap 400 Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 7

STATEMENT OF NET ASSETS DECEMBER 31, 2011

EQUITY SECURITIES - 98.6%	SHARES		VALUE
Aerospace & Defense - 1.3%
Alliant Techsystems, Inc.	5,593	$	319,696
BE Aerospace, Inc.*	17,508		677,735
Esterline Technologies Corp.*	5,197		290,876
Exelis, Inc.	30,900		279,645
Huntington Ingalls Industries, Inc.*	8,263		258,466
Triumph Group, Inc	7,331		428,497
			2,254,915

Air Freight & Logistics - 0.1%
UTi Worldwide, Inc.	17,333		230,356

Airlines - 0.4%
Alaska Air Group, Inc.*	6,012		451,441
JetBlue Airways Corp.*	34,476		179,275
			630,716

Auto Components - 0.4%
Gentex Corp.	24,355		720,664

Automobiles - 0.1%
Thor Industries, Inc.	7,219		198,017

Beverages - 0.7%
Monster Beverage Corp.*	12,860		1,184,920

Biotechnology - 1.3%
Regeneron Pharmaceuticals, Inc.*	12,886		714,271
United Therapeutics Corp.*	8,813		416,414
Vertex Pharmaceuticals, Inc.*	35,404		1,175,767
			2,306,452

Building Products - 0.4%
Fortune Brands Home & Security, Inc.*	26,413		449,813
Lennox International, Inc.	8,794		296,798
			746,611

Capital Markets - 2.0%
Affiliated Managers Group, Inc.*	9,041		867,484
Apollo Investment Corp	32,511		209,371
Eaton Vance Corp.	19,423		459,160
Greenhill & Co., Inc	4,822		175,376
Janus Capital Group, Inc.	31,675		199,869
Jefferies Group, Inc	24,429		335,899
Raymond James Financial, Inc	17,327		536,444
SEI Investments Co.	24,784		430,002
Waddell & Reed Financial, Inc	14,248		352,923
			3,566,528

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 8


EQUITY SECURITIES - cont’d	SHARES		VALUE
Chemicals - 2.8%
Albemarle Corp	15,055	$	775,483
Ashland, Inc	13,259		757,884
Cabot Corp	10,839		348,366
Cytec Industries, Inc.	8,417		375,819
Intrepid Potash, Inc.*	8,714		197,198
Minerals Technologies, Inc.	2,992		169,138
NewMarket Corp	1,809		358,381
Olin Corp.	13,545		266,159
RPM International, Inc	22,244		546,090
Scotts Miracle-Gro Co.	7,388		344,946
Sensient Technologies Corp	8,502		322,226
Valspar Corp	15,865		618,259
			5,079,949

Commercial Banks - 3.8%
Associated Banc-Corp.	29,081		324,835
BancorpSouth, Inc.	12,503		137,783
Bank of Hawaii Corp	7,800		347,022
Cathay General Bancorp	13,381		199,778
City National Corp	7,946		351,054
Commerce Bancshares, Inc.	13,435		512,142
Cullen/Frost Bankers, Inc.	10,396		550,052
East West Bancorp, Inc	25,302		499,714
FirstMerit Corp	18,520		280,208
Fulton Financial Corp	33,953		333,079
Hancock Holding Co.	14,378		459,665
International Bancshares Corp.	8,987		164,777
Prosperity Bancshares, Inc	7,960		321,186
Signature Bank*	7,838		470,202
SVB Financial Group*	7,219		344,274
Synovus Financial Corp.	133,654		188,452
TCF Financial Corp.	26,562		274,120
Trustmark Corp	10,614		257,814
Valley National Bancorp	31,743		392,661
Webster Financial Corp.	12,461		254,080
Westamerica Bancorporation	4,722		207,296
			6,870,194

Commercial Services & Supplies - 1.7%
Brink’s Co	7,921		212,917
Clean Harbors, Inc.*	8,017		510,923
Copart, Inc.*	9,055		433,644
Corrections Corp. of America*	16,891		344,070
Deluxe Corp.	8,448		192,276
Herman Miller, Inc	9,724		179,408
HNI Corp	7,631		199,169
Mine Safety Appliances Co.	5,283		174,973
Rollins, Inc.	10,804		240,065
TravelCenters of America LLC (b)*	60,000		10
Waste Connections, Inc.	18,989		629,295
			3,116,750

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - cont’d	SHARES		VALUE
Communications Equipment - 1.2%
Adtran, Inc	10,667	$	321,717
Ciena Corp.*	16,156		195,488
Plantronics, Inc.	7,211		257,000
Polycom, Inc.*	30,070		490,141
Riverbed Technology, Inc.*	26,315		618,402
Tellabs, Inc.	63,300		255,732
			2,138,480

Computers & Peripherals - 0.6%
Diebold, Inc	10,629		319,614
NCR Corp.*	26,719		439,795
QLogic Corp.*	17,067		256,005
			1,015,414

Construction & Engineering - 1.1%
AECOM Technology Corp.*	19,566		402,473
Granite Construction, Inc	5,803		137,647
KBR, Inc	25,269		704,247
Shaw Group, Inc.*	10,959		294,797
URS Corp.*	13,515		474,647
			2,013,811

Construction Materials - 0.3%
Martin Marietta Materials, Inc	7,757		584,955

Containers & Packaging - 1.9%
AptarGroup, Inc.	11,216		585,139
Greif, Inc.	5,219		237,725
Packaging Corp. of America	16,509		416,687
Rock-Tenn Co.	11,970		690,669
Silgan Holdings, Inc.	8,325		321,678
Sonoco Products Co.	16,972		559,397
Temple-Inland, Inc.	18,611		590,155
			3,401,450

Distributors - 0.4%
LKQ Corp.*	24,881		748,420

Diversified Consumer Services - 0.8%
ITT Educational Services, Inc.*	3,355		190,866
Matthews International Corp	4,840		152,121
Regis Corp.	9,806		162,289
Service Corp. International	38,672		411,857
Sotheby’s	11,467		327,153
Strayer Education, Inc	1,988		193,214
			1,437,500

Diversified Financial Services - 0.4%
MSCI, Inc.*	20,467		673,978

Diversified Telecommunication Services - 0.3%
tw telecom, Inc.*	25,354		491,361

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 10

EQUITY SECURITIES - cont’d	SHARES		VALUE
Electric Utilities - 1.7%
Cleco Corp.	10,298	$	392,354
Great Plains Energy, Inc.	22,812		496,845
Hawaiian Electric Industries, Inc.	16,292		431,412
IDACORP, Inc	8,448		358,280
NV Energy, Inc	40,061		654,997
PNM Resources, Inc.	13,148		239,688
Westar Energy, Inc	19,892		572,492
			3,146,068

Electrical Equipment - 1.8%
Acuity Brands, Inc.	7,174		380,222
AMETEK, Inc.	27,178		1,144,194
General Cable Corp.*	8,636		215,986
Hubbell, Inc., Class B	9,923		663,452
Regal-Beloit Corp.	7,048		359,236
Thomas & Betts Corp.*	8,836		482,446
			3,245,536

Electronic Equipment & Instruments - 2.3%
Arrow Electronics, Inc.*	19,024		711,688
Avnet, Inc.*	25,296		786,453
Ingram Micro, Inc.*	26,063		474,086
Itron, Inc.*	6,894		246,598
National Instruments Corp.	15,737		408,375
Tech Data Corp.*	7,000		345,870
Trimble Navigation Ltd.*	20,932		908,449
Vishay Intertechnology, Inc.*	26,017		233,893
			4,115,412

Energy Equipment & Services - 2.9%
Atwood Oceanics, Inc.*	9,594		381,745
CARBO Ceramics, Inc.	3,373		415,992
Dresser-Rand Group, Inc.*	12,772		637,451
Dril-Quip, Inc.*	5,850		385,047
Helix Energy Solutions Group, Inc.*	17,538		277,100
Oceaneering International, Inc	18,339		845,978
Oil States International, Inc.*	8,697		664,190
Patterson-UTI Energy, Inc	25,928		518,041
Superior Energy Services, Inc.*	13,557		385,561
Tidewater, Inc	8,810		434,333
Unit Corp.*	7,029		326,146
			5,271,584

Food & Staples Retailing - 0.2%
Ruddick Corp.	8,366		356,726

Food Products - 2.1%
Corn Products International, Inc.	12,802		673,257
Flowers Foods, Inc.	18,853		357,830
Green Mountain Coffee Roasters, Inc.*	22,048		988,853
Lancaster Colony Corp.	3,377		234,161
Ralcorp Holdings, Inc.*	9,359		800,194
Smithfield Foods, Inc.*	27,726		673,187
Tootsie Roll Industries, Inc	4,256		100,740
			3,828,222

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - cont’d	SHARES		VALUE
Gas Utilities - 1.6%
Atmos Energy Corp.	15,339	$	511,556
National Fuel Gas Co.	14,063		781,621
Questar Corp.	30,146		598,699
UGI Corp.	19,599		576,211
WGL Holdings, Inc	8,730		386,041
			2,854,128

Health Care Equipment & Supplies - 2.7%
Cooper Co.’s, Inc	8,103		571,424
Gen-Probe, Inc.*	7,890		466,457
Hill-Rom Holdings, Inc	10,599		357,080
Hologic, Inc.*	44,664		782,067
IDEXX Laboratories, Inc.*	9,531		733,506
Masimo Corp.*	10,136		189,391
ResMed, Inc.*	25,085		637,159
STERIS Corp	9,937		296,321
Teleflex, Inc.	6,808		417,262
Thoratec Corp.*	10,173		341,406
			4,792,073

Health Care Providers & Services - 3.8%
AMERIGROUP Corp.*	8,114		479,375
Catalyst Health Solutions, Inc.*	8,492		441,584
Community Health Systems, Inc.*	15,431		269,271
Health Management Associates, Inc.*	42,852		315,819
Health Net, Inc.*	14,084		428,435
Henry Schein, Inc.*	15,299		985,715
HMS Holdings Corp.*	14,438		461,727
LifePoint Hospitals, Inc.*	8,013		297,683
Lincare Holdings, Inc.	15,031		386,447
Mednax, Inc.*	8,303		597,899
Omnicare, Inc	19,410		668,675
Owens & Minor, Inc.	10,555		293,323
Universal Health Services, Inc., Class B	16,387		636,799
VCA Antech, Inc.*	14,676		289,851
WellCare Health Plans, Inc.*	7,265		381,413
			6,934,016

Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.*	32,180		609,489

Hotels, Restaurants & Leisure - 1.6%
Bally Technologies, Inc.*	7,237		286,296
Bob Evans Farms, Inc.	4,989		167,331
Brinker International, Inc.	13,687		366,264
Cheesecake Factory, Inc.*	9,327		273,747
International Speedway Corp	4,721		119,677
Life Time Fitness, Inc.*	7,140		333,795
Panera Bread Co.*	5,037		712,484
Scientific Games Corp.*	9,608		93,198
Wendy’s Co.	49,839		267,137
WMS Industries, Inc.*	9,226		189,318
			2,809,247

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - cont’d	SHARES		VALUE
Household Durables - 1.4%
American Greetings Corp.	6,832	$	85,468
KB Home	12,116		81,419
MDC Holdings, Inc.	6,422		113,220
Mohawk Industries, Inc.*	9,689		579,887
NVR, Inc.*	845		579,670
Toll Brothers, Inc.*	24,704		504,456
Tupperware Brands Corp	9,737		544,980
			2,489,100

Household Products - 1.1%
Church & Dwight Co., Inc.	24,283		1,111,190
Energizer Holdings, Inc.*	11,383		881,955
			1,993,145

Industrial Conglomerates - 0.3%
Carlisle Co.’s, Inc	10,271		455,005

Insurance - 4.2%
American Financial Group, Inc	12,979		478,795
Arthur J. Gallagher & Co.	19,221		642,750
Aspen Insurance Holdings Ltd	11,727		310,766
Brown & Brown, Inc.	19,714		446,128
Everest Re Group Ltd.	9,117		766,649
Fidelity National Financial, Inc	36,998		589,378
First American Financial Corp.	17,811		225,665
Hanover Insurance Group, Inc.	7,526		263,034
HCC Insurance Holdings, Inc.	19,297		530,667
Kemper Corp.	8,518		248,811
Mercury General Corp	6,063		276,594
Old Republic International Corp.	42,796		396,719
Protective Life Corp	14,020		316,291
Reinsurance Group of America, Inc.	12,437		649,833
StanCorp Financial Group, Inc	7,374		270,995
Transatlantic Holdings, Inc	9,751		533,672
WR Berkley Corp.	18,790		646,188
			7,592,935

Internet & Catalog Retail - 0.1%
HSN, Inc.	6,840		248,018

Internet Software & Services - 1.2%
AOL, Inc.*	16,142		243,744
Equinix, Inc.*	8,048		816,067
Monster Worldwide, Inc.*	21,869		173,421
Rackspace Hosting, Inc.*	17,578		756,030
ValueClick, Inc.*	13,714		223,401
			2,212,663

IT Services - 2.9%
Acxiom Corp.*	13,277		162,112
Alliance Data Systems Corp.*	8,429		875,268
Broadridge Financial Solutions, Inc.	21,069		475,106
Convergys Corp.*	20,361		260,010
CoreLogic, Inc.*	17,616		227,775

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - cont’d	SHARES		VALUE
IT Services - Cont’d
DST Systems, Inc.	5,560	$	253,091
Gartner, Inc.*	15,980		555,625
Global Payments, Inc	13,284		629,396
Jack Henry & Associates, Inc.	14,697		493,966
Lender Processing Services, Inc.	13,969		210,513
Mantech International Corp.	3,850		120,274
NeuStar, Inc.*	10,943		373,922
VeriFone Systems, Inc.*	17,868		634,671
			5,271,729

Leisure Equipment & Products - 0.4%
Polaris Industries, Inc	11,718		655,974

Life Sciences - Tools & Services - 1.2%
Bio-Rad Laboratories, Inc.*	3,342		320,966
Charles River Laboratories International, Inc.*	8,502		232,360
Covance, Inc.*	10,314		471,556
Mettler-Toledo International, Inc.*	5,361		791,873
Techne Corp	6,281		428,741
			2,245,496

Machinery - 5.5%
AGCO Corp.*	16,498		708,919
CLARCOR, Inc	8,527		426,265
Crane Co.	8,293		387,366
Donaldson Co., Inc.	12,650		861,212
Gardner Denver, Inc	8,580		661,175
Graco, Inc.	10,230		418,305
Harsco Corp.	13,536		278,571
IDEX Corp.	14,164		525,626
ITT Corp	15,400		297,682
Kennametal, Inc	13,452		491,267
Lincoln Electric Holdings, Inc.	14,225		556,482
Nordson Corp	10,122		416,824
Oshkosh Corp.*	15,285		326,793
Pentair, Inc.	16,732		557,008
SPX Corp	8,660		521,938
Terex Corp.*	18,143		245,112
Timken Co.	14,256		551,850
Trinity Industries, Inc.	13,406		402,984
Valmont Industries, Inc.	3,815		346,364
Wabtec Corp.	8,143		569,603
Woodward, Inc.	10,062		411,837
			9,963,183

Marine - 0.5%
Alexander & Baldwin, Inc	7,029		286,924
Kirby Corp.*	9,450		622,188
			909,112

Media - 1.0%
AMC Networks, Inc.*	9,759		366,743
DreamWorks Animation SKG, Inc.*	11,910		197,646
John Wiley & Sons, Inc	8,064		358,042
Lamar Advertising Co.*	9,772		268,730

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - cont’d	SHARES		VALUE
Media - Cont’d
Meredith Corp	6,209	$	202,724
New York Times Co.*	20,266		156,656
Scholastic Corp.	4,042		121,139
Valassis Communications, Inc.*	7,798		149,956
			1,821,636

Metals & Mining - 1.3%
Carpenter Technology Corp.	7,500		386,100
Commercial Metals Co.	19,483		269,450
Compass Minerals International, Inc.	5,516		379,777
Reliance Steel & Aluminum Co	12,727		619,678
Steel Dynamics, Inc.	36,649		481,934
Worthington Industries, Inc.	9,101		149,074
			2,286,013

Multiline Retail - 0.2%
99¢ Only Stores*	7,990		175,381
Saks, Inc.*	26,487		258,248
			433,629

Multi-Utilities - 2.2%
Alliant Energy Corp.	18,839		830,988
Black Hills Corp.	6,682		224,381
MDU Resources Group, Inc	32,048		687,750
NSTAR	17,584		825,745
OGE Energy Corp	16,645		943,938
Vectren Corp.	13,895		420,046
			3,932,848

Office Electronics - 0.2%
Zebra Technologies Corp.*	8,916		319,014

Oil, Gas & Consumable Fuels - 3.9%
Arch Coal, Inc.	35,923		521,243
Bill Barrett Corp.*	7,978		271,810
Cimarex Energy Co	14,555		900,956
Comstock Resources, Inc.*	8,119		124,221
Energen Corp	12,238		611,900
Forest Oil Corp.*	19,064		258,317
HollyFrontier Corp	35,316		826,394
Northern Oil And Gas, Inc.*	10,452		250,639
Patriot Coal Corp.*	15,119		128,058
Plains Exploration & Production Co.*	23,935		878,893
Quicksilver Resources, Inc.*	19,811		132,932
SM Energy Co.	10,864		794,158
Southern Union Co.	21,176		891,721
World Fuel Services Corp.	12,077		506,992
			7,098,234

Paper & Forest Products - 0.4%
Domtar Corp.	6,187		494,713
Louisiana-Pacific Corp.*	22,492		181,510
			676,223

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - cont’d	SHARES		VALUE
Pharmaceuticals - 0.6%
Endo Pharmaceuticals Holdings, Inc.*	19,833	$	684,833
Medicis Pharmaceutical Corp.	10,710		356,108
			1,040,941

Professional Services - 0.9%
Corporate Executive Board Co	5,647		215,151
FTI Consulting, Inc.*	6,879		291,807
Korn/Ferry International*	7,897		134,723
Manpower, Inc	13,850		495,138
Towers Watson & Co	8,709		521,930
			1,658,749

Real Estate Investment Trusts - 8.7%
Alexandria Real Estate Equities, Inc.	10,517		725,357
American Campus Communities, Inc.	12,028		504,695
BRE Properties, Inc.	12,784		645,336
Camden Property Trust	12,113		753,913
Corporate Office Properties Trust	12,063		256,459
Duke Realty Corp	42,934		517,355
Equity One, Inc.	9,870		167,593
Essex Property Trust, Inc.	5,793		813,974
Federal Realty Investment Trust	10,778		978,105
Highwoods Properties, Inc	12,320		365,534
Home Properties, Inc	8,193		471,671
Hospitality Properties Trust	20,968		481,845
Liberty Property Trust	19,698		608,274
Macerich Co.	22,397		1,133,288
Mack-Cali Realty Corp.	14,590		389,407
National Retail Properties, Inc.	17,552		463,022
Omega Healthcare Investors, Inc.	17,513		338,877
Potlatch Corp.	6,813		211,952
Rayonier, Inc.	20,520		915,808
Realty Income Corp	22,612		790,516
Regency Centers Corp.	15,263		574,194
Senior Housing Properties Trust	27,609		619,546
SL Green Realty Corp	14,624		974,543
Taubman Centers, Inc.	9,832		610,567
UDR, Inc	37,183		933,293
Weingarten Realty Investors	20,261		442,095
			15,687,219

Real Estate Management & Development - 0.3%
Jones Lang LaSalle, Inc.	7,379		452,038

Road & Rail - 1.5%
Con-way, Inc.	9,374		273,346
JB Hunt Transport Services, Inc.	15,322		690,563
Kansas City Southern*	18,646		1,268,114
Landstar System, Inc.	7,899		378,520
Werner Enterprises, Inc.	7,553		182,027
			2,792,570

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 2.6%
Atmel Corp.*	78,528	$	636,077
Cree, Inc.*	19,587		431,697
Cypress Semiconductor Corp.*	26,289		444,021
Fairchild Semiconductor International, Inc.*	21,503		258,896
Integrated Device Technology, Inc.*	24,863		135,752
International Rectifier Corp.*	11,591		225,097
Intersil Corp.	21,222		221,558
Lam Research Corp.*	20,278		750,691
MEMC Electronic Materials, Inc.*	39,122		154,141
RF Micro Devices, Inc.*	47,185		254,799
Semtech Corp.*	11,252		279,275
Silicon Laboratories, Inc.*	6,947		301,639
Skyworks Solutions, Inc.*	31,895		517,337
			4,610,980

Software - 4.2%
ACI Worldwide, Inc.*	5,663		162,188
Advent Software, Inc.*	5,523		134,540
ANSYS, Inc.*	15,682		898,265
Cadence Design Systems, Inc.*	46,229		480,782
Compuware Corp.*	37,200		309,504
Concur Technologies, Inc.*	7,896		401,038
FactSet Research Systems, Inc.	7,667		669,176
Fair Isaac Corp	5,892		211,169
Informatica Corp.*	18,053		666,697
Mentor Graphics Corp.*	15,448		209,475
MICROS Systems, Inc.*	13,603		633,628
Parametric Technology Corp.*	19,835		362,187
Quest Software, Inc.*	9,669		179,843
Rovi Corp.*	18,418		452,715
Solera Holdings, Inc.	12,036		536,084
Synopsys, Inc.*	24,327		661,694
TIBCO Software, Inc.*	27,134		648,774
			7,617,759

Specialty Retail - 4.6%
Aaron’s, Inc	12,810		341,771
Advance Auto Parts, Inc	12,298		856,310
Aeropostale, Inc.*	13,546		206,576
American Eagle Outfitters, Inc	32,699		499,968
ANN, Inc.*	8,734		216,428
Ascena Retail Group, Inc.*	11,550		343,266
Barnes & Noble, Inc.*	6,663		96,480
Chico’s FAS, Inc.	28,505		317,546
Collective Brands, Inc.*	10,027		144,088
Dick’s Sporting Goods, Inc	16,394		604,611
Foot Locker, Inc.	25,965		619,006
Guess?, Inc.	11,339		338,129
Office Depot, Inc.*	47,174		101,424
PetSmart, Inc.	18,949		971,894
RadioShack Corp.	16,850		163,613
Rent-A-Center, Inc.	9,966		368,742
Signet Jewelers Ltd	14,752		648,498
Tractor Supply Co.	12,057		845,799

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Specialty Retail - Cont’d
Williams-Sonoma, Inc.	17,600	$	677,600
			8,361,749

Textiles, Apparel & Luxury Goods - 1.8%
Deckers Outdoor Corp.*	6,554		495,286
Fossil, Inc.*	8,926		708,367
Hanesbrands, Inc.*	16,495		360,581
PVH Corp.	11,468		808,379
Under Armour, Inc.*	6,233		447,467
Warnaco Group, Inc.*	6,872		343,875
			3,163,955

Thrifts & Mortgage Finance - 1.0%
Astoria Financial Corp.	14,073		119,480
First Niagara Financial Group, Inc.	59,045		509,558
New York Community Bancorp, Inc.	74,250		918,473
Washington Federal, Inc.	18,254		255,373
			1,802,884

Tobacco - 0.1%
Universal Corp	3,992		183,472

Trading Companies & Distributors - 0.8%
GATX Corp	7,910		345,351
MSC Industrial Direct Co., Inc.	7,729		553,010
United Rentals, Inc.*	10,635		314,264
Watsco, Inc	4,768		313,067
			1,525,692

Water Utilities - 0.3%
Aqua America, Inc.	23,522		518,660

Wireless Telecommunication Services - 0.2%
Telephone & Data Systems, Inc.	15,620		404,402


Total Equity Securities (Cost $165,032,942)			177,798,969

exchange traded funds - 0.5%
SPDR S&P MidCap 400 Trust	6,100		973,194

Total Exchange Traded Funds (Cost $997,876)			973,194

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				PRINCIPAL
U.S. TREASURY - 0.2%				AMOUNT		VALUE
United States Treasury Bills, 0.0245%, 3/22/12^			$	300,000	$	299,983

Total U.S. Treasury (Cost $299,983)						299,983


TIME DEPOSIT - 0.7%
State Street Time Deposit, 0.113%, 1/3/12				1,183,033		1,183,033

Total Time Deposit (Cost $1,183,033)						1,183,033


TOTAL INVESTMENTS (Cost $167,513,834) - 100.0%						180,255,179
Other assets and liabilities, net - 0.0%						5,263
net assets - 100%					$	180,260,442


net assets consIst of:
Paid-in capital applicable to the following shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized:
Class I: 2,689,946 shares outstanding					$	177,078,973
Class F: 25,327 shares outstanding						1,585,473
Undistributed net investment income						351,488
Accumulated net realized gain (loss) on investments						(11,521,873	)
Net unrealized appreciation (depreciation) on investments						12,766,381

Net assets					$	180,260,442


Net Asset Value Per Share
Class I (based on net assets of $178,562,667)					$	66.38
Class F (based on net assets of $1,697,775)					$	67.03


				Underlying		Unrealized
	Number of	Expiration		face amount		appreciation
futures	contracts	date		at value		(depreciation)
Purchased:
E-Mini S&P 400 Index^	19	3/12	$	1,666,870	$	25,036

(b)	This security was valued by the Board of Directors. See Note A.
^	Futures collateralized by $300,000 par value of U.S. Treasury Bills.
*	Non-income producing security.

Abbreviations:
LLC: Limited Liability Corporation

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Dividend income	$	2,618,215
Interest income		1,848
Total investment income		2,620,063


Expenses:
Investment advisory fee		561,142
Transfer agency fees and expenses		10,207
Administrative fees		187,047
Distribution Plan expenses:
Class F		2,978
Directors’ fees and expenses		29,290
Custodian fees		52,946
Reports to shareholders		72,741
Professional fees		36,546
Accounting fees		30,522
Contract services		63,039
Miscellaneous		4,300
Total expenses		1,050,758
Reimbursement from Advisor:
Class I		(15,821	)
Class F		(2,082	)
Fees paid indirectly		(520	)
Net expenses		1,032,335


Net Investment Income		1,587,728


Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		14,847,047
Futures		(197,143	)
		14,649,904

Change in unrealized appreciation (depreciation) on:
Investments		(22,310,526	)
Futures		5,972
		(22,304,554	)


Net realized and unrealized gain
(loss)		(7,654,650	)

Increase (decrease) In net assets
Resulting from operations	($	6,066,922	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	1,587,728		$	1,418,684
Net realized gain (loss)		14,649,904			6,489,289
Change in unrealized appreciation (depreciation)		(22,304,554	)		24,363,317


Increase (decrease) In net assets
resultIng from oPeratIons		(6,066,922	)		32,271,290

Distributions to shareholders from:
Net investment income:
Class I shares		(1,286,039	)		(1,228,433	)
Class F shares		(6,770	)		(4,451	)
Total distributions		(1,292,809	)		(1,232,884	)

Capital share transactions:
Shares sold:
Class I shares		18,174,325			26,187,479
Class F shares		975,817			681,679
Shares issued from merger (See Note F):
Class I shares		19,913,400			40,248,159
Reinvestment of distributions:
Class I shares		1,286,039			1,228,420
Class F shares		6,769			4,451
Shares redeemed:
Class I shares		(31,330,918	)		(24,522,456	)
Class F shares		(406,810	)		(212,413	)
Total capital share transactions		8,618,622			43,615,319


total Increase (decrease) In net assets		1,258,891			74,653,725

Net assets
Beginning of year		179,001,551			104,347,826
End of year (including undistributed net investment income
of $351,488 and $308,470, respectively)	$	180,260,442		$	179,001,551


Capital share activity
Shares sold:
Class I shares		520,548			1,096,981
Class F shares		13,899			11,199
Reinvestment of distributions:
Class I shares		19,284			17,845
Class F shares		100			64
Shares issued from merger (See Note F):
Class I shares		259,610			648,641
Shares redeemed:
Class I shares		(450,060	)		(414,094	)
Class F shares		(5,817	)		(3,613	)
Total capital share activity		357,564			1,357,023

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP S&P MidCap 400 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. 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.

At December 31, 2011, securities valued at $10 or 0.00% of net assets were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

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or exchange on which they are traded and are categorized as Level 1 in the hierarchy. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities of suf-ficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments In securities		level 1		level 2		level 3			total
Equity securities**	$	177,798,959		—	$	10		$	177,798,969
Exchange traded funds		973,194		—		—			973,194
U.S. government obligations		—	$	299,983		—			299,983
Other debt obligations		—		1,183,033		—			1,183,033
TOTAL	$	178,772,153	$	1,483,016	$	10	*	$	180,255,179

Other financial instruments***	$	25,036		—		—		$	25,036

*Level 3 securities represent 0.0% of net assets.

**For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets.

***Other financial instruments are derivative instruments not reflected in the Statement of Net Assets, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

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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 Portfolio. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position.

During the year, the Portfolio invested in E-Mini S&P 400 Index and E-Mini S&P 500 Index Futures. The volume of activity has varied throughout the year with a weighted average of 12 contracts and $374,748 weighted average notional value.

Security Transactions and Investment Income: Security transactions 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .30% of the Portfolio’s average daily net assets. Under the terms of the agreement, $45,744 was payable at year end. In addition, $15,522 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .55% and .79% for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Distributors, Inc. (“CID”) (formerly known as Calvert Distributors, Inc.), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed 0.20% annually of average daily net assets of Class F. Under the terms of the agreement, $283 was payable at year end.

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Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $231 for the year ended December 31, 2011. Under the terms of the agreement, $19 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $30,171,343 and $54,562,453, respectively.

Capital loss carryforward

Expiration date
31-Dec-15	($7,650,555	)
31-Dec-16	(5,197,845	)

Capital losses may be utilized to offset future capital gains until expiration; however the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas MidCap Growth and CVP MidCap Value Portfolios may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

	2011	2010
Distributions paid from:
Ordinary income	$1,292,809	$1,232,884
Total	$1,292,809	$1,232,884

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$28,908,029
Unrealized (depreciation)	(16,411,281	)
Net unrealized appreciation/(depreciation)	$12,496,748

Undistributed ordinary income	$351,488
Undistributed long term capital gain	$1,596,160
Federal income tax cost of investments	$167,758,431

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The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales, real estate investment trusts, return of capital distributions, Section 1256 contracts, and capital loss carryovers subject to limitations under Internal Revenue Code Section 382.

Undistributed investment income	($251,901	)
Accumulated net realized gain (loss)	251,901

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$2,585	1.48%	$265,959	March 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTE F — REORGANIZATION

On December 9, 2010, the Board of Directors approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Calvert VP Mid Cap Value Portfolio (“Mid Cap Value”) for shares of the acquiring portfolio, Calvert VP S&P MidCap 400 Index Portfolio (“S&P MidCap 400”) and the assumption of the liabilities of Mid Cap Value. Shareholders approved the Plan at a meeting on April 15, 2011 and the reorganization took place on April 29, 2011.

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The acquisition was accomplished by a tax-free exchange of the following shares:

		Acquiring
Merged Portfolio	Shares	Portfolio	Shares	Value
MID CAP VALUE	1,085,126	S&P MIDCAP 400, CLASS I	259,610	$19,913,400

For financial reporting purposes, assets received and shares issued by S&P MidCap 400 were recorded at fair value; however, the cost basis of the investments received from Mid Cap Value were carried forward to align ongoing reporting of S&P MidCap 400’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets and net unrealized appreciation (depreciation) immediately before the acquisitions were as follows:

		Unrealized
	Net	Appreciation	Acquiring	Net
Merged Portfolio	Assets	(Depreciation)	Portfolio	Assets
MID CAP VALUE	$19,913,400	$5,195,860	S&P MIDCAP 400	$196,338,740

Assuming the acquisition had been completed on January 1, 2011, S&P MidCap 400’s results of operations for the year ended December 31, 2011 would have been as follows:

Net investment income	$1,573,736	(a)
Net realized and change in unrealized gain (loss) on investments	($5,856,432	) (b)
Net increase (decrease) in assets from operations	($4,282,696	)

Because S&P MidCap 400 and Mid Cap Value sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of Mid Cap Value that have been included in S&P MidCap 400’s Statement of Operations since April 29, 2011.

(a)	$1,587,728 as reported, plus ($13,992), from Mid Cap Value pre-merger.
(b)	($7,654,650) as reported, plus $1,798,218 from Mid Cap Value pre-merger.

On December 10, 2009, the Board of Directors approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Calvert Variable Series, Inc., Ameritas MidCap Growth Portfolio (“Ameritas MidCap”) for shares of the acquiring portfolio, Calvert Variable Products, Inc., S&P MidCap 400 Index Portfolio (“S&P MidCap 400”) and the assumption of the liabilities of Ameritas MidCap. Shareholders approved the Plan at a meeting on April 16, 2010 and the reorganization took place on April 30, 2010.

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The acquisition was accomplished by a tax-free exchange of the following shares:

Merged portfolio	Shares		Acquiring portfolio	Shares	Value
AMERITAS MIDCAP	1,607,954		S&P MIDCAP 400, CLASS I	648,641	$40,248,159

For financial reporting purposes, assets received and shares issued by S&P MidCap 400 were recorded at fair value; however, the cost basis of the investments received from Ameritas Midcap were carried forward to align ongoing reporting of S&P MidCap 400’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets and net unrealized appreciation (depreciation) immediately before the acquisitions were as follows:

		Unrealized
Merged	Net	appreciation	Acquiring	Net
portfolio	assets	(depreciation)	portfolio	assets
AMERITAS MIDCAP	$40,248,159	$5,524,697	S&P MIDCAP 400	$117,174,063

Assuming the acquisition had been completed on January 1, 2010, S&P MidCap 400’s results of operations for the year ended December 31, 2010 would have been as follows:

Net investment income	$	1,460,750	(a)
Net realized and change in unrealized gain (loss) on investments	$	35,644,107	(b)
Net increase (decrease) in assets from operations	$	37,104,857

(a)	$1,418,684, as reported, plus $42,066 from Ameritas MidCap pre-merger.
(b)	$30,852,606, as reported, plus $4,791,501 from Ameritas MidCap pre-merger.

Because S&P MidCap 400 and Ameritas MidCap sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of Ameritas MidCap that have been included in S&P MidCap 400’s Statement of Operations since April 30, 2010.

NOTICE TO SHAREHOLDERS (UNAUDITED)

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FINANCIAL HIGHLIGHTS


		Years ended
		December 31,			December 31,			December 31,
Class I shares		2011	(z)		2010	(z)		2009
Net asset value, beginning	$	68.39		$	54.66		$	40.39
Income from investment operations:
Net investment income		.59			.59			.60
Net realized and unrealized gain (loss)		(2.12	)		13.61			14.10
Total from investment operations		(1.53	)		14.20			14.70
Distributions from:
Net investment income		(0.48	)		(.47	)		(.43	)
Total distributions		(0.48	)		(.47	)		(.43	)
Total increase (decrease) in net asset value		(2.01	)		13.73			14.27
Net asset value, ending	$	66.38		$	68.39		$	54.66

Total return*		(2.24	%)		25.98	%		36.38	%
Ratios to average net assets: A
Net investment income		.85	%		1.00	%		1.25	%
Total expenses		.56	%		.59	%		.57	%
Expenses before offsets		.55	%		.55	%		.55	%
Net expenses		.55	%		.55	%		.55	%
Portfolio turnover		16	%		17	%		16	%
Net assets, ending (in thousands)	$	178,563		$	177,819		$	103,825


					Years ended
					December 31,			December 31,
Class I shares					2008	(z)		2007
Net asset value, beginning				$	70.69		$	69.23
Income from investment operations:
Net investment income					.72			.67
Net realized and unrealized gain (loss)					(24.89	)		4.44
Total from investment operations					(24.17	)		5.11
Distributions from:
Net investment income					(1.26	)		(.66	)
Net realized gain					(4.87	)		(2.99	)
Total distributions					(6.13	)		(3.65	)
Total increase (decrease) in net asset value					(30.30	)		1.46
Net asset value, ending				$	40.39		$	70.69

Total return*					(36.63	%)		7.38	%
Ratios to average net assets: A
Net investment income					1.27	%		1.11	%
Total expenses					.55	%		.52	%
Expenses before offsets					.55	%		.52	%
Net expenses					.55	%		.52	%
Portfolio turnover					22	%		23	%
Net assets, ending (in thousands)				$	84,665		$	172,221


See notes to financial highlights.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 30


FINANCIAL HIGHLIGHTS



		Years ended
		December 31,			December 31,			December 31,
Class F shares		2011	(z)		2010	(z)		2009
Net asset value, beginning	$	69.00		$	55.10		$	40.65
Income from investment operations:
Net investment income		.44			.46			.43
Net realized and unrealized gain (loss)		(2.14	)		13.70			14.25
Total from investment operations		(1.70	)		14.16			14.68
Distributions from:
Net investment income		(.27	)		(.26	)		(.23	)
Total distributions		(.27	)		(.26	)		(.23	)
Total increase (decrease) in net asset value		(1.97	)		13.90			14.45
Net asset value, ending	$	67.03		$	69.00		$	55.10

Total return*		(2.47	%)		25.70	%		36.12	%
Ratios to average net assets: A
Net investment income		.63	%		.77	%		.98	%
Total expenses		.93	%		1.02	%		1.90	%
Expenses before offsets		.79	%		.79	%		.79	%
Net expenses		.79	%		.79	%		.79	%
Portfolio turnover		16	%		17	%		16	%
Net assets, ending (in thousands)	$	1,698		$	1,183		$	523


					Periods ended
					December 31,			December 31,
Class F shares					2008	(z)		2007	^
Net asset value, beginning				$	70.66		$	73.77
Income from investment operations:
Net investment income					.66			.16
Net realized and unrealized gain (loss)					(24.90	)		(3.27	)
Total from investment operations					(24.24	)		(3.11	)
Distributions from:
Net investment income					(.90	)		—
Net realized gain					(4.87	)		—
Total distributions					(5.77	)		—
Total increase (decrease) in net asset value					(30.01	)		(3.11	)
Net asset value, ending				$	40.65		$	70.66

Total return*					(36.76	%)		(4.21	%)
Ratios to average net assets: A
Net investment income					1.26	%		.89	% (a)
Total expenses					.79	%		.71	% (a)
Expenses before offsets					.78	%		.71	% (a)
Net expenses					.78	%		.71	% (a)
Portfolio turnover					22	%		23	%
Net assets, ending (in thousands)				$	104		$	1


See notes to financial highlights.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 31

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(a)	Annualized.
*	Total return is not annualized for periods less than one year.
^	From October 1, 2007 inception.
(z)	Per share figures calculated using the Average Share Method.

See notes to financial statements.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 32

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 33

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 34

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Advisor’s compliance with applicable policies and procedures, including those related to personal investing. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 35

ing, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one-, three-and five-year periods ended June 30, 2011. The data also indicated that the Portfolio outperformed its Lipper index for the one-, three-and five-year periods ended June 30, 2011. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer universe. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was at the median of its peer universe and that total expenses (net of expense reimbursements) were above the median of its peer universe. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer universe. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvi-sor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profitabil-ity of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing, administrative and distribution services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 36

information, the Subadvisor provided biographical information on portfolio management and other professional staff, performance information for itself, and descriptions of its investment philosophies, strategies and techniques, organizational and management structures and brokerage policies and practices.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three and five-year periods ended June 30, 2011 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 37

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement and the Investment Subadvisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) the performance of the Portfolio is satisfactory relative to the performance of passively-managed funds that track the same benchmark index as does the Portfolio; and (f) the Portfolio’s advisory and subadvisory fees are reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 38

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

TABLE OF CONTENTS


	4		Portfolio Manager Remarks
	6		Shareholder Expense Example
	7		Report of Independent Registered Public Accounting Firm
	8		Statement of Net Assets
	13		Statement of Operations
	14		Statements of Changes in Net Assets
	15		Notes to Financial Statements
	21		Financial Highlights
	23		Explanation of Financial Tables
	24		Proxy Voting
	25		Availability of Quarterly Portfolio Holdings
	25		Basis for Board’s Approval of Investment Advisory Contracts
	29		Director and Officer Information Table

CALVERT VP NASDAQ 100 INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2011, Calvert VP Nasdaq 100 Index Portfolio returned 3.02% compared with 3.66% for the Nasdaq 100 Index. The Portfolio’s underperformance is largely attributable to fees and operating expenses which the Index does not incur.

Investment Climate

Central banks in both the U.S. and Europe continue to use accommodative monetary policy as politicians attempted to solve the debt problems plaguing many sovereign nations. Against that backdrop, domestic economic activity improved slightly during the year, with relatively strong corporate profits and balance sheets.

PortfolIo Strategy

As an index fund, the Portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the Nasdaq 100 Index. The Index includes 100 of the largest and most actively traded non-financial domestic and international companies. The average market capitalization of the companies in the Index is roughly $27 billion, which is larger than the $24 billion average market capitalization of companies in the Standard & Poor’s 500 Index.

Over the full year, the top performing sectors in

Average Annual Total Return
(period ended 12.31.11)

One year	3.02	%
Five year	5.43	%
Ten year	3.71	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.68%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 4

the Nasdaq 100 were Consumer Staples (9.7%), Health Care (7.6%), and Consumer Discretionary (6.0%). The worst performing sectors were Industrials (-10.2%), Materials (-4.5%), and Telecommunication Services (-0.4%).

At year end, the Nasdaq 100 Index had the heaviest investments in Information Technology (67.0%), Consumer Discretionary (15.4%), and Health Care (11.4%) companies. It had the lowest exposure to companies in the Materials (0.3%), Telecommunications Services (1.2%), and Consumer Staples (2.2%) sectors.

The Portfolio continued to meet its investment objective of closely tracking the total return of the Nasdaq 100 Index. The Portfolio fully replicates the Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. The Nasdaq 100 Index is not a mutual fund and direct investment in the Index is not possible. Unlike the Index, the Portfolio incurs operating expenses. During 2011, the Portfolio’s slight underperformance was largely attributable to these expenses.

	% of Total
Economic Sectors	Investments

Consumer Discretionary	14.8	%
Consumer Staples	2.4	%
Exchange Traded Funds	1.0	%
Government	0.4	%
Health Care	10.9	%
Industrials	2.2	%
Information Technology	65.0	%
Materials	0.5	%
Telecommunication Services	1.0	%
Time Deposit	1.8	%
Total	100	%

Outlook

January 2012

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$981.50	$3.35

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.83	$3.41

* Expenses are equal to the Fund’s annualized expense ratio of 0.67%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Nasdaq 100 Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Nasdaq 100 Index Portfolio (the Portfolio), as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Nasdaq 100 Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 7

STATEMENT OF NET ASSETS DECEMBER 31, 2011

EQUITY SECURITIES - 96.8%	SHARES		VALUE
Air Freight & Logistics - 0.8%
C.H. Robinson Worldwide, Inc	3,430	$	239,346
Expeditors International of Washington, Inc.	4,472		183,173
			422,519

Beverages - 0.3%
Monster Beverage Corp.*	1,819		167,603

Biotechnology - 6.3%
Alexion Pharmaceuticals, Inc.*	3,877		277,206
Amgen, Inc.	18,315		1,176,006
Biogen Idec, Inc.*	5,076		558,614
Celgene Corp.*	9,276		627,058
Gilead Sciences, Inc.*	15,694		642,355
Vertex Pharmaceuticals, Inc.*	4,369		145,094
			3,426,333

Chemicals - 0.3%
Sigma-Aldrich Corp.	2,516		157,149

Commercial Services & Supplies - 0.3%
Stericycle, Inc.*	1,800		140,256

Communications Equipment - 7.9%
Cisco Systems, Inc.	112,324		2,030,818
F5 Networks, Inc.*	1,661		176,265
QUALCOMM, Inc.	35,123		1,921,228
Research In Motion Ltd.*	10,935		158,558
			4,286,869

Computers & Peripherals - 16.9%
Apple, Inc.*	19,419		7,864,695
Dell, Inc.*	37,537		549,166
NetApp, Inc.*	7,698		279,206
SanDisk Corp.*	5,028		247,428
Seagate Technology plc	9,706		159,178
			9,099,673

Diversified Consumer Services - 0.3%
Apollo Group, Inc.*	2,719		146,473

Electronic Equipment & Instruments - 0.1%
Flextronics International Ltd.*	14,902		84,345

Food & Staples Retailing - 1.9%
Costco Wholesale Corp	9,055		754,463
Whole Foods Market, Inc.	3,750		260,925
			1,015,388

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Food Products - 0.3%
Green Mountain Coffee Roasters, Inc.*	3,221	$	144,462

Health Care Equipment & Supplies - 0.9%
DENTSPLY International, Inc.	2,995		104,795
Intuitive Surgical, Inc.*	815		377,353
			482,148

Health Care Providers & Services - 1.1%
Express Scripts, Inc.*	10,144		453,335
Henry Schein, Inc.*	1,888		121,644
			574,979

Health Care Technology - 0.4%
Cerner Corp.*	3,546		217,193

Hotels, Restaurants & Leisure - 2.0%
Ctrip.com International Ltd. (ADR)*	3,094		72,399
Starbucks Corp.	15,575		716,606
Wynn Resorts Ltd	2,622		289,705
			1,078,710

Household Durables - 0.3%
Garmin Ltd	4,074		162,186

Internet & Catalog Retail - 4.6%
Amazon.com, Inc.*	9,502		1,644,796
Expedia, Inc.	2,522		73,188
Liberty Media Corp. - Interactive*	11,726		190,137
Netflix, Inc.*	1,157		80,169
priceline.com, Inc.*	1,040		486,418
			2,474,708

Internet Software & Services - 10.3%
Akamai Technologies, Inc.*	3,749		121,018
Baidu, Inc. (ADR)*	5,666		659,919
eBay, Inc.*	26,973		818,091
Google, Inc.*	5,348		3,454,273
VeriSign, Inc	3,324		118,733
Yahoo!, Inc.*	25,915		418,009
			5,590,043

IT Services - 2.7%
Automatic Data Processing, Inc.	10,211		551,496
Cognizant Technology Solutions Corp.*	6,312		405,925
Fiserv, Inc.*	2,971		174,517
Infosys Ltd. (ADR)	1,630		83,749
Paychex, Inc	7,622		229,498
			1,445,185

Leisure Equipment & Products - 0.4%
Mattel, Inc.	7,076		196,430

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Life Sciences - Tools & Services - 0.3%
Life Technologies Corp.*	3,723	$	144,862

Machinery - 0.5%
PACCAR, Inc.	7,485		280,463

Media - 4.8%
Comcast Corp	43,723		1,036,672
DIRECTV*	14,743		630,411
News Corp	35,982		641,919
Sirius XM Radio, Inc.*	78,363		142,621
Virgin Media, Inc.	6,288		134,437
			2,586,060

Metals & Mining - 0.2%
Randgold Resources Ltd. (ADR)	1,205		123,031

Multiline Retail - 0.5%
Dollar Tree, Inc.*	2,487		206,695
Sears Holdings Corp.*	2,244		71,314
			278,009

Pharmaceuticals - 1.9%
Mylan, Inc.*	8,947		192,003
Perrigo Co	1,947		189,443
Teva Pharmaceutical Industries Ltd. (ADR)	14,625		590,265
Warner Chilcott plc*	5,324		80,552
			1,052,263

Semiconductors & Semiconductor Equipment - 9.2%
Altera Corp.	6,704		248,718
Applied Materials, Inc	27,653		296,164
Avago Technologies Ltd	5,137		148,254
Broadcom Corp.*	10,095		296,389
First Solar, Inc.*	1,810		61,106
Intel Corp.	106,393		2,580,030
KLA-Tencor Corp.	3,482		168,007
Lam Research Corp.*	2,498		92,476
Linear Technology Corp.	4,781		143,573
Marvell Technology Group Ltd.*	12,656		175,286
Maxim Integrated Products, Inc	6,095		158,714
Microchip Technology, Inc	4,017		147,143
Micron Technology, Inc.*	20,635		129,794
NVIDIA Corp.*	12,661		175,481
Xilinx, Inc.	5,484		175,817
			4,996,952

Software - 17.9%
Activision Blizzard, Inc.	23,986		295,508
Adobe Systems, Inc.*	10,257		289,965
Autodesk, Inc.*	4,735		143,613
BMC Software, Inc.*	3,556		116,566
CA, Inc.	10,309		208,396
Check Point Software Technologies Ltd.*	4,357		228,917
Citrix Systems, Inc.*	3,897		236,626
Electronic Arts, Inc.*	6,925		142,655

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EQUITY SECURITIES - cont’d		SHARES		VALUE
Software - Cont’d
Intuit, Inc.		6,217	$	326,952
Microsoft Corp.		175,766		4,562,885
Nuance Communications, Inc.*		6,283		158,080
Oracle Corp.		105,403		2,703,587
Symantec Corp.*		15,402		241,041
				9,654,791

Specialty Retail - 1.7%
Bed Bath & Beyond, Inc.*		5,112		296,343
Orchard Supply Hardware Stores Corp.:
Common*		101		421
Preferred*		101		-
O’Reilly Automotive, Inc.*		2,681		214,346
Ross Stores, Inc		4,831		229,617
Staples, Inc		14,614		202,988
				943,715

Textiles, Apparel & Luxury Goods - 0.2%
Fossil, Inc.*		1,308		103,803

Trading Companies & Distributors - 0.5%
Fastenal Co.		6,168		268,986

Wireless Telecommunication Services - 1.0%
Vodafone Group plc (ADR)		19,189		537,868

Total Equity Securities (Cost $43,374,369)				52,283,455

EXCHANGE TRADED FUNDS - 1.0%
Powershares QQQ Trust, Series 1		9,400		524,802

Total Exchange Traded Funds (Cost $529,385)				524,802


		PRINCIPAL
TIME DEPOSIT - 1.8%		AMOUNT
State Street Time Deposit, 0.113%, 1/3/12	$	985,612		985,612

Total Time Deposit (Cost $985,612)				985,612

U.S. TREAUSRY - 0.4%
United States Treasury Bills, 0.0245%, 3/22/12^		200,000		199,989

Total U.S. Treasury (Cost $199,989)				199,989



TOTAL INVESTMENTS (Cost $45,089,355) - 100.0%				53,993,858
Other assets and liabilities, net - (0.0%)				(10,009	)
net assets - 100%			$	53,983,849

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Net assets consist of:
Paid-in capital applicable to 1,819,763 shares of common stock outstanding; $0.10 par value,
20,000,000 shares authorized					$	42,944,714
Undistributed net investment income						35,289
Accumulated net realized gain (loss) on investments						2,098,087
Net unrealized appreciation (depreciation) on investments						8,905,759


Net assets					$	53,983,849

Net asset value Per share					$	29.67



				Underlying		Unrealized
	Number of	Expiration		face amount		appreciation
Futures	contracts	date		at value		(depreciation)
Purchased:
E-Mini NASDAQ 100 Index^	26	3/12	$	1,182,740	$	1,256

^ Futures collateralized by $200,000 par value of U.S. Treasury Bills.

* Non-income producing security.

Abbreviations:
ADR: American Depositary Receipt

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $1,832)	$	533,718
Interest income		1,448
Total investment income		535,166


Expenses:
Investment advisory fee		204,382
Transfer agency fees and expenses		4,529
Accounting fees		9,415
Directors’ fees and expenses		9,292
Administrative fees		58,395
Custodian fees		23,349
Reports to shareholders		37,874
Professional fees		24,801
Miscellaneous		17,063
Total expenses		389,100
Reimbursement from Advisor		(9,634	)
Fees paid indirectly		(310	)
Net expenses		379,156



Net Investment Income		156,010


Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		11,236,202
Futures		(187,493	)
		11,048,709

Change in unrealized appreciation (depreciation) on:
Investments		(9,222,344	)
Futures		2,642
		(9,219,702	)

Net realized and unrealized gain (loss)		1,829,007

Increase (decrease) In net assets
Resulting from operations	$	1,985,017

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	156,010		$	134,336
Net realized gain (loss)		11,048,709			963,877
Change in unrealized appreciation (depreciation)		(9,219,702	)		8,968,590


Increase (decrease) In net assets
resultIng from oPeratIons		1,985,017			10,066,803

Distributions to shareholders from:
Net investment income		(154,259	)		(104,669	)
Net realized gain		(2,793,152	)		—
Total distributions		(2,947,411	)		(104,669	)

Capital share transactions:
Shares sold		6,712,731			30,807,332
Reinvestment of distributions		2,947,411			104,679
Shares redeemed		(15,149,277	)		(6,076,254	)
Total capital share transactions		(5,489,135	)		24,835,757


Total Increase (decrease) In net assets		(6,451,529	)		34,797,891



Net assets
Beginning of year		60,435,378			25,637,487
End of year (including undistributed net investment
income of $35,289 and $33,538, respectively)	$	53,983,849		$	60,435,378


Capital share activity
Shares sold		213,319			1,203,922
Reinvestment of distributions		99,039			3,424
Shares redeemed		(476,590	)		(228,213	)
Total capital share activity		(164,232	)		979,133

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Nasdaq 100 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or 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. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments in securities	level 1	level 2	level 3	total
Equity securities*	$52,283,455	—	—	$52,283,455
Exchange traded funds	524,802	—	—	524,802
U.S. government obligations	—	$199,989	—	199,989
Other debt obligations	—	985,612	—	985,612
TOTAL	$52,808,257	$1,185,601	—	$53,993,858

Other financial instruments**	$1,256	—	—	$1,256

*For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets.

**Other financial instruments are derivative instruments not reflected in the Statement of Net Assets, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

Security Transactions and Investment Income: Security transactions 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 or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

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illiquidity of the secondary market which would limit the Portfolio’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 Portfolio. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position.

During the year, the Portfolio invested in E-Mini NASDAQ 100 Index Futures. The volume of activity has varied throughout the year with a weighted average of 5 contracts and $381,481 weighted average notional value.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affili-ates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $16,002 was payable at year end. In addition, $6,156 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .67% (.65% prior to May 1, 2011). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $72 for the year ended December 31, 2011. Under terms of the agreement, $6 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

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NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $12,981,762 and $21,866,132, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

Distributions paid from:	2011	2010
Ordinary income	$154,259	$104,669
Long term capital gains	2,793,152	-
Total	$2,947,411	$104,669

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$10,675,809
Unrealized (depreciation)	(2,285,614	)
Net unrealized appreciation/(depreciation)	$8,390,195

Undistributed ordinary income	$35,289
Undistributed long term capital gain	$2,613,651
Federal income tax cost of investments	$45,603,663

NOTE D — LINE OF CREDIT

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

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NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2011, the Portfolio considers 100% of the ordinary dividends paid during the year as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code and $2,793,153 of the long term capital gain distributions paid during the year as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

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FINANCIAL HIGHLIGHTS

		Years ended
		December 31,			December 31,			December 31,
		2011			2010			2009
Net asset value, beginning	$	30.46		$	25.51		$	16.63
Income from investment operations:
Net investment income		.09			.06			.02
Net realized and unrealized gain (loss)		.83			4.94			8.88
Total from investment operations		.92			5.00			8.90
Distributions from:
Net investment income		(.09	)		(.05	)		(.02	)
Net realized gain		(1.62	)		—			—
Total distributions		(1.71	)		(.05	)		(.02	)
Total increase (decrease) in net asset value		(0.79	)		4.95			8.88
Net asset value, ending	$	29.67		$	30.46		$	25.51

Total return*		3.02	%		19.61	%		53.51	%
Ratios to average net assets: A
Net investment income		.27	%		.33	%		.09	%
Total expenses		.67	%		.68	%		.74	%
Expenses before offsets		.65	%		.65	%		.65	%
Net expenses		.65	%		.65	%		.65	%
Portfolio turnover		23	%		26	%		10	%
Net assets, ending (in thousands)	$	53,984		$	60,435		$	25,637


					Years ended
					December 31,			December 31,
					2008			2007
Net asset value, beginning				$	28.64		$	24.47
Income from investment operations:
Net investment income (loss)					.03			(.01	)
Net realized and unrealized gain (loss)					(12.01	)		4.49
Total from investment operations					(11.98	)		4.48
Distributions from:
Net investment income					(.03	)		***
Return of capital					—			(.31	)
Total distributions					(.03	)		(.31	)
Total increase (decrease) in net asset value					(12.01	)		4.17
Net asset value, ending				$	16.63		$	28.64

Total return*					(41.81	%)		18.50	%
Ratios to average net assets: A
Net investment income (loss)					.06	%		(.01	%)
Total expenses					.80	%		.71	%
Expenses before offsets					.65	%		.65	%
Net expenses					.65	%		.65	%
Portfolio turnover					12	%		13	%
Net assets, ending (in thousands)				$	17,189		$	32,822



See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
*	Total return is not annualized for periods less than one year.
***	Amount is less than $0.005.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Portfolio’s advisory fee; comparative performance, fee and expense information for the Portfolio; the profitability of the Calvert Family of Funds to the Advisor and its affiliates; the allocation of the Portfolio’s brokerage, including the Advisor’s process for monitoring “best execution”; the direct and indirect benefits, if any, derived by the Advisor and its affili-ates from their relationship with the Portfolio; the effect of the Portfolio’s growth and size on the Portfolio’s performance and expenses; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

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performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer universe. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was below the median of its peer universe and that total expenses (net of expense reimbursements) were above the median of its peer universe. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer universe. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profit-ability of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

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As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five--year periods ended June 30, 2011 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

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CONCLUSIONS

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 28

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2011, Calvert VP Russell 2000 Index Portfolio (Class I) provided a return of -4.89% compared with -4.18% for the Russell 2000 Index. The Portfolio’s underperformance is largely attributable to fees and operating expenses which the Index does not incur.

Investment Climate

Portfolio Strategy

As an index fund, the Portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the Russell 2000 Index. The Index includes approximately 2,000 small companies with an average market capitalization of approximately $661 million, which is signifi-


Average annual total return
(period ended 12.31.11)
	Class I		Class F
One year	-4.89	%	-5.07	%
Five year	-0.45	%	-0.65	%
Ten year	4.97	%	4.77	%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I shares is 0.82%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

* Class F share performance prior to October 4, 2005 is based on Class I performance, adjusted to reflect Class F expenses.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 4

cantly smaller than the $24 billion average market capitalization of companies in the Standard & Poor’s (S&P) 500 Index.

Over the full year, the top-performing sectors of the Russell 2000 Index were Utilities (16.9%), Consumer Staples (7.8%), and Health Care (1.7%). The worst performing sectors included Materials (-11.7%), Energy (-8.2%), Information Technology (-7.3%), and Consumer Discretionary (-7.1%).

At year end, the Russell 2000 Index was most heavily invested in Financials (23.2%) and Information Technology (14.7%) companies. Other sectors of significant weight included Consumer Discretionary (14.3%) and Producer Durables (14.1%). The Index had the lowest exposure to companies in the Consumer Staples (3.2%), Utilities (4.5%), and Telecommunications Services (0.8%) sectors.

The Portfolio continued to meet its investment objective of closely tracking the total return of the Russell 2000 Index. The Portfolio fully replicates the Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. The Russell 2000 Index is not a mutual fund and direct investment in the Index is not possible. Unlike the Index, the Portfolio incurs operating expenses. During 2011, the Portfolio’s slight underperformance was largely attributable to these expenses.

	% of Total
Economic Sectors	Investments

Consumer Discretionary	12.8	%
Consumer Staples	3.5	%
Energy	6.5	%
Exchange Traded Funds	0.3	%
Financials	21.8	%
Government	0.4	%
Health Care	12.1	%
Industrials	15.3	%
Information Technology	16.4	%
Materials	4.3	%
Telecommunication Services	0.7	%
Time Deposit	2.4	%
Utilities	3.5	%
Total	100	%

Outlook

January 2012

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes


	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Class I
Actual	$1,000.00	$898.60	$3.45

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.58	$3.67

Class F
Actual	$1,000.00	$897.90	$4.45

Hypothetical (5% return per year before expenses)	$1,000.00	$1,020.52	$4.74

* Expenses are equal to the Fund’s annualized expense ratio of 0.72% and 0.93%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Russell 2000 Small Cap Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Russell 2000 Small Cap Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Russell 2000 Small Cap Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2011



EQUITY SECURITIES - 96.7%	SHARES		VALUE
Aerospace & Defense - 1.9%
AAR Corp	3,414	$	65,446
Aerovironment, Inc.*	1,447		45,537
American Science & Engineering, Inc	788		53,671
Astronics Corp.*	970		34,736
Ceradyne, Inc.*	2,046		54,792
Cubic Corp.	1,378		60,067
Curtiss-Wright Corp	3,815		134,784
DigitalGlobe, Inc.*	2,897		49,567
Ducommun, Inc.	1,087		13,859
Esterline Technologies Corp.*	2,505		140,205
GenCorp, Inc.*	5,118		27,228
GeoEye, Inc.*	1,931		42,907
HEICO Corp.	3,528		206,317
Hexcel Corp.*	8,299		200,919
Keyw Holding Corp.*	1,077		7,970
Kratos Defense & Security Solutions, Inc.*	3,130		18,686
LMI Aerospace, Inc.*	916		16,076
Moog, Inc.*	3,732		163,947
National Presto Industries, Inc	420		39,312
Orbital Sciences Corp.*	5,042		73,260
Taser International, Inc.*	5,806		29,727
Teledyne Technologies, Inc.*	3,113		170,748
Triumph Group, Inc	3,190		186,455
			1,836,216

Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc.*	4,743		22,387
Atlas Air Worldwide Holdings, Inc.*	2,260		86,852
Forward Air Corp.	2,539		81,375
HUB Group, Inc.*	3,025		98,100
Pacer International, Inc.*	3,629		19,415
Park-Ohio Holdings Corp.*	726		12,952
			321,081

Airlines - 0.6%
Alaska Air Group, Inc.*	3,034		227,823
Allegiant Travel Co.*	1,330		70,942
Hawaiian Holdings, Inc.*	4,528		26,262
JetBlue Airways Corp.*	20,251		105,305
Republic Airways Holdings, Inc.*	4,602		15,785
Skywest, Inc.	4,346		54,716
Spirit Airlines, Inc.*	1,281		19,984
US Airways Group, Inc.*	13,313		67,497
			588,314

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 8


EQUITY SECURITIES - cont’d	SHARES		VALUE
Auto Components - 0.8%
American Axle & Manufacturing Holdings, Inc.*	5,250	$	51,922
Amerigon, Inc.*	1,891		26,966
Cooper Tire & Rubber Co.	5,357		75,052
Dana Holding Corp.*	12,244		148,765
Dorman Products, Inc.*	991		36,598
Drew Industries, Inc.*	1,669		40,941
Exide Technologies*	6,612		17,389
Fuel Systems Solutions, Inc.*	1,481		24,422
Modine Manufacturing Co.*	4,047		38,285
Motorcar Parts of America, Inc.*	992		7,440
Shiloh Industries, Inc.*	483		4,047
Spartan Motors, Inc.	3,414		16,421
Standard Motor Products, Inc	1,820		36,491
Stoneridge, Inc.*	2,174		18,327
Superior Industries International, Inc.	2,023		33,460
Tenneco, Inc.*	4,968		147,947
Tower International, Inc.*	681		7,314
			731,787

Automobiles - 0.0%
Winnebago Industries, Inc.*	2,545		18,782

Beverages - 0.2%
Central European Distribution Corp.*	5,976		26,145
Coca Cola Bottling Co. Consolidated	436		25,528
Craft Brewers Alliance, Inc.*	855		5,147
Heckmann Corp.*	8,530		56,724
MGP Ingredients, Inc.	1,018		5,131
National Beverage Corp.*	1,154		18,545
Primo Water Corp.*	983		2,988
The Boston Beer Company, Inc.*	675		73,278
			213,486

Biotechnology - 3.6%
Achillion Pharmaceuticals, Inc.*	4,024		30,663
Acorda Therapeutics, Inc.*	3,388		80,770
Aegerion Pharmaceuticals, Inc.*	590		9,877
Affymax, Inc.*	2,984		19,724
Alkermes plc*	7,836		136,033
Allos Therapeutics, Inc.*	8,161		11,589
Alnylam Pharmaceuticals, Inc.*	3,186		25,966
AMAG Pharmaceuticals, Inc.*	1,838		34,757
Amicus Therapeutics, Inc.*	1,296		4,458
Anacor Pharmaceuticals, Inc.*	1,231		7,632
Anthera Pharmaceuticals, Inc.*	1,404		8,621
Ardea Biosciences, Inc.*	1,391		23,383
Arena Pharmaceuticals, Inc.*	11,560		21,617
Ariad Pharmaceuticals, Inc.*	11,099		135,963
Arqule, Inc.*	4,310		24,308
Array Biopharma, Inc.*	5,513		11,908
Astex Pharmaceuticals, Inc.*	4,667		8,821
AVEO Pharmaceuticals, Inc.*	2,638		45,374

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - cont’d	SHARES		VALUE
Biotechnology - Cont’d
AVI BioPharma, Inc.*	10,243	$	7,631
BioCryst Pharmaceuticals, Inc.*	2,679		6,617
BioMimetic Therapeutics, Inc.*	1,488		4,241
Biosante Pharmaceuticals, Inc.*	7,808		3,920
Biospecifics Technologies Corp.*	285		4,737
Biotime, Inc.*	1,975		11,475
Cell Therapeutics, Inc.*	13,771		15,974
Celldex Therapeutics, Inc.*	2,949		7,667
Cepheid, Inc.*	5,197		178,829
Chelsea Therapeutics International Ltd.*	4,238		21,741
Cleveland Biolabs, Inc.*	1,936		5,537
Clovis Oncology, Inc.*	892		12,568
Codexis, Inc.*	2,017		10,690
Cubist Pharmaceuticals, Inc.*	5,076		201,111
Curis, Inc.*	6,491		30,378
Cytori Therapeutics, Inc.*	4,706		10,353
Dusa Pharmaceuticals, Inc.*	2,008		8,795
Dyax Corp.*	9,064		12,327
Dynavax Technologies Corp.*	11,642		38,651
Emergent Biosolutions, Inc.*	1,965		33,091
Enzon Pharmaceuticals, Inc.*	3,403		22,800
Exact Sciences Corp.*	4,370		35,484
Exelixis, Inc.*	11,069		52,412
Genomic Health, Inc.*	1,298		32,956
Geron Corp.*	10,723		15,870
GTx, Inc.*	1,483		4,983
Halozyme Therapeutics, Inc.*	7,451		70,859
Horizon Pharma, Inc.*	450		1,800
Idenix Pharmaceuticals, Inc.*	4,712		35,081
Immunogen, Inc.*	6,628		76,752
Immunomedics, Inc.*	6,814		22,691
Incyte Corp.*	7,269		109,108
Infinity Pharmaceuticals, Inc.*	1,415		12,509
Inhibitex, Inc.*	5,364		58,682
Insmed, Inc.*	2,040		6,222
InterMune, Inc.*	4,444		55,994
Ironwood Pharmaceuticals, Inc.*	4,145		49,616
Isis Pharmaceuticals, Inc.*	8,235		59,374
Keryx Biopharmaceuticals, Inc.*	4,735		11,980
Lexicon Pharmaceuticals, Inc.*	14,013		18,077
Ligand Pharmaceuticals, Inc., Class B*	1,684		19,989
MannKind Corp.*	6,396		15,990
Maxygen, Inc.*	2,883		16,231
Medivation, Inc.*	2,576		118,779
Metabolix, Inc.*	2,775		12,626
Micromet, Inc.*	7,939		57,081
Momenta Pharmaceuticals, Inc.*	3,872		67,334
Nabi Biopharmaceuticals*	3,714		6,982
Neurocrine Biosciences, Inc.*	4,548		38,658
NewLink Genetics Corp.*	580		4,083
Novavax, Inc.*	7,851		9,892
NPS Pharmaceuticals, Inc.*	7,052		46,473

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - cont’d	SHARES		VALUE
Biotechnology - Cont’d
Nymox Pharmaceutical Corp.*	1,718	$	14,122
OncoGenex Pharmaceutical, Inc.*	799		9,380
Oncothyreon, Inc.*	3,418		25,908
Onyx Pharmaceuticals, Inc.*	5,367		235,880
Opko Health, Inc.*	9,218		45,168
Orexigen Therapeutics, Inc.*	3,152		5,075
Osiris Therapeutics, Inc.*	1,745		9,336
PDL BioPharma, Inc.	12,211		75,708
Peregrine Pharmaceuticals, Inc.*	4,774		4,917
Pharmacyclics, Inc.*	3,774		55,931
PharmAthene, Inc.*	2,930		3,721
Progenics Pharmaceuticals, Inc.*	2,933		25,048
Raptor Pharmaceutical Corp.*	3,949		24,721
Rigel Pharmaceuticals, Inc.*	5,636		44,468
Sangamo Biosciences, Inc.*	4,682		13,297
Savient Pharmaceuticals, Inc.*	6,212		13,853
Sciclone Pharmaceuticals, Inc.*	3,868		16,594
Seattle Genetics, Inc.*	8,202		137,096
SIGA Technologies, Inc.*	2,826		7,122
Spectrum Pharmaceuticals, Inc.*	5,050		73,881
Sunesis Pharmaceuticals, Inc.*	2,400		2,808
Synta Pharmaceuticals Corp.*	1,334		6,230
Targacept, Inc.*	2,414		13,446
Theravance, Inc.*	5,763		127,362
Trius Therapeutics, Inc.*	525		3,754
Vanda Pharmaceuticals, Inc.*	2,587		12,314
Vical, Inc.*	7,213		31,809
Zalicus, Inc.*	6,101		7,382
ZIOPHARM Oncology, Inc.*	5,687		25,080
Zogenix, Inc.*	704		1,577
			3,508,153

Building Products - 0.7%
A.O. Smith Corp.	3,180		127,582
AAON, Inc.	1,579		32,354
Ameresco, Inc.*	1,452		19,921
American Woodmark Corp	938		12,813
Apogee Enterprises, Inc	2,456		30,111
Builders FirstSource, Inc.*	4,708		9,604
Gibraltar Industries, Inc.*	2,647		36,952
Griffon Corp	3,918		35,771
Insteel Industries, Inc	1,631		17,925
NCI Building Systems, Inc.*	1,877		20,403
Quanex Building Products Corp	3,310		49,716
Simpson Manufacturing Co., Inc	3,445		115,959
Trex Co., Inc.*	1,354		31,020
Universal Forest Products, Inc.	1,697		52,386
USG Corp.*	5,869		59,629
			652,146

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - cont’d	SHARES		VALUE
Capital Markets - 1.9%
Apollo Investment Corp	16,100	$	103,684
Arlington Asset Investment Corp.	625		13,331
Artio Global Investors, Inc	2,429		11,854
BGC Partners, Inc.	6,212		36,899
BlackRock Kelso Capital Corp	6,249		50,992
Calamos Asset Management, Inc	1,559		19,503
Capital Southwest Corp.	264		21,529
CIFC Corp.*	974		5,260
Cohen & Steers, Inc.	1,528		44,159
Cowen Group, Inc.*	6,639		17,195
Diamond Hill Investment Group, Inc.	250		18,495
Duff & Phelps Corp.	2,383		34,553
Edelman Financial Group, Inc	2,158		14,178
Epoch Holding Corp.	1,224		27,210
Evercore Partners, Inc.	1,616		43,018
FBR & Co.*	4,878		10,000
Fidus Investment Corp.	442		5,733
Fifth Street Finance Corp.	5,823		55,726
Financial Engines, Inc.*	3,147		70,272
FXCM, Inc.	1,468		14,313
GAMCO Investors, Inc.	612		26,616
GFI Group, Inc.	5,807		23,925
Gladstone Capital Corp.	2,184		16,664
Gladstone Investment Corp.	2,292		16,663
Gleacher & Co., Inc.*	7,221		12,131
Golub Capital BDC, Inc	687		10,648
Harris & Harris Group, Inc.*	3,204		11,086
Hercules Technology Growth Capital, Inc	3,801		35,881
HFF, Inc.*	2,386		24,647
ICG Group, Inc.*	3,171		24,480
Intl. FCStone, Inc.*	1,181		27,836
Investment Technology Group, Inc.*	3,390		36,646
JMP Group, Inc	1,155		8,258
KBW, Inc.	3,103		47,104
Knight Capital Group, Inc.*	8,248		97,491
Kohlberg Capital Corp	1,571		9,913
Ladenburg Thalmann Financial Services, Inc.*	8,462		20,986
Main Street Capital Corp	1,944		41,291
Manning & Napier, Inc.*	1,043		13,027
MCG Capital Corp	6,694		26,709
Medallion Financial Corp.	1,184		13,474
Medley Capital Corp.	1,208		12,563
MVC Capital, Inc	2,126		24,640
New Mountain Finance Corp.	598		8,019
NGP Capital Resources Co	2,245		16,142
Oppenheimer Holdings, Inc.	932		15,005
PennantPark Investment Corp.	4,208		42,459
Piper Jaffray Co.’s*	1,283		25,917
Prospect Capital Corp	9,217		85,626
Pzena Investment Management, Inc.	491		2,126

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - cont’d	SHARES		VALUE
Capital Markets - Cont’d
Safeguard Scientifics, Inc.*	1,902	$	30,033
Solar Capital Ltd	2,998		66,226
Solar Senior Capital Ltd	800		12,600
Stifel Financial Corp.*	4,478		143,520
SWS Group, Inc.	2,652		18,219
THL Credit, Inc.	836		10,208
TICC Capital Corp.	2,790		24,133
Triangle Capital Corp.	1,641		31,376
Virtus Investment Partners, Inc.*	434		32,988
Walter Investment Management Corp	2,263		46,414
Westwood Holdings Group, Inc.	603		22,040
			1,833,634

Chemicals - 2.0%
American Vanguard Corp.	2,111		28,161
Balchem Corp.	2,466		99,972
Calgon Carbon Corp.*	4,914		77,199
Chase Corp.	526		7,311
Chemtura Corp.*	7,914		89,745
Ferro Corp.*	7,534		36,841
Flotek Industries, Inc.*	4,103		40,866
FutureFuel Corp.	1,534		19,052
Georgia Gulf Corp.*	2,950		57,495
H.B. Fuller Co.	4,279		98,888
Hawkins, Inc	759		27,977
Innophos Holdings, Inc.	1,873		90,953
Innospec, Inc.*	1,948		54,680
KMG Chemicals, Inc	568		9,809
Koppers Holdings, Inc.	1,798		61,779
Kraton Performance Polymers, Inc.*	2,621		53,206
Landec Corp.*	2,742		15,136
LSB Industries, Inc.*	1,588		44,512
Minerals Technologies, Inc.	1,501		84,851
NewMarket Corp	741		146,799
Olin Corp.	6,549		128,688
OM Group, Inc.*	2,548		57,050
Omnova Solutions, Inc.*	3,910		18,025
PolyOne Corp	7,675		88,646
Quaker Chemical Corp	976		37,957
Schulman A, Inc.	2,755		58,351
Senomyx, Inc.*	3,582		12,465
Sensient Technologies Corp	4,114		155,921
Spartech Corp.*	3,208		15,174
Stepan Co.	682		54,669
TPC Group, Inc.*	1,090		25,430
Tredegar Corp.	2,145		47,662
Zep, Inc.	1,900		26,562
Zoltek Co.’s, Inc.*	2,577		19,637
			1,891,469

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - cont’d	SHARES		VALUE
Commercial Banks - 6.2%
1st Source Corp.	1,417	$	35,893
1st United Bancorp, Inc.*	2,033		11,283
Alliance Financial Corp	484		14,946
Ameris Bancorp*	2,453		25,217
Ames National Corp.	756		14,742
Arrow Financial Corp.	929		21,776
Bancfirst Corp	651		24,439
Banco Latinoamericano de Exportaciones SA	2,403		38,568
Bancorp Rhode Island, Inc	288		11,434
Bancorp, Inc.*	2,092		15,125
BancorpSouth, Inc.	6,861		75,608
Bank of Kentucky Financial Corp	473		9,484
Bank of Marin Bancorp	545		20,487
Bank of the Ozarks, Inc.	2,290		67,853
Banner Corp.	1,359		23,307
BBCN Bancorp, Inc.*	6,810		64,354
Boston Private Financial Holdings, Inc	6,538		51,912
Bridge Bancorp, Inc.	653		12,995
Bridge Capital Holdings*	752		7,821
Bryn Mawr Bank Corp.	1,004		19,568
Camden National Corp.	710		23,146
Capital Bank Corp.*	507		1,019
Capital City Bank Group, Inc	1,232		11,766
Cardinal Financial Corp	2,513		26,990
Cascade Bancorp*	500		2,190
Cathay General Bancorp	6,462		96,478
Center Bancorp, Inc	993		9,702
Centerstate Banks of Florida, Inc.	2,552		16,894
Central Pacific Financial Corp.*	1,199		15,491
Century Bancorp, Inc.	277		7,822
Chemical Financial Corp.	2,133		45,476
Citizens & Northern Corp	1,125		20,779
City Holding Co	1,381		46,802
CNB Financial Corp	1,282		20,230
CoBiz Financial, Inc.	2,995		17,281
Columbia Banking System, Inc	3,437		66,231
Community Bank System, Inc.	3,060		85,068
Community Trust Bancorp, Inc.	1,197		35,216
CVB Financial Corp.	7,857		78,806
Eagle Bancorp, Inc.*	1,706		24,805
Encore Bancshares, Inc.*	745		10,072
Enterprise Bancorp, Inc.	478		6,835
Enterprise Financial Services Corp.	1,378		20,394
Financial Institutions, Inc.	1,134		18,303
First Bancorp (North Carolina)	1,553		17,316
First Bancorp, Inc. (Maine)	691		10,621
First Busey Corp.	6,352		31,760
First Commonwealth Financial Corp	9,166		48,213
First Community Bancshares, Inc.	1,464		18,271
First Connecticut Bancorp Inc	1,473		19,164
First Financial Bancorp	5,061		84,215

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - cont’d	SHARES		VALUE
Commercial Banks - Cont’d
First Financial Bankshares, Inc	2,725	$	91,097
First Financial Corp.	966		32,148
First Interstate Bancsystem, Inc	1,151		14,998
First Merchants Corp	2,368		20,057
First Midwest Bancorp, Inc	6,478		65,622
First of Long Island Corp	601		15,818
FirstMerit Corp	8,978		135,837
FNB Corp	10,549		119,309
German American Bancorp, Inc.	1,152		20,955
Glacier Bancorp, Inc.	6,291		75,681
Great Southern Bancorp, Inc.	940		22,175
Hampton Roads Bankshares, Inc.*	807		2,211
Hancock Holding Co.	6,471		206,878
Hanmi Financial Corp.*	2,273		16,817
Heartland Financial USA, Inc	1,357		20,816
Heritage Commerce Corp.*	1,714		8,124
Heritage Financial Corp	1,400		17,584
Home Bancshares, Inc.	1,923		49,825
Hudson Valley Holding Corp	1,336		28,350
IBERIABANK Corp.	2,512		123,842
Independent Bank Corp.	1,853		50,568
International Bancshares Corp.	4,652		85,294
Investors Bancorp, Inc.*	4,201		56,629
Lakeland Bancorp, Inc.	2,239		19,300
Lakeland Financial Corp.	1,410		36,477
MainSource Financial Group, Inc	2,090		18,455
MB Financial, Inc.	4,632		79,207
Merchants Bancshares, Inc.	377		11,008
Metro Bancorp, Inc.*	1,253		10,500
Midsouth Bancorp, Inc.	777		10,109
National Bankshares, Inc.	719		20,074
National Penn Bancshares, Inc.:
Common Stock	10,168		85,818
Fractional Shares (b)*	25,000		5
NBT Bancorp, Inc.	3,011		66,633
Old National Bancorp	8,187		95,379
OmniAmerican Bancorp, Inc.*	1,235		19,389
Oriental Financial Group, Inc	4,052		49,070
Orrstown Financial Services, Inc	623		5,140
Pacific Capital Bancorp*	338		9,545
Pacific Continental Corp.	1,909		16,895
PacWest Bancorp	2,682		50,824
Park National Corp	1,091		70,980
Park Sterling Corp.*	2,352		9,596
Penns Woods Bancorp, Inc	303		11,750
Peoples Bancorp, Inc	1,091		16,158
Pinnacle Financial Partners, Inc.*	2,915		47,077
PrivateBancorp, Inc	5,050		55,449
Prosperity Bancshares, Inc	3,853		155,469
Renasant Corp.	2,202		33,030
Republic Bancorp, Inc.	1,015		23,243
S&T Bancorp, Inc.	2,166		42,345

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - cont’d	SHARES		VALUE
Commercial Banks - Cont’d
Sandy Spring Bancorp, Inc.	2,099	$	36,837
SCBT Financial Corp.	1,325		38,438
Seacoast Banking Corp of Florida*	5,956		9,053
Sierra Bancorp	987		8,686
Signature Bank*	3,908		234,441
Simmons First National Corp	1,504		40,894
Southside Bancshares, Inc.	1,451		31,429
Southwest Bancorp, Inc.*	2,012		11,992
State Bancorp, Inc	1,243		15,165
State Bank Financial Corp.*	2,598		39,256
StellarOne Corp	2,371		26,982
Sterling BanCorp.	2,786		24,071
Sterling Financial Corp.*	2,204		36,807
Suffolk Bancorp*	896		9,668
Sun Bancorp, Inc.*	3,090		7,478
Susquehanna Bancshares, Inc.	13,297		111,429
SVB Financial Group*	3,644		173,782
SY Bancorp, Inc.	1,229		25,231
Taylor Capital Group, Inc.*	889		8,641
Texas Capital Bancshares, Inc.*	3,196		97,830
Tompkins Financial Corp.	692		26,649
Tower Bancorp, Inc.	927		26,457
TowneBank	2,056		25,165
TriCo Bancshares	1,295		18,415
Trustmark Corp	5,259		127,741
UMB Financial Corp.	2,777		103,443
Umpqua Holdings Corp.	9,422		116,739
Union First Market Bankshares Corp.	1,561		20,746
United Bankshares, Inc.	4,276		120,883
United Community Banks, Inc.*	3,656		25,555
Univest Corp. of Pennsylvania	1,722		25,210
Virginia Commerce Bancorp, Inc.*	1,862		14,393
Washington Banking Co	1,588		18,913
Washington Trust Bancorp, Inc	1,232		29,396
Webster Financial Corp.	6,198		126,377
WesBanco, Inc.	2,018		39,290
West Bancorporation, Inc.	1,387		13,287
West Coast Bancorp*	1,739		27,128
Westamerica Bancorporation	2,373		104,175
Western Alliance Bancorp*	6,105		38,034
Wilshire Bancorp, Inc.*	4,669		16,948
Wintrust Financial Corp.	3,007		84,346
			5,991,128

Commercial Services & Supplies - 2.4%
ABM Industries, Inc.	4,542		93,656
ACCO Brands Corp.*	4,794		46,262
American Reprographics Co.*	3,218		14,771
AT Cross Co.*	787		8,877
The Brink’s Co.	3,836		103,112
Casella Waste Systems, Inc.*	2,315		14,816
Cenveo, Inc.*	4,813		16,364

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - cont’d	SHARES		VALUE
Commercial Services & Supplies - Cont’d
Clean Harbors, Inc.*	3,960	$	252,371
Compx International, Inc.	107		1,576
Consolidated Graphics, Inc.*	814		39,300
Courier Corp.	1,060		12,434
Deluxe Corp.	4,225		96,161
EnergySolutions, Inc.*	7,742		23,923
EnerNOC, Inc.*	2,044		22,218
Ennis, Inc	2,271		30,272
Fuel Tech, Inc.*	1,855		12,206
G&K Services, Inc.	1,608		46,809
GEO Group, Inc.:
Common Stock*	5,342		89,478
Escrow (b)*	100,000		11
Healthcare Services Group, Inc.	5,744		101,611
Heritage-Crystal Clean, Inc.*	389		6,442
Herman Miller, Inc	4,708		86,863
HNI Corp	3,676		95,944
Innerworkings, Inc.*	2,465		22,949
Interface, Inc	4,415		50,949
Intersections, Inc	755		8,373
Kimball International, Inc., Class B	3,252		16,488
Knoll, Inc	4,116		61,123
Mcgrath RentCorp	2,093		60,676
Metalico, Inc.*	3,896		12,818
Mine Safety Appliances Co.	2,322		76,905
Mobile Mini, Inc.*	3,020		52,699
Multi-Color Corp.	1,079		27,763
NL Industries, Inc	532		6,900
Quad/Graphics, Inc.	2,074		29,741
Rollins, Inc.	5,222		116,033
Schawk, Inc	1,200		13,452
Standard Parking Corp.*	1,439		25,715
Steelcase, Inc.	6,700		49,982
Swisher Hygiene, Inc.*	6,953		26,004
SYKES Enterprises, Inc.*	3,603		56,423
Team, Inc.*	1,759		52,330
Tetra Tech, Inc.*	5,123		110,605
TMS International Corp.*	1,058		10,453
TRC Cos, Inc.*	1,457		8,757
Unifirst Corp.	1,234		70,017
United Stationers, Inc.	3,611		117,574
US Ecology, Inc.	1,699		31,907
Viad Corp.	1,798		31,429
WCA Waste Corp.*	1,383		9,003
			2,372,545

Communications Equipment - 2.0%
Adtran, Inc	5,442		164,131
Anaren, Inc.*	1,364		22,670
Arris Group, Inc.*	10,171		110,050

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - cont’d	SHARES		VALUE
Communications Equipment - Cont’d
Aruba Networks, Inc.*	7,213	$	133,585
Aviat Networks, Inc.*	5,538		10,135
Bel Fuse, Inc., Class B	968		18,150
Black Box Corp	1,535		43,041
Blue Coat Systems, Inc.*	3,639		92,613
Calix, Inc.*	3,092		20,005
Communications Systems, Inc.	546		7,677
Comtech Telecommunications Corp.	1,726		49,398
Dialogic, Inc.*	1,300		1,560
Digi International, Inc.*	2,313		25,813
Emcore Corp.*	7,259		6,259
Emulex Corp.*	7,599		52,129
Extreme Networks*	9,344		27,284
Finisar Corp.*	7,366		123,344
Globecomm Systems, Inc.*	1,885		25,787
Harmonic, Inc.*	9,805		49,417
Infinera Corp.*	8,830		55,452
InterDigital, Inc.	3,847		167,614
Ixia*	3,011		31,646
KVH Industries, Inc.*	1,491		11,600
Loral Space & Communications, Inc.*	946		61,376
Meru Networks, Inc.*	500		2,065
Netgear, Inc.*	3,080		103,396
Numerex Corp.*	785		6,461
Oclaro, Inc.*	4,321		12,185
Oplink Communications, Inc.*	1,692		27,867
Opnext, Inc.*	4,498		3,633
ORBCOMM, Inc.*	2,846		8,510
Plantronics, Inc.	3,653		130,193
Powerwave Technologies, Inc.*	2,700		5,616
Procera Networks, Inc.*	935		14,567
ShoreTel, Inc.*	4,177		26,649
Sonus Networks, Inc.*	18,211		43,706
Sycamore Networks, Inc.*	1,689		30,233
Symmetricom, Inc.*	4,071		21,943
Tekelec*	5,062		55,328
Ubiquiti Networks, Inc.*	727		13,253
Viasat, Inc.*	3,053		140,804
Westell Technologies, Inc.*	4,363		9,686
			1,966,831

Computers & Peripherals - 0.6%
3D Systems Corp.*	3,444		49,594
Avid Technology, Inc.*	2,537		21,641
Cray, Inc.*	3,293		21,306
Dot Hill Systems Corp.*	4,643		6,175
Electronics for Imaging, Inc.*	3,961		56,444
Imation Corp.*	3,091		17,711
Immersion Corp.*	2,323		12,033
Intermec, Inc.*	4,881		33,484
Intevac, Inc.*	2,067		15,296
Novatel Wireless, Inc.*	2,900		9,077

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 18


EQUITY SECURITIES - cont’d	SHARES		VALUE
Computers & Peripherals - Cont’d
OCZ Technology Group, Inc.*	4,223	$	27,914
Quantum Corp.*	19,651		47,162
Rimage Corp	986		11,093
Silicon Graphics International Corp.*	2,677		30,678
STEC, Inc.*	3,561		30,589
Stratasys, Inc.*	1,797		54,647
Super Micro Computer, Inc.*	2,137		33,508
Synaptics, Inc.*	2,744		82,732
Xyratex Ltd.	2,629		35,018
			596,102

Construction & Engineering - 0.8%
Aegion Corp.*	3,435		52,693
Argan, Inc.	585		8,898
Comfort Systems USA, Inc.	3,332		35,719
Dycom Industries, Inc.*	3,072		64,266
EMCOR Group, Inc.	5,493		147,267
Furmanite Corp.*	3,036		19,157
Granite Construction, Inc	3,278		77,754
Great Lakes Dredge & Dock Corp.	5,123		28,484
Layne Christensen Co.*	1,710		41,382
MasTec, Inc.*	4,632		80,458
Michael Baker Corp.*	821		16,100
MYR Group, Inc.*	1,740		33,304
Northwest Pipe Co.*	959		21,923
Orion Marine Group, Inc.*	2,790		18,554
Pike Electric Corp.*	1,702		12,237
Primoris Services Corp	2,255		33,667
Sterling Construction Co., Inc.*	1,494		16,090
Tutor Perini Corp.*	2,335		28,814
UniTek Global Services, Inc.*	902		4,086
			740,853

Construction Materials - 0.2%
Eagle Materials, Inc	3,656		93,813
Headwaters, Inc.*	6,267		13,913
Texas Industries, Inc.	1,820		56,020
United States Lime & Minerals, Inc.*	269		16,169
			179,915

Consumer Finance - 0.7%
Advance America Cash Advance Centers, Inc.	5,101		45,654
Cash America International, Inc.	2,416		112,658
Credit Acceptance Corp.*	549		45,172
DFC Global Corp.*	3,735		67,454
Ezcorp, Inc.*	4,039		106,508
First Cash Financial Services, Inc.*	2,636		92,497
First Marblehead Corp.*	5,748		6,725
Imperial Holdings, Inc.*	1,913		3,596
Nelnet, Inc	2,311		56,550
Netspend Holdings, Inc.*	2,443		19,813
Nicholas Financial, Inc.	799		10,243

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 19


EQUITY SECURITIES - cont’d	SHARES		VALUE
Consumer Finance - Cont’d
World Acceptance Corp.*	1,301	$	95,625
			662,495

Containers & Packaging - 0.2%
AEP Industries, Inc.*	367		10,331
Boise, Inc.	7,752		55,194
Graphic Packaging Holding Co.*	13,136		55,960
Myers Industries, Inc.	2,589		31,948
			153,433

Distributors - 0.2%
Core-Mark Holding Co., Inc.	936		37,066
Pool Corp.	3,959		119,166
VOXX International Corp.*	1,390		11,745
Weyco Group, Inc.	737		18,093
			186,070

Diversified Consumer Services - 1.2%
American Public Education, Inc.*	1,470		63,622
Archipelago Learning, Inc.*	1,088		10,521
Ascent Capital Group, Inc.*	1,251		63,451
Bridgepoint Education, Inc.*	1,706		39,238
Cambium Learning Group, Inc.*	1,538		4,645
Capella Education Co.*	1,226		44,197
Coinstar, Inc.*	2,577		117,614
Corinthian Colleges, Inc.*	7,691		16,689
Grand Canyon Education, Inc.*	2,711		43,268
Hillenbrand, Inc.	5,152		114,993
K12, Inc.*	2,198		39,432
Lincoln Educational Services Corp	1,856		14,662
Mac-Gray Corp	1,212		16,713
Matthews International Corp	2,425		76,218
National American University Holdings, Inc.	724		5,488
Regis Corp.	5,024		83,147
School Specialty, Inc.*	1,323		3,307
Sotheby’s	5,701		162,650
Steiner Leisure Ltd.*	1,287		58,417
Stewart Enterprises, Inc	7,120		41,011
Strayer Education, Inc	1,006		97,773
Universal Technical Institute, Inc.*	1,842		23,541
			1,140,597

Diversified Financial Services - 0.4%
California First National Bancorp	145		2,332
Compass Diversified Holdings	3,191		39,536
Encore Capital Group, Inc.*	1,293		27,489
Gain Capital Holdings, Inc	987		6,613
MarketAxess Holdings, Inc.	2,418		72,806
Marlin Business Services Corp.	795		10,097
NewStar Financial, Inc.*	2,242		22,801

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 20


EQUITY SECURITIES - cont’d	SHARES		VALUE
Diversified Financial Services - Cont’d
PHH Corp.*	4,849	$	51,884
Pico Holdings, Inc.*	1,974		40,625
Portfolio Recovery Associates, Inc.*	1,406		94,933
			369,116

Diversified Telecommunication Services - 0.6%
8x8, Inc.*	5,104		16,180
AboveNet, Inc.*	1,964		127,680
Alaska Communications Systems Group, Inc	3,899		11,736
Atlantic Tele-Network, Inc.	816		31,865
Boingo Wireless, Inc.*	475		4,085
Cbeyond, Inc.*	2,347		18,799
Cincinnati Bell, Inc.*	17,650		53,479
Cogent Communications Group, Inc.*	3,927		66,327
Consolidated Communications Holdings, Inc.	2,179		41,510
Fairpoint Communications, Inc.*	1,772		7,673
General Communication, Inc.*	3,588		35,127
Globalstar, Inc.*	6,474		3,496
HickoryTech Corp	1,098		12,166
IDT Corp., Class B	1,313		12,316
inContact, Inc.*	2,522		11,172
Iridium Communications, Inc.*	3,537		27,270
Lumos Networks Corp	1,286		19,727
Neutral Tandem, Inc.*	2,887		30,862
Premiere Global Services, Inc.*	4,574		38,742
SureWest Communications	1,155		13,895
Towerstream Corp.*	2,772		5,821
Vonage Holdings Corp.*	10,316		25,274
			615,202

Electric Utilities - 1.5%
Allete, Inc	2,720		114,186
Central Vermont Public Service Corp	1,112		39,031
Cleco Corp.	5,161		196,634
El Paso Electric Co.	3,460		119,855
Empire District Electric Co	3,512		74,068
IDACORP, Inc	4,208		178,461
MGE Energy, Inc.	2,022		94,569
Otter Tail Corp.	3,144		69,231
PNM Resources, Inc.	6,723		122,560
Portland General Electric Co.	6,190		156,545
UIL Holdings Corp.	4,152		146,856
Unisource Energy Corp.	3,159		116,630
Unitil Corp.	1,008		28,607
			1,457,233

Electrical Equipment - 1.1%
A123 Systems, Inc.*	7,666		12,342
Active Power, Inc.*	6,574		4,339
Acuity Brands, Inc.	3,674		194,722
American Superconductor Corp.*	3,671		13,546
AZZ, Inc	1,087		49,393

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 21


EQUITY SECURITIES - cont’d	SHARES		VALUE
Electrical Equipment - Cont’d
Belden, Inc	3,893	$	129,559
Brady Corp.	3,903		123,218
Broadwind Energy, Inc.*	8,589		5,841
Capstone Turbine Corp.*	22,313		25,883
Coleman Cable, Inc.*	735		6,395
Encore Wire Corp	1,625		42,089
EnerSys*	4,224		109,697
Franklin Electric Co., Inc	2,040		88,862
FuelCell Energy, Inc.*	9,565		8,341
Generac Holdings, Inc.*	2,049		57,433
Global Power Equipment Group, Inc.*	1,295		30,756
II-VI, Inc.*	4,390		80,600
LSI Industries, Inc.	1,507		9,042
Powell Industries, Inc.*	725		22,678
PowerSecure International, Inc.*	1,894		9,375
Preformed Line Products Co	155		9,247
SatCon Technology Corp.*	7,454		4,473
Thermon Group Holdings, Inc.*	822		14,484
Valence Technology, Inc.*	5,540		5,429
Vicor Corp	1,707		13,588
			1,071,332

Electronic Equipment & Instruments - 2.4%
Aeroflex Holding Corp.*	1,630		16,691
Agilysys, Inc.*	1,841		14,636
Anixter International, Inc.*	2,454		146,357
Badger Meter, Inc.	1,311		38,583
Benchmark Electronics, Inc.*	4,990		67,215
Brightpoint, Inc.*	6,168		66,368
Checkpoint Systems, Inc.*	3,461		37,863
Cognex Corp.	3,471		124,227
Coherent, Inc.*	2,060		107,676
CTS Corp.	2,987		27,480
Daktronics, Inc.	2,960		28,327
DDi Corp.	1,132		10,562
DTS, Inc.*	1,522		41,459
Echelon Corp.*	3,061		14,907
Electro Rent Corp	1,712		29,361
Electro Scientific Industries, Inc.*	1,856		26,875
eMagin Corp.*	1,426		5,276
Fabrinet*	1,677		22,941
FARO Technologies, Inc.*	1,412		64,952
FEI Co.*	3,321		135,430
GSI Group, Inc.*	2,124		21,729
Identive Group, Inc.*	3,180		7,091
Insight Enterprises, Inc.*	4,044		61,833
InvenSense, Inc.*	834		8,307
Kemet Corp.*	3,628		25,577
LeCroy Corp.*	1,348		11,337
Littelfuse, Inc.	1,918		82,436
Maxwell Technologies, Inc.*	2,297		37,303
Measurement Specialties, Inc.*	1,271		35,537

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 22


EQUITY SECURITIES - cont’d	SHARES		VALUE
Electronic Equipment & Instruments - Cont’d
Mercury Computer Systems, Inc.*	2,519	$	33,478
Methode Electronics, Inc.	3,257		27,001
Microvision, Inc.*	8,234		2,965
MTS Systems Corp	1,339		54,564
Multi-Fineline Electronix, Inc.*	971		19,954
NeoPhotonics Corp.*	937		4,291
Newport Corp.*	3,209		43,674
OSI Systems, Inc.*	1,566		76,389
Park Electrochemical Corp	1,804		46,218
PC Connection, Inc.	756		8,384
Plexus Corp.*	3,092		84,659
Power-One, Inc.*	6,116		23,914
Pulse Electronics Corp.	4,282		11,990
Radisys Corp.*	1,596		8,076
RealD, Inc.*	3,196		25,376
Richardson Electronics Ltd.	1,342		16,493
Rofin-Sinar Technologies, Inc.*	2,473		56,508
Rogers Corp.*	1,381		50,904
Sanmina-SCI Corp.*	6,955		64,751
Scansource, Inc.*	2,349		84,564
SYNNEX Corp.*	1,964		59,823
TTM Technologies, Inc.*	4,270		46,799
Universal Display Corp.*	3,246		119,096
Viasystems Group, Inc.*	399		6,751
Vishay Precision Group, Inc.*	1,011		16,156
X-Rite, Inc.*	2,168		10,060
Zygo Corp.*	1,307		23,069
			2,344,243

Energy Equipment & Services - 2.0%
Basic Energy Services, Inc.*	2,030		39,991
Bristow Group, Inc.	2,985		141,459
C&J Energy Services, Inc.*	982		20,553
Cal Dive International, Inc.*	8,254		18,571
Complete Production Services, Inc.*	6,686		224,382
Dawson Geophysical Co.*	671		26,525
Dril-Quip, Inc.*	2,909		191,470
Exterran Holdings, Inc.*	5,253		47,802
Geokinetics, Inc.*	877		1,886
Global Geophysical Services, Inc.*	1,489		10,006
Gulf Island Fabrication, Inc.	1,328		38,791
Gulfmark Offshore, Inc.*	2,037		85,574
Helix Energy Solutions Group, Inc.*	8,712		137,650
Hercules Offshore, Inc.*	10,024		44,507
Hornbeck Offshore Services, Inc.*	2,722		84,436
ION Geophysical Corp.*	11,122		68,178
Key Energy Services, Inc.*	10,253		158,614
Lufkin Industries, Inc	2,573		173,189
Matrix Service Co.*	2,442		23,052
Mitcham Industries, Inc.*	824		17,996
Natural Gas Services Group, Inc.*	1,256		18,162
Newpark Resources, Inc.*	7,785		73,957

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 23


EQUITY SECURITIES - cont’d	SHARES		VALUE
Energy Equipment & Services - Cont’d
OYO Geospace Corp.*	354	$	27,375
Parker Drilling Co.*	10,148		72,761
PHI, Inc.*	1,229		30,541
Pioneer Drilling Co.*	5,200		50,336
RigNet, Inc.*	543		9,090
Tesco Corp.*	2,637		33,332
Tetra Technologies, Inc.*	6,615		61,784
Union Drilling, Inc.*	1,538		9,597
Vantage Drilling Co.*	15,538		18,024
Willbros Group, Inc.*	3,210		11,781
			1,971,372

Food & Staples Retailing - 1.1%
Andersons, Inc.	1,610		70,293
Arden Group, Inc.	92		8,281
Casey’s General Stores, Inc.	3,119		160,660
Fresh Market, Inc.*	2,311		92,209
Ingles Markets, Inc	1,303		19,623
Nash Finch Co	1,093		32,003
Pantry, Inc.*	1,987		23,784
Pricesmart, Inc.	1,502		104,524
Rite Aid Corp.*	48,762		61,440
Ruddick Corp.	4,158		177,297
Spartan Stores, Inc.	1,970		36,445
Susser Holdings Corp.*	620		14,024
The Chefs’ Warehouse, Inc.*	853		15,235
United Natural Foods, Inc.*	3,975		159,040
Village Super Market, Inc.	640		18,208
Weis Markets, Inc.	958		38,263
Winn-Dixie Stores, Inc.*	4,819		45,202
			1,076,531

Food Products - 1.4%
Alico, Inc.	267		5,172
B&G Foods, Inc.	4,166		100,276
Calavo Growers, Inc	1,019		26,168
Cal-Maine Foods, Inc.	1,233		45,091
Chiquita Brands International, Inc.*	3,926		32,743
Darling International, Inc.*	9,858		131,013
Diamond Foods, Inc.	1,809		58,376
Dole Food Co., Inc.*	3,141		27,170
Farmer Bros Co.	538		4,110
Fresh Del Monte Produce, Inc	3,000		75,030
Griffin Land & Nurseries, Inc.	267		7,065
Hain Celestial Group, Inc.*	2,943		107,890
Harbinger Group, Inc.*	714		2,863
Imperial Sugar Co	1,262		4,505
J&J Snack Foods Corp	1,241		66,121
Lancaster Colony Corp.	1,538		106,645
Lifeway Foods, Inc.*	385		3,711
Limoneira Co	753		12,733
Omega Protein Corp.*	1,591		11,344

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 24


EQUITY SECURITIES - cont’d	SHARES		VALUE
Food Products - Cont’d
Pilgrim’s Pride Corp.*	5,050	$	29,088
Sanderson Farms, Inc	1,819		91,187
Seneca Foods Corp.*	794		20,501
Smart Balance, Inc.*	5,245		28,113
Snyders-Lance, Inc.	3,882		87,345
Tootsie Roll Industries, Inc	1,954		46,251
TreeHouse Foods, Inc.*	3,008		196,663
			1,327,174

Gas Utilities - 1.1%
Chesapeake Utilities Corp	827		35,850
Laclede Group, Inc.	1,951		78,957
New Jersey Resources Corp	3,400		167,280
Northwest Natural Gas Co.	2,322		111,294
Piedmont Natural Gas Co., Inc.	6,074		206,395
South Jersey Industries, Inc	2,462		139,866
Southwest Gas Corp.	3,768		160,102
WGL Holdings, Inc	4,335		191,694
			1,091,438

Health Care Equipment & Supplies - 3.0%
Abaxis, Inc.*	1,932		53,458
Abiomed, Inc.*	2,735		50,515
Accuray, Inc.*	5,598		23,680
Align Technology, Inc.*	5,184		122,990
Alphatec Holdings, Inc.*	4,714		8,108
Analogic Corp	1,128		64,657
Angiodynamics, Inc.*	2,155		31,916
Antares Pharma, Inc.*	6,536		14,379
ArthroCare Corp.*	2,356		74,638
AtriCure, Inc.*	1,154		12,809
Atrion Corp.	136		32,671
Bacterin International Holdings, Inc.*	1,880		5,377
Biolase Technology, Inc.*	2,383		6,124
Cantel Medical Corp.	1,194		33,348
Cardiovascular Systems, Inc.*	1,090		10,737
Cerus Corp.*	3,610		10,108
Conceptus, Inc.*	2,715		34,318
Conmed Corp.*	2,326		59,708
CryoLife, Inc.*	2,974		14,275
Cyberonics, Inc.*	2,431		81,439
Cynosure, Inc.*	762		8,961
Delcath Systems, Inc.*	4,459		13,600
DexCom, Inc.*	5,900		54,929
DynaVox, Inc.*	869		3,163
Endologix, Inc.*	4,516		51,844
Exactech, Inc.*	863		14,214
Greatbatch, Inc.*	2,031		44,885
Haemonetics Corp.*	2,196		134,439
Hansen Medical, Inc.*	3,943		10,173
HeartWare International, Inc.*	987		68,103

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 25


EQUITY SECURITIES - cont’d	SHARES		VALUE
Health Care Equipment & Supplies - Cont’d
ICU Medical, Inc.*	1,020	$	45,900
Insulet Corp.*	3,816		71,855
Integra LifeSciences Holdings Corp.*	1,666		51,363
Invacare Corp.	2,356		36,023
IRIS International, Inc.*	1,685		15,755
Kensey Nash Corp.*	831		15,947
MAKO Surgical Corp.*	2,676		67,462
Masimo Corp.*	4,317		80,663
Medical Action Industries, Inc.*	1,487		7,777
Meridian Bioscience, Inc	3,556		66,995
Merit Medical Systems, Inc.*	3,534		47,285
Natus Medical, Inc.*	2,492		23,500
Navidea Biopharmaceuticals, Inc.*	7,299		19,123
Neogen Corp.*	1,973		60,453
NuVasive, Inc.*	3,424		43,108
NxStage Medical, Inc.*	3,668		65,217
OraSure Technologies, Inc.*	4,041		36,814
Orthofix International NV*	1,551		54,642
Palomar Medical Technologies, Inc.*	1,922		17,875
Quidel Corp.*	2,242		33,921
Rockwell Medical Technologies, Inc.*	1,318		11,163
RTI Biologics, Inc.*	5,680		25,219
Solta Medical, Inc.*	5,509		17,298
SonoSite, Inc.*	1,184		63,770
Spectranetics Corp.*	3,435		24,801
Staar Surgical Co.*	3,235		33,935
Stereotaxis, Inc.*	2,963		2,440
STERIS Corp	4,867		145,134
SurModics, Inc.*	1,615		23,676
Symmetry Medical, Inc.*	3,142		25,105
Synergetics USA, Inc.*	1,828		13,491
Synovis Life Technologies, Inc.*	1,173		32,645
Tornier NV*	866		15,588
Unilife Corp.*	4,489		14,006
Uroplasty, Inc.*	1,698		7,217
Vascular Solutions, Inc.*	1,737		19,333
Volcano Corp.*	4,398		104,628
West Pharmaceutical Services, Inc.	2,752		104,438
Wright Medical Group, Inc.*	3,396		56,034
Young Innovations, Inc	583		17,274
Zeltiq Aesthetics, Inc.*	615		6,986
Zoll Medical Corp.*	1,875		118,463
			2,893,888

Health Care Providers & Services - 3.0%
Accretive Health, Inc.*	3,288		75,558
Air Methods Corp.*	973		82,170
Alliance HealthCare Services, Inc.*	2,853		3,595
Almost Family, Inc.*	759		12,584
Amedisys, Inc.*	2,499		27,264
American Dental Partners, Inc.*	1,459		27,473

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 26


EQUITY SECURITIES - cont’d	SHARES		VALUE
Health Care Providers & Services - Cont’d
AMN Healthcare Services, Inc.*	3,253	$	14,411
AmSurg Corp.*	2,705		70,438
Assisted Living Concepts, Inc	1,720		25,611
Bio-Reference Laboratories, Inc.*	2,096		34,102
BioScrip, Inc.*	3,630		19,820
Capital Senior Living Corp.*	2,806		22,280
CardioNet, Inc.*	1,876		4,446
Centene Corp.*	4,107		162,596
Chemed Corp.	1,748		89,515
Chindex International, Inc.*	1,272		10,837
Corvel Corp.*	509		26,320
Cross Country Healthcare, Inc.*	2,877		15,967
Emeritus Corp.*	2,511		43,968
Ensign Group, Inc.	1,328		32,536
ExamWorks Group, Inc.*	2,223		21,074
Five Star Quality Care, Inc.*	2,929		8,787
Gentiva Health Services, Inc.*	2,612		17,631
Hanger Orthopedic Group, Inc.*	2,753		51,454
Healthsouth Corp.*	7,818		138,144
HealthSpring, Inc.*	5,728		312,405
Healthways, Inc.*	2,984		20,470
HMS Holdings Corp.*	7,128		227,953
IPC The Hospitalist Co., Inc.*	1,420		64,922
Kindred Healthcare, Inc.*	4,477		52,694
Landauer, Inc	822		42,333
LHC Group, Inc.*	1,367		17,539
Magellan Health Services, Inc.*	2,407		119,074
MedQuist Holdings, Inc.*	2,598		24,993
Metropolitan Health Networks, Inc.*	4,239		31,665
Molina Healthcare, Inc.*	2,306		51,493
MWI Veterinary Supply, Inc.*	1,077		71,556
National Healthcare Corp	783		32,808
National Research Corp.	137		5,317
Owens & Minor, Inc.	5,239		145,592
PharMerica Corp.*	2,681		40,698
Providence Service Corp.*	1,199		16,498
PSS World Medical, Inc.*	4,559		110,282
RadNet, Inc.*	2,506		5,338
Select Medical Holdings Corp.*	3,677		31,181
Skilled Healthcare Group, Inc.*	1,394		7,611
Sun Healthcare Group, Inc.*	2,542		9,863
Sunrise Senior Living, Inc.*	5,182		33,579
Team Health Holdings, Inc.*	2,191		48,355
Triple-S Management Corp., Class B*	1,775		35,536
U.S. Physical Therapy, Inc	1,051		20,684
Universal American Corp	2,799		35,575
Vanguard Health Systems, Inc.*	2,514		25,693
WellCare Health Plans, Inc.*	3,603		189,159
			2,869,447

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 27


EQUITY SECURITIES - cont’d	SHARES		VALUE
Health Care Technology - 0.5%
athenahealth, Inc.*	2,946	$	144,707
Computer Programs & Systems, Inc	938		47,941
ePocrates, Inc.*	582		4,540
HealthStream, Inc.*	1,262		23,284
MedAssets, Inc.*	3,765		34,826
Medidata Solutions, Inc.*	1,645		35,779
Merge Healthcare, Inc.*	4,792		23,241
Omnicell, Inc.*	2,844		46,983
Quality Systems, Inc.	3,302		122,141
Transcend Services, Inc.*	723		17,157
			500,599

Hotels, Restaurants & Leisure - 2.6%
AFC Enterprises, Inc.*	2,372		34,868
Ambassadors Group, Inc.	1,770		7,983
Ameristar Casinos, Inc.	2,648		45,784
Benihana, Inc.*	1,095		11,202
Biglari Holdings, Inc.*	100		36,824
BJ’s Restaurants, Inc.*	1,966		89,099
Bob Evans Farms, Inc.	2,490		83,515
Boyd Gaming Corp.*	4,718		35,196
Bravo Brio Restaurant Group, Inc.*	1,583		27,149
Buffalo Wild Wings, Inc.*	1,589		107,273
Caribou Coffee Co., Inc.*	1,061		14,801
Carrols Restaurant Group, Inc.*	890		10,297
CEC Entertainment, Inc	1,631		56,188
Cheesecake Factory, Inc.*	4,746		139,295
Churchill Downs, Inc.	995		51,869
Cracker Barrel Old Country Store, Inc.	1,886		95,073
Denny’s Corp.*	9,207		34,618
DineEquity, Inc.*	1,271		53,649
Domino’s Pizza, Inc.*	5,074		172,262
Einstein Noah Restaurant Group, Inc	351		5,553
Gaylord Entertainment Co.*	3,035		73,265
International Speedway Corp	2,420		61,347
Interval Leisure Group, Inc.*	3,495		47,567
Isle of Capri Casinos, Inc.*	1,930		9,013
Jack in the Box, Inc.*	3,734		78,041
Jamba, Inc.*	5,515		7,225
Krispy Kreme Doughnuts, Inc.*	5,108		33,406
Life Time Fitness, Inc.*	3,476		162,503
Luby’s, Inc.*	1,545		6,968
Marcus Corp	1,890		23,833
McCormick & Schmick’s Seafood Restaurants, Inc.*	1,172		10,243
Monarch Casino & Resort, Inc.*	917		9,344
Morgans Hotel Group Co.*	2,245		13,247
Multimedia Games Holding Co., Inc.*	2,104		16,706
O’Charleys, Inc.*	1,444		7,928
Orient-Express Hotels Ltd.*	7,832		58,505
Papa John’s International, Inc.*	1,584		59,685
Peet’s Coffee & Tea, Inc.*	1,028		64,435

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 28


EQUITY SECURITIES - cont’d	SHARES		VALUE
Hotels, Restaurants & Leisure - Cont’d
PF Chang’s China Bistro, Inc.	1,868	$	57,740
Pinnacle Entertainment, Inc.*	5,296		53,807
Red Lion Hotels Corp.*	1,051		7,284
Red Robin Gourmet Burgers, Inc.*	1,066		29,528
Ruby Tuesday, Inc.*	5,637		38,895
Ruth’s Hospitality Group, Inc.*	3,111		15,462
Scientific Games Corp.*	4,782		46,385
Shuffle Master, Inc.*	4,687		54,932
Six Flags Entertainment Corp.	3,426		141,288
Sonic Corp.*	5,351		36,012
Speedway Motorsports, Inc.	1,288		19,745
Texas Roadhouse, Inc.	5,023		74,843
Town Sports International Holdings, Inc.*	1,684		12,377
Vail Resorts, Inc	2,959		125,343
			2,569,400

Household Durables - 0.8%
American Greetings Corp.	3,458		43,260
Beazer Homes USA, Inc.*	7,754		19,230
Blyth, Inc.	469		26,639
Cavco Industries, Inc.*	679		27,201
CSS Industries, Inc.	772		15,378
Ethan Allen Interiors, Inc	2,160		51,214
Furniture Brands International, Inc.*	4,497		5,531
Helen of Troy Ltd.*	2,682		82,337
Hovnanian Enterprises, Inc.*	5,845		8,475
iRobot Corp.*	2,010		59,999
KB Home	6,324		42,497
La-Z-Boy, Inc.*	4,509		53,657
Libbey, Inc.*	2,000		25,480
Lifetime Brands, Inc	858		10,416
M/I Homes, Inc.*	1,923		18,461
MDC Holdings, Inc.	3,082		54,336
Meritage Homes Corp.*	2,297		53,267
Sealy Corp.*	4,985		8,574
Skullcandy, Inc.*	794		9,941
Skyline Corp.	711		3,093
Standard Pacific Corp.*	9,378		29,822
The Ryland Group, Inc.	3,854		60,739
Universal Electronics, Inc.*	1,267		21,374
Zagg, Inc.*	1,641		11,602
			742,523

Household Products - 0.1%
Central Garden and Pet Co.*	3,892		32,381
Oil-Dri Corp. of America	406		8,217
Spectrum Brands Holdings, Inc.*	1,373		37,620
WD-40 Co.	1,450		58,596
			136,814

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 29

EQUITY SECURITIES - cont’d	SHARES		VALUE
Independent Power Producers & Energy Traders - 0.2%
Atlantic Power Corp.	9,659	$	138,124
Dynegy, Inc.*	8,969		24,844
Genie Energy Ltd	1,313		10,412
Ormat Technologies, Inc.	1,475		26,594
			199,974

Industrial Conglomerates - 0.2%
Raven Industries, Inc.	1,534		94,954
Seaboard Corp.*	26		52,936
Standex International Corp	1,092		37,314
			185,204

Insurance - 2.7%
Alterra Capital Holdings Ltd	7,675		181,360
American Equity Investment Life Holding Co	5,120		53,248
American Safety Insurance Holdings Ltd.*	960		20,880
Amerisafe, Inc.*	1,651		38,386
Amtrust Financial Services, Inc.	1,952		46,360
Argo Group International Holdings Ltd.	2,408		69,736
Baldwin & Lyons, Inc., Class B	853		18,595
Citizens, Inc.*	3,380		32,752
CNO Financial Group, Inc.*	18,224		114,994
Crawford & Co., Class B	2,478		15,265
Delphi Financial Group, Inc	4,158		184,199
Donegal Group, Inc	916		12,971
eHealth, Inc.*	1,833		26,945
EMC Insurance Group, Inc.	497		10,223
Employers Holdings, Inc.	2,960		53,546
Enstar Group Ltd.*	575		56,465
FBL Financial Group, Inc	1,178		40,076
First American Financial Corp.	8,643		109,507
Flagstone Reinsurance Holdings SA	3,901		32,339
Fortegra Financial Corp.*	652		4,355
Global Indemnity plc*	1,364		27,048
Greenlight Capital Re Ltd.*	2,477		58,631
Hallmark Financial Services, Inc.*	1,205		8,423
Harleysville Group, Inc	1,015		57,419
Hilltop Holdings, Inc.*	3,467		29,296
Horace Mann Educators Corp.	3,435		47,094
Independence Holding Co	605		4,919
Infinity Property & Casualty Corp.	1,095		62,130
Kansas City Life Insurance Co.	365		11,979
Maiden Holdings Ltd.	4,341		38,027
Meadowbrook Insurance Group, Inc.	4,743		50,655
Montpelier Re Holdings Ltd	5,439		96,542
National Financial Partners Corp.*	3,733		50,470
National Interstate Corp.	681		16,800
National Western Life Insurance Co	193		26,279
OneBeacon Insurance Group Ltd.	1,823		28,056
Phoenix Co.’s, Inc.*	10,764		18,084
Platinum Underwriters Holdings Ltd	3,063		104,479

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 30


EQUITY SECURITIES - cont’d	SHARES		VALUE
Insurance - Cont’d
Presidential Life Corp.	1,918	$	19,161
Primerica, Inc	2,794		64,933
ProAssurance Corp	2,593		206,973
RLI Corp.	1,498		109,144
Safety Insurance Group, Inc	1,103		44,650
SeaBright Holdings, Inc.	2,042		15,621
Selective Insurance Group, Inc	4,659		82,604
State Auto Financial Corp	1,338		18,183
Stewart Information Services Corp	1,793		20,709
Symetra Financial Corp.	5,553		50,366
The Navigators Group, Inc.*	1,065		50,779
Tower Group, Inc	3,270		65,956
United Fire & Casualty Co	1,996		40,279
Universal Insurance Holdings, Inc.	1,043		3,734
			2,651,625

Internet & Catalog Retail - 0.3%
1-800-FLOWERS.COM, Inc.*	2,081		4,578
Blue Nile, Inc.*	1,104		45,132
Geeknet, Inc.*	360		6,138
HSN, Inc.	3,398		123,211
NutriSystem, Inc	2,351		30,398
Orbitz Worldwide, Inc.*	2,514		9,453
Overstock.com, Inc.*	951		7,456
PetMed Express, Inc.	1,778		18,456
Shutterfly, Inc.*	2,488		56,627
US Auto Parts Network, Inc.*	1,360		5,943
Valuevision Media, Inc.*	3,363		6,322
			313,714

Internet Software & Services - 1.8%
Active Network, Inc.*	1,010		13,736
Ancestry.com, Inc.*	2,602		59,742
Angie’s List, Inc.*	848		13,653
Bankrate, Inc.*	1,895		40,742
Carbonite, Inc.*	592		6,571
comScore, Inc.*	2,620		55,544
Constant Contact, Inc.*	2,495		57,909
Cornerstone OnDemand, Inc.*	938		17,109
DealerTrack Holdings, Inc.*	3,529		96,201
Demand Media, Inc.*	850		5,652
Dice Holdings, Inc.*	3,980		32,994
Digital River, Inc.*	3,259		48,950
Earthlink, Inc	9,440		60,794
Envestnet, Inc.*	1,573		18,813
FriendFinder Networks, Inc.*	410		308
Infospace, Inc.*	3,325		36,542
Internap Network Services Corp.*	4,533		26,926
IntraLinks Holdings, Inc.*	2,626		16,386
j2 Global, Inc	3,954		111,266
Keynote Systems, Inc.	1,035		21,259

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 31


EQUITY SECURITIES - cont’d	SHARES		VALUE
Internet Software & Services - Cont’d
KIT Digital, Inc.*	3,247	$	27,437
Limelight Networks, Inc.*	4,616		13,663
Liquidity Services, Inc.*	1,469		54,206
LivePerson, Inc.*	4,395		55,157
LogMeIn, Inc.*	1,674		64,533
LoopNet, Inc.*	1,589		29,047
Marchex, Inc., Class B	1,359		8,494
ModusLink Global Solutions, Inc.	4,598		24,829
Move, Inc.*	3,426		21,652
NIC, Inc.	5,384		71,661
OpenTable, Inc.*	1,935		75,717
Openwave Systems, Inc.*	8,707		13,757
Perficient, Inc.*	1,859		18,609
Quepasa Corp.*	580		1,926
QuinStreet, Inc.*	2,264		21,191
RealNetworks, Inc	1,733		12,997
Responsys, Inc.*	779		6,925
RightNow Technologies, Inc.*	2,093		89,434
Saba Software, Inc.*	2,907		22,936
SciQuest, Inc.*	1,014		14,470
SPS Commerce, Inc.*	707		18,347
Stamps.com, Inc.*	894		23,360
support.com, Inc.*	4,845		10,901
TechTarget, Inc.*	1,109		6,477
Travelzoo, Inc.*	438		10,766
United Online, Inc.	7,634		41,529
ValueClick, Inc.*	6,466		105,331
Vocus, Inc.*	1,554		34,328
Web.com Group, Inc.*	2,389		27,354
XO Group, Inc.*	2,474		20,633
Zillow, Inc.*	338		7,598
Zix Corp.*	5,001		14,103
			1,710,465

IT Services - 2.0%
Acxiom Corp.*	6,669		81,428
CACI International, Inc.*	2,225		124,422
Cardtronics, Inc.*	3,539		95,765
Cass Information Systems, Inc.	858		31,223
Ciber, Inc.*	5,446		21,022
Computer Task Group, Inc.*	1,181		16,628
Convergys Corp.*	8,646		110,409
CSG Systems International, Inc.*	2,979		43,821
Dynamics Research Corp.*	735		8,335
Echo Global Logistics, Inc.*	987		15,940
Euronet Worldwide, Inc.*	4,289		79,261
ExlService Holdings, Inc.*	1,326		29,663
Forrester Research, Inc.*	1,276		43,307
Global Cash Access Holdings, Inc.*	4,679		20,821
Hackett Group, Inc.*	3,281		12,271
Heartland Payment Systems, Inc	3,313		80,705
Higher One Holdings, Inc.*	2,515		46,377

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 32


EQUITY SECURITIES - cont’d	SHARES		VALUE
IT Services - Cont’d
iGate Corp.*	2,542	$	39,986
Jack Henry & Associates, Inc.	7,295		245,185
Lionbridge Technologies, Inc.*	6,186		14,166
Mantech International Corp.	1,948		60,855
MAXIMUS, Inc	2,852		117,930
MoneyGram International, Inc.*	965		17,129
NCI, Inc.*	685		7,980
PRGX Global, Inc.*	1,605		9,550
Sapient Corp	9,015		113,589
ServiceSource International, Inc.*	821		12,881
Stream Global Services, Inc.*	418		1,384
Syntel, Inc	1,266		59,211
TeleTech Holdings, Inc.*	2,084		33,761
TNS, Inc.*	2,282		40,437
Unisys Corp.*	3,725		73,420
Virtusa Corp.*	1,404		20,330
Wright Express Corp.*	3,174		172,285
			1,901,477

Leisure Equipment & Products - 0.4%
Arctic Cat, Inc.*	1,125		25,369
Black Diamond, Inc.*	1,088		8,127
Brunswick Corp.	7,317		132,145
Callaway Golf Co	5,633		31,150
Eastman Kodak Co.*	23,419		15,211
Jakks Pacific, Inc.	2,442		34,457
Johnson Outdoors, Inc.*	405		6,217
Leapfrog Enterprises, Inc.*	3,509		19,615
Marine Products Corp.*	813		4,032
Smith & Wesson Holding Corp.*	5,544		24,172
Steinway Musical Instruments, Inc.*	547		13,697
Sturm Ruger & Co., Inc.	1,672		55,945
Summer Infant, Inc.*	1,000		7,040
			377,177

Life Sciences - Tools & Services - 0.3%
Affymetrix, Inc.*	6,207		25,387
Albany Molecular Research, Inc.*	2,450		7,180
BG Medicine, Inc.*	625		2,950
Cambrex Corp.*	2,197		15,774
Complete Genomics, Inc.*	616		1,805
Enzo Biochem, Inc.*	3,458		7,746
eResearchTechnology, Inc.*	4,032		18,910
Fluidigm Corp.*	695		9,146
Furiex Pharmaceuticals, Inc.*	816		13,635
Harvard Bioscience, Inc.*	1,892		7,322
Luminex Corp.*	3,279		69,613
Medtox Scientific, Inc.*	622		8,739
Pacific Biosciences of California, Inc.*	2,788		7,806

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 33


EQUITY SECURITIES - cont’d	SHARES		VALUE
Life Sciences - Tools & Services - Cont’d
PAREXEL International Corp.*	4,838	$	100,340
Sequenom, Inc.*	9,193		40,909
			337,262

Machinery - 3.2%
Accuride Corp.*	3,324		23,667
Actuant Corp.	5,637		127,904
Alamo Group, Inc	670		18,043
Albany International Corp.	2,370		54,794
Altra Holdings, Inc.*	2,349		44,232
American Railcar Industries, Inc.*	977		23,380
Ampco-Pittsburgh Corp	791		15,298
Astec Industries, Inc.*	1,736		55,917
Barnes Group, Inc	4,587		110,593
Blount International, Inc.*	4,185		60,766
Briggs & Stratton Corp	4,379		67,831
Cascade Corp	795		37,500
Chart Industries, Inc.*	2,510		135,716
CIRCOR International, Inc	1,493		52,718
CLARCOR, Inc	4,268		213,357
Colfax Corp.*	2,231		63,539
Columbus McKinnon Corp.*	1,673		21,230
Commercial Vehicle Group, Inc.*	2,272		20,539
Douglas Dynamics, Inc	1,532		22,398
Dynamic Materials Corp	1,203		23,795
Energy Recovery, Inc.*	4,261		10,993
EnPro Industries, Inc.*	1,799		59,331
ESCO Technologies, Inc.	2,314		66,597
Federal Signal Corp.*	5,446		22,601
Flow International Corp.*	4,867		17,034
FreightCar America, Inc.*	1,042		21,830
Gerber Scientific, Inc.*	2,334		-
Gorman-Rupp Co	1,275		34,616
Graham Corp	1,022		22,934
Greenbrier Co.’s, Inc.*	1,515		36,784
Hurco Cos, Inc.*	529		11,109
John Bean Technologies Corp.	2,463		37,856
Kadant, Inc.*	1,153		26,069
Kaydon Corp.	2,679		81,709
LB Foster Co.	945		26,734
Lindsay Corp.	1,094		60,050
Lydall, Inc.*	1,583		15,023
Meritor, Inc.*	7,762		41,294
Met-Pro Corp.	1,517		13,714
Middleby Corp.*	1,540		144,822
Miller Industries, Inc.	1,050		16,516
Mueller Industries, Inc	3,111		119,525
Mueller Water Products, Inc	13,480		32,891
NACCO Industries, Inc	503		44,878
NN, Inc.*	1,381		8,286
Omega Flex, Inc.*	248		3,504

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 34

EQUITY SECURITIES - cont’d	SHARES		VALUE
Machinery - Cont’d
PMFG, Inc.*	1,648	$	32,152
RBC Bearings, Inc.*	1,895		79,021
Robbins & Myers, Inc.	3,240		157,302
Sauer-Danfoss, Inc.*	1,012		36,645
Sun Hydraulics Corp.	1,639		38,402
Tecumseh Products Co.*	1,715		8,060
Tennant Co.	1,652		64,213
Titan International, Inc.	3,674		71,496
Trimas Corp.*	2,100		37,695
Twin Disc, Inc	694		25,206
Wabash National Corp.*	5,981		46,891
Watts Water Technologies, Inc	2,566		87,783
Woodward, Inc.	5,203		212,959
Xerium Technologies, Inc.*	695		4,545
			3,072,287

Marine - 0.1%
Baltic Trading Ltd.	1,516		7,201
Eagle Bulk Shipping, Inc.*	6,450		6,077
Excel Maritime Carriers Ltd.*	3,693		5,355
Genco Shipping & Trading Ltd.*	2,930		19,807
International Shipholding Corp.	583		10,896
Ultrapetrol (Bahamas) Ltd.*	2,297		6,845
			56,181

Media - 1.2%
AH Belo Corp	1,669		7,928
Arbitron, Inc.	2,329		80,141
Belo Corp.	7,968		50,198
Central European Media Enterprises Ltd.*	3,010		19,625
Cinemark Holdings, Inc.	7,637		141,208
Crown Media Holdings, Inc.*	3,539		4,282
Cumulus Media, Inc.*	2,023		6,757
Dial Global, Inc.*	488		1,557
Digital Domain Media Group, Inc.*	300		1,824
Digital Generation, Inc.*	2,184		26,033
Entercom Communications Corp.*	2,183		13,425
Entravision Communications Corp	4,508		7,033
EW Scripps Co.*	2,937		23,525
Fisher Communications, Inc.*	676		19,489
Global Sources Ltd.*	1,547		7,503
Gray Television, Inc.*	4,496		7,284
Harte-Hanks, Inc.	3,389		30,806
Journal Communications, Inc.*	4,357		19,171
Knology, Inc.*	2,669		37,900
LIN TV Corp.*	2,982		12,614
Lions Gate Entertainment Corp.*	3,704		30,817
Live Nation Entertainment, Inc.*	11,598		96,379
Martha Stewart Living Omnimedia, Inc.	2,756		12,126
McClatchy Co.*	5,532		13,222

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 35


EQUITY SECURITIES - cont’d	SHARES		VALUE
Media - Cont’d
MDC Partners, Inc.	2,060	$	27,851
Meredith Corp	2,986		97,493
National CineMedia, Inc.	4,637		57,499
New York Times Co.*	11,273		87,140
Nexstar Broadcasting Group, Inc.*	992		7,777
Outdoor Channel Holdings, Inc	1,282		9,564
ReachLocal, Inc.*	820		5,068
Rentrak Corp.*	971		13,866
Saga Communications, Inc.*	296		11,065
Scholastic Corp.	2,251		67,463
Sinclair Broadcast Group, Inc.	4,195		47,529
Valassis Communications, Inc.*	3,788		72,843
Value Line, Inc.	108		1,110
World Wrestling Entertainment, Inc.	2,503		23,328
			1,200,443

Metals & Mining - 1.4%
AM Castle & Co.*	1,549		14,653
AMCOL International Corp	2,090		56,116
Century Aluminum Co.*	4,238		36,065
Coeur d’Alene Mines Corp.*	7,597		183,392
General Moly, Inc.*	6,675		20,626
Globe Specialty Metals, Inc	5,366		71,851
Gold Resource Corp.	2,334		49,597
Golden Minerals Co.*	2,295		13,334
Golden Star Resources Ltd.*	22,636		37,349
Handy & Harman Ltd.*	480		4,752
Haynes International, Inc	1,062		57,985
Hecla Mining Co.	22,944		119,997
Horsehead Holding Corp.*	3,786		34,112
Jaguar Mining, Inc.*	7,371		47,027
Kaiser Aluminum Corp	1,330		61,020
Materion Corp.*	1,774		43,073
Metals USA Holdings Corp.*	1,062		11,947
Midway Gold Corp.*	6,567		13,856
Noranda Aluminum Holding Corp.	1,867		15,403
Olympic Steel, Inc.	846		19,729
Paramount Gold and Silver Corp.*	9,626		20,600
Revett Minerals, Inc.*	2,059		9,718
RTI International Metals, Inc.*	2,632		61,089
Stillwater Mining Co.*	9,510		99,475
SunCoke Energy, Inc.*	1,099		12,309
Thompson Creek Metals Co., Inc.*	12,552		87,362
Universal Stainless & Alloy Products, Inc.*	703		26,264
US Energy Corp Wyoming*	2,481		7,220
US Gold Corp.*	8,710		29,266
Vista Gold Corp.*	5,838		17,923
Worthington Industries, Inc.	4,940		80,917
			1,364,027

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 36


EQUITY SECURITIES - cont’d	SHARES		VALUE
Multiline Retail - 0.3%
99¢ Only Stores*	4,013	$	88,085
Bon-Ton Stores, Inc	1,090		3,673
Fred’s, Inc.	3,439		50,141
Gordmans Stores, Inc.*	571		7,178
Saks, Inc.*	9,477		92,401
Tuesday Morning Corp.*	2,412		8,321
			249,799

Multi-Utilities - 0.4%
Avista Corp.	4,803		123,677
Black Hills Corp.	3,426		115,045
CH Energy Group, Inc.	1,384		80,798
NorthWestern Corp	2,980		106,654
			426,174

Oil, Gas & Consumable Fuels - 4.4%
Abraxas Petroleum Corp.*	7,685		25,361
Alon USA Energy, Inc.	562		4,895
Amyris, Inc.*	1,450		16,733
Apco Oil and Gas International, Inc	813		66,438
Approach Resources, Inc.*	2,152		63,290
ATP Oil & Gas Corp.*	3,891		28,638
Berry Petroleum Co.	4,356		183,039
Bill Barrett Corp.*	3,878		132,123
BPZ Resources, Inc.*	8,517		24,188
Callon Petroleum Co.*	3,669		18,235
CAMAC Energy, Inc.*	4,422		4,466
Carrizo Oil & Gas, Inc.*	3,265		86,033
Cheniere Energy, Inc.*	6,985		60,700
Clayton Williams Energy, Inc.*	515		39,078
Clean Energy Fuels Corp.*	4,008		49,940
Cloud Peak Energy, Inc.*	5,009		96,774
Comstock Resources, Inc.*	3,914		59,884
Contango Oil & Gas Co.*	1,033		60,100
Crimson Exploration, Inc.*	1,794		5,131
Crosstex Energy, Inc.	3,520		44,493
CVR Energy, Inc.*	7,435		139,258
Delek US Holdings, Inc	1,057		12,060
DHT Holdings, Inc.	5,053		3,739
Endeavour International Corp.*	3,091		26,861
Energy Partners Ltd.*	2,531		36,953
Energy XXI Bermuda Ltd.*	6,369		203,044
Evolution Petroleum Corp.*	1,370		11,029
Frontline Ltd	4,236		18,172
FX Energy, Inc.*	4,491		21,557
Gastar Exploration Ltd.*	4,045		12,863
Georesources, Inc.*	1,686		49,417
Gevo, Inc.*	530		3,334
GMX Resources, Inc.*	5,533		6,916
Golar LNG Ltd	3,362		149,441
Goodrich Petroleum Corp.*	2,138		29,355
Green Plains Renewable Energy, Inc.*	1,487		14,513

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 37


EQUITY SECURITIES - cont’d	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Gulfport Energy Corp.*	3,848	$	113,324
Hallador Energy Co.	353		3,505
Harvest Natural Resources, Inc.*	3,086		22,775
Houston American Energy Corp.*	1,673		20,394
Hyperdynamics Corp.*	12,784		31,321
Isramco, Inc.*	85		7,613
James River Coal Co.*	3,101		21,459
KiOR, Inc.*	890		9,060
Knightsbridge Tankers Ltd.	1,807		24,702
Kodiak Oil & Gas Corp.*	21,813		207,223
L&L Energy, Inc.*	1,532		3,968
Magnum Hunter Resources Corp.*	8,716		46,979
McMoRan Exploration Co.*	8,353		121,536
Miller Energy Resources, Inc.*	2,624		7,321
Nordic American Tankers Ltd.	4,101		49,171
Northern Oil And Gas, Inc.*	5,189		124,432
Oasis Petroleum, Inc.*	4,892		142,308
Overseas Shipholding Group, Inc.	2,236		24,439
Panhandle Oil and Gas, Inc.	744		24,411
Patriot Coal Corp.*	7,502		63,542
Penn Virginia Corp	3,974		21,022
Petroleum Development Corp.*	2,051		72,011
Petroquest Energy, Inc.*	4,829		31,871
Rentech, Inc.*	20,009		26,212
Resolute Energy Corp.*	3,942		42,574
REX American Resources Corp.*	739		16,339
Rex Energy Corp.*	2,831		41,786
Rosetta Resources, Inc.*	4,480		194,880
Scorpio Tankers, Inc.*	1,952		9,545
SemGroup Corp.*	3,411		88,891
Ship Finance International Ltd.	3,913		36,547
Solazyme, Inc.*	902		10,734
Stone Energy Corp.*	4,027		106,232
Swift Energy Co.*	3,486		103,604
Syntroleum Corp.*	7,195		6,907
Targa Resources Corp.	1,438		58,512
Teekay Tankers Ltd.	3,309		11,648
Triangle Petroleum Corp.*	3,529		21,068
Uranerz Energy Corp.*	5,306		9,657
Uranium Energy Corp.*	5,621		17,200
Uranium Resources, Inc.*	7,675		5,572
Ur-Energy, Inc.*	8,505		7,306
USEC, Inc.*	9,538		10,873
Vaalco Energy, Inc.*	4,423		26,715
Venoco, Inc.*	2,430		16,451
Voyager Oil & Gas, Inc.*	3,860		9,920
W&T Offshore, Inc	3,057		64,839
Warren Resources, Inc.*	6,571		21,421
Western Refining, Inc.*	4,487		59,632
Westmoreland Coal Co.*	813		10,366
World Fuel Services Corp.	5,989		251,418

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 38


EQUITY SECURITIES - cont’d	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Zion Oil & Gas, Inc.*	2,061	$	4,555
			4,293,842

Paper & Forest Products - 0.6%
Buckeye Technologies, Inc	3,437		114,933
Clearwater Paper Corp.*	2,010		71,576
Deltic Timber Corp.	942		56,887
KapStone Paper and Packaging Corp.*	3,351		52,745
Louisiana-Pacific Corp.*	11,093		89,521
Neenah Paper, Inc.	1,287		28,726
PH Glatfelter Co	4,002		56,508
Schweitzer-Mauduit International, Inc	1,362		90,519
Verso Paper Corp.*	1,363		1,308
Wausau Paper Corp.	4,288		35,419
			598,142

Personal Products - 0.5%
Elizabeth Arden, Inc.*	2,125		78,710
Female Health Co	1,851		8,348
Inter Parfums, Inc.	1,484		23,091
Medifast, Inc.*	1,179		16,176
Nature’s Sunshine Products, Inc.*	705		10,942
Nu Skin Enterprises, Inc	4,633		225,025
Nutraceutical International Corp.*	861		9,746
Prestige Brands Holdings, Inc.*	4,259		47,999
Revlon, Inc.*	936		13,918
Schiff Nutrition International, Inc.*	1,196		12,797
Synutra International, Inc.*	1,867		9,447
USANA Health Sciences, Inc.*	626		19,012
			475,211

Pharmaceuticals - 1.8%
Acura Pharmaceuticals, Inc.*	651		2,272
Akorn, Inc.*	4,828		53,687
Alimera Sciences, Inc.*	608		760
Ampio Pharmaceuticals, Inc.*	1,629		6,956
Auxilium Pharmaceuticals, Inc.*	3,998		79,680
AVANIR Pharmaceuticals, Inc.*	8,836		18,114
Cadence Pharmaceuticals, Inc.*	4,180		16,511
Columbia Laboratories, Inc.*	6,028		15,070
Corcept Therapeutics, Inc.*	2,345		8,020
Cornerstone Therapeutics, Inc.*	514		2,878
Depomed, Inc.*	4,576		23,704
Durect Corp.*	6,632		7,826
Endocyte, Inc.*	1,556		5,851
Forest Laboratories, Inc.*	1,024		-
Hi-Tech Pharmacal Co., Inc.*	922		35,857
Impax Laboratories, Inc.*	5,480		110,532
ISTA Pharmaceuticals, Inc.*	2,131		15,024
Jazz Pharmaceuticals, Inc.*	1,815		70,113

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 39


EQUITY SECURITIES - cont’d	SHARES		VALUE
Pharmaceuticals - Cont’d
KV Pharmaceutical Co.*	4,232	$	5,925
Lannett Co., Inc.*	798		3,527
MAP Pharmaceuticals, Inc.*	1,600		21,072
Medicines Co.*	4,658		86,825
Medicis Pharmaceutical Corp.	5,224		173,698
Nektar Therapeutics*	9,930		55,558
Neostem, Inc.*	2,357		1,195
Obagi Medical Products, Inc.*	1,589		16,144
Optimer Pharmaceuticals, Inc.*	3,923		48,018
Pacira Pharmaceuticals, Inc.*	400		3,460
Pain Therapeutics, Inc.*	3,031		11,518
Par Pharmaceutical Co.’s, Inc.*	3,067		100,383
Pernix Therapeutics Holdings, Inc.*	280		2,593
Pozen, Inc.*	2,758		10,894
Questcor Pharmaceuticals, Inc.*	4,494		186,860
Sagent Pharmaceuticals, Inc.*	547		11,487
Salix Pharmaceuticals Ltd.*	4,969		237,767
Santarus, Inc.*	5,438		18,000
Sucampo Pharmaceuticals, Inc.*	729		3,229
Transcept Pharmaceuticals, Inc.*	497		3,891
Viropharma, Inc.*	5,993		164,148
VIVUS, Inc.*	7,064		68,874
XenoPort, Inc.*	2,847		10,847
			1,718,768

Professional Services - 1.5%
Acacia Research Corp.*	3,648		133,188
Advisory Board Co.*	1,353		100,406
Barrett Business Services, Inc.	606		12,096
CBIZ, Inc.*	3,612		22,069
CDI Corp.	1,164		16,075
Corporate Executive Board Co	2,836		108,052
CoStar Group, Inc.*	2,078		138,665
CRA International, Inc.*	1,024		20,316
Exponent, Inc.*	1,204		55,348
Franklin Covey Co.*	1,007		8,529
FTI Consulting, Inc.*	3,456		146,604
GP Strategies Corp.*	1,245		16,783
Heidrick & Struggles International, Inc	1,525		32,849
Hill International, Inc.*	2,682		13,785
Hudson Highland Group, Inc.*	2,983		14,289
Huron Consulting Group, Inc.*	1,926		74,613
ICF International, Inc.*	1,488		36,873
Insperity, Inc	1,904		48,266
Kelly Services, Inc.	2,314		31,656
Kforce, Inc.*	2,687		33,131
Korn/Ferry International*	4,020		68,581
Mistras Group, Inc.*	1,338		34,106
Navigant Consulting, Inc.*	4,439		50,649
Odyssey Marine Exploration, Inc.*	5,528		15,147
On Assignment, Inc.*	3,191		35,675

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 40


EQUITY SECURITIES - cont’d	SHARES		VALUE
Professional Services - Cont’d
Pendrell Corp.*	12,424	$	31,805
Resources Connection, Inc	4,053		42,921
RPX Corp.*	785		9,930
The Dolan Co.*	2,652		22,595
TrueBlue, Inc.*	3,417		47,428
VSE Corp.	430		10,440
			1,432,870

Real Estate Investment Trusts - 8.5%
Acadia Realty Trust	3,510		70,691
AG Mortgage Investment Trust, Inc	519		10,447
Agree Realty Corp	808		19,699
Alexander’s, Inc	180		66,605
American Assets Trust, Inc	2,814		57,715
American Campus Communities, Inc.	5,710		239,592
American Capital Mortgage Investment Corp	659		12,402
Anworth Mortgage Asset Corp	11,379		71,460
Apollo Commercial Real Estate Finance, Inc.	1,790		23,503
ARMOUR Residential REIT, Inc	7,234		51,000
Ashford Hospitality Trust, Inc.	4,213		33,704
Associated Estates Realty Corp	3,619		57,723
BioMed Realty Trust, Inc.	13,036		235,691
Campus Crest Communities, Inc	2,673		26,890
CapLease, Inc	5,937		23,985
Capstead Mortgage Corp.	7,157		89,033
CBL & Associates Properties, Inc.	12,552		197,066
Cedar Realty Trust, Inc	5,667		24,425
Chatham Lodging Trust	1,208		13,022
Chesapeake Lodging Trust	2,643		40,861
Cogdell Spencer, Inc.	4,463		18,968
Colonial Properties Trust	6,860		143,100
Colony Financial, Inc	2,880		45,245
Coresite Realty Corp	1,633		29,100
Cousins Properties, Inc.	8,017		51,389
CreXus Investment Corp.	4,452		46,212
CubeSmart	10,673		113,561
CYS Investments, Inc	6,785		89,155
DCT Industrial Trust, Inc.	20,189		103,368
DiamondRock Hospitality Co.	13,755		132,598
DuPont Fabros Technology, Inc	4,834		117,079
Dynex Capital, Inc	3,620		33,051
EastGroup Properties, Inc.	2,360		102,613
Education Realty Trust, Inc.	8,005		81,891
Entertainment Properties Trust	3,953		172,786
Equity Lifestyle Properties, Inc.	2,593		172,927
Equity One, Inc.	4,409		74,865
Excel Trust, Inc	2,611		31,332
Extra Space Storage, Inc	7,955		192,750
FelCor Lodging Trust, Inc.*	10,890		33,214
First Industrial Realty Trust, Inc.*	6,816		69,728
First Potomac Realty Trust	4,374		57,081

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 41


EQUITY SECURITIES - cont’d	SHARES		VALUE
Real Estate Investment Trusts - Cont’d
Franklin Street Properties Corp.	6,050	$	60,197
Getty Realty Corp	2,045		28,528
Gladstone Commercial Corp.	887		15,567
Glimcher Realty Trust	8,737		80,380
Government Properties Income Trust	2,981		67,222
Hatteras Financial Corp.	6,351		167,476
Healthcare Realty Trust, Inc.	6,578		122,285
Hersha Hospitality Trust	11,777		57,472
Highwoods Properties, Inc	6,107		181,195
Home Properties, Inc	4,017		231,259
Hudson Pacific Properties, Inc	1,567		22,189
Inland Real Estate Corp.	6,505		49,503
Invesco Mortgage Capital, Inc.	9,855		138,463
Investors Real Estate Trust	6,564		47,884
iStar Financial, Inc.*	6,969		36,866
Kilroy Realty Corp	4,944		188,218
Kite Realty Group Trust	5,032		22,694
LaSalle Hotel Properties	6,992		169,276
Lexington Realty Trust	10,044		75,230
LTC Properties, Inc.	2,654		81,902
Medical Properties Trust, Inc	9,181		90,616
MFA Financial, Inc	30,061		202,010
Mid-America Apartment Communities, Inc.	3,106		194,280
Mission West Properties, Inc.	1,847		16,660
Monmouth Real Estate Investment Corp	3,342		30,579
MPG Office Trust, Inc.*	4,455		8,865
National Health Investors, Inc.	2,137		93,985
National Retail Properties, Inc.	8,815		232,540
Newcastle Investment Corp.	9,411		43,761
NorthStar Realty Finance Corp.	6,999		33,385
Omega Healthcare Investors, Inc.	8,616		166,720
One Liberty Properties, Inc	1,012		16,698
Parkway Properties, Inc	1,887		18,606
Pebblebrook Hotel Trust	4,131		79,233
Pennsylvania Real Estate Investment Trust	4,838		50,509
Pennymac Mortgage Investment Trust	2,592		43,079
Post Properties, Inc.	4,226		184,761
Potlatch Corp.	3,299		102,632
PS Business Parks, Inc	1,620		89,797
RAIT Financial Trust	3,063		14,549
Ramco-Gershenson Properties Trust	3,319		32,626
Redwood Trust, Inc.	6,814		69,367
Resource Capital Corp.	6,576		36,891
Retail Opportunity Investments Corp	4,307		50,995
RLJ Lodging Trust	2,263		38,086
Sabra Healthcare REIT, Inc.	3,180		38,446
Saul Centers, Inc	656		23,236
Sovran Self Storage, Inc.	2,414		103,005
STAG Industrial, Inc.	1,305		14,968
Starwood Property Trust, Inc	7,660		141,787
Strategic Hotels & Resorts, Inc.*	14,365		77,140
Summit Hotel Properties, Inc.	2,273		21,457

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 42


EQUITY SECURITIES - cont’d	SHARES		VALUE
Real Estate Investment Trusts - Cont’d
Sun Communities, Inc	1,664	$	60,786
Sunstone Hotel Investors, Inc.*	10,323		84,132
Tanger Factory Outlet Centers, Inc.	7,232		212,042
Terreno Realty Corp.	909		13,762
Two Harbors Investment Corp	11,837		109,374
UMH Properties, Inc.	1,025		9,543
Universal Health Realty Income Trust	985		38,415
Urstadt Biddle Properties, Inc	2,125		38,420
Washington Real Estate Investment Trust	5,607		153,351
Whitestone REIT	617		7,342
Winthrop Realty Trust	2,311		23,503
			8,233,272

Real Estate Management & Development - 0.1%
Avatar Holdings, Inc.*	824		5,916
Consolidated-Tomoka Land Co	345		9,339
Forestar Group, Inc.*	3,184		48,174
Kennedy-Wilson Holdings, Inc	1,927		20,388
Tejon Ranch Co.*	1,147		28,079
			111,896

Road & Rail - 1.2%
Amerco, Inc.	746		65,946
Arkansas Best Corp.	2,213		42,645
Avis Budget Group, Inc.*	8,976		96,223
Celadon Group, Inc.	2,068		24,423
Covenant Transportation Group, Inc.*	700		2,079
Dollar Thrifty Automotive Group, Inc.*	2,377		167,008
Genesee & Wyoming, Inc.*	3,356		203,306
Heartland Express, Inc.	4,411		63,033
Knight Transportation, Inc.	5,197		81,281
Marten Transport Ltd	1,347		24,233
Old Dominion Freight Line, Inc.*	3,899		158,026
Patriot Transportation Holding, Inc.*	453		9,830
Quality Distribution, Inc.*	828		9,315
RailAmerica, Inc.*	2,144		31,924
Roadrunner Transportation Systems, Inc.*	984		13,904
Saia, Inc.*	1,647		20,555
Swift Transportation Co.*	6,511		53,651
Universal Truckload Services, Inc.	475		8,621
Werner Enterprises, Inc.	3,764		90,712
Zipcar, Inc.*	842		11,300
			1,178,015

Semiconductors & Semiconductor Equipment - 3.5%
Advanced Analogic Technologies, Inc.*	4,464		25,802
Advanced Energy Industries, Inc.*	3,684		39,529
Alpha & Omega Semiconductor Ltd.*	1,207		8,823
Amkor Technology, Inc.*	9,177		40,012
Amtech Systems, Inc.*	787		6,697
Anadigics, Inc.*	6,771		14,828
Applied Micro Circuits Corp.*	5,726		38,479

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 43


EQUITY SECURITIES - cont’d	SHARES		VALUE
Semiconductors & Semiconductor Equipment - Cont’d
ATMI, Inc.*	2,756	$	55,203
Axcelis Technologies, Inc.*	9,665		12,854
AXT, Inc.*	2,876		11,993
Brooks Automation, Inc	5,690		58,436
Cabot Microelectronics Corp.*	1,932		91,287
Cavium, Inc.*	4,118		117,075
Ceva, Inc.*	1,987		60,127
Cirrus Logic, Inc.*	5,442		86,256
Cohu, Inc	2,037		23,120
Cymer, Inc.*	2,629		130,819
Diodes, Inc.*	2,966		63,176
DSP Group, Inc.*	2,403		12,520
Entegris, Inc.*	11,489		100,242
Entropic Communications, Inc.*	7,041		35,980
Exar Corp.*	3,348		21,762
Formfactor, Inc.*	4,374		22,132
FSI International, Inc.*	2,985		10,925
GSI Technology, Inc.*	2,002		9,369
GT Advanced Technologies, Inc.*	10,346		74,905
Hittite Microwave Corp.*	2,575		127,153
Inphi Corp.*	1,686		20,165
Integrated Device Technology, Inc.*	12,177		66,486
Integrated Silicon Solution, Inc.*	2,404		21,973
Intermolecular, Inc.*	805		6,907
IXYS Corp.*	2,094		22,678
Kopin Corp.*	6,180		23,978
Kulicke & Soffa Industries, Inc.*	6,129		56,693
Lattice Semiconductor Corp.*	10,150		60,291
LTX-Credence Corp.*	4,282		22,909
MaxLinear, Inc.*	693		3,292
Micrel, Inc.	4,448		44,969
Microsemi Corp.*	7,262		121,638
Mindspeed Technologies, Inc.*	2,963		13,571
MIPS Technologies, Inc.*	4,384		19,553
MKS Instruments, Inc.	4,379		121,824
Monolithic Power Systems, Inc.*	2,829		42,633
MoSys, Inc.*	2,517		10,571
Nanometrics, Inc.*	1,653		30,448
Netlogic Microsystems, Inc.*	5,750		285,027
NVE Corp.*	408		22,656
Omnivision Technologies, Inc.*	4,874		59,633
PDF Solutions, Inc.*	2,096		14,609
Pericom Semiconductor Corp.*	2,352		17,899
Photronics, Inc.*	4,675		28,424
PLX Technology, Inc.*	3,845		11,035
Power Integrations, Inc.	2,370		78,589
Rambus, Inc.*	8,069		60,921
RF Micro Devices, Inc.*	23,479		126,787
Rubicon Technology, Inc.*	1,417		13,306
Rudolph Technologies, Inc.*	2,894		26,798
Semtech Corp.*	5,362		133,085
Sigma Designs, Inc.*	2,722		16,332

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 44


EQUITY SECURITIES - cont’d	SHARES		VALUE
Semiconductors & Semiconductor Equipment - Cont’d
Silicon Image, Inc.*	7,111	$	33,422
Spansion, Inc.*	4,135		34,238
Standard Microsystems Corp.*	1,961		50,535
STR Holdings, Inc.*	2,482		20,427
Supertex, Inc.*	1,019		19,239
Tessera Technologies, Inc.*	4,394		73,600
TriQuint Semiconductor, Inc.*	13,495		65,721
Ultra Clean Holdings, Inc.*	2,008		12,269
Ultratech, Inc.*	2,206		54,201
Veeco Instruments, Inc.*	3,348		69,638
Volterra Semiconductor Corp.*	2,168		55,522
			3,393,996

Software - 4.2%
Accelrys, Inc.*	4,811		32,330
ACI Worldwide, Inc.*	2,746		78,645
Actuate Corp.*	2,953		17,305
Advent Software, Inc.*	2,747		66,917
American Software, Inc.	1,795		16,963
Aspen Technology, Inc.*	6,953		120,634
Blackbaud, Inc.	3,657		101,299
Bottomline Technologies, Inc.*	2,906		67,332
BroadSoft, Inc.*	1,853		55,961
Callidus Software, Inc.*	2,464		15,819
Commvault Systems, Inc.*	3,729		159,303
Concur Technologies, Inc.*	3,784		192,189
Convio, Inc.*	548		6,061
Deltek, Inc.*	2,049		20,121
DemandTec, Inc.*	2,654		34,953
Digimarc Corp.*	626		14,955
Ebix, Inc.	2,498		55,206
Ellie Mae, Inc.*	704		3,978
EPIQ Systems, Inc.	2,837		34,101
ePlus, Inc.*	291		8,229
Fair Isaac Corp	3,024		108,380
FalconStor Software, Inc.*	2,372		6,120
Glu Mobile, Inc.*	3,444		10,814
Guidance Software, Inc.*	1,234		7,996
Imperva, Inc.*	459		15,978
Interactive Intelligence Group, Inc.*	1,211		27,756
JDA Software Group, Inc.*	3,477		112,620
Kenexa Corp.*	2,325		62,077
Magma Design Automation, Inc.*	6,009		43,145
Manhattan Associates, Inc.*	1,786		72,297
Mentor Graphics Corp.*	7,913		107,300
MicroStrategy, Inc.*	656		71,058
Monotype Imaging Holdings, Inc.*	2,939		45,819
Motricity, Inc.*	3,042		2,738
Netscout Systems, Inc.*	3,069		54,014
NetSuite, Inc.*	2,237		90,710
Opnet Technologies, Inc	1,163		42,647
Parametric Technology Corp.*	10,068		183,842

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 45


EQUITY SECURITIES - cont’d	SHARES		VALUE
Software - Cont’d
Pegasystems, Inc	1,412	$	41,513
Progress Software Corp.*	5,508		106,580
PROS Holdings, Inc.*	1,692		25,177
QAD, Inc.*	409		4,294
QLIK Technologies, Inc.*	5,954		144,087
Quest Software, Inc.*	4,821		89,671
RealPage, Inc.*	2,492		62,973
Rosetta Stone, Inc.*	971		7,409
S1 Corp.*	4,543		43,476
Seachange International, Inc.*	2,173		15,276
Smith Micro Software, Inc.*	3,160		3,571
SolarWinds, Inc.*	4,682		130,862
Sourcefire, Inc.*	2,404		77,841
SRS Labs, Inc.*	917		5,273
SS&C Technologies Holdings, Inc.*	2,072		37,420
SuccessFactors, Inc.*	7,044		280,844
Synchronoss Technologies, Inc.*	2,137		64,559
Take-Two Interactive Software, Inc.*	6,161		83,481
Taleo Corp.*	3,479		134,602
Tangoe, Inc.*	844		12,998
TeleCommunication Systems, Inc.*	4,709		11,066
TeleNav, Inc.*	1,354		10,575
THQ, Inc.*	5,911		4,492
TiVo, Inc.*	10,101		90,606
Tyler Technologies, Inc.*	2,515		75,727
Ultimate Software Group, Inc.*	2,123		138,250
VASCO Data Security International, Inc.*	2,346		15,296
Verint Systems, Inc.*	1,740		47,920
VirnetX Holding Corp.*	3,345		83,525
Wave Systems Corp.*	7,430		16,123
Websense, Inc.*	3,283		61,491
			4,094,590

Specialty Retail - 3.4%
Aeropostale, Inc.*	6,634		101,168
America’s Car-Mart, Inc.*	726		28,445
ANN, Inc.*	4,278		106,009
Asbury Automotive Group, Inc.*	2,543		54,827
Ascena Retail Group, Inc.*	5,191		154,277
Barnes & Noble, Inc.*	2,386		34,549
Bebe Stores, Inc.	3,035		25,282
Big 5 Sporting Goods Corp.	2,261		23,605
Body Central Corp.*	966		24,111
Brown Shoe Co., Inc.	3,799		33,811
Build-A-Bear Workshop, Inc.*	1,790		15,143
Cabela’s, Inc.*	3,512		89,275
Casual Male Retail Group, Inc.*	3,868		13,229
Cato Corp	2,436		58,951
Charming Shoppes, Inc.*	10,135		49,662
Christopher & Banks Corp	3,717		8,698
Citi Trends, Inc.*	1,298		11,396
Coldwater Creek, Inc.*	6,271		7,400

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 46


EQUITY SECURITIES - cont’d	SHARES		VALUE
Specialty Retail - Cont’d
Collective Brands, Inc.*	5,379	$	77,296
Conn’s, Inc.*	780		8,658
Cost Plus, Inc.*	1,561		15,220
Destination Maternity Corp.	1,034		17,288
Express, Inc.*	4,541		90,548
Finish Line, Inc	4,450		85,818
Francesca’s Holdings Corp.*	825		14,273
Genesco, Inc.*	1,947		120,208
GNC Holdings, Inc.*	1,878		54,368
Group 1 Automotive, Inc.	1,974		102,253
Haverty Furniture Co.’s, Inc.	1,689		18,545
hhgregg, Inc.*	1,366		19,739
Hibbett Sports, Inc.*	2,252		101,745
HOT Topic, Inc.	4,130		27,299
Jos A Bank Clothiers, Inc.*	2,270		110,685
Kirkland’s, Inc.*	1,736		23,089
Lithia Motors, Inc	2,010		43,939
Lumber Liquidators Holdings, Inc.*	1,947		34,384
MarineMax, Inc.*	2,047		13,346
Mattress Firm Holding Corp.*	476		11,038
Men’s Wearhouse, Inc.	4,231		137,127
Monro Muffler, Inc.	2,604		101,009
New York & Co., Inc.*	1,850		4,921
Office Depot, Inc.*	22,811		49,044
OfficeMax, Inc.*	7,420		33,687
Pacific Sunwear Of California, Inc.*	6,164		10,540
Penske Automotive Group, Inc	3,866		74,421
Pier 1 Imports, Inc.*	8,354		116,371
Rent-A-Center, Inc.	4,979		184,223
Rue21, Inc.*	1,285		27,756
Select Comfort Corp.*	4,776		103,591
Shoe Carnival, Inc.*	949		24,389
Sonic Automotive, Inc.	3,488		51,657
Stage Stores, Inc	2,657		36,906
Stein Mart, Inc.*	2,802		19,082
Systemax, Inc.*	1,000		16,410
Talbots, Inc.*	6,142		16,338
Teavana Holdings, Inc.*	588		11,043
The Buckle, Inc.	2,285		93,388
The Childrens Place Retail Stores, Inc.*	2,273		120,742
The Pep Boys-Manny, Moe & Jack	4,589		50,479
Vitamin Shoppe, Inc.*	2,039		81,315
West Marine, Inc.*	1,507		17,526
Wet Seal, Inc.*	7,596		24,763
Winmark Corp.	223		12,794
Zale Corp.*	2,641		10,062
Zumiez, Inc.*	1,798		49,912
			3,309,073

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 47


EQUITY SECURITIES - cont’d	SHARES		VALUE
Textiles, Apparel & Luxury Goods - 1.5%
Carter’s, Inc.*	4,040	$	160,832
Cherokee, Inc	800		9,336
Columbia Sportswear Co.	999		46,503
CROCS, Inc.*	7,629		112,680
Delta Apparel, Inc.*	555		10,595
G-III Apparel Group Ltd.*	1,354		33,728
Iconix Brand Group, Inc.*	5,994		97,642
Jones Group, Inc	6,872		72,500
Kenneth Cole Productions, Inc.*	718		7,604
K-Swiss, Inc.*	2,719		7,939
Liz Claiborne, Inc.*	8,254		71,232
Maidenform Brands, Inc.*	2,005		36,692
Movado Group, Inc.	1,614		29,326
Oxford Industries, Inc	1,090		49,181
Perry Ellis International, Inc.*	933		13,267
Quiksilver, Inc.*	11,336		40,923
RG Barry Corp.	783		9,459
Skechers U.S.A., Inc.*	3,027		36,687
Steven Madden Ltd.*	3,217		110,988
True Religion Apparel, Inc.*	2,223		76,871
Unifi, Inc.*	1,199		9,112
Vera Bradley, Inc.*	1,628		52,503
Warnaco Group, Inc.*	3,431		171,687
Wolverine World Wide, Inc.	4,079		145,376
			1,412,663

Thrifts & Mortgage Finance - 1.2%
Apollo Residential Mortgage, Inc	948		14,466
Astoria Financial Corp.	7,553		64,125
Bank Mutual Corp	4,721		15,013
BankFinancial Corp.	1,984		10,952
Beneficial Mutual Bancorp, Inc.*	2,733		22,848
Berkshire Hills Bancorp, Inc.	1,732		38,433
BofI Holding, Inc.*	653		10,611
Brookline Bancorp, Inc.	5,165		43,593
Cape Bancorp, Inc.*	943		7,403
Charter Financial Corp.	570		5,278
Clifton Savings Bancorp, Inc.	836		7,758
Dime Community Bancshares, Inc.	2,336		29,434
Doral Financial Corp.*	10,461		10,001
ESB Financial Corp.	871		12,255
ESSA Bancorp, Inc	931		9,748
Federal Agricultural Mortgage Corp., Class C	895		16,128
First Defiance Financial Corp.	799		11,657
First Financial Holdings, Inc	1,715		15,315
First Pactrust Bancorp, Inc	699		7,165
Flagstar Bancorp, Inc.*	16,068		8,114
Flushing Financial Corp	2,726		34,429
Fox Chase Bancorp, Inc.	1,196		15,105
Franklin Financial Corp.*	1,141		13,509
Home Federal Bancorp, Inc.	1,548		16,099
Kearny Financial Corp.	1,413		13,425

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 48


EQUITY SECURITIES - cont’d	SHARES		VALUE
Thrifts & Mortgage Finance - Cont’d
Meridian Interstate Bancorp, Inc.*	838	$	10,433
MGIC Investment Corp.*	15,423		57,528
Northfield Bancorp, Inc	1,401		19,838
Northwest Bancshares, Inc.	8,269		102,866
OceanFirst Financial Corp.	1,506		19,683
Ocwen Financial Corp.*	8,314		120,387
Oritani Financial Corp	3,882		49,573
Provident Financial Services, Inc	5,242		70,190
Provident New York Bancorp	3,407		22,623
Radian Group, Inc.	11,633		27,221
Rockville Financial, Inc	2,425		25,123
Roma Financial Corp	676		6,652
Territorial Bancorp, Inc.	940		18,565
Trustco Bank Corp. NY	7,825		43,898
United Financial Bancorp, Inc.	1,552		24,972
ViewPoint Financial Group, Inc.	2,863		37,248
Walker & Dunlop, Inc.*	1,163		14,607
Westfield Financial, Inc.	2,745		20,203
WSFS Financial Corp.	490		17,620
			1,162,094

Tobacco - 0.2%
Alliance One International, Inc.*	7,793		21,197
Star Scientific, Inc.*	8,949		19,509
Universal Corp	1,903		87,462
Vector Group Ltd.	4,166		73,988
			202,156

Trading Companies & Distributors - 1.1%
Aceto Corp	2,638		18,202
Aircastle Ltd	4,886		62,150
Applied Industrial Technologies, Inc.	3,482		122,462
Beacon Roofing Supply, Inc.*	3,984		80,596
CAI International, Inc.*	1,034		15,986
DXP Enterprises, Inc.*	857		27,595
Essex Rental Corp.*	1,407		4,151
H&E Equipment Services, Inc.*	2,568		34,463
Houston Wire & Cable Co	1,646		22,748
Interline Brands, Inc.*	2,888		44,966
Kaman Corp.	2,263		61,825
Lawson Products, Inc	334		5,154
RSC Holdings, Inc.*	5,568		103,008
Rush Enterprises, Inc.*	2,789		58,346
SeaCube Container Leasing Ltd	1,121		16,602
TAL International Group, Inc.	1,868		53,780
Textainer Group Holdings Ltd.	882		25,684
Titan Machinery, Inc.*	1,140		24,772
United Rentals, Inc.*	5,288		156,260
Watsco, Inc	2,311		151,740
			1,090,490

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EQUITY SECURITIES - cont’d		SHARES		VALUE
Transportation Infrastructure - 0.0%
Wesco Aircraft Holdings, Inc.*		1,730	$	24,203

Venture Capital - 0.0%
Magnum Hunter Resources, Warrants (strike price $3.65/share, expires 10/14/2013)*		871		-

Water Utilities - 0.3%
American States Water Co.		1,623		56,643
Artesian Resources Corp.		490		9,227
Cadiz, Inc.*		1,262		12,153
California Water Service Group		3,516		64,202
Connecticut Water Service, Inc		883		23,956
Consolidated Water Co., Inc.		1,510		12,956
Middlesex Water Co.		1,560		29,109
Pennichuck Corp.		385		11,099
SJW Corp.		1,344		31,772
York Water Co		1,309		23,091
				274,208

Wireless Telecommunication Services - 0.1%
Leap Wireless International, Inc.*		5,019		46,626
NTELOS Holdings Corp.		1,286		26,209
Shenandoah Telecommunications Co.		2,077		21,767
USA Mobility, Inc.		1,934		26,825
				121,427


Total Equity Securities (Cost $93,480,046)				93,794,074


		PRINCIPAL
U.S. TREASURY - 0.4%		AMOUNT
United States Treasury Bills, 0.0245%, 3/22/12^	$	400,000		399,978

Total U.S. Treasury (Cost $399,978)				399,978


EXCHANGE TRADED FUNDS - 0.3%
iShares Russell 2000 Index Fund		3,500		257,915

Total Exchange Traded Funds (Cost $260,871)				257,915

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				PRINCIPAL
TIME DEPOSIT - 2.4%				AMOUNT		VALUE
State Street Time Deposit, 0.113%, 1/3/12			$	2,364,320	$	2,364,320


Total Time Deposit (Cost $2,364,320)						2,364,320



TOTAL INVESTMENTS (Cost $96,505,215) - 99.8%						96,816,287
Other assets and liabilities, net - 0.2%						146,562
net assets - 100%					$	96,962,849



Net assets consIst of:
Paid-in capital applicable to the following shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized:
Class I: 1,572,423 shares outstanding					$	86,840,349
Class F: 115,062 shares outstanding						5,986,340
Undistributed net investment income						174,753
Accumulated net realized gain (loss) on investments						3,614,362
Net unrealized appreciation (depreciation) on investments						347,045


Net assets					$	96,962,849


Net asset value Per share:
Class I (based on net assets of $90,325,348 )					$	57.44
Class F (based on net assets of $6,637,501)					$	57.69



				Underlying		Unrealized
	Number of	Expiration		face amount		appreciation
Futures	contracts	date		at value		(depreciation)
Purchased:
E-Mini Russell 2000 Index^	40	3/12	$	2,955,200	$	35,960

(b)	This security was valued by the Board of Directors. See note A.
^	Futures collateralized by $400,000 par value of U.S. Treasury Bills.
*	Non-income producing security.

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011



Net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $824))	$	1,463,844
Interest income		2,786
Total investment income		1,466,630


Expenses:
Investment advisory fee		391,103
Transfer agency fees and expenses		8,476
Accounting fees		18,069
Distribution plan expenses:
Class F		13,638
Directors’ fees and expenses		17,429
Administrative fees		111,744
Custodian fees		115,743
Reports to shareholders		89,072
Professional fees		30,848
Contract services		102,156
Miscellaneous		2,634
Total expenses		900,912
Reimbursement from Advisor:
Class F		(7,224	)
Class I		(82,892	)
Fees paid indirectly		(463	)
Net expenses		810,333


Net Investment Income		656,297


Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		9,402,761
Foreign currency transactions		(19	)
Futures		(33,710	)
		9,369,032
Change in unrealized appreciation (depreciation) on:
Investments		(13,765,012	)
Futures		21,192
		(13,743,820	)

Net realized and unrealized gain (loss)		(4,374,788	)

Increase (decrease) In net assets
resulting from operations	($	3,718,491	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	656,297		$	729,564
Net realized gain (loss)		9,369,032			3,890,406
Change in unrealized appreciation (depreciation)		(13,743,820	)		19,266,094

Increase (decrease) In net assets
resultIng from oPeratIons		(3,718,491	)		23,886,064

Distributions to shareholders from:
Net investment income:
Class I shares		(492,285	)		(572,588	)
Class F shares		(19,554	)		(17,711	)
Net realized gain:
Class I shares		(3,238,579	)		—
Class F shares		(237,421	)		—
Total distributions		(3,987,839	)		(590,299	)

Capital share transactions:
Shares sold:
Class I shares		10,833,216			39,802,784
Class F shares		2,963,381			2,816,443
Shares issued from merger (See Note F):
Class I shares		—			11,427,947
Reinvestment of distributions:
Class I shares		3,730,864			572,591
Class F shares		256,975			17,710
Shares redeemed:
Class I shares		(36,390,404	)		(18,073,985	)
Class F shares		(2,032,960	)		(1,170,633	)
Total capital share transactions		(20,638,928	)		35,392,857


Total Increase (decrease) In net assets		(28,345,258	)		58,688,622

Net assets
Beginning of year		125,308,107			66,619,485
End of year (including undistributed net investment income of
$174,753 and $178,581, respectively)	$	96,962,849		$	125,308,107

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS


	Year ended		Year ended
	December 31,		December 31,
Capital share activity	2011		2010
Shares sold:
Class I shares	177,433		756,460
Class F shares	47,428		51,791
Shares issued from merger (See Note F):
Class I shares	—		198,367
Reinvestment of distributions:
Class I shares	64,593		9,021
Class F shares	4,431		278
Shares redeemed:
Class I shares	(562,700	)	(332,467	)
Class F shares	(33,065	)	(21,286	)
Total capital share activity	(301,880	)	662,164

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Russell 2000 Small Cap Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. 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.

At December 31, 2011, securities valued at $16 or 0% of net assets were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

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Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments in securities	level 1	level 2	level 3		total
Equity securities**	$93,794,058	—	$16		$93,794,074
Exchange traded funds	257,915	—	—		257,915
U.S. government obligations	—	$399,978	—		399,978
Other debt obligations	—	2,364,320	—		2,364,320
TOTAL	$94,051,973	$2,764,298	$16	*	$96,816,287

Other financial instruments***	$35,960	—	—		$35,960

* Level 3 securities represent 0.0% of net assets.

** For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets.

***Other financial instruments are derivative instruments not reflected in the Statement of Net Assets, such as futures, which are valued at the unrealized appreciation/(depreciation) on the instrument.

Security Transactions and Investment Income: Security transactions 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 or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

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During the year, the Portfolio invested in E-Mini Russell 2000 Index Futures. The volume of activity has varied throughout the year with a weighted average of 8 contracts and $1,218,881 weighted average notional value.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $28,660 was payable at year end. In addition, $9,751 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense caps are .72% and .93% (.70% and .91% prior to May 1, 2011) for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

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Calvert Investment Distributors, Inc. (“CID”) (formerly known as Calvert Distributors, Inc.), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of average daily net assets of Class F. Under the terms of the agreement, $1,112 was payable at year end.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $208 for the year ended December 31, 2011. Under the terms of the agreement, $18 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $18,814,094 and $43,432,490, respectively.

Capital loss carryforward

Expiration date
31-Dec-16	($352,882	)

Capital losses may be utilized to offset future capital gains until expiration; however the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Small Company Equity Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

	2011	2010
Distributions paid from:
Ordinary income	$511,839	$590,299
Long term capital gain	3,476,000	—
Total	$3,987,839	$590,299

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As of December 31, 2011, the tax basis components of unrealized appreciation/(depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$17,404,135
Unrealized (depreciation)	(17,159,003	)
Net unrealized appreciation/(depreciation)	$245,132
Undistributed ordinary income	$191,359
Undistributed long term capital gain	$4,052,538
Capital loss carryforward	($352,882	)

Federal income tax cost of investments	$96,571,155

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales, real estate investment trusts, passive foreign investment companies, undistributed capital gains, partnerships, Section 1256 contracts, and capital loss carryovers subject to limitations under Internal Revenue Code Section 382.

Reclassifications, as shown in the table below, have been made to the Portfolio’s components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax law and regulations. These reclassifications are due to permanent book-tax differences and have no impact on net assets. The primary pemanent differences causing such reclassifications for the Portfolio are due to real estate investment trusts, partnerships, passive foreign investment companies and undistributed capital gains.

Undistributed net investment income	($148,286	)
Accumulated net realized gain (loss)	147,858
Paid-in capital	428

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$9,457	1.41%	$929,534	May 2011

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NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTE F — REORGANIZATION

On December 10, 2009, the Board of Directors approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of the Calvert Variable Series, Inc., Ameritas Small Company Equity Portfolio (“Small Company Equity”) for shares of the acquiring portfolio, Calvert Variable Products, Inc., Russell 2000 Index Portfolio (“Russell 2000 Index”) and the assumption of the liabilities of Small Company Equity. Shareholders approved the Plan at a meeting on April 16, 2010 and the reorganization took place on April 30, 2010.

The acquisition was accomplished by a tax-free exchange of the following shares::

		Acquiring
Merged portfolio	Shares	portfolio	Shares	Value
Small Company Equity	645,127	Russell 2000 Index	198,367	$11,427,947

For financial reporting purposes, assets received and shares issued by Russell 2000 Index were recorded at fair value; however, the cost basis of the investments received from Small Company Equity were carried forward to align ongoing reporting of Russell 2000 Index’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets and net unrealized appreciation (depreciation) immediately before the acquisitions were as follows:

		Unrealized
	Net	appreciation	Acquiring	Net
Merged portfolio	assets	(depreciation)	portfolio	assets
Small Company Equity	$11,427,947	$2,350,797	Russell 2000 Index	$76,346,665

Assuming the acquisition had been completed on January 1, 2010, Russell 2000 Index’s results of operations for the year ended December 31, 2010 would have been as follows:

Net investment income	$	713,408	(a)
Net realized and change in unrealized gain (loss) on investments	$	24,594,209	(b)
Net increase (decrease) in assets from operations	$	25,307,617

Because Russell 2000 Index and Small Company Equity sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of Small Company Equity that have been included in Russell 2000 Index’s Statement of Operations since April 30, 2010.

(a)	$729,564, as reported, plus ($16,156) from Small Company Equity pre-merger.
(b)	$23,156,500, as reported, plus $1,437,709 from Small Company Equity pre-merger.

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NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2011, the Portfolio considers 100% of the ordinary dividends paid during the year as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code and $3,476,000 of the long term capital gain distributions paid during the year as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

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FINANCIAL HIGHLIGHTS



		Years ended
		December 31,			December 31,			December 31,
Class I shares		2011			2010	(z)		2009
Net asset value, beginning	$	62.98		$	50.19		$	40.42
Income from investment operations:
Net investment income		.44			.43			.40
Net realized and unrealized gain (loss)		(3.50	)		12.66			10.19
Total from investment operations		(3.06	)		13.09			10.59
Distributions from:
Net investment income		(.33	)		(.30	)		(.27	)
Net realized gain		(2.15	)		—			(.55	)
Total distributions		(2.48	)		(.30	)		(.82	)
Total increase (decrease) in net asset value		(5.54	)		12.79			9.77
Net asset value, ending	$	57.44		$	62.98		$	50.19

Total return*		(4.89	%)		26.08	%		26.17	%
Ratios to average net assets: A
Net investment income		.60	%		.79	%		.83	%
Total expenses		.79	%		.82	%		.86	%
Expenses before offsets		.71	%		.70	%		.70	%
Net expenses		.71	%		.70	%		.70	%
Portfolio turnover		17	%		42	%		24	%
Net assets, ending (in thousands)	$	90,325		$	119,223		$	63,320


					Years ended
					December 31,			December 31,
Class I shares					2008	(z)		2007	(z)
Net asset value, beginning				$	67.00		$	74.19
Income from investment operations:
Net investment income					.62			.74
Net realized and unrealized gain (loss)					(22.38	)		(1.98	)
Total from investment operations					(21.76	)		(1.24	)
Distributions from:
Net investment income					(1.13	)		(.47	)
Net realized gain					(3.69	)		(5.48	)
Total distributions					(4.82	)		(5.95	)
Total increase (decrease) in net asset value					(26.58	)		(7.19	)
Net asset value, ending				$	40.42		$	67.00

Total return*					(33.95	%)		(2.20	%)
Ratios to average net assets: A
Net investment income					1.13	%		1.04	%
Total expenses					.70	%		.64	%
Expenses before offsets					.70	%		.64	%
Net expenses					.70	%		.64	%
Portfolio turnover					30	%		19	%
Net assets, ending (in thousands)				$	58,414		$	91,676

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS


		Years ended
		December 31,			December 31,			December 31,
Class F shares		2011			2010	(z)		2009
Net asset value, beginning	$	63.21		$	50.38		$	40.55
Income from investment operations:
Net investment income		.25			.32			.19
Net realized and unrealized gain (loss)		(3.44	)		12.70			10.32
Total from investment operations		(3.19	)		13.02			10.51
Distributions from:
Net investment income		(.18	)		(.19	)		(.13	)
Net realized gain		(2.15	)		—			(.55	)
Total distributions		(2.33	)		(.19	)		(.68	)
Total increase (decrease) in net asset value		(5.52	)		12.83			9.38
Net asset value, ending	$	57.69		$	63.21		$	50.38

Total return*		(5.07	%)		25.83	%		25.91	%
Ratios to average net assets: A
Net investment income		.42	%		.58	%		.63	%
Total expenses		1.03	%		1.06	%		1.25	%
Expenses before offsets		.92	%		.91	%		.91	%
Net expenses		.92	%		.91	%		.91	%
Portfolio turnover		17	%		42	%		24	%
Net assets, ending (in thousands)	$	6,638		$	6,085		$	3,299

					Years ended
					December 31,			December 31,
Class F shares					2008	(z)		2007	(z)
Net asset value, beginning				$	66.78		$	74.02
Income from investment operations:
Net investment income					.58			.59
Net realized and unrealized gain (loss)					(22.36	)		(1.97	)
Total from investment operations					(21.78	)		(1.38	)
Distributions from:
Net investment income					(.76	)		(.38	)
Net realized gain					(3.69	)		(5.48	)
Total distributions					(4.45	)		(5.86	)
Total increase (decrease) in net asset value					(26.23	)		(7.24	)
Net asset value, ending				$	40.55		$	66.78

Total return*					(34.05	%)		(2.40	%)
Ratios to average net assets: A
Net investment income					1.09	%		.84	%
Total expenses					.91	%		.84	%
Expenses before offsets					.91	%		.84	%
Net expenses					.91	%		.84	%
Portfolio turnover					30	%		19	%
Net assets, ending (in thousands)				$	977		$	699

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements.
	Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(z)	Per share figures are calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 66

fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Advisor’s compliance with applicable policies and procedures, including those related to personal investing. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that

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the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer group for the one-, three- and five--year periods ended June 30, 2011. The data also indicated that the Portfolio underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2011. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of differing fees and expenses among the portfolios in the peer group on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was below the median of its peer group and that total expenses (net of expense reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer group. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three-and five-year periods ended June 30, 2011 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

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CONCLUSIONS

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 71

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by World Asset Management, Inc., Subadvisor

Performance

Calvert VP EAFE International Index Portfolio (Class I) returned -12.71% during 2011.

Its benchmark, the Morgan Stanley Capital International Europe, Australia, and Far East Index (MSCI EAFE Index), returned -11.73% for the same period. The underperformance was largely attributable to fund expenses and the partial withholding of dividends by local tax authorities.

Investment Climate

International markets in 2011 saw enhanced risk and reduced return on European sovereign debt and equities, as well as a crisis of confidence in the euro currency, which negatively impacted global economies. Stock markets in Greece, Italy, and Portugal suffered heavily under new political pressure to implement fiscal austerity programs. As this issue came to the forefront in mid-July, international equity markets receded approximately 20% from their highs.

The stock market rebound in developed European nations and North America during the 4th quarter helped recover much of the loss, but it still wasn’t enough to bring international equities back to break-even.

Investment Strategy

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the MSCI EAFE Index. In pursuit of this objective, the fund employs a passive management approach and uses sampling techniques to reduce transaction costs. In addition, cash flows into the fund were invested promptly to minimize their impact on total return.

The MSCI EAFE Index held shares in 22 countries at the end of 2011. Almost one-half of the

Average annual total return
(period ended 12.31.11)

	Class I		Class F
One Year	-12.71	%	-12.90	%
Five year	-5.55	%	-5.77	%*
Since inception(11.12.02)	5.64	%	5.41	%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I Shares 1.07%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

* Class F share performance prior to December 17, 2007 is based on Class I performance, adjusted to reflect Class F expenses.

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Index was invested in Japan and the U.K., which accounted for 21.6% and 23.3% of the benchmark’s holdings, respectively. The strongest returns for the year came from Ireland, New Zealand, and the U.K. Financially weak Greece and Austria were the worst performing countries in the Index, returning -62.7% and -36.0%, respectively.

At year end, the Index had the greatest exposure to companies in the Financials sector, which comprised 21.4% of holdings. It also had significant exposure to Industrials (12.5%) and Consumer Staples (11.5%).

During 2011, the Portfolio continued to meet its investment objective of closely tracking the total return of the Index. Since the EAFE Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses. Net asset value (NAV) rounding also may have contributed to the difference between the fund’s return during the year and the return of the EAFE Index. NAV rounding occurs because mutual fund prices are carried out only to two decimal places.


	% of Total
Economic Sectors	Investments

Consumer Discretionary	10.1	%
Consumer Staples	11.5	%
Energy	9.0	%
Exchange Traded Funds	1.1	%
Financials	21.0	%
Health Care	9.8	%
Industrials	12.2	%
Information Technology	4.7	%
Materials	10.0	%
Telecommunication Services	5.7	%
Time Deposit	0.5	%
Utilities	4.4	%
Total	100	%

In addition, the Portfolio’s performance was affected by dividend withholding in some countries. In some instances, a substantial portion of the dividends owed to investors may be withheld by a country’s tax collecting entity. Sometimes the withheld amounts can be recovered, though often they cannot be.

Outlook

We are cautious on the international outlook for 2012. There are plenty of concerns, in particular how Europe deals with the fragmented fiscal decision making, Iran’s nuclear ambitions, China’s economic problems, and the impact of U.S. domestic policy decisions on both fiscal and monetary issues.

On the other hand, there is a new realization of the problems in Europe and a broad, aggressive sense of urgency to solve them. Given the attractive valuations in major European equity markets, any reduction in risk levels of sovereign credit default swaps could strengthen the euro and improve equity market conditions for 2012.

January 2012

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SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Class I
Actual	$1,000.00	$829.90	$4.45

Hypothetical (5% return per year before expenses)	$1,000.00	$1,020.32	$4.94

Class F
Actual	$1,000.00	$829.00	$5.39

Hypothetical (5% return per year before expenses)	$1,000.00	$1,019.31	$5.96

* Expenses are equal to the Fund’s annualized expense ratio of 0.97% and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP EAFE International Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP EAFE International Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP EAFE International Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

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STATEMENT OF NET ASSETS
DECEMBER 31, 2011


EQUITY SECURITIES - 97.8%	SHARES		VALUE
Australia - 8.4%
AGL Energy Ltd.	6,126	$	89,980
Alumina Ltd	32,405		37,035
Amcor Ltd.	16,299		120,454
AMP Ltd	37,338		155,765
Asciano Ltd.	12,953		59,744
ASX Ltd.	2,325		72,876
Australia & New Zealand Banking Group Ltd.	34,485		725,676
Bendigo and Adelaide Bank Ltd	4,878		40,150
BGP Holdings plc*	77,172		-
BHP Billiton Ltd.	42,647		1,504,607
Boral Ltd	9,693		35,767
Brambles Ltd	19,645		144,175
Caltex Australia Ltd.	1,792		21,619
Campbell Brothers Ltd	851		42,733
CFS Retail Property Trust	24,511		42,334
Coca-Cola Amatil Ltd	7,549		89,061
Cochlear Ltd.	753		47,853
Commonwealth Bank of Australia	20,698		1,044,224
Computershare Ltd.	5,903		48,465
Crown Ltd.	6,042		50,102
CSL Ltd.	6,988		229,207
Dexus Property Group	64,261		54,670
Echo Entertainment Group Ltd.*	9,095		33,467
Fairfax Media Ltd.	29,671		21,897
Fortescue Metals Group Ltd.	16,538		72,383
Goodman Group	93,289		54,504
GPT Group	23,409		73,662
Harvey Norman Holdings Ltd	7,053		13,266
Iluka Resources Ltd	5,560		88,334
Incitec Pivot Ltd.	21,629		68,948
Insurance Australia Group Ltd	27,609		84,332
Leighton Holdings Ltd	2,010		39,227
Lend Lease Group	7,202		52,855
Lynas Corp Ltd.*	22,609		24,217
Macquarie Group Ltd.	4,606		112,316
Metcash Ltd.	10,210		42,280
Mirvac Group	45,376		54,882
National Australia Bank Ltd.	28,815		689,946
Newcrest Mining Ltd	10,164		308,376
OneSteel Ltd	17,769		12,749
Orica Ltd.	4,823		119,832
Origin Energy Ltd	14,135		193,275
OZ Minerals Ltd	4,300		44,119
Qantas Airways Ltd.*	14,739		22,057
QBE Insurance Group Ltd.	14,510		192,602
QR National Ltd.	22,681		79,508
Ramsay Health Care Ltd	1,744		34,465
Rio Tinto Ltd.	5,786		357,618
Santos Ltd	12,520		157,076
Sims Metal Management Ltd	2,182		28,292

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Australia - Cont’d
Sonic Healthcare Ltd.	4,900	$	56,654
SP AusNet	18,559		17,882
Stockland	31,646		103,475
Suncorp Group Ltd	17,085		146,752
Sydney Airport	4,943		13,477
TABCORP Holdings Ltd.	9,095		25,450
Tatts Group Ltd	17,511		43,795
Telstra Corp. Ltd.	57,834		197,402
Toll Holdings Ltd.	8,958		38,748
Transurban Group	17,253		99,386
Wesfarmers Ltd. PPS	13,348		403,610
Westfield Group	29,129		233,185
Westfield Retail Trust	38,530		98,338
Westpac Banking Corp.	39,967		819,323
Woodside Petroleum Ltd.	8,427		264,486
Woolworths Ltd	16,153		415,576
WorleyParsons Ltd	2,567		67,542
			10,778,063

Austria - 0.2%
Erste Group Bank AG	2,511		44,248
IMMOFINANZ AG*	12,480		37,557
OMV AG	2,173		66,071
Raiffeisen Bank International AG	649		16,892
Telekom Austria AG	4,412		52,869
Verbund AG	904		24,314
Vienna Insurance Group AG Wiener Versicherung Gruppe	509		20,217
Voestalpine AG	1,459		41,011
			303,179

Belgium - 0.9%
Ageas	29,382		45,735
Anheuser-Busch InBev NV	10,659		654,054
NV Bekaert SA	516		16,589
Belgacom SA	2,020		63,515
Colruyt SA	1,005		38,131
Delhaize Group	1,348		75,896
Groupe Bruxelles Lambert SA	1,071		71,560
KBC Groep NV	2,139		27,000
Mobistar SA	398		20,904
Solvay SA	787		64,988
UCB SA	1,339		56,466
Umicore SA	1,513		62,548
			1,197,386

Denmark - 1.1%
AP Moeller - Maersk A/S:
Series A	7		43,779
Series B	17		112,492
Carlsberg A/S, Series B	1,420		100,357
Coloplast A/S, Series B	302		43,530
Danske Bank A/S*	8,661		110,255
DSV A/S	2,709		48,691
Novo Nordisk A/S, Series B	5,647		650,377

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EQUITY SECURITIES - cont’d	SHARES		VALUE
Denmark - Cont’d
Novozymes A/S, Series B	3,592	$	111,134
TDC A/S	4,930		39,625
Tryg A/S	339		18,871
Vestas Wind Systems A/S*	2,705		29,266
William Demant Holding A/S*	309		25,753
			1,334,130

Finland - 0.8%
Elisa Oyj	1,877		39,273
Fortum Oyj	5,898		126,158
Kesko Oyj, Series B	888		29,902
Kone Oyj, Series B	2,067		107,516
Metso Oyj	1,697		63,066
Neste Oil Oyj	1,702		17,232
Nokia Oyj	49,732		243,331
Nokian Renkaat Oyj	1,461		47,151
Orion Oyj, Class B	1,252		24,442
Pohjola Bank plc	1,834		17,866
Sampo Oyj	5,578		138,705
Sanoma Oyj	1,081		12,431
Stora Enso Oyj, Series R	7,725		46,375
UPM-Kymmene Oyj	6,905		76,223
Wartsila Oyj Abp	2,226		64,448
			1,054,119

France - 8.4%
Accor SA	1,958		49,742
Aeroports de Paris	459		31,556
Air Liquide SA	3,765		466,839
Alcatel-Lucent*	30,812		48,241
Alstom SA	2,736		83,153
Arkema SA	734		52,080
Atos SA	657		28,899
AXA SA	23,109		301,107
BNP Paribas SA	12,734		501,318
Bouygues	2,508		79,200
Bureau Veritas SA	725		52,946
Cap Gemini SA	1,965		61,543
Carrefour SA	7,668		175,208
Casino Guichard-Perrachon SA	734		61,963
Christian Dior SA	723		85,915
Cie de Saint-Gobain	5,287		203,444
Cie Generale de Geophysique - Veritas*	1,915		45,036
Cie Generale des Etablissements Michelin, Common Series B	2,345		138,935
Cie Generale d’Optique Essilor International SA	2,670		188,928
CNP Assurances SA	1,972		24,500
Credit Agricole SA	12,757		72,148
Dassault Systemes SA	802		64,427
Edenred	2,099		51,786
EDF SA	3,191		77,817
Eiffage SA	537		13,029
Eurazeo SA	407		14,516

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - cont’d	SHARES		VALUE
France - Cont’d
Eutelsat Communications SA	1,315	$	51,428
Fonciere Des Regions	364		23,419
France Telecom SA	24,623		387,588
GDF Suez	16,441		450,415
Gecina SA	291		24,536
Groupe Danone	7,755		488,585
Groupe Eurotunnel SA	7,013		47,850
Icade SA	309		24,366
Iliad SA	254		31,416
Imerys SA	451		20,821
JC Decaux SA*	882		20,359
Klepierre SA	1,385		39,596
Lafarge SA	2,662		93,784
Lagardere SCA	1,567		41,466
Legrand SA	2,622		84,518
L’Oreal SA	3,192		334,138
LVMH Moet Hennessy Louis Vuitton SA	3,365		477,521
Natixis	11,585		29,213
Neopost SA	428		28,903
Pernod-Ricard SA	2,631		244,561
Peugeot SA	2,020		31,731
PPR SA	1,010		144,965
Publicis Groupe	1,654		76,261
Renault SA	2,552		88,717
Safran SA	2,215		66,672
Sanofi SA	14,806		1,089,918
Schneider Electric SA	6,500		342,992
SCOR SE	2,243		52,546
Societe BIC SA	386		34,298
Societe Generale SA	8,425		188,025
Societe Television Francaise 1	1,558		15,242
Sodexo	1,252		90,085
Suez Environnement SA	3,576		41,288
Technip SA	1,317		124,060
Thales SA	1,321		41,810
Total SA	28,188		1,444,280
Unibail-Rodamco	1,218		219,452
Vallourec SA	1,487		96,752
Veolia Environnement SA	4,639		50,962
Vinci SA	5,906		258,634
Vivendi	16,435		360,712
Wendel SA	435		29,059
			10,807,220

Germany - 7.6%
Adidas AG	2,778		181,111
Allianz SE	6,027		577,823
Axel Springer AG	525		22,613
BASF SE	12,197		852,612
Bayer AG	10,981		703,654
Bayerische Motoren Werke AG:
Common	4,396		295,149

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - cont’d	SHARES		VALUE
Germany - Cont’d
Preferred	693	$	32,856
Beiersdorf AG	1,338		76,053
Brenntag AG	444		41,438
Celesio AG	1,129		17,925
Commerzbank AG*	47,520		80,318
Continental AG*	1,062		66,254
Daimler AG	12,028		529,224
Deutsche Bank AG	12,343		471,276
Deutsche Boerse AG*	2,589		136,046
Deutsche Lufthansa AG	3,040		36,220
Deutsche Post AG	11,238		173,179
Deutsche Telekom AG	37,301		428,933
E.ON AG	23,915		517,126
Fraport AG Frankfurt Airport Services Worldwide	487		24,005
Fresenius Medical Care AG & Co. KGaA	2,773		188,842
Fresenius SE & Co. KGaA	1,510		140,008
GEA Group AG	2,318		65,698
Hannover Rueckversicherung AG	800		39,771
HeidelbergCement AG	1,867		79,410
Henkel AG & Co. KGaA:
Common	1,725		83,686
Preferred	2,365		136,791
Hochtief AG	562		32,583
Infineon Technologies AG	14,431		108,871
K+S AG	2,287		103,593
Kabel Deutschland Holding AG*	1,195		60,787
Lanxess AG	1,104		57,282
Linde AG	2,245		334,746
MAN SE	842		75,034
Merck KGAA	858		85,731
Metro AG	1,721		62,954
Muenchener Rueckversicherungs AG	2,502		307,605
Porsche Automobil Holding SE, Preferred	2,033		109,044
ProSiebenSat.1 Media AG, Preferred	1,016		18,602
RWE AG:
Common	5,560		195,810
Preferred	517		17,057
Salzgitter AG	518		25,956
SAP AG	12,219		647,467
Siemens AG	10,926		1,047,926
Suedzucker AG	880		28,138
ThyssenKrupp AG	5,124		117,811
United Internet AG	1,493		26,726
Volkswagen AG:
Common	391		52,570
Preferred	1,920		288,278
Wacker Chemie AG	207		16,688
			9,819,280

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - cont’d	SHARES		VALUE
Greece - 0.1%
Coca Cola Hellenic Bottling Co. SA*	2,433	$	41,185
Hellenic Telecommunications Organization SA	3,254		11,776
National Bank of Greece SA*	12,696		26,844
OPAP SA	2,965		26,269
			106,074

Hong Kong - 2.9%
AIA Group Ltd.	111,959		349,565
ASM Pacific Technology Ltd.	2,630		29,511
Bank of East Asia Ltd	20,502		77,739
BOC Hong Kong Holdings Ltd.	49,141		116,418
Cathay Pacific Airways Ltd.	15,672		26,877
Cheung Kong Holdings Ltd.	18,454		219,900
Cheung Kong Infrastructure Holdings Ltd.	5,987		34,881
CLP Holdings Ltd.	25,562		217,548
First Pacific Co. Ltd	28,411		29,630
Foxconn International Holdings Ltd.*	28,682		18,501
Galaxy Entertainment Group Ltd.*	16,471		30,114
Genting Singapore plc*	80,960		94,409
Hang Lung Group Ltd	11,638		63,384
Hang Lung Properties Ltd.	32,655		92,918
Hang Seng Bank Ltd	10,155		120,485
Henderson Land Development Co. Ltd	12,476		62,004
HKT Trust / HKT Ltd.*	1,154		666
Hong Kong & China Gas Co. Ltd.	62,950		146,052
Hong Kong Exchanges and Clearing Ltd.	13,611		218,532
Hopewell Holdings	7,567		19,349
Hutchison Whampoa Ltd.	28,308		238,002
Hysan Development Co. Ltd.	8,399		27,576
Kerry Properties Ltd	9,548		31,594
Li & Fung Ltd.	75,274		139,174
Lifestyle International Holdings Ltd.	7,812		17,179
Link REIT	29,645		109,163
MTR Corp.	19,202		62,302
New World Development Co. Ltd.	47,689		38,437
Noble Group Ltd	51,025		44,527
NWS Holdings Ltd	17,994		26,504
Orient Overseas International Ltd	2,908		16,980
PCCW Ltd.	53,116		18,260
Power Assets Holdings Ltd.	18,422		136,265
Sands China Ltd.*	32,063		90,614
Shangri-La Asia Ltd.	18,707		32,275
Sino Land Co	38,592		54,955
SJM Holdings Ltd.	21,956		35,619
Sun Hung Kai Properties Ltd	18,771		235,278
Swire Pacific Ltd.	9,620		116,181
Wharf Holdings Ltd.	20,113		91,154
Wheelock & Co. Ltd.	12,142		30,078
Wing Hang Bank Ltd.	2,352		19,290
Wynn Macau Ltd	20,666		51,833
Yue Yuen Industrial Holdings Ltd.	9,853		31,144
			3,662,867

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - cont’d	SHARES		VALUE
Ireland - 0.4%
CRH plc	9,514	$	189,559
Elan Corp. plc*	6,622		92,082
Experian plc	13,321		181,183
Kerry Group plc	1,864		68,390
Ryanair Holdings plc*	2,572		12,101
			543,315


Israel - 0.6%
Bank Hapoalim BM	14,068		45,799
Bank Leumi Le-Israel BM	15,654		44,766
Bezeq Israeli Telecommunication Corp Ltd.	23,320		42,678
Cellcom Israel Ltd	726		12,128
Delek Group Ltd.	60		11,280
Elbit Systems Ltd.	312		12,799
Israel Chemicals Ltd	5,901		61,097
Israel Corp Ltd	30		18,715
Israel Discount Bank Ltd.*	10,496		14,031
Mizrahi Tefahot Bank Ltd.	1,638		12,936
NICE Systems Ltd.*	802		27,245
Partner Communications Co. Ltd	1,136		10,023
Teva Pharmaceutical Industries Ltd.	12,482		501,891
			815,388


Italy - 2.1%
A2A SpA	14,561		13,722
Assicurazioni Generali SpA	15,506		233,921
Atlantia SpA	4,185		67,151
Autogrill SpA	1,520		14,866
Banca Carige SpA	8,584		16,479
Banca Monte dei Paschi di Siena SpA	57,004		18,626
Banco Popolare SC	23,419		30,378
Enel Green Power SpA	23,239		48,653
Enel SpA	87,412		356,487
ENI SpA	31,914		662,770
Exor SpA	851		17,165
Fiat Industrial SpA*	10,154		87,260
Fiat SpA	10,157		46,772
Finmeccanica SpA	5,374		19,923
Intesa Sanpaolo SpA	133,805		224,593
Intesa Sanpaolo SpA-RSP	12,383		15,476
Luxottica Group SpA	1,549		43,601
Mediaset SpA	9,411		26,099
Mediobanca SpA	6,861		39,568
Pirelli & C. SpA	3,158		26,647
Prysmian SpA	2,704		33,655
Saipem SpA	3,515		149,779
Snam Rete Gas SpA	21,340		94,282
Telecom Italia SpA	124,638		134,351
Telecom Italia SpA - RSP	80,025		71,833
Terna Rete Elettrica Nazionale SpA	16,015		54,095
UniCredit SpA	17,917		149,208

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - cont’d	SHARES		VALUE
Italy - Cont’d
Unione di Banche Italiane SCPA	10,549	$	43,322
			2,740,682

Japan - 21.1%
ABC-Mart, Inc	349		13,268
Advantest Corp.	1,987		18,918
Aeon Co. Ltd.	7,972		109,448
Aeon Credit Service Co. Ltd.	1,042		16,458
Aeon Mall Co. Ltd	962		20,417
Air Water, Inc	1,954		24,872
Aisin Seiki Co. Ltd	2,543		72,468
Ajinomoto Co., Inc	8,831		105,986
Alfresa Holdings Corp.	517		21,791
All Nippon Airways Co. Ltd.	11,065		30,900
Amada Co. Ltd.	4,738		30,032
Aozora Bank Ltd.	7,669		21,117
Asahi Glass Co. Ltd.	13,395		112,393
Asahi Group Holdings Ltd	5,137		112,762
Asahi Kasei Corp	16,763		101,027
Asics Corp	1,991		22,447
Astellas Pharma, Inc	5,903		239,984
Bank of Kyoto Ltd.	4,280		36,857
Bank of Yokohama Ltd.	16,267		76,909
Benesse Holdings, Inc.	918		44,416
Bridgestone Corp.	8,638		195,783
Brother Industries Ltd	3,132		38,443
Canon, Inc	15,055		666,808
Casio Computer Co. Ltd.	3,149		19,101
Central Japan Railway Co.	19		160,410
Chiba Bank Ltd.	10,108		65,120
Chiyoda Corp.	2,074		21,093
Chubu Electric Power Co., Inc.	9,059		169,084
Chugai Pharmaceutical Co. Ltd.	2,973		49,003
Chugoku Bank Ltd.	2,303		32,097
Chugoku Electric Power Co., Inc.	3,942		69,071
Citizen Holdings Co. Ltd.	3,489		20,257
Coca-Cola West Co. Ltd	811		14,063
Cosmo Oil Co. Ltd	7,880		22,005
Credit Saison Co. Ltd.	1,970		39,482
Dai Nippon Printing Co. Ltd.	7,441		71,520
Daicel Corp.	3,877		23,618
Daido Steel Co. Ltd.	3,750		23,526
Daihatsu Motor Co. Ltd.	2,552		45,544
Dai-ichi Life Insurance Co. Ltd.	119		117,006
Daiichi Sankyo Co. Ltd.	8,944		177,277
Daikin Industries Ltd	3,114		85,262
Dainippon Sumitomo Pharma Co. Ltd	2,113		24,069
Daito Trust Construction Co. Ltd	963		82,554
Daiwa House Industry Co. Ltd	6,373		75,989
Daiwa Securities Group, Inc.	22,069		68,795
Dena Co. Ltd	1,301		39,018
Denki Kagaku Kogyo K K	6,381		23,621

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
Denso Corp.	6,457	$	178,303
Dentsu, Inc.	2,401		73,256
East Japan Railway Co.	4,515		287,356
Eisai Co. Ltd	3,347		138,462
Electric Power Development Co. Ltd	1,548		41,158
Elpida Memory, Inc.*	3,428		15,940
FamilyMart Co. Ltd	843		34,053
FANUC Corp	2,544		389,249
Fast Retailing Co. Ltd	704		128,017
Fuji Electric Co. Ltd.	7,434		20,374
Fuji Heavy Industries Ltd.	7,797		47,092
FUJIFILM Holdings Corp	6,150		145,622
Fujitsu Ltd.	24,740		128,536
Fukuoka Financial Group, Inc.	10,275		43,107
Furukawa Electric Co. Ltd.	8,446		19,417
Gree, Inc.	1,218		41,955
GS Yuasa Corp.	4,668		25,101
Gunma Bank Ltd.	5,140		28,240
Hachijuni Bank Ltd.	5,536		31,567
Hakuhodo DY Holdings, Inc	309		17,740
Hamamatsu Photonics KK	889		31,096
Hino Motors Ltd.	3,433		20,824
Hirose Electric Co. Ltd.	425		37,261
Hiroshima Bank Ltd.	6,642		30,885
Hisamitsu Pharmaceutical Co., Inc.	821		34,764
Hitachi Chemical Co. Ltd.	1,383		24,358
Hitachi Construction Machinery Co. Ltd	1,428		24,038
Hitachi High-Technologies Corp	823		17,852
Hitachi Ltd.	60,026		314,982
Hitachi Metals Ltd	2,190		23,809
Hokkaido Electric Power Co., Inc.	2,430		34,593
Hokuhoku Financial Group, Inc	16,632		32,404
Hokuriku Electric Power Co	2,234		41,697
Honda Motor Co. Ltd.	21,649		660,240
HOYA Corp.	5,776		124,388
Ibiden Co. Ltd.	1,602		31,670
Idemitsu Kosan Co. Ltd	292		30,114
IHI Corp.	17,534		42,588
INPEX Corp	29		182,686
Isetan Mitsukoshi Holdings Ltd	4,979		52,189
Isuzu Motors Ltd.	15,773		72,934
ITOCHU Corp.	19,994		203,082
Itochu Techno-Solutions Corp.	385		17,277
Iyo Bank Ltd	3,224		31,825
J Front Retailing Co. Ltd	6,409		30,967
Japan Petroleum Exploration Co.	379		14,817
Japan Prime Realty Investment Corp.	9		21,194
Japan Real Estate Investment Corp.	6		46,759
Japan Retail Fund Investment Corp	24		35,537
Japan Steel Works Ltd.	4,193		29,137
Japan Tobacco, Inc.	59		277,413
JFE Holdings, Inc.	6,119		110,792

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
JGC Corp.	2,752	$	66,057
Joyo Bank Ltd	8,671		38,293
JS Group Corp	3,533		67,686
JSR Corp.	2,378		43,860
JTEKT Corp	2,953		29,035
Jupiter Telecommunications Co. Ltd	23		23,302
JX Holdings, Inc.	29,825		180,135
Kajima Corp.	11,232		34,430
Kamigumi Co. Ltd	3,278		28,271
Kaneka Corp	3,718		19,800
Kansai Electric Power Co., Inc	9,972		152,967
Kansai Paint Co. Ltd	2,896		25,842
Kao Corp.	6,988		190,879
Kawasaki Heavy Industries Ltd.	18,859		47,031
Kawasaki Kisen Kaisha Ltd.	9,655		17,431
KDDI Corp.	38		244,317
Keikyu Corp.	6,225		55,871
Keio Corp.	7,682		54,180
Keisei Electric Railway Co. Ltd	3,663		26,929
Keyence Corp.	550		132,589
Kikkoman Corp.	2,095		24,055
Kinden Corp	1,766		14,910
Kintetsu Corp.	21,587		84,397
Kirin Holdings Co. Ltd.	10,892		132,419
Kobe Steel Ltd.	33,094		51,152
Koito Manufacturing Co. Ltd.	1,281		17,970
Komatsu Ltd.	12,600		294,420
Konami Corp	1,238		37,064
Konica Minolta Holdings, Inc.	6,354		47,372
Kubota Corp	15,369		128,757
Kuraray Co. Ltd	4,575		65,069
Kurita Water Industries Ltd.	1,499		38,940
Kyocera Corp	2,032		163,373
Kyowa Hakko Kirin Co. Ltd.	3,445		42,151
Kyushu Electric Power Co., Inc.	5,352		76,606
Lawson, Inc	799		49,866
Mabuchi Motor Co. Ltd.	317		13,196
Makita Corp.	1,487		48,112
Marubeni Corp.	21,925		133,561
Marui Group Co. Ltd.	2,962		23,084
Maruichi Steel Tube Ltd	624		13,916
Mazda Motor Corp.*	20,096		35,499
McDonald’s Holdings Company (Japan), Ltd.	882		23,794
Medipal Holdings Corp.	1,948		20,343
MEIJI Holdings Co. Ltd	912		37,847
Miraca Holdings, Inc.	737		29,340
Mitsubishi Chemical Holdings Corp.	18,002		99,141
Mitsubishi Corp	18,650		376,682
Mitsubishi Electric Corp.	25,663		245,997
Mitsubishi Estate Co. Ltd.	16,617		248,208
Mitsubishi Gas Chemical Co., Inc.	5,136		28,485
Mitsubishi Heavy Industries Ltd.	40,321		171,779

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
Mitsubishi Logistics Corp.	1,518	$	16,858
Mitsubishi Materials Corp.	14,842		40,291
Mitsubishi Motors Corp.*	51,480		60,848
Mitsubishi Tanabe Pharma Corp.	2,982		47,176
Mitsubishi UFJ Financial Group, Inc.	169,130		718,347
Mitsubishi UFJ Lease & Finance Co. Ltd	773		30,623
Mitsui & Co. Ltd.	23,076		358,774
Mitsui Chemicals, Inc.	10,857		33,139
Mitsui Fudosan Co. Ltd	11,119		162,041
Mitsui OSK Lines Ltd.	15,218		58,903
Mizuho Financial Group, Inc.	302,905		409,172
MS&AD Insurance Group Holdings	7,569		140,192
Murata Manufacturing Co. Ltd.	2,692		138,289
Nabtesco Corp.	1,267		23,089
Namco Bandai Holdings, Inc	2,596		36,956
NEC Corp.*	33,696		68,276
NGK Insulators Ltd	3,362		39,913
NGK Spark Plug Co. Ltd.	2,133		26,458
NHK Spring Co. Ltd	1,944		17,220
Nidec Corp.	1,444		125,476
Nikon Corp.	4,525		100,738
Nintendo Co. Ltd.	1,316		181,187
Nippon Building Fund, Inc.	7		57,280
Nippon Electric Glass Co. Ltd	5,286		52,318
Nippon Express Co. Ltd.	11,285		43,973
Nippon Meat Packers, Inc.	2,275		28,249
Nippon Paper Group, Inc	1,312		28,629
Nippon Sheet Glass Co. Ltd.	11,999		22,443
Nippon Steel Corp	67,796		169,072
Nippon Telegraph & Telephone Corp.	6,348		324,450
Nippon Yusen Kabushiki Kaisha	20,324		52,005
Nishi-Nippon City Bank Ltd	8,993		25,814
Nissan Motor Co. Ltd.	33,018		296,772
Nisshin Seifun Group, Inc.	2,505		30,357
Nisshin Steel Co. Ltd	9,244		14,168
Nissin Foods Holdings Co. Ltd.	779		30,506
Nitori Holdings Co. Ltd.	493		46,233
Nitto Denko Corp.	2,192		78,410
NKSJ Holdings, Inc	4,964		97,359
NOK Corp.	1,379		23,697
Nomura Holdings, Inc	46,920		141,997
Nomura Real Estate Holdings, Inc.	1,264		18,815
Nomura Real Estate Office Fund, Inc	3		15,411
Nomura Research Institute Ltd	1,344		30,375
NSK Ltd.	5,856		38,031
NTN Corp.	6,363		25,621
NTT Data Corp.	16		51,082
NTT DoCoMo, Inc.	202		371,256
NTT Urban Development Corp	15		10,229
Obayashi Corp	8,623		38,304
Odakyu Electric Railway Co. Ltd.	8,319		80,391
OJI Paper Co. Ltd.	11,307		58,011

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 18


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
Olympus Corp.	2,882	$	37,883
Omron Corp	2,699		54,232
Ono Pharmaceutical Co. Ltd.	1,095		61,442
Oracle Corp. Japan	506		16,740
Oriental Land Co. Ltd.	664		70,117
ORIX Corp	1,390		114,825
Osaka Gas Co. Ltd	24,900		98,319
Otsuka Corp.	210		14,457
Otsuka Holdings Co. Ltd.	3,333		93,682
Panasonic Corp	29,318		249,045
Rakuten, Inc.	96		103,245
Resona Holdings, Inc	25,048		110,291
Ricoh Co. Ltd.	8,903		77,594
Rinnai Corp.	431		30,846
Rohm Co. Ltd.	1,280		59,686
Sankyo Co. Ltd	712		36,021
Sanrio Co. Ltd.	591		30,360
Santen Pharmaceutical Co. Ltd	983		40,474
SBI Holdings, Inc.	297		21,757
Secom Co. Ltd.	2,788		128,554
Sega Sammy Holdings, Inc.	2,828		61,085
Seiko Epson Corp.	1,724		22,908
Sekisui Chemical Co. Ltd.	5,731		47,268
Sekisui House Ltd.	7,640		67,777
Seven & I Holdings Co. Ltd	10,006		278,775
Seven Bank Ltd	7,007		13,743
Sharp Corp.	13,274		116,033
Shikoku Electric Power Co., Inc.	2,423		69,426
Shimadzu Corp.	3,145		26,634
Shimamura Co. Ltd.	294		30,053
Shimano, Inc	996		48,384
Shimizu Corp	7,853		32,946
Shin-Etsu Chemical Co. Ltd.	5,451		268,337
Shinsei Bank Ltd	18,262		18,976
Shionogi & Co. Ltd.	3,963		50,908
Shiseido Co. Ltd.	4,780		87,852
Shizuoka Bank Ltd	7,733		81,458
Showa Denko KK	19,881		40,284
Showa Shell Sekiyu KK	2,502		16,866
SMC Corp.	715		115,344
Softbank Corp.	11,500		338,622
Sojitz Corp	16,619		25,687
Sony Corp	13,341		239,476
Sony Financial Holdings, Inc	2,310		34,024
Square Enix Holdings Co. Ltd	842		16,525
Stanley Electric Co. Ltd.	1,926		28,293
Sumco Corp.*	1,540		11,381
Sumitomo Chemical Co. Ltd	20,884		76,223
Sumitomo Corp.	14,947		202,296
Sumitomo Electric Industries Ltd.	10,016		109,020
Sumitomo Heavy Industries Ltd.	7,344		42,830
Sumitomo Metal Industries Ltd.	44,675		81,238

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 19


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
Sumitomo Metal Mining Co. Ltd	6,951	$	89,291
Sumitomo Mitsui Financial Group, Inc	17,839		496,776
Sumitomo Mitsui Trust Holdings, Inc.	41,368		121,434
Sumitomo Realty & Development Co. Ltd.	4,741		83,009
Sumitomo Rubber Industries, Inc.	2,270		27,244
Suruga Bank Ltd.	2,399		21,469
Suzuken Co. Ltd.	935		25,916
Suzuki Motor Corp	4,470		92,431
Sysmex Corp.	956		31,142
T&D Holdings, Inc	7,692		71,635
Taisei Corp.	13,628		34,517
Taisho Pharmaceutical Holdings Co. Ltd.*	478		36,879
Taiyo Nippon Sanso Corp.	3,479		24,266
Takashimaya Co. Ltd	3,514		25,423
Takeda Pharmaceutical Co. Ltd.	10,486		460,354
TDK Corp.	1,634		72,372
Teijin Ltd	12,423		38,242
Terumo Corp	2,240		105,468
THK Co. Ltd	1,599		31,506
Tobu Railway Co. Ltd.	13,568		69,259
Toho Co. Ltd	1,505		26,820
Toho Gas Co. Ltd	5,508		35,055
Tohoku Electric Power Co., Inc.	6,010		57,688
Tokio Marine Holdings, Inc.	9,615		212,931
Tokyo Electric Power Co., Inc.*	19,206		45,651
Tokyo Electron Ltd	2,278		115,838
Tokyo Gas Co. Ltd.	33,863		155,702
Tokyu Corp.	15,101		74,338
Tokyu Land Corp.	5,666		21,416
TonenGeneral Sekiyu KK	3,752		40,985
Toppan Printing Co. Ltd.	7,430		54,622
Toray Industries, Inc	19,499		139,550
Toshiba Corp	53,460		218,728
Tosoh Corp.	6,785		18,154
TOTO Ltd.	3,948		30,460
Toyo Seikan Kaisha Ltd.	2,013		27,454
Toyo Suisan Kaisha Ltd.	1,177		28,511
Toyoda Gosei Co. Ltd.	863		13,754
Toyota Boshoku Corp.	872		9,095
Toyota Industries Corp	2,379		64,736
Toyota Motor Corp.	36,631		1,220,399
Toyota Tsusho Corp	2,821		49,869
Trend Micro, Inc.	1,397		41,752
Tsumura & Co.	798		23,529
Ube Industries Ltd.	13,401		36,727
Unicharm Corp.	1,511		74,481
Ushio, Inc.	1,390		20,076
USS Co. Ltd.	291		26,307
West Japan Railway Co	2,257		98,060
Yahoo! Japan Corp	193		62,144
Yakult Honsha Co. Ltd	1,284		40,443
Yamada Denki Co. Ltd.	1,090		74,186

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 20


EQUITY SECURITIES - cont’d	SHARES		VALUE
Japan - Cont’d
Yamaguchi Financial Group, Inc.	2,808	$	26,807
Yamaha Corp.	2,095		19,211
Yamaha Motor Co. Ltd	3,715		46,998
Yamato Holdings Co. Ltd	5,283		88,999
Yamato Kogyo Co. Ltd.	558		16,017
Yamazaki Baking Co. Ltd.	1,608		21,115
Yaskawa Electric Corp	2,848		24,230
Yokogawa Electric Corp.*	2,853		25,754
			27,159,907

Luxembourg - 0.4%
ArcelorMittal	11,400		208,948
Millicom International Cellular SA (SDR)	1,013		101,585
SES SA (FDR)	3,979		95,717
Tenaris SA	6,270		116,141
			522,391

Netherlands - 5.1%
Aegon NV*	22,823		91,805
Akzo Nobel NV	3,076		149,068
ASML Holding NV	5,727		241,249
Corio NV	796		34,698
Delta Lloyd NV	1,334		22,495
European Aeronautic Defence and Space Co. NV	5,424		169,913
Fugro NV (CVA)	906		52,761
Heineken Holding NV	1,529		62,713
Heineken NV	3,442		159,706
ING Groep NV (CVA)*	50,864		366,839
James Hardie Industries NV (CDI)	5,807		40,594
Koninklijke Ahold NV	15,429		208,243
Koninklijke Boskalis Westminster NV	938		34,543
Koninklijke DSM NV	2,047		95,191
Koninklijke KPN NV	20,294		243,369
Koninklijke Philips Electronics NV	13,399		282,955
Koninklijke Vopak NV	933		49,408
QIAGEN NV*	3,103		42,867
Randstad Holding NV	1,588		47,089
Reed Elsevier NV	9,134		106,716
Royal Dutch Shell plc:
Series A	47,742		1,758,561
Series B	35,799		1,364,805
SBM Offshore NV	2,239		46,237
TNT Express NV	4,678		35,037
Unilever NV (CVA)	21,632		745,553
Wolters Kluwer NV	3,966		68,705
			6,521,120

New Zealand - 0.1%
Auckland International Airport Ltd.	12,294		24,176
Contact Energy Ltd.*	4,741		19,497
Fletcher Building Ltd.	9,011		43,175
Sky City Entertainment Group Ltd.	7,661		20,565

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 21


EQUITY SECURITIES - cont’d	SHARES		VALUE
New Zealand - Cont’d
Telecom Corp. of New Zealand Ltd.	25,559	$	41,286
			148,699


Norway - 0.9%
Aker Solutions ASA	2,183		23,011
DnB ASA	12,978		127,242
Gjensidige Forsikring ASA	2,655		30,810
Norsk Hydro ASA	12,364		57,433
Orkla ASA	10,248		76,622
Seadrill Ltd.	4,362		146,087
StatoilHydro ASA	14,820		380,935
Telenor ASA	9,907		162,744
Yara International ASA	2,516		101,115
			1,105,999

Portugal - 0.2%
Banco Espirito Santo SA	6,971		12,207
Cimpor Cimentos de Portugal SGPS SA	2,677		18,463
Energias de Portugal SA	25,345		78,607
Galp Energia SGPS SA, B Shares	3,072		45,348
Jeronimo Martins SGPS SA*	2,924		48,511
Portugal Telecom SGPS SA	8,929		51,541
			254,677

Singapore - 1.5%
Ascendas REIT	23,491		33,198
CapitaLand Ltd	34,017		58,057
CapitaMall Trust	25,382		33,323
CapitaMalls Asia Ltd	18,057		15,757
City Developments Ltd	6,641		45,644
ComfortDelgro Corp. Ltd.	24,985		27,302
Cosco Corp. Singapore Ltd	13,381		9,042
DBS Group Holdings Ltd	23,002		204,636
Fraser and Neave Ltd.	12,154		58,194
Global Logistic Properties Ltd.*	24,411		33,085
Golden Agri-Resources Ltd.	88,659		48,954
Hutchison Port Holdings Trust	69,391		43,022
Jardine Cycle & Carriage Ltd	1,417		52,657
Keppel Corp. Ltd	18,923		135,905
Keppel Land Ltd.	9,640		16,527
Neptune Orient Lines Ltd.	12,014		10,438
Olam International Ltd	17,827		29,324
Oversea-Chinese Banking Corp. Ltd	33,276		201,213
SembCorp Industries Ltd	13,066		40,866
SembCorp Marine Ltd	11,076		32,675
Singapore Airlines Ltd	7,158		56,163
Singapore Exchange Ltd	11,383		53,887
Singapore Press Holdings Ltd.	20,331		57,936
Singapore Technologies Engineering Ltd.	20,268		42,104
Singapore Telecommunications Ltd	105,813		252,500

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 22


EQUITY SECURITIES - cont’d	SHARES		VALUE
Singapore - Cont’d
StarHub Ltd	7,981	$	17,936
United Overseas Bank Ltd.	16,711		197,063
UOL Group Ltd.	6,116		18,893
Wilmar International Ltd	25,497		98,452
Yangzijiang Shipbuilding Holdings Ltd.	25,477		17,904
			1,942,657

Spain - 3.2%
Abertis Infraestructuras SA	5,152		82,467
Acciona SA	337		29,170
Acerinox SA	1,324		17,020
ACS Actividades de Construccion y Servicios SA	1,880		55,845
Amadeus IT Holding SA	3,863		62,812
Banco Bilbao Vizcaya Argentaria SA	57,422		497,559
Banco de Sabadell SA	14,767		56,201
Banco Popular Espanol SA	12,896		58,883
Banco Santander SA	112,085		853,445
Bankia SA*	11,504		53,646
Bankinter SA	2,829		17,431
CaixaBank	9,926		48,863
Distribuidora Internacional de Alimentacion SA*	7,668		34,763
EDP Renovaveis SA*	2,896		17,761
Enagas SA	2,377		44,061
Ferrovial SA	4,870		58,907
Fomento de Construcciones y Contratas SA	676		17,573
Gas Natural SDG SA	4,284		73,714
Grifols SA*	1,839		31,011
Iberdrola SA	52,422		329,048
Inditex SA	2,897		237,796
Indra Sistemas SA	1,307		16,677
International Consolidated Airlines Group SA, OTC*	12,319		27,804
Mapfre SA	10,000		31,845
Red Electrica de Espana SA	1,437		61,633
Repsol YPF SA	10,538		324,442
Telefonica SA	54,548		947,081
Zardoya Otis SA	1,948		26,785
			4,114,243


Sweden - 2.9%
Alfa Laval AB	4,483		85,022
Assa Abloy AB, Series B	4,172		104,730
Atlas Copco AB:
Series A	8,917		191,940
Series B	5,182		98,581
Boliden AB	3,632		53,088
Electrolux AB, Series B	3,190		50,896
Getinge AB, Series B	2,657		67,395
Hennes & Mauritz AB, B Shares	13,578		437,022
Hexagon AB, B Shares	3,365		50,360
Holmen AB, Series B	701		20,156

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 23


EQUITY SECURITIES - cont’d	SHARES		VALUE
Sweden - Cont’d
Husqvarna AB, Series B	5,877	$	27,104
Industrivarden AB, C Shares	1,563		18,663
Investor AB, Series B	6,048		112,944
Kinnevik Investment AB, Series B	2,730		53,245
Lundin Petroleum AB*	2,955		72,718
Modern Times Group AB, Series B	641		30,653
Nordea Bank AB	34,935		270,562
Ratos AB, Series B	2,544		29,878
Sandvik AB	13,390		164,462
Scania AB, Series B	4,249		63,034
Securitas AB, Series B	4,158		35,922
Skandinaviska Enskilda Banken AB	18,731		109,215
Skanska AB, Series B	5,310		88,041
SKF AB, Series B	5,183		109,756
SSAB AB	2,078		18,330
Svenska Cellulosa AB, Series B	7,666		113,725
Svenska Handelsbanken AB	6,498		171,059
Swedbank AB	10,749		139,372
Swedish Match AB	2,828		100,482
Tele2 AB, Series B	4,210		81,988
Telefonaktiebolaget LM Ericsson, Series B	39,993		409,490
TeliaSonera AB	28,751		195,572
Volvo AB, Series B	18,325		200,690
			3,776,095

Switzerland - 8.9%
ABB Ltd.*	29,110		548,917
Actelion Ltd.*	1,469		50,528
Adecco SA*	1,759		73,823
Aryzta AG	1,122		54,329
Baloise Holding AG	630		43,272
Barry Callebaut AG*	24		23,690
Compagnie Financiere Richemont SA	6,932		351,258
Credit Suisse Group AG*	15,152		356,660
GAM Holding AG*	2,744		29,852
Geberit AG*	502		96,909
Givaudan SA*	110		105,002
Glencore International plc	11,031		67,178
Holcim Ltd.*	3,257		174,556
Julius Baer Group Ltd.*	2,744		107,524
Kuehne + Nagel International AG	717		80,678
Lindt & Spruengli AG:
Participation Certificate	11		32,779
Registered Shares	1		33,479
Lonza Group AG*	667		39,482
Nestle SA	46,014		2,650,124
Novartis AG	30,992		1,775,032
Pargesa Holding SA	358		23,482
Partners Group Holding AG	159		27,795
Roche Holding AG	9,329		1,584,020
Schindler Holding AG:
Participation Certificates	645		75,259

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 24


EQUITY SECURITIES - cont’d	SHARES		VALUE
Switzerland - Cont’d
Registered Shares	285	$	33,163
SGS SA	72		119,411
Sika AG	27		50,971
Sonova Holding AG*	652		68,322
STMicroelectronics NV	8,462		50,393
Straumann Holding AG	104		17,980
Sulzer AG	318		34,052
Swatch Group AG:
Bearer Shares	409		153,331
Registered Shares	576		38,457
Swiss Life Holding AG*	404		37,229
Swiss Re AG*	4,676		238,737
Swisscom AG	309		117,292
Syngenta AG*	1,256		368,387
Synthes, Inc. (e)	867		145,641
Transocean Ltd.	4,243		164,136
UBS AG*	48,330		576,290
Xstrata plc	27,559		418,724
Zurich Financial Services AG*	1,934		438,327
			11,476,471

United Kingdom - 20.0%
3i Group plc	12,890		36,246
Admiral Group plc	2,692		35,632
Aggreko plc	3,532		110,676
AMEC plc	4,408		62,146
Anglo American plc	17,563		649,110
Antofagasta plc	5,236		98,833
ARM Holdings plc	17,876		164,406
Associated British Foods plc	4,730		81,346
AstraZeneca plc	18,311		846,300
Aviva plc	38,019		177,666
Babcock International Group plc	4,767		54,469
BAE Systems plc	45,385		201,018
Balfour Beatty plc	9,116		37,501
Barclays plc	153,763		420,546
BG Group plc	45,008		962,479
BHP Billiton plc	28,396		828,252
BP plc	250,629		1,793,025
British American Tobacco plc	26,398		1,253,079
British Land Co. plc	11,193		80,424
British Sky Broadcasting Group plc	15,130		172,176
BT Group plc	103,093		305,746
Bunzl plc	4,386		60,235
Burberry Group plc	5,788		106,555
Cairn Energy plc*	18,602		76,669
Capita Group plc	8,143		79,509
Capital Shopping Centres Group plc	7,417		35,985
Carnival plc	2,432		80,325
Centrica plc	68,575		308,205

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 25


EQUITY SECURITIES - cont’d	SHARES		VALUE
United Kingdom - Cont’d
Cobham plc	15,115	$	43,066
Compass Group plc	25,158		238,805
Diageo plc	33,246		726,448
Essar Energy plc*	4,327		11,522
Eurasian Natural Resources Corp	3,420		33,765
Fresnillo plc	2,381		56,484
G4S plc	18,732		79,097
GKN plc	20,624		58,634
GlaxoSmithKline plc	68,518		1,566,355
Hammerson plc	9,458		52,897
HSBC Holdings plc	236,612		1,805,044
ICAP plc	7,451		40,155
Imperial Tobacco Group plc	13,527		511,712
Inmarsat plc	6,132		38,553
Intercontinental Hotels Group plc	3,854		69,274
International Power plc	20,292		106,301
Intertek Group plc	2,126		67,213
Invensys plc	10,753		35,248
Investec plc	6,420		33,811
ITV plc	49,064		51,946
J Sainsbury plc	16,182		76,148
Johnson Matthey plc	2,850		81,291
Kazakhmys plc	2,843		40,943
Kingfisher plc	31,393		122,268
Land Securities Group plc	10,262		101,315
Legal & General Group plc	77,957		124,501
Lloyds TSB Group plc*	547,596		220,379
London Stock Exchange Group plc	1,980		24,454
Lonmin plc	2,151		32,749
Man Group plc	25,037		48,893
Marks & Spencer Group plc	21,049		101,699
Meggitt plc	10,303		56,470
National Grid plc	46,629		452,753
Next plc	2,305		98,010
Old Mutual plc	73,410		154,532
Pearson plc	10,801		203,037
Petrofac Ltd.	3,443		77,077
Prudential plc	33,833		335,604
Randgold Resources Ltd	1,209		123,682
Reckitt Benckiser Group plc	8,219		406,042
Reed Elsevier plc	16,148		130,200
Resolution Ltd.	19,470		76,042
Rexam plc	11,645		63,825
Rio Tinto plc	18,932		919,119
Rolls-Royce Holdings plc*	24,862		288,331
Royal Bank of Scotland Group plc*	233,387		73,168
RSA Insurance Group plc	46,800		76,487
SABMiller plc	12,648		445,351
Sage Group plc	17,563		80,272
Schroders plc	1,500		30,620
Segro plc	9,849		31,902
Serco Group plc	6,552		48,248

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 26


EQUITY SECURITIES - cont’d	SHARES		VALUE
United Kingdom - Cont’d
Severn Trent plc	3,153	$	73,279
Shire plc	7,467		260,196
Smith & Nephew plc	11,850		115,152
Smiths Group plc	5,208		74,032
SSE plc	12,442		249,541
Standard Chartered plc	31,571		691,074
Standard Life plc	30,915		99,082
Subsea 7 SA*	3,737		69,461
Tate & Lyle plc	6,214		68,011
Tesco plc	106,886		669,940
TUI Travel plc	6,681		17,209
Tullow Oil plc	11,816		257,362
Unilever plc	17,044		572,734
United Utilities Group plc	9,052		85,220
Vedanta Resources plc	1,588		25,040
Vodafone Group plc	680,912		1,892,459
Weir Group plc	2,806		88,580
Whitbread plc	2,352		57,148
William Morrison Supermarkets plc	29,604		150,024
Wolseley plc	3,782		125,266
WPP plc	16,806		176,366
			25,707,477



Total Equity Securities (Cost $130,121,794)			125,891,439


EXCHANGE TRADED FUNDS - 1.1%
iShares MSCI EAFE Index Fund	29,068		1,439,738

Total Exchange Traded Funds (Cost $1,498,260)			1,439,738

	PRINCIPAL
TIME DEPOSIT - 0.5%	AMOUNT
State Street Time Deposit, 0.113%, 1/3/12	$ 657,165		657,165

Total Time Deposit (Cost $657,165)			657,165



TOTAL INVESTMENTS (Cost $132,277,219) - 99.4%			127,988,342
Other assets and liabilities, net - 0.6%			769,235
net assets - 100%		$	128,757,577

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 27


Net assets consist of:
Paid-in capital applicable to the following shares of common stock outstanding
with 20,000,000 shares of $0.10 par value shares authorized:
Class I: 1,925,265 shares outstanding	$	146,173,175
Class F: 97,908 shares outstanding		6,308,442
Undistributed net investment income		504,307
Accumulated net realized gain (loss) on investments and foreign currency transactions		(19,930,400	)
Net unrealized appreciation (depreciation) on investments, foreign currencies, and assets
and liabilities denominated in foreign currencies		(4,297,947	)


Net assets	$	128,757,577



Net asset value per share
Class I (based on net assets of $122,328,997)	$	63.54
Class F (based on net assets of $6,428,580)	$	65.66

(e) 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.

* Non-income producing security.

Abbreviations:
CDI: CHESS Depositary Receipts
CVA: Certificaten Van Aandelen
FDR: Fiduciary Depositary Receipts
plc: Public Limited Company
REIT: Real Estate Investment Trust
SDR: Swedish Depository Receipts

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 28


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011

Net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $514,819)	$	5,992,054
Interest income		410
Total investment income		5,992,464


Expenses:
Investment advisory fee		963,979
Transfer agency fees and expenses		6,564
Administrative fees		172,139
Distribution Plan expenses:
Class F		14,068
Directors’ fees and expenses		26,971
Custodian fees		293,638
Reports to shareholders		56,358
Professional fees		34,886
Accounting fees		28,016
Contracts services		130,102
Miscellaneous		4,350
Total expenses		1,731,071
Reimbursement from Advisor:
Class I		(73,346	)
Class F		(6,027	)
Fees paid indirectly		(328	)
Net expenses		1,651,370


Net Investment Income		4,341,094


Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments*		(5,021,225	)
Foreign currency transactions		14,909
		(5,006,316	)

Change in unrealized appreciation (depreciation) on:
Investments and foreign currencies		(20,014,629	)
Assets and liabilities denominated in foreign currencies		(19,496	)
		(20,034,125	)

Net realized and unrealized
gain (loss)		(25,040,441	)

Increase (decrease) In net assets
resulting from operations		($20,699,347	)

*Includes realized loss of $4,263,869 due to an in-kind redemption. See Note G.

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 29

STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	4,341,094		$	2,566,722
Net realized gain (loss)*		(5,006,316	)		(2,771,742	)
Change in unrealized appreciation (depreciation)		(20,034,125	)		18,389,594


Increase (decrease) In net assets
resultIng from oPeratIons		(20,699,347	)		18,184,574

Distributions to shareholders from:
Net investment income:
Class I shares		(3,205,409	)		(2,083,616	)
Class F shares		(125,473	)		(95,690	)
Total distributions		(3,330,882	)		(2,179,306	)

Capital share transactions:
Shares sold:
Class I shares		22,276,052			93,325,555
Class F shares		1,290,358			3,448,463
Reinvestment of distributions:
Class I shares		3,205,409			2,083,622
Class F shares		125,473			95,689
Shares Issued from merger (see Note F):
Class I shares		—			10,969,047
Shares redeemed:
Class I shares**		(62,357,527	)		(21,693,700	)
Class F shares		(1,096,144	)		(1,732,220	)
Total capital share transactions		(36,556,379	)		86,496,456


Total Increase (decrease) In net assets		(60,586,608	)		102,501,724


Net assets
Beginning of year		189,344,185			86,842,461
End of year (including undistributed net investment
income of $504,307 and $669,089, respectively)	$	128,757,577		$	189,344,185

*	Includes realized loss of $4,263,869 due to an in-kind redemption during the year ended December 31, 2011. See Note G.
**	Includes an in-kind redemption in the amount of $23,187,479 during the year ended December 31, 2011. See Note G.

See notes to financial statements.

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	Year ended		Year ended
	December 31,		December 31,
Capital share activity	2011		2010
Shares sold:
Class I shares	314,572		1,411,730
Class F shares	17,293		48,875
Reinvestment of distributions:
Class I shares	50,831		27,960
Class F shares	1,926		1,249
Shares Issued from merger (see Note F):
Class I shares	—		157,015
Shares redeemed:
Class I shares*	(876,396	)	(315,730	)
Class F shares	(14,312	)	(24,664	)
Total capital share activity	(506,086	)	1,306,435

* Includes in-kind redemption shares of 353,253 during the year ended December 31, 2011. See Note G.

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP EAFE International Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. 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.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

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based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. The Portfolio has retained a third party fair value pricing service to quantitatively analyze the price movement of its holdings on foreign exchanges and to automatically fair value if the variation from the prior day’s closing price exceeds specified parameters. Such securities would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing this technique may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments in securities	level 1	level 2	level 3	total
Equity securities*	$125,891,439	—	—	$125,891,439
Exchange traded funds	1,439,738	—	—	1,439,738
Other debt obligations	—	$657,165	—	657,165
TOTALS	$127,331,177	$657,165	—	$127,988,342

*For further breakdown of Equity Securities by country, please refer to the Statement of Net Assets.

Foreign Currency Transactions: The Portfolio’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 translated 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. The effect of changes in foreign exchange rates on securities and foreign currencies is included with the net realized and unrealized gain or loss on investments and foreign currencies.

Security Transactions and Investment Income: Security transactions 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 or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .56% of the Portfolio’s average daily net assets. Under the terms of the agreement, $60,769 was payable at year end. In addition, $31,689 was payable at year end for operating expenses paid by the Advisor during December 2011.

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The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .97% and 1.17% (.95% and 1.15% prior to May 1, 2011) for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc. (“CIAS”) (formerly known as Calvert Administrative Services Company), an affiliate of the Advisor, provides administrative services to the Portfolio. For its services, CIAS receives an annual fee, payable monthly, of .10% based on the Portfolio’s average daily net assets. Under the terms of the agreement, $10,852 was payable at year end.

Calvert Investment Distributors, Inc. (“CID”) (formerly known as Calvert Distributors, Inc.), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of the average daily net assets of Class F. Under the terms of the agreement, $1,087 was payable at year end.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $207 for the year ended December 31, 2011. Under the terms of the agreement, $17 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $42,457,173 and $77,567,118, respectively.

Capital loss carryforward
	Pre-enactment			Post-enactment
Expiration date
31-Dec-15	($186,055	)	Short-term	—
31-Dec-16	(15,302,273	)	Long-term	($987,699	)
31-Dec-17	(15,978	)

Capital losses may be utilized to offset future capital gains until expiration; however the Portfolio’s use of capital loss carryforwards acquired from CVS Calvert Social International Equity Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses

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that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

	2011	2010
Distributions paid from:
Ordinary income	$3,330,882	$2,179,306
Total	$3,330,882	$2,179,306

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$10,518,688
Unrealized (depreciation)	(18,296,087	)
Net unrealized appreciation/(depreciation)	($7,777,399	)

Unidistributed ordinary income	$554,434
Capital loss carryforward	($16,492,005	)

Federal income tax cost of investments	$135,765,741

Reclassifications, as shown in the table below, have been made to the Portfolio’s components of net assets to reflect income and gains available for distribution (or available capital loss carryovers, as applicable) under income tax law and regulations. These reclassifications are due to permanent book-tax differences and have no impact on net assets. The primary pemanent differences causing such reclassifications for the Portfolio are due to foreign currency transactions, passive foreign investment companies, redemptions in kind, and distributions paid in connection with the redemption of taxpayers’ shares.

Undistributed investment income	($1,174,994	)
Accumulated net realized gain (loss)	5,499,894
Paid-in capital	(4,324,900	)

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NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$128,243	1.40%	$7,877,110	June 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTE F — REORGANIZATION

On December 10, 2009, the Board of Directors approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all the assets of the Calvert Variable Series, Inc., Calvert Social International Equity Portfolio (“International Equity”) for shares of the acquiring portfolio, Calvert Variable Products, Inc., EAFE International Index Portfolio (“EAFE”) and the assumption of the liabilities of International Equity. Shareholders approved the Plan at a meeting on April 16, 2010 and the reorganization took place on April 30, 2010.

The acquisition was accomplished by a tax-free exchange of the following shares:

		Acquiring
Merged portfolio	Shares	portfolio	Shares	Value
International Equity	1,006,852	EAFE	157,015	$10,969,047

For financial reporting purposes, assets received and shares issued by EAFE were recorded at fair value; however, the cost basis of the investments received from International Equity were carried forward to align ongoing reporting of EAFE’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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The net assets and net unrealized appreciation (depreciation) immediately before the acquisitions were as follows:

		Unrealized
	Net	appreciation	Acquiring	Net
Merged portfolio	assets	(depreciation)	portfolio	assets
International Equity	$10,969,047	($16,862)	EAFE	$86,948,835

Assuming the acquisition had been completed on January 1, 2010, EAFE’s results of operations for the year ended December 31, 2010 would have been as follows:

Net investment income	$	2,589,152	(a)
Net realized and change in unrealized gain (loss) on investments	$	15,480,042	(b)
Net increase (decrease) in assets from operations	$	18,069,194

Because EAFE and International Equity sold and redeemed shares throughout the year, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of International Equity that have been included in EAFE’s Statement of Operations since April 30, 2010.

(a)	$2,566,722 as reported, plus $22,430 from International Equity pre-merger.
(b)	$15,617,852 as reported, plus ($137,810) from International Equity pre-merger.

NOTE G — IN-KIND TRANSFER OF SECURITIES

During the year ended December 31, 2011, the Calvert VP EAFE International Index Portfolio redeemed shares of beneficial interest in exchange for securities. The securities were transferred at their current value on the date of transaction.

		Redeemed
Transaction date	Shares	value	Gain (loss)
11/9/2011	353,253	$23,187,479	($4,263,869)

NOTICE TO SHAREHOLDERS (UNAUDITED)

The Portfolio considers $3.20 per share as income derived from foreign sources and $.25 per share as foreign taxes paid for the calendar year ended December 31, 2011.

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FINANCIAL HIGHLIGHTS


		Years ended
		December 31,			December 31,			December 31,
Class I shares		2011	(z)		2010	(z)		2009
Net asset value, beginning	$	74.78		$	70.89		$	56.55
Income from investment operations:
Net investment income		1.85			1.27			1.33
Net realized and unrealized gain (loss)		(11.37	)		3.49			14.41
Total from investment operations		(9.52	)		4.76			15.74
Distributions from:
Net investment income		(1.72	)		(.87	)		(1.40	)
Total distributions		(1.72	)		(.87	)		(1.40	)
Total increase (decrease) in net asset value		(11.24	)		3.89			14.34
Net asset value, ending	$	63.54		$	74.78		$	70.89

Total return*		(12.71	%)		6.71	%		27.83	%
Ratios to average net assets: A
Net investment income (loss)		2.53	%		1.84	%		2.10	%
Total expenses		1.00	%		1.07	%		1.05	%
Expenses before offsets		.95	%		.95	%		.95	%
Net expenses		.95	%		.95	%		.95	%
Portfolio turnover		24	%		77	%		29	%
Net assets, ending (in thousands)	$	122,329		$	182,192		$	81,899


					Years ended
					December 31,			December 31,
Class I shares					2008			2007
Net asset value, beginning				$	104.77		$	98.66
Income from investment operations:
Net investment income					2.17			1.00
Net realized and unrealized gain (loss)					(45.83	)		8.80
Total from investment operations					(43.66	)		9.80
Distributions from:
Net investment income					(2.77	)		(1.48	)
Net realized gain					(1.79	)		(2.21	)
Total distributions					(4.56	)		(3.69	)
Total increase (decrease) in net asset value					(48.22	)		6.11
Net asset value, ending				$	56.55		$	104.77

Total return*					(42.68	%)		10.10	%
Ratios to average net assets: A
Net investment income					2.51	%		1.48	%
Total expenses					1.22	%		1.26	%
Expenses before offsets					.95	%		95	%
Net expenses					.95	%		95	%
Portfolio turnover					47	%		48	%
Net assets, ending (in thousands)				$	65,973		$	118,631



See notes to financial highlights.

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FINANCIAL HIGHLIGHTS


		Years ended
		December 31,			December 31,			December 31,
Class F shares		2011	(z)		2010	(z)		2009
Net asset value, beginning	$	76.90		$	73.19		$	57.91
Income from investment operations:
Net investment income		1.67			1.33			.68
Net realized and unrealized gain (loss)		(11.60	)		3.42			15.23
Total from investment operations		(9.93	)		4.75			15.91
Distributions from:
Net investment income		(1.31	)		(1.04	)		(.63	)
Total distributions		(1.31	)		(1.04	)		(.63	)
Total increase (decrease) in net asset value		(11.24	)		3.71			15.28
Net asset value, ending	$	65.66		$	76.90		$	73.19

Total return*		(12.90	%)		6.50	%		27.47	%
Ratios to average net assets: A
Net investment income		2.24	%		1.86	%		1.67	%
Total expenses		1.25	%		1.30	%		1.42	%
Expenses before offsets		1.16	%		1.15	%		1.15	%
Net expenses		1.16	%		1.15	%		1.15	%
Portfolio turnover		24	%		77	%		29	%
Net assets, ending (in thousands)	$	6,429		$	7,152		$	4,943


					Periods ended
					December 31,			December 31,
Class F shares					2008			2007	^
Net asset value, beginning				$	104.76		$	102.10
Income from investment operations:
Net investment income					1.25			.01
Net realized and unrealized gain (loss)					(45.05	)		2.65
Total from investment operations					(43.80	)		2.66
Distributions from:
Net investment income					(1.26	)		—
Net realized gain					(1.79	)		—
Total distributions					(3.05	)		—
Total increase (decrease) in net asset value					(46.85	)		2.66
Net asset value, ending				$	57.91		$	104.76

Total return*					(42.81	%)		2.61	%
Ratios to average net assets: A
Net investment income					1.33	%		.25	% (a)
Total expenses					1.42	%		1.46	% (a)
Expenses before offsets					1.15	%		1.15	% (a)
Net expenses					1.15	%		1.15	% (a)
Portfolio turnover					47	%		48	%
Net assets, ending (in thousands)				$	1,324		$	1



See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(a)	Annualized.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 17, 2007 inception.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Advisor’s compliance with applicable policies and procedures, including those related to personal investing. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and

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other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one-, three- and five-year periods ended June 30, 2011. The data also indicated that the Portfolio underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2011. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of Portfolio expenses and fair valuation determinations on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was at the median of its peer group and that total expenses (net of expense reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer group. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profitabil-ity of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing, administrative and distribution services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor and that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

The Board considered the effect of the Portfolio’s current size and potential growth on its performance and fees.

Although the Portfolio’s advisory fee did not contain breakpoints that would reduce the advisory fee rate on assets

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above specified asset levels, the Board noted that if the Portfolio’s assets increased over time, the Portfolio might realize other economies of scale if assets increased proportionally more than certain other expenses. The Board also noted that given the Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2011 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. The Board also relied on the ability of the Advisor to negotiate the Investment Subadvisory Agreement and the corresponding subadvisory fee at arm’s length. In addition, the Board took into account the fees the Subadvisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. Based upon its review, the Board determined that the subadvisory fee was reasonable. Because the Advisor pays the Subadvisor’s subadvisory fee and the subadvisory fee was negotiated at arm’s length by the Advisor, the cost of services to be provided by the Subadvisor was not a material factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration, although the Board noted that the subadvisory fee included breakpoints that would reduce the subadvisory fee on assets above certain specified asset levels.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 46

CONCLUSIONS

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 47

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 2

CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2011, Calvert VP Barclays Capital Aggregate Bond Index Portfolio provided a return of 8.39%. This compares to a 7.84% return for the Barclays Capital Aggregate Bond Index. As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to match the performance of the Barclays Capital Aggregate Bond Index. Because of the large number of securities in the Barclays Capital Aggregate Bond Index, the portfolio uses a stratified sampling approach to create a portfolio of securities with similar characteristics to the index. The portfolio outperformed the index in 2011 primarily due to minor overweights and underweights in sectors, duration, and individual securities throughout the year, as a result of using a stratified sampling approach.

Investment Climate

Fixed income markets performed well in 2011, as interest rates declined substantially. The Federal Reserve (Fed) continued to be supportive by initiating “Operation Twist,” as it is known. The objective of the Fed was to decrease long term interest rates and flatten the shape of the yield curve. In addition to the Fed’s efforts, the market experienced a flight to quality during the second half of the year, as investors sought protection against a looming financial crisis in Europe. The combination of the Fed’s efforts and the flight to quality drove interest rates to multi-year lows. By year’s end, the 10-year Treasury rate declined from 3.29% to 1.88%, which provided an excellent return for fixed income investors for the year. Interest rates at the front end of the yield curve also remained extremely low, with the two-year Treasury closing the year at a yield of 0.24%.

Average Annual Total Return
(period ended 12.31.11)

One year	8.39	%
Five year	6.66	%
Since inception(3.31.03)	4.98	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.53%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 4

Treasury bonds provided the best return within the index, recording a return of 9.81%. Corporate bonds also performed well, providing a return of 8.15%. Mortgage-backed securities performed the worst of all the major sectors of the index, providing a return of 6.23% for the year.

Portfolio Strategy

As an index fund, the Portfolio’s strategy is purely passive. Its goal is to mirror, as closely as possible, the performance of the Barclays Capital Aggregate Bond Index. Full replication of the Barclays Capital Aggregate Bond Index is not feasible, as the index includes just under 8,000 securities. Therefore, the Portfolio employs a stratified sampling strategy to track the performance of the Index. Stratified sampling requires the portfolio manager to select securities in each sector of the portfolio to represent sectors in the index. These securities are selected to closely match the characteristics of the index, such as duration, sector allocation, quality, and others.

	% of total
Economic sectors	Investments

Asset Backed Securities	0.1	%
Basic Materials	1.1	%
Communications	1.0	%
Consumer, Cyclical	2.5	%
Consumer, Non-cyclical	1.9	%
Energy	2.4	%
Exchange Traded Funds	0.5	%
Financials	5.7	%
Government	45.6	%
Industrials	3.3	%
Mortgage Securities	34.5	%
Technology	0.4	%
Time Deposit	0.2	%
Utilities	0.8	%
Total	100	%

Outlook

The outlook for 2012 is for a modest increase in economic growth in the U.S. and a sluggish global economy. Corporate earnings and balance sheets appear to be healthy, and the housing market appears to be stabilizing. Inflation appears to be moderate, and the Fed continues to promote an accommodative monetary approach. This environment should be supportive for fixed income markets in 2012. However, if the economy strengthens quickly or inflation pressures materialize, interest rates may increase as the Federal Reserve is forced to withdraw liquidity from the marketplace.

January 2012

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$1,056.10	$2.61

Hypothetical (5% return per year before expenses)	$1,000.00	$1,022.67	$2.57

* Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Barclays Aggregate Bond Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Barclays Aggregate Bond Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Barclays Aggregate Bond Index Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2011


		PRINCIPAL
Asset-Backed securities - 0.1%		AMOUNT		VALUE
Citibank Omni Master Trust, 4.90%, 11/15/18 (e)	$	100,000	$	108,763
Residential Asset Securities Corp., STEP, 4.61% to 3/25/13, 5.11% thereafter to 6/25/33 (r)		77,905		31,484

Total Asset-Backed Securities (Cost $185,463)				140,247

Commercial Mortgage-Backed securities - 1.6%
Banc of America Merrill Lynch Commercial Mortgage, Inc.:
6.186%, 6/11/35		56,888		56,848
5.632%, 4/10/49 (r)		550,000		587,822
Bear Stearns Commercial Mortgage Securities, 4.24%, 8/13/39 (r)		88,720		89,308
DBUBS Mortgage Trust:
3.386%, 7/10/44 (e)		500,000		517,233
3.742%, 11/10/46 (e)		933,520		977,734
Morgan Stanley Capital I, 3.476%, 6/15/44 (e)		500,000		517,790

Total Commercial Mortgage-Backed Securities (Cost $2,599,246)				2,746,735

Corporate Bonds - 19.0%
Alcoa, Inc.:
5.72%, 2/23/19		149,000		153,339
6.15%, 8/15/20		500,000		517,705
American Express Credit Corp., 2.75%, 9/15/15		200,000		200,708
Amgen, Inc., 4.10%, 6/15/21		700,000		717,390
Apache Corp., 5.625%, 1/15/17		100,000		118,185
AstraZeneca plc, 6.45%, 9/15/37		350,000		471,705
Australia & New Zealand Banking Group Ltd., 4.875%, 1/12/21 (e)		800,000		844,836
Bank of America Corp.:
7.375%, 5/15/14		100,000		103,523
3.75%, 7/12/16		700,000		648,828
5.65%, 5/1/18		250,000		237,555
BB&T Corp., 5.20%, 12/23/15		405,000		437,404
BlackRock, Inc., 3.50%, 12/10/14		100,000		106,713
BorgWarner, Inc., 5.75%, 11/1/16		500,000		575,256
BP Capital Markets plc:
3.625%, 5/8/14		200,000		209,963
4.50%, 10/1/20		400,000		440,170
CA, Inc., 5.375%, 12/1/19		100,000		108,500
Camden Property Trust, 5.875%, 11/30/12		100,000		102,619
Cigna Corp., 4.00%, 2/15/22		300,000		297,185
Citigroup, Inc.:
6.50%, 8/19/13		125,000		129,847
4.587%, 12/15/15		250,000		251,732
6.125%, 5/15/18		200,000		212,850
The Coca-Cola Co., 5.35%, 11/15/17		100,000		120,196
Colonial Pipeline Co., 6.58%, 8/28/32 (e)		100,000		125,215
Connecticut Light & Power Co., 5.65%, 5/1/18		200,000		236,566
Deere & Co., 6.55%, 10/1/28		250,000		323,148
Deutsche Bank AG, 4.875%, 5/20/13		150,000		153,483

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 8


	PRINCIPAL
CORPORATE BONDS - cont’d	AMOUNT		VALUE
DIRECTV Holdings LLC, 5.20%, 3/15/20	$300,000	$	324,392
Discovery Communications LLC, 5.05%, 6/1/20	200,000		221,257
Emerson Electric Co., 4.75%, 10/15/15	200,000		224,934
Enbridge Energy Partners LP, 5.20%, 3/15/20	200,000		221,857
Energizer Holdings, Inc., 4.70%, 5/19/21 (e)	700,000		739,387
Energy Transfer Partners LP, 4.65%, 6/1/21	1,000,000		975,818
Ensco plc, 4.70%, 3/15/21	700,000		722,411
GATX Corp., 4.85%, 6/1/21	700,000		708,704
General Dynamics Corp., 3.875%, 7/15/21	500,000		539,269
General Electric Capital Corp., 3.75%, 11/14/14	250,000		264,573
Goldman Sachs Group, Inc.:
5.35%, 1/15/16	200,000		204,694
5.375%, 3/15/20	150,000		147,460
GTE Corp., 6.94%, 4/15/28	80,000		100,225
Harley-Davidson Financial Services, Inc., 3.875%, 3/15/16 (e)	1,200,000		1,240,425
Health Care REIT, Inc., 5.25%, 1/15/22	800,000		780,250
Hospira, Inc., 6.40%, 5/15/15	250,000		271,439
JPMorgan Chase & Co.:
3.15%, 7/5/16	700,000		703,417
4.35%, 8/15/21	1,000,000		1,009,791
Kimco Realty Corp., 4.30%, 2/1/18	300,000		301,222
Kinder Morgan Energy Partners LP, 3.50%, 3/1/16	600,000		622,731
L-3 Communications Corp.:
5.20%, 10/15/19	200,000		203,251
4.75%, 7/15/20	800,000		782,199
Lockheed Martin Corp.:
5.72%, 6/1/40	154,000		172,748
4.85%, 9/15/41	1,000,000		1,012,628
McCormick & Company, Inc., 3.90%, 7/15/21	500,000		531,737
MDC Holdings, Inc., 5.625%, 2/1/20	200,000		181,816
Metropolitan Life Global Funding I, 5.125%, 4/10/13 (e)	100,000		104,273
Morgan Stanley:
2.875%, 7/28/14	250,000		236,313
5.95%, 12/28/17	250,000		238,950
National City Bank, 4.625%, 5/1/13	500,000		519,542
Northern Trust Corp.:
5.50%, 8/15/13	100,000		106,386
3.45%, 11/4/20	100,000		102,570
Omnicom Group, Inc., 4.45%, 8/15/20	500,000		513,503
Oracle Corp., 5.75%, 4/15/18	250,000		304,475
Pacific Gas & Electric Co., 4.25%, 5/15/21	1,000,000		1,089,016
Pearson Funding Two plc, 4.00%, 5/17/16 (e)	250,000		265,063
Pitney Bowes, Inc., 5.75%, 9/15/17	180,000		193,864
Progressive Corp., 6.375%, 1/15/12	165,000		165,213
Rio Tinto Finance USA Ltd.:
2.25%, 9/20/16	400,000		406,927
3.75%, 9/20/21	400,000		418,678
Shell International Finance BV, 4.00%, 3/21/14	300,000		321,256
Suncor Energy, Inc., 6.50%, 6/15/38	250,000		310,243
TCI Communications, Inc., 8.75%, 8/1/15	100,000		121,599
Teck Resources Ltd., 4.75%, 1/15/22	400,000		428,867
The Toronto-Dominion Bank, 2.50%, 7/14/16	500,000		509,389

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 9


	PRINCIPAL
CORPORATE BONDS - cont’d	AMOUNT		VALUE
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21	$500,000	$	525,968
Time Warner Cable, Inc., 5.00%, 2/1/20	100,000		109,550
Time Warner, Inc., 4.875%, 3/15/20	100,000		108,792
United Parcel Service, Inc., 6.20%, 1/15/38	250,000		335,008
US Bank, 4.95%, 10/30/14	100,000		108,556
Verizon Communications, Inc., 4.35%, 2/15/13	100,000		103,937
VF Corp., 3.50%, 9/1/21	400,000		414,114
Wal-Mart Stores, Inc.:
2.25%, 7/8/15	500,000		521,791
6.50%, 8/15/37	250,000		345,586
WellPoint, Inc., 3.70%, 8/15/21	800,000		814,614
Wells Fargo & Co., 4.375%, 1/31/13	125,000		129,004
Williams Partners LP, 3.80%, 2/15/15	100,000		104,928
Yum! Brands, Inc., 3.75%, 11/1/21	1,000,000		1,014,322

Total Corporate Bonds (Cost $30,668,314)			32,045,553

Sovereign Government Bonds - 0.1%
Province of New Brunswick Canada, 6.75%, 8/15/13	100,000		109,604

Total Sovereign Government Bonds (Cost $103,404)			109,604

U.S. Government Agencies and Instrumentalities - 11.1%
Fannie Mae:
6.125%, 3/15/12	1,000,000		1,012,083
2.625%, 11/20/14	1,100,000		1,163,775
2.375%, 7/28/15	1,000,000		1,054,877
4.875%, 12/15/16	1,000,000		1,179,801
6.25%, 5/15/29	700,000		984,923
Federal Farm Credit Bank, 4.25%, 2/1/12	750,000		752,407
Federal Home Loan Bank:
1.875%, 6/21/13	1,400,000		1,432,641
4.875%, 5/17/17	1,000,000		1,190,073
Freddie Mac:
5.25%, 4/18/16	1,000,000		1,177,635
2.00%, 8/25/16	700,000		728,129
5.00%, 2/16/17	1,000,000		1,184,858
5.125%, 11/17/17	1,000,000		1,207,406
4.875%, 6/13/18	2,000,000		2,410,853
3.75%, 3/27/19	2,900,000		3,312,132

Total U.S. Government Agencies And Instrumentalities (Cost $17,688,248)			18,791,593

U.S. Government Agency Mortgage-Backed securities - 32.7%
Fannie Mae:
5.00%, 12/1/16	324,572		350,973
5.00%, 11/1/17	46,797		50,545
5.50%, 8/1/18	178,377		194,224
4.61%, 12/1/19	486,811		514,879
5.00%, 6/1/20	56,442		60,727
6.50%, 4/1/23	55,985		61,964
3.50%, 5/1/26	1,640,755		1,717,333
4.50%, 5/1/31	1,378,736		1,474,574

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 10


	PRINCIPAL
U.S. Government Agency Mortgage-Backed securities - cont’d	AMOUNT		VALUE
6.50%, 8/1/32	$171,552	$	194,728
5.50%, 7/1/33	249,793		273,064
5.50%, 7/1/33	395,486		437,644
6.00%, 8/1/33	70,039		78,074
5.50%, 11/1/33	270,040		295,197
5.50%, 3/1/34	525,061		573,648
6.00%, 6/1/34	308,956		344,400
5.00%, 7/1/34	607,716		657,210
5.00%, 10/1/34	413,180		446,830
5.50%, 3/1/35	842,280		920,221
5.50%, 6/1/35	633,811		701,374
5.50%, 9/1/35	393,416		429,575
5.50%, 2/1/36	218,117		238,165
5.50%, 4/1/36	1,210,757		1,303,119
6.50%, 9/1/36	701,854		788,294
5.50%, 11/1/36	311,281		339,599
7.50%, 11/1/36	141,424		163,094
6.00%, 5/1/38	444,078		489,334
5.50%, 6/1/38	502,044		549,191
5.74%, 9/1/38 (r)	1,128,802		1,210,394
4.00%, 3/1/39	948,863		997,664
4.50%, 5/1/40	1,661,689		1,783,686
4.50%, 7/1/40	1,054,714		1,123,249
3.50%, 2/1/41	1,521,228		1,565,868
3.50%, 3/1/41	1,654,478		1,703,285
4.00%, 3/1/41	952,706		1,002,002
Freddie Mac:
4.50%, 9/1/18	186,358		201,234
5.00%, 11/1/20	230,019		247,939
4.00%, 3/1/25	2,337,181		2,453,611
3.50%, 7/1/26	1,354,784		1,413,346
5.00%, 2/1/33	594,353		639,879
5.00%, 4/1/35	299,099		321,823
5.00%, 12/1/35	771,791		830,426
6.00%, 8/1/36	271,856		299,519
6.50%, 10/1/37	221,515		246,381
5.00%, 7/1/39	705,923		760,165
4.00%, 11/1/39	1,644,264		1,727,033
4.50%, 1/1/40	930,150		986,657
5.00%, 1/1/40	2,378,729		2,582,492
4.50%, 4/1/40	1,938,820		2,056,603
6.00%, 4/1/40	618,302		679,864
4.50%, 5/1/40	769,066		815,787
4.50%, 5/1/40	1,543,565		1,636,560
4.00%, 2/1/41	941,228		988,608
4.50%, 6/1/41	1,300,414		1,378,455
3.50%, 10/1/41	1,857,415		1,908,728
Ginnie Mae:
4.50%, 7/20/33	807,299		887,961
5.50%, 7/20/34	364,234		411,095
6.00%, 11/20/37	623,000		705,275
5.00%, 5/15/39	1,247,280		1,388,807

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		PRINCIPAL
U.S. Government Agency Mortgage-Backed securities - cont’d		AMOUNT		VALUE
4.50%, 10/15/39	$	997,651	$	1,090,463
5.00%, 10/15/39		1,307,433		1,455,786
4.50%, 8/15/40		1,914,903		2,102,623
4.00%, 12/20/40		1,808,165		1,945,416

Total U.S. Government Agency Mortgage-Backed Securities (Cost $53,406,258)				55,196,664

U.S. Treasury - 34.2%
United States Treasury Bonds:
8.125%, 5/15/21		1,000,000		1,555,781
8.00%, 11/15/21		1,000,000		1,562,969
6.25%, 8/15/23		1,000,000		1,431,094
5.50%, 8/15/28		1,000,000		1,412,031
5.375%, 2/15/31		1,000,000		1,425,625
4.50%, 2/15/36		1,000,000		1,307,812
4.375%, 11/15/39		1,000,000		1,297,031
3.875%, 8/15/40		1,000,000		1,197,656
4.375%, 5/15/41		500,000		650,859
3.75%, 8/15/41		1,000,000		1,174,844
United States Treasury Notes:
1.00%, 3/31/12		1,000,000		1,002,344
1.375%, 5/15/12		1,000,000		1,004,844
4.125%, 8/31/12		1,000,000		1,026,406
1.375%, 11/15/12		1,000,000		1,010,625
1.375%, 2/15/13		1,000,000		1,013,281
1.125%, 6/15/13		1,000,000		1,012,969
0.75%, 8/15/13		1,000,000		1,008,281
4.25%, 11/15/13		1,000,000		1,074,062
2.00%, 11/30/13		1,000,000		1,032,969
1.875%, 2/28/14		1,000,000		1,033,906
2.25%, 5/31/14		1,000,000		1,045,937
2.625%, 6/30/14		1,000,000		1,056,562
4.25%, 8/15/14		1,000,000		1,101,719
2.125%, 11/30/14		1,000,000		1,050,313
2.25%, 1/31/15		1,000,000		1,056,250
2.50%, 4/30/15		1,000,000		1,067,031
1.25%, 8/31/15		1,000,000		1,026,563
1.25%, 10/31/15		1,000,000		1,025,469
4.50%, 11/15/15		1,000,000		1,149,531
2.00%, 1/31/16		1,000,000		1,055,000
2.375%, 3/31/16		1,000,000		1,070,781
2.00%, 4/30/16		1,000,000		1,055,781
1.50%, 7/31/16		1,000,000		1,033,594
4.875%, 8/15/16		1,000,000		1,185,938
2.75%, 11/30/16		1,000,000		1,091,563
3.00%, 2/28/17		1,000,000		1,105,781
4.50%, 5/15/17		1,000,000		1,185,781
2.375%, 7/31/17		1,000,000		1,074,844
1.875%, 9/30/17		1,000,000		1,045,469
3.50%, 2/15/18		1,000,000		1,140,313
2.375%, 5/31/18		1,000,000		1,072,656
4.00%, 8/15/18		1,000,000		1,177,656

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		PRINCIPAL
U.S. Treasury - cont’d		AMOUNT		VALUE
3.75%, 11/15/18	$	1,000,000	$	1,163,281
3.125%, 5/15/19		1,000,000		1,121,094
3.625%, 8/15/19		1,000,000		1,158,125
3.375%, 11/15/19		1,000,000		1,140,000
3.625%, 2/15/20		1,000,000		1,159,688
2.625%, 8/15/20		1,000,000		1,078,594
2.625%, 11/15/20		1,000,000		1,076,719
3.625%, 2/15/21		500,000		580,547
3.125%, 5/15/21		1,000,000		1,116,406
2.125%, 8/15/21		1,000,000		1,025,312

Total U.S. Treasury (Cost $54,122,971)				57,729,687


Exchange Traded Funds - 0.4%		SHARES		VALUE
iShares Barclays Aggregate Bond Fund		7,000		771,750

Total Exchange Traded Funds (Cost $769,497)				771,750


		PRINCIPAL
Time Deposit - 0.2%		AMOUNT
State Street Time Deposit, 0.113%, 1/3/12		354,458		354,458

Total Time Deposit (Cost $354,458)				354,458



TOTAL INVESTMENTS (Cost $159,897,859) - 99.4%				167,886,291
Other assets and liabilities, net - 0.6%				944,012
net assets - 100%			$	168,830,303


Net assets consIst of:
Paid-in capital applicable to 3,041,854 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized				159,831,140
Undistributed net investment income				445,945
Accumulated net realized gain (loss) on investments				564,786
Net unrealized appreciation (depreciation) on investments				7,988,432

Net assets			$	168,830,303

Net asset value Per share			$	55.50



See notes to financial statements.

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(e)	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.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:

LLC: Limited Liability Corporation
LP: Limited Partnership
STEP: Stepped coupon bond for which the coupon rate interest will adjust on specified furure date(s) plc: Public Limited Company

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Dividend income	$	75,152
Interest income		4,323,205
Total investment income		4,398,357

Expenses:
Investment advisory fee		427,772
Transfer agency fees and expenses		2,315
Directors’ fees and expenses		23,207
Administrative fees		142,591
Accounting fees		23,012
Custodian fees		36,920
Reports to shareholders		27,564
Professional fees		30,428
Miscellaneous		5,594
Total expenses		719,403
Fees paid indirectly		(433	)
Net expenses		718,970


Net Investment Income		3,679,387


Rrealized and unrealized gain (loss) on investments
Net realized gain (loss)		1,519,921
Change in unrealized appreciation (depreciation)		6,785,212

Net realized and unrealized gain
(loss) on Investments		8,305,133

Increase (decrease) In net assets
resulting from operations	$	11,984,520

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	3,679,387		$	2,167,098
Net realized gain (loss) on investments		1,519,921			1,042,436
Change in unrealized appreciation (depreciation)		6,785,212			126,190

Increase (decrease) In net assets
resultIng from operations		11,984,520			3,335,724

Distributions to shareholders from:
Net investment income		(3,974,995	)		(2,195,331	)
Net realized gain		(1,121,845	)		(339,138	)
Total distributions		(5,096,840	)		(2,534,469	)

Capital share transactions:
Shares sold		69,619,998			83,266,811
Reinvestment of distributions		5,096,840			2,534,473
Shares redeemed		(22,389,876	)		(14,615,811	)
Total capital share transactions		52,326,962			71,185,473


Total increase (decrease) in net assets		59,214,642			71,986,728


Net assets
Beginning of year		109,615,661			37,628,933
End of year (including undistributed net investment income
of $445,945 and $378,456, respectively)	$	168,830,303		$	109,615,661


Capital share activity
Shares sold		1,276,938			1,560,961
Reinvestment of distributions		91,951			48,156
Shares redeemed		(403,173	)		(273,365	)
Total capital share activity		965,716			1,335,752

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Barclays Capital Aggregate Bond Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (or the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Security 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 Portfolio uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, sovereign government bonds, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, commercial mortgage securities, and U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and

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type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments In securItIes*	level 1	level 2	level 3	total
Asset-backed securities	—	$140,247	—	$140,247
Commercial mortgage-backed securities	—	2,746,735	—	2,746,735
Corporate debt	—	32,045,553	—	32,045,553
Exchanged traded funds	$771,750	—	—	771,750
Other debt obligations	—	464,062	—	464,062
U.S. government obligations	—	131,717,944	—	131,717,944
TOTAL	$771,750	$167,114,541	—	$167,886,291

* For a complete listing of investments, please refer to the Statement of Net Assets.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .30% of the Portfolio’s average daily net assets. Under the terms of the agreement, $42,389 was payable at year end. In addition, $13,814 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .60%. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

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Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $80 for the year ended December 31, 2011. Under the terms of the agreement, $7 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than U.S. government and short-term securities, were $74,791,802 and $30,625,701, respectively. U.S. government security purchases and sales were $42,892,783 and $25,898,685, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

	2011	2010
Distributions paid from:
Ordinary income	$4,902,345	$2,395,314
Long term capital gain	194,495	139,155
Total	$5,096,840	$2,534,469

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$8,178,541
Unrealized (depreciation)	(227,770	)
Net unrealized appreciation/(depreciation)	$7,950,771
Undistributed ordinary income	$952,502
Undistributed long term capital gain	$95,890
Federal income tax cost of investments	$159,935,520

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Undistributed net investment income	$363,097
Accumulated net realized gain (loss)	(363,097	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$5,037	1.41%	$1,517,447	October 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2011, the Portfolio considers $194,495 of the long term capital gain distributions paid during the year as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

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FINANCIAL HIGHLIGHTS

		Years ended
		December 31,			December 31,			December 31,
		2011	(z)		2010	(z)		2009	(z)
Net asset value, beginning	$	52.80		$	50.82		$	51.17
Income from investment operations:
Net investment income		1.42			1.56			2.00
Net realized and unrealized gain (loss)		3.01			1.67			.35
Total from investment operations		4.43			3.23			2.35
Distributions from:
Net investment income		(1.35	)		(1.08	)		(2.50	)
Net realized gain		(.38	)		(.17	)		(.20	)
Total distributions		(1.73	)		(1.25	)		(2.70	)
Total increase (decrease) in net asset value		2.70			1.98			(.35	)
Net asset value, ending	$	55.50		$	52.80		$	50.82

Total return*		8.39	%		6.37	%		4.59	%
Ratios to average net assets: A
Net investment income		2.58	%		2.89	%		3.83	%
Total expenses		.50	%		.53	%		.54	%
Expenses before offsets		.50	%		.53	%		.54	%
Net expenses		.50	%		.52	%		.54	%
Portfolio turnover		40	%		99	%		71	%
Net assets, ending (in thousands)	$	168,830		$	109,616		$	37,629


					Years ended
					December 31,			December 31,
					2008			2007
Net asset value, beginning				$	50.27		$	48.85
Income from investment operations:
Net investment income					2.13			2.13
Net realized and unrealized gain (loss)					1.07			1.40
Total from investment operations					3.20			3.53
Distributions from:
Net investment income					(2.30	)		(2.11	)
Total distributions					(2.30	)		(2.11	)
Total increase (decrease) in net asset value					.90			1.42
Net asset value, ending				$	51.17		$	50.27

Total return*					6.56	%		7.43	%
Ratios to average net assets: A
Net investment income					4.29	%		4.24	%
Total expenses					.61	%		.59	%
Expenses before offsets					.60	%		.59	%
Net expenses					.60	%		.59	%
Portfolio turnover					30	%		24	%
Net assets, ending (in thousands)				$	51,287		$	44,496



See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements.
	Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Advisor’s compliance with applicable policies and procedures, including those related to personal investing. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board observed that the scope of services provided by the Advisor generally had expanded over time as a result of regulatory, market and

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other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one-, three- and five-year periods ended June 30, 2011. The data also indicated that the Portfolio outperformed its Lipper index for the five-year period ended June 30, 2011 and underperformed its Lipper index for the one- and three-year periods ended June 30, 2011. The Board also took into account management’s discussion of the Portfolio’s performance, including the composition of the peer universe against which the Portfolio was being measured. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer universe. Among other findings, the data indicated that the Portfolio’s advisory fee was at the median of its peer universe and that total expenses were above the median of its peer universe. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer universe. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio and the relatively small range in total expense ratios among the funds in the Portfolio’s peer universe. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a portfolio-by-portfolio basis. In reviewing the overall profit-ability of the advisory fee to the Portfolio’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Portfolio for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Family of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Portfolio in terms of the total amount of annual advisory fees it received with respect to the Portfolio and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 27

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2011 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 28

CONCLUSIONS

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 29

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the 12-month period ended December 31, 2011, Calvert VP Inflation Protected Plus Portfolio returned 10.41% compared with 13.56% for the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPs) Index.

The primary cause of the underperformance was exposure to floating-rate notes and corporate fixed income securities, which underperformed TIPs during the period and were not held by the Index. However, the Portfolio outperformed the Lipper VA General U.S. Government Funds Average, which returned 10.05% for the year.

Investment Climate

Fixed income markets performed well in 2011, as interest rates declined substantially. The Federal Reserve (Fed) continued to be supportive, initiating “Operation Twist”to decrease long-term interest rates and flatten the shape of the yield curve. The market also experienced a flight to quality during the second half of the year, after Standard & Poor’s downgraded U.S. government debt rating and evidence mounted of a looming financial crisis in Europe.

The combination of these events drove interest rates to multi-year lows, with the 10-year Treasury note’s yield declining from 3.29% to 1.88% during the year. Interest rates at the front end of the yield curve also remained extremely low, as the two-year Treasury note closed the year with a yield of 0.24%.

Inflation increased in 2011 as the economy recovered modestly. The rate of inflation,

Average Annual total return
(period ended 12.31.11)

One Year	10.41	%
Five Year	6.46	%
Since inception (12.28.06)	6.48	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.82%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 4

as measured by the Consumer Price Index for Urban Consumers, was 3.0%, versus a rate of 1.5% in 2010. Core inflation, which excludes food and energy, advanced at a rate of 2.2% in 2011, up from 0.8% in 2010.

The difference between the yields on a 10-year Treasury note and a 10-year TIPs bond was 1.98% at year end. At the end of 2010, the difference was 2.32%. The tightening of this spread implies that investors’ expectations of future inflation decreased during 2011.

	% of total Investments
Investment allocation	(at 12.31.11)

Long Term	31	%
Intermediate Term	36	%
Short Term	33	%

Total	100	%

Portfolio Strategy

The Portfolio primarily invests in TIPs and floating-rate securities, although it also invests in fixed-rate corporate and agency bonds. Throughout 2011, the portfolio maintained an intermediate duration, slightly shorter than the Index, due to the combination of longer-dated TIPs, floating-rate notes, and intermediate corporate and agency bonds. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest rate movements.

TIPs are intended to protect against changing inflation expectations, while we expect the floating-rate securities to provide greater income during times of inflation. The Portfolio may also selectively invest in fixed-rate securities that have the potential to increase portfolio returns in stable markets.

Outlook

The outlook for inflation-protected securities depends heavily on the rate of future inflation. While the rate of inflation increased in 2011, the inflation picture overall appears benign due to material slack in the labor market, a possible slowdown in Europe, continued sluggishness in the housing market, and the lack of pricing power for most of corporate America.

That said, central banks in both the U.S. and Europe continue to monetize their debts, which may lead to higher inflation in the longer term. If economic growth accelerates in the U.S. and abroad, inflation in the intermediate to long term may become more of a concern to the marketplace as well, and will impact the performance of inflation-protected securities.

January 2012

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$1,061.90	$4.00

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.32	$3.92

* Expenses are equal to the Fund’s annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Inflation Protected Plus Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Inflation Protected Plus Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Inflation Protected Plus Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania
February 27, 2012

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2011


		PRINCIPAL
U.S. TREASURY⁽ⁱ⁾- 52.8%		AMOUNT		VALUE
United States Treasury Bonds:
2.375%, 1/15/25	$	1,201,270	$	1,526,927
2.00%, 1/15/26		1,483,131		1,822,165
2.375%, 1/15/27		1,347,408		1,739,841
1.75%, 1/15/28		1,134,903		1,364,189
3.625%, 4/15/28		1,400,000		2,081,187
2.50%, 1/15/29		1,402,698		1,870,848
3.875%, 4/15/29		1,377,400		2,145,731
3.375%, 4/15/32		1,275,700		1,964,777
2.125%, 2/15/40		1,728,606		2,317,684
2.125%, 2/15/41		1,344,200		1,814,250
United States Treasury Notes:
0.125%, 4/15/16		512,925		534,804
2.50%, 7/15/16		1,121,240		1,296,959
2.375%, 1/15/17		1,122,840		1,303,547
2.625%, 7/15/17		1,092,540		1,300,805
1.625%, 1/15/18		1,080,860		1,230,998
1.375%, 7/15/18		1,050,070		1,189,040
2.125%, 1/15/19		1,054,660		1,253,562
1.875%, 7/15/19		1,272,600		1,499,282
1.375%, 1/15/20		1,675,392		1,907,591
1.25%, 7/15/20		1,038,290		1,174,566
1.125%, 1/15/21		1,035,120		1,154,159
0.625%, 7/15/21		401,868		429,748

Total U.S. Treasury (Cost $28,652,342)				32,922,660


CORPORATE BONDS - 44.9%
Alcoa, Inc., 6.15%, 8/15/20		300,000		310,623
Ally Financial, Inc., 0.559%, 12/19/12 (r)		1,000,000		1,001,889
American Express Centurion Bank, 0.426%, 6/12/12 (r)		250,000		248,954
American Express Credit Corp.:
0.414%, 2/24/12 (r)		200,000		199,825
1.424%, 6/24/14 (r)		1,000,000		979,360
Amgen, Inc., 4.10%, 6/15/21		300,000		307,453
Anheuser-Busch InBev Worldwide, Inc., 1.304%, 3/26/13 (r)		500,000		503,065
Bank of America Corp.:
0.728%, 4/30/12 (r)		500,000		501,304
7.375%, 5/15/14		100,000		103,523
3.75%, 7/12/16		300,000		278,069
Bank of New York Mellon Corp., 0.709%, 1/31/14 (r)		100,000		99,036
Baxter International, Inc., 4.00%, 3/1/14		100,000		106,473
BB&T Corp., 1.125%, 4/28/14 (r)		500,000		490,141
BlackRock, Inc., 3.50%, 12/10/14		100,000		106,713

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 8


		PRINCIPAL
CORPORATE BONDS - cont’d		AMOUNT		VALUE
Bottling Group LLC, 6.95%, 3/15/14	$	100,000	$	112,433
BP Capital Markets plc:
3.625%, 5/8/14		100,000		104,981
4.50%, 10/1/20		100,000		110,042
CA, Inc., 5.375%, 12/1/19		100,000		108,500
CCO Holdings LLC / CCO Holdings Capital Corp., 7.25%, 10/30/17		200,000		211,000
Cigna Corp., 4.00%, 2/15/22		100,000		99,062
Citigroup, Inc.:
2.453%, 8/13/13 (r)		591,000		577,019
0.81%, 6/9/16 (r)		500,000		397,519
Corrections Corporation of America, 6.75%, 1/31/14		250,000		250,313
Danaher Corp., 0.817%, 6/21/13 (r)		200,000		200,524
Del Monte Corp., 7.625%, 2/15/19		100,000		96,250
Eaton Corp., 0.885%, 6/16/14 (r)		500,000		500,216
Eli Lilly & Co., 4.20%, 3/6/14		100,000		107,270
Enbridge Energy Partners LP, 5.20%, 3/15/20		100,000		110,929
Energizer Holdings, Inc., 4.70%, 5/19/21 (e)		200,000		211,253
Ford Motor Credit Co. LLC:
3.148%, 1/13/12 (r)		750,000		749,250
8.125%, 1/15/20		400,000		471,000
GATX Corp., 4.85%, 6/1/21		200,000		202,487
General Dynamics Corp., 3.875%, 7/15/21		500,000		539,269
General Electric Capital Corp.:
0.388%, 5/8/12 (r)		500,000		500,535
0.567%, 9/21/12 (r)		500,000		500,526
0.41%, 3/20/13 (r)		600,000		594,720
General Mills, Inc., 5.65%, 2/15/19		100,000		118,794
Goldman Sachs Group, Inc., 1.02%, 3/22/16 (r)		900,000		771,517
Hanesbrands, Inc., 4.146%, 12/15/14 (r)		299,000		298,253
Harley-Davidson Financial Services, Inc., 3.875%, 3/15/16 (e)		600,000		620,212
Hewlett-Packard Co., 4.75%, 6/2/14		100,000		105,919
Hospira, Inc., 6.40%, 5/15/15		100,000		108,576
Host Hotels & Resorts LP, 6.875%, 11/1/14		500,000		508,750
Jabil Circuit, Inc., 5.625%, 12/15/20		250,000		254,375
JPMorgan Chase & Co., 3.15%, 7/5/16		300,000		301,464
JPMorgan Chase Bank, 0.872%, 6/13/16 (r)		1,250,000		1,118,407
Kinder Morgan Energy Partners LP, 3.50%, 3/1/16		100,000		103,789
L-3 Communications Corp., 5.20%, 10/15/19		200,000		203,251
Lloyds TSB Bank plc, 2.766%, 1/24/14 (r)		250,000		235,848
MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 6.25%, 6/15/22		250,000		261,250
McCormick & Company, Inc., 3.90%, 7/15/21		500,000		531,737
MDC Holdings, Inc., 5.625%, 2/1/20		700,000		636,357
Metropolitan Life Global Funding I, 1.141%, 1/10/14 (e)(r)		250,000		247,490
Morgan Stanley:
0.913%, 6/20/12 (r)		500,000		501,604
0.691%, 1/9/14 (r)		500,000		449,524
Mueller Water Products, Inc., 8.75%, 9/1/20		371,000		404,390
National Australia Bank Ltd., 1.111%, 4/11/14 (e)(r)		500,000		499,645
Northern Trust Corp., 3.45%, 11/4/20		100,000		102,570
Nova Chemicals Corp., 3.784%, 11/15/13 (r)		500,000		495,000
Novartis Capital Corp., 4.125%, 2/10/14		100,000		106,743
PNC Funding Corp., 0.628%, 1/31/14 (r)		500,000		491,177

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 9


		PRINCIPAL
CORPORATE BONDS - cont’d		AMOUNT		VALUE
Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/14	$	100,000	$	109,665
Procter & Gamble Co., 3.50%, 2/15/15		100,000		107,756
Qwest Corp., 3.796%, 6/15/13 (r)		1,000,000		1,009,079
Rio Tinto Finance USA Ltd., 3.75%, 9/20/21		500,000		523,347
Sempra Energy, 1.306%, 3/15/14 (r)		550,000		545,244
Shell International Finance BV, 4.00%, 3/21/14		100,000		107,085
Teck Resources Ltd., 4.75%, 1/15/22		100,000		107,217
Time Warner Cable, Inc., 5.00%, 2/1/20		200,000		219,099
Toronto-Dominion Bank, 0.701%, 7/14/14 (r)		500,000		497,634
Unilever Capital Corp., 4.80%, 2/15/19		100,000		116,137
VF Corp., 1.245%, 8/23/13 (r)		500,000		500,841
Vulcan Materials Co., 7.50%, 6/15/21		600,000		649,500
WellPoint, Inc., 3.70%, 8/15/21		200,000		203,654
Wells Fargo & Co., 0.625%, 10/28/15 (r)		500,000		471,218
Westpac Banking Corp., 1.309%, 3/31/14 (e)(r)		200,000		199,999
Williams Partners LP, 3.80%, 2/15/15		200,000		209,857
Xerox Corp., 1.281%, 5/16/14 (r)		1,000,000		984,572

Total Corporate Bonds (Cost $28,007,933)				28,030,072


U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 1.3%
Freddie Mac, 3.75%, 3/27/19		700,000		799,480

Total U.S. Government Agencies And Instrumentalities (Cost $783,085)				799,480


tIme dePosIt - 1.3%
State Street Time Deposit, 0.113%, 1/3/12		842,374		842,374

Total Time Deposit (Cost $842,374)				842,374



TOTAL INVESTMENTS (Cost $58,285,734) - 100.3%				62,594,586
Other assets and liabilities, net - (0.3%)				(203,231	)
Net assets - 100%			$	62,391,355


Net assets consist of:
Paid-in capital applicable to 1,056,896 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	57,865,885
Undistributed net investment income				118,326
Accumulated net realized gain (loss) on investments				98,292
Net unrealized appreciation (depreciation) on investments				4,308,852


Net assets			$	62,391,355

Net asset value Per share			$	59.03

See notes to financial statements.

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(e)	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.
(i)	Inflation protected securities.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
LLC: Limited Liability Corporation
LP: Limited Partnership
plc: Public Company Limited

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Interest income	$	880,602
Inflation principal income		626,171
Total investment income		1,506,773

Expenses:
Investment advisory fee		234,582
Transfer agency fees and expenses		1,674
Accounting fees		7,671
Directors’ fees and expenses		7,649
Administrative fees		46,916
Custodian fees		18,887
Reports to shareholders		29,151
Professional fees		23,589
Miscellaneous		1,795
Total expenses		371,914
Reimbursement from Advisor		(12,568	)
Fees paid indirectly		(130	)
Net expenses		359,216


Net Investment Income		1,147,557


Realized and unrealized gain (loss) on investments
Net realized gain (loss)		203,976
Change in unrealized appreciation (depreciation)		3,419,149

Net realized and unrealized gain
(loss) on Investments		3,623,125

Increase (decrease) in net assets
resulting from operations	$	4,770,682

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	1,147,557		$	641,788
Net realized gain (loss)		203,976			994,587
Change in unrealized appreciation (depreciation)		3,419,149			385,586


Increase (decrease) in net assets
resultIng from oPeratIons		4,770,682			2,021,961

Distributions to shareholders from:
Net investment income		(1,100,857	)		(590,360	)
Net realized gain		(462,627	)		(356,945	)
Total distributions		(1,563,484	)		(947,305	)

Capital share transactions:
Shares sold		40,194,557			12,850,348
Reinvestment of distributions		1,563,483			947,309
Shares redeemed		(12,347,327	)		(20,624,230	)
Total capital share transactions		29,410,713			(6,826,573	)


Total increase (decrease) In net assets		32,617,911			(5,751,917	)


Net assets
Beginning of year		29,773,444			35,525,361
End of year (including undistributed net investment
income of $118,326 and $71,626, respectively)	$	62,391,355		$	29,773,444


Capital share activity
Shares sold		701,412			231,118
Shares reinvested		26,504			17,363
Shares redeemed		(213,936	)		(372,237	)
Total capital share activity		513,980			(123,756	)

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Inflation Protected Plus Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc., (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments In securities*	level 1	level 2	level 3		total
U.S. government obligations	—	$33,722,140	—	$	$33,722,140
Corporate debt	—	28,030,072	—		28,030,072
Other debt obligations	—	842,374	—		842,374
TOTAL	—	$62,594,586	—	$	$62,594,586

*For a complete listing of investments, please refer to the Statement of Net Assets.

Treasury Inflation-Protected Securities: The Portfolio invests in Treasury Inflation-Protected Securities (“TIPS”), in which the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to inflation principal income in the accompanying Statement of Operations. Such adjustments may have a significant impact on the Portfolio’s distributions.

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NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affili-ates. For its services, the Advisor receives an annual fee, payable monthly, of .50% of the Portfolio’s average daily net assets. Under the terms of the agreement, $26,173 was payable at year end. In addition, $6,383 was payable at year end for operating expenses paid by the Advisor during December 2011.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2012. The contractual expense cap is .77% (.75% prior to May 1, 2011). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc. (“CIAS”) (formerly known as Calvert Administrative Services Company), an affiliate of the Advisor, provides administrative services to the Portfolio. For its services, CIAS receives an annual fee, payable monthly, of .10% based on the Portfolio’s average daily net assets. Under the terms of the agreement, $5,235 was payable at year end.

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NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. Government securities, were $41,485,663 and $12,673,066, respectively. U.S. Government security purchases and sales were $4,747,203 and $4,758,346, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 were as follows:

	2011	2010
Distributions paid from:
Ordinary income	$1,376,461	$772,255
Long term capital gain	187,023	175,050
Total	$1,563,484	$947,305

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$4,769,152
Unrealized (depreciation)	(467,279	)
Net unrealized appreciation/(depreciation)	$4,301,873

Undistributed ordinary income	$211,622
Undistributed long term capital gain	$11,975
Federal income tax cost of investments	$58,292,713

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011.

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For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$3,383	1.43%	$351,050	October 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2011, the Portfolio considers $187,023 of the long term capital gain distributions paid during the year as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

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FINANCIAL HIGHLIGHTS

		Years ended
		December 31,			December 31,			December 31,
		2011	(z)		2010			2009
Net asset value, beginning	$	54.84		$	53.29		$	49.69
Income from investment operations:
Net investment income		1.42			1.23			.22
Net realized and unrealized gain (loss)		4.29			2.13			3.57
Total from investment operations		5.71			3.36			3.79
Distributions from:
Net investment income		(1.07	)		(1.13	)		(.19	)
Net realized gains		(.45	)		(.68	)		—
Total distributions		(1.52	)		(1.81	)		(.19	)
Total increase (decrease) in net asset value		4.19			1.55			3.60
Net asset value, ending	$	59.03		$	54.84		$	53.29

Total return*		10.41	%		6.33	%		7.62	%
Ratios to average net assets: A
Net investment income		2.45	%		1.96	%		.57	%
Total expenses		.79	%		.82	%		.81	%
Expenses before offsets		.77	%		.75	%		.75	%
Net expenses		.77	%		.75	%		.75	%
Portfolio turnover		38	%		96	%		123	%
Net assets, ending (in thousands)	$	62,391		$	29,773		$	35,525


					Years ended
					December 31,			December 31,
					2008	(z)		2007
Net asset value, beginning				$	53.00		$	50.09
Income from investment operations:
Net investment income					1.35			2.64
Net realized and unrealized gain (loss)					(2.47	)		2.59
Total from investment operations					(1.12	)		5.23
Distributions from:
Net investment income					(1.37	)		(2.32	)
Return of capital					(.82	)		—
Total distributions					(2.19	)		(2.32	)
Total increase (decrease) in net asset value					(3.31	)		2.91
Net asset value, ending				$	49.69		$	53.00

Total return*					(2.33	%)		10.80	%
Ratios to average net assets: A
Net investment income (loss)					2.59	%		5.19	%
Total expenses					1.25	%		5.27	%
Expenses before offsets					.75	%		.75	%
Net expenses					.75	%		.75	%
Portfolio turnover					56	%		8	%
Net assets, ending (in thousands)				$	17,492		$	1,157


See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(z)	Per share figures are calculated using Average Shares Method.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Portfolio’s advisory fee; comparative performance, fee and expense information for the Portfolio; the profitability of the Calvert Family of Funds to the Advisor and its affiliates; the allocation of the Portfolio’s brokerage, including the Advisor’s process for monitoring “best execution”; the direct and indirect benefits, if any, derived by the Advisor and its affili-ates from their relationship with the Portfolio; the effect of the Portfolio’s growth and size on the Portfolio’s performance and expenses; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

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In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the performance of the Portfolio was above the median of its peer group for the one-year period ended June 30, 2011 and below the median of its peer group for the three-year period ended June 30, 2011. The data also indicated that the Portfolio outperformed its Lipper index for the one-year period ended June 30, 2011 and underperformed its Lipper index for the three-year period ended June 30, 2011. The Board took into account the Portfolio’s more recent performance. The Board also took into account management’s discussion of the Portfolio’s performance, including the differences in the investment strategies used by the funds in the Portfolio’s peer group that also affect relative performance, and measures the Subadvisor was implementing to enhance the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was at the median of its peer group and that total expenses (net of expense reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer group. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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their relationship with the Portfolio was reasonable.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2011 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

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CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement and the Investment Subadvisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) the performance of the Portfolio is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; and (f) the Portfolio’s advisory and subadvisory fees are reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

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Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

The address of Directors and Officers is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Ms. Krumsiek is an interested person of the Fund since she is an officer and director of the Fund’s Advisor and its affili-ates. Mr. Lester is an interested person of the Fund since he is an officer and director of the parent company of the Fund’s Advisor.

Additional information about the Fund’s Directors can be found in the Statement of Additional Information (SAI).

You can get a free copy of the SAI by contacting your broker, or the Fund at 1-800-368-2745.

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies changed their names as indicated:

Old Name	New Name	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.	Calvert Investment Management, Inc.	Investment advisor to the Calvert Funds

Calvert Distributors, Inc.	Calvert Investment Distributors, Inc.	Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company	Calvert Investment Administrative Services, Inc.	Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.	Calvert Investment Services, Inc.	Shareholder servicing provider for the Calvert Funds

CALVERT VP NATURAL RESOURCES PORTFOLIO
Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2011, Calvert VP Natural Resources Portfolio returned -10.13% compared with 2.11% for the Standard & Poor’s (S&P) 500 Index. The Portfolio’s concentrated holdings in the commodity and natural resource sectors caused the underperformance as the Index has a more diversified allocation of holdings across industry sectors. The Portfolio modestly underperformed a custom benchmark of 50% S&P North America Natural Resources Index and 50% DJ-UBS Commodity Total Return Index, which returned -9.94% for the period.

Investment Climate

Investor sentiment was generally negative for commodities and natural resources during 2011. A fear of worldwide recession, led by a slowdown in Europe and China, caused many commodity prices to decline during the year. Stocks of materials companies in particular suffered significant declines. The price of natural gas also fell during the year, although crude oil prices improved slightly. While gold rallied from a flight to quality, gold stocks did not follow suit.

Energy generating companies were one of the few bright spots, primarily because of their stable dividend yield. The improved domestic economic environment helped cushion price decreases. But global economic concerns, coupled with a stronger dollar in the latter part of the year, continued to pressure the commodity and natural resource sector.

Average annual total return
(period ended 12.31.11)

One Year	-10.13	%
Five Year	0.17	%
Since inception (12.28.06)	0.17	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 1.42%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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Portfolio Strategy

As a “fund-of-funds,” the Portfolio invests in exchange-traded funds (ETFs) and notes (ETNs) that track various commodity, natural resource, raw materials, and utility indices. It is constructed to maintain broad exposures to a wide variety of commodities and natural resources.

During 2011, the Portfolio’s holdings remained fairly stable. The only changes were an increase in its exposure to the energy sector, and slight decreases in its exposure to forestry, materials, and utilities. The Portfolio’s largest holdings were in the energy (40%) and materials (24%) sectors. It also had exposure to metals (11%), grains (8%), and forest products (4%), as well as water, utilities, real estate, and soft goods.

	% of Total
Economic Sectors	Investments

Materials Stocks	24.2	%
Energy Stocks	21.2	%
Forestry Stocks	4.0	%
Water Stocks	4.0	%
Utilities Stocks	4.0	%
Real Estate Stocks	1.0	%
Energy Commodities	18.7	%
Grain Commodities	8.2	%
Industrial Metals Commodities	5.7	%
Precious Metals Commodities	5.2	%
Soft Commodities	2.5	%
Livestock Commodities	1.3	%
Total	100	%

Outlook

Europe appears to be headed for a recession, while the U.S. appears to be recovering. Asia continues to grow, albeit at a slower pace. Current monetary policy in the U.S., Europe, and possibly China should be supportive of pricing. However, prolonged strength in the U.S. dollar would temper price gains. Since commodity and natural resource prices will likely follow the growth of the global economy in 2012, the outlook is mixed.

January 2012

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SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2011 to December 31, 2011).

Note: Expenses do not reflect charges and expenses of the variable annuity or variable universal life contract.

Actual Expenses

Hypothetical Example for Comparison Purposes

	BEGINNING	ENDING	EXPENSES PAID
	ACCOUNT VALUE	ACCOUNT VALUE	DURING PERIOD*
	7/1/11	12/31/11	7/1/11 - 12/31/11

Actual	$1,000.00	$877.00	$3.64

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.32	$3.92

* Expenses are equal to the Fund’s annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the Underlying Funds in which the Portfolio invests are not included in the annualized expense ratios.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Natural Resources Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Natural Resources Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the year ended December 31, 2007 were audited by other auditors whose report thereon, dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Natural Resources Portfolio as of December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 27, 2012

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STATEMENT OF NET ASSETS
DECEMBER 31, 2011


Investment companies - 98.6%		SHARES		VALUE
Guggenheim Timber Index ETF		118,000	$	1,951,720
iPath Dow Jones-UBS Commodity Index Total Return ETN*		230,000		9,715,200
iShares Dow Jones US Utilities Sector Index ETF		11,000		971,520
iShares S&P Global Materials Sector Index ETF		68,000		3,889,600
iShares S&P North American Natural Resources Sector Index ETF		269,000		10,222,000
Market Vectors Gold Miners ETF		19,000		977,170
PowerShares DB Commodity Index Tracking Fund*		380,000		10,199,200
PowerShares Water Resources Portfolio ETF		115,000		1,937,750
Vanguard Materials ETF		106,000		7,751,780
Vanguard REIT ETF		8,000		464,000

Total Investment Companies (Cost $47,795,624)				48,079,940


		PRINCIPAL
TIME DEPOSIT - 1.5%		AMOUNT
State Street Time Deposit, 0.113%, 1/3/12	$	712,133		712,133

Total Time Deposit (Cost $712,133)				712,133



TOTAL INVESTMENTS (Cost $48,507,757) - 100.1%				48,792,073
Other assets and liabilities, net - (0.1%)				(46,013	)
net assets - 100%			$	48,746,060



Net assets consist of:
Paid-in capital applicable to 978,009 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	50,198,678
Undistributed net investment income				85,016
Accumulated net realized gain (loss) on investments				(1,821,950	)
Net unrealized appreciation (depreciation) on investments				284,316


Net assets			$	48,746,060

Net asset value Per share			$	49.84


* Non-income producing security.


Abbreviations:
ETF: Exchange-traded fund
ETN: Exchange-traded note
REIT: Real Estate Investment Trust

See notes to financial statements.

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STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2011


Net Investment Income
Investment Income:
Dividend income	$	496,178
Interest income		492
Total investment income		496,670


Expenses:
Investment advisory fee		259,588
Transfer agency fees and expenses		1,728
Accounting fees		7,738
Directors’ fees and expenses		7,611
Administrative fees		47,198
Custodian fees		17,032
Reports to shareholders		30,822
Professional fees		22,898
Miscellaneous		2,230
Total expenses		396,845
Reimbursement from Advisor		(36,128	)
Fees paid indirectly		(260	)
Net expenses		360,457


Net Investment Income		136,213


Realized and unrealized gain (loss) on investments
Net realized gain (loss)		2,318,207
Changes in unrealized appreciation (depreciation)		(7,866,105	)


Net realized and unrealized gain
(loss) on Investments		(5,547,898	)

Increase (decrease) in net assets
resulting from operations		($5,411,685	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		Year ended			Year ended
		December 31,			December 31,
Increase (decrease) In net assets		2011			2010
Operations:
Net investment income	$	136,213		$	267,823
Net realized gain (loss)		2,318,207			347,297
Change in unrealized appreciation (depreciation)		(7,866,105	)		6,947,741


Increase (decrease) In net assets
resultIng from operations		(5,411,685	)		7,562,861

Distributions to shareholders from:
Net investment income		(159,240	)		(125,966	)

Capital share transactions:
Shares sold		18,553,487			22,767,385
Reinvestment of distributions		159,240			125,969
Shares redeemed		(6,764,050	)		(5,330,921	)
Total capital share transactions		11,948,677			17,562,433


Total Increase (decrease) In net assets		6,377,752			24,999,328



Net assets
Beginning of year		42,368,308			17,368,980
End of year (including undistributed net investment
income of $85,016 and $141,857, respectively)	$	48,746,060		$	42,368,308


Capital share activity
Shares sold		335,955			506,255
Reinvestment of distributions		3,200			2,279
Shares redeemed		(122,655	)		(111,839	)
Total capital share activity		216,500			396,695

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Natural Resources Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio invests primarily in exchange traded funds and exchange traded notes (the “Underlying Funds”) representing different natural resources exposures.

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At December 31, 2011, no securities were fair valued in good faith under the direction of the Board of Directors.

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 Portfolio’s own assumptions in determining the fair value of investments)

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

Exchange traded funds and notes 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.

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Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2011:

	VALUATION INPUTS
Investments In securItIes*	level 1	level 2	level 3	total
Exchange traded funds & notes	$48,079,940	—	—	$48,079,940
Other debt obligations	—	$712,133	—	712,133
TOTAL	$48,079,940	$712,133	—	$48,792,073

*For a complete listing of investments, please refer to the Statement of Net Assets.

Security Transactions and Investment Income: Security transactions, normally shares of the Underlying Funds, are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis. Income and capital gain distributions from the Underlying Funds, if any, are recorded on ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Portfolio and do not include any expenses associated with the Underlying Funds.

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New Accounting Pronouncements: In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 requires disclosure of the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers. For Level 3 fair value measurements, ASU No. 2011-04 requires disclosure of quantitative information about the significant unobservable inputs used. In addition, for Level 3 fair value measurements, ASU No. 2011-04 requires a description of the valuation processes used by the reporting entity and requires a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. ASU No. 2011-04 is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2011. Management is currently evaluating the impact the adoption of ASU No. 2011-04 will have on the Portfolio’s financial statements and related disclosures.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) (formerly known as Calvert Asset Management Company, Inc.) is wholly-owned by Calvert Investments, Inc. (“Calvert”) (formerly known as Calvert Group, Ltd.), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .55%, of the Portfolio’s average daily net assets. Under the terms of the agreement, $22,707 was payable at year end. In addition, $2,437 was payable at year end for operating expenses paid by the Advisor during December 2011.

Calvert Investment Administrative Services, Inc. (“CIAS”) (formerly known as Calvert Administrative Services Company), an affiliate of the Advisor, provides administrative services to the Portfolio. For its services, CIAS receives an annual fee, payable monthly, of .10% based on the Portfolio’s average daily net assets. Under the terms of the agreement, $4,128 was payable at year end.

Calvert Investment Services, Inc. (“CIS”) (formerly known as Calvert Shareholder Services, Inc.), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $80 for the year ended December 31, 2011. Under the terms of the agreement, $7 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $25,041,979 and $13,349,005, respectively.

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The tax character of dividends and distributions paid during the years ended December 31, 2011 and December 31, 2010 was as follows:

Distributions paid from:	2011	2010
Ordinary income	$159,240	$125,966
Total	$159,240	$125,966

As of December 31, 2011, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$276,288
Unrealized (depreciation)	(2,948,938	)
Net unrealized appreciation/(depreciation)	($2,672,650	)

Undistributed ordinary income	$478,678
Undistributed long term capital gain	$741,354

Federal income tax cost of investments	$51,464,723

Reclassifications, as shown in the table below, have been made to the Portfolio’s components of net assets to reflect income and gains available for distributions (or available capital loss carryforwards, as applicable) under income tax law and regulations. These reclassifications are due to permanent book-tax differences and have no impact on net assets. The primary permanent differences causing such reclassifications for the Portfolio are due to partnerships.

Undistributed net investment income	($33,814	)
Accumulated net realized gain (loss)	33,814

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NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2011. For the year ended December 31, 2011, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$991	1.51%	$215,823	February 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2011, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTICE TO SHAREHOLDERS (UNAUDITED)

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FINANCIAL HIGHLIGHTS


		Years ended
		December 31,			December 31,			December 31,
		2011			2010	(z)		2009	(z)
Net asset value, beginning	$	55.64		$	47.61		$	36.42
Income from investment operations:
Net investment income		.10			.47			.08
Net realized and unrealized gain (loss)		(5.74	)		7.73			11.22
Total from investment operations		(5.64	)		8.20			11.30
Distributions from:
Net investment income		(.16	)		(.17	)		(.11	)
Total distributions		(.16	)		(.17	)		(.11	)
Total increase (decrease) in net asset value		(5.80	)		8.03			11.19
Net asset value, ending	$	49.84		$	55.64		$	47.61

Total return*		(10.13	%)		17.22	%		31.04	%
Ratios to average net assets: A,B
Net investment income		.29	%		.98	%		.20	%
Total expenses		.84	%		.87	%		.90	%
Expenses before offsets		.76	%		.75	%		.75	%
Net expenses		.76	%		.75	%		.75	%
Portfolio turnover		28	%		30	%		35	%
Net assets, ending (in thousands)	$	48,746		$	42,368		$	17,369



					Years ended
					December 31,			December 31,
					2008			2007
Net asset value, beginning				$	60.90		$	49.98
Income from investment operations:
Net investment income					.10			.10
Net realized and unrealized gain (loss)					(24.46	)		10.82
Total from investment operations					(24.36	)		10.92
Distributions from:
Net investment income					(.12	)		—
Total distributions					(.12	)		—
Total increase (decrease) in net asset value					(24.48	)		10.92
Net asset value, ending				$	36.42		$	60.90

Total return*					(40.03	%)		21.85	%
Ratios to average net assets: A,B
Net investment income					.40	%		.23	%
Total expenses					1.38	%		6.33	%
Expenses before offsets					.75	%		.75	%
Net expenses					.75	%		.75	%
Portfolio turnover					101	%		28	%
Net assets, ending (in thousands)				$	7,674		$	1,255


See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
B	Amounts do not include the activity of the Underlying Funds.
(z)	Per share figures are calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 8, 2011, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

The disinterested Directors were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement. Prior to voting, the disinterested Directors reviewed the proposed continuance of the Investment Advisory Agreement and Investment Subadvisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Portfolio’s advisory fee; comparative performance, fee and expense information for the Portfolio; the profitability of the Calvert Family of Funds to the Advisor and its affiliates; the allocation of the Portfolio’s brokerage, including the Advisor’s process for monitoring “best execution”; the direct and indirect benefits, if any, derived by the Advisor and its affili-ates from their relationship with the Portfolio; the effect of the Portfolio’s growth and size on the Portfolio’s performance and expenses; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

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In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one- and three-year periods ended June 30, 2011. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2011. The Board took into account management’s discussion of the limitations on the passive and active benchmarks against which the Portfolio’s performance was measured as well as the Portfolio’s recent performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer universe. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was below the median of its peer universe and that total expenses (net of expense reimbursements) were also below the median of its peer universe. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer universe. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an anticipated overall reduction in the transfer agency fees to be paid across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2011 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the Advisor and Subadvisor were affiliated and the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. Based upon its review, the Board determined that the subadvisory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvi-sor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

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CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement and the Investment Sub-advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) the performance of the Portfolio is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; and (f) the Portfolio’s advisory and subadvisory fees are reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 23

Director and Officer Information Table

(Not Applicable to Officers)

Position

# of Calvert

Name &

with

Start

Principal Occupation

Portfolios

Other

Age

Fund

Date

During Last 5 Years

Overseen

Directorships

Independent Directors

FRANK H. BLATZ, JR., Esq.

AGE: 76

Director

1982

CVS

2008

CVP

Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.

None

ALICE GRESHAM BULLOCK

AGE: 61

Director

1999

CVS

2008

CVP

Professor at Howard University School of Law. She is former Dean of Howard University School of Law and Deputy Director of the Association of American Law Schools.

None

M. CHARITO KRUVANT

AGE: 66

Director

1999

CVS

2008

CVP

President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.

· Acacia Federal Savings Bank

· Summit Foundation

· WETA Public Broadcasting

CYNTHIA MILLIGAN

AGE: 65

Director

1999

CVS

2008

CVP

· Wells Fargo Company- NYSE

· Gallup, Inc.

· W.K. Kellogg Foundation

· Raven Industries - NASDAQ

· Colonial Williamsburg Foundation

· Prison Fellowship

Ministries Foundation

ARTHUR J. PUGH

AGE: 74

Director

1982

CVS

2008

CVP

Retired executive.

None

Interested Directors

BARBARA J. KRUMSIEK*

AGE: 59

Director & Chair-person

1997

CVS

2008

CVP

President, Chief Executive Officer and Chair of Calvert Investments, Inc.

· Calvert Social Investment Foundation

· Pepco Holdings, Inc.

· Acacia Life Insurance Company (Chair)

· Griffin Realty Corp.

WILLIAM LESTER*

AGE: 54

Director

& President

2004

CVS

2008

CVP

Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies (since May 2009). Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.

· Acacia Federal Savings Bank

· Summit Investment Advisors, Inc.

· Ameritas Investment Corp.

Officers

MICHAEL T. ABRAMO

AGE: 38

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

KAREN BECKER

AGE: 59

Chief Compliance Officer

2005

CVS

2008

CVP

Chief Compliance Officer for the Calvert Funds and Head of the Securities Operations Department for Calvert Investment Management, Inc.

SUSAN walker Bender, E sq.

AGE: 53

Assistant Vice President & Assistant Secretary

1988

CVS

2008

CVP

Assistant Vice President and Associate General Counsel of Calvert Investments, Inc.

THOMAS A. DAILEY

AGE: 47

Vice President

2004

CVS

2008

CVP

Vice President of Calvert Investment Management, Inc. and lead portfolio manager for taxable and tax-exempt money market funds and municipal funds.

MATTHEW DUCH

AGE: 36

Vice President

2011

Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds.

IVY WAFFORD DUKE, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

1996

CVS

2008

CVP

PATRICK FAUL

AGE: 47

Vice President

2010

TRACI L. GOLDT

AGE: 38

Assistant Secretary

2004

CVS

2008

CVP

Electronic Filing Manager (since 2011) and Executive Assistant to General Counsel (prior to 2011), Calvert Investments, Inc.

HUI PING HO, CPA

Age: 47

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Investments, Inc.

LANCELOT A. KING, Esq.

AGE: 41

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc.

edith lillie

aGE: 55

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Investments, Inc.

AUGUSTO DIVO MACEDO, Esq.

AGE: 49

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc.

JANE B. MAXWELL Esq.

AGE: 59

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Investments, Inc.

JAMES R. McGLYNN, CFA

AGE: 52

Vice President

2009

CVS

2009

CVP

Senior Vice President of Calvert Investment Management, Inc. Prior to joining Calvert in December 2008, Mr. McGlynn was the large cap value manager of Summit Investment Advisors, Inc.

ANDREW K. NIEBLER, Esq.

AGE: 44

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc.

CATHERINE P. ROY

AGE: 56

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer-Fixed Income.

William M. Tartikoff, Esq.

AGE: 64

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc.

NATALIE TRUNOW

AGE: 44

Vice President

2008

Ronald M. Wolfsheimer, CPA

AGE: 59

Treasurer

1982

CVS

2008

CVP

Executive Vice President and Chief Financial and Administrative Officer of Calvert Investments, Inc.

MICHAEL V. YUHAS JR., CPA

AGE: 50

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Investment Administrative Services, Inc.

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer and principal financial officer (also referred to as “principal accounting officer”).

(b) No information need be disclosed under this paragraph.

(c) The registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The registrant has not granted a waiver or implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees/Directors has determined that M. Charito Kruvant, an “independent” Trustee/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 Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Services fees paid to auditing firm:

	Fiscal Year ended 12/31/10		Fiscal Year ended 12/31/11
	$	%*	$	% *

(a) Audit Fees	$218,405	0%	$166,320	0%
(b) Audit-Related Fees	$0	0%	$0	0%
(c) Tax Fees (tax return preparation and filing for the registrant)	$38,968	0%	$25,380	0%
(d) All Other Fees	$0	0%	$0	0%

Total	$257,373	0%	$191,700	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)

(e) Audit Committee pre-approval policies and procedures:

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 advisor, and any entity controlling, controlled by, or under common control with the advisor 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 advisor in each instance.

(f) Not applicable.

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

Fiscal Year ended 12/31/10

Fiscal

Year

ended

12/31/11

$11,000

0%*

$42,500

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 of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c) (7)(ii) of Rule 2-01 of Reg. S-X is compatible with maintaining the principal accountant’s independence and found that the provision of such services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) This Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors since registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The principal executive and financial officers concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report. This determination was based on the change to the registrant’s internal control over financial reporting described in Item 11(b) below made in response to a material weakness comment from registrant’s independent public accounting firm in December 2011.

(b) There was a 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 of 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. This change provides for (1) the remodeling and testing of the models used for all fixed income securities that are being priced under fair value procedures by the Advisor; (2) conducting of back-testing that reasonably supports the assumptions used in fair valuing the securities; (3) modifying the internal compliance monitoring system to report the asset weighting of each fixed income security, providing the percentage of any security owned in an individual Fund and across the Fund complex; (4) implementing a manual control to monitor for and report to the internal pricing committee on any security where the primary and/or secondary pricing vendor has been overridden for more than a certain number of days, as specified in the Fund’s procedures; and (5) enhanced escalation procedures to address any fair valuation concerns.

Item 12. Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics.

Attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2).

Attached hereto.

(a)(3) Not applicable.

(b) A certification for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.

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

CALVERT VARIABLE PRODUCTS, INC.

By: /s/ Barbara J. Krumsiek

Barbara J. Krumsiek

Chairman -- Principal Executive Officer

Date: March 1, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment 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.

/s/ Barbara J. Krumsiek

Barbara J. Krumsiek

Chairman -- Principal Executive Officer

Date: March 1, 2012

__/s/ Ronald M. Wolfsheimer

Ronald M. Wolfsheimer

Treasurer -- Principal Financial Officer

Date: March 1, 2012