N-CSR

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)

1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(202) 238-2200

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Calvert

VP S&P MidCap 400 Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP S&P MidCap 400 Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	26
Federal Tax Information	27
Management and Organization	28
Important Notices	30

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the 12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase–one” trade deal with China.

During the 12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories as measured by the Russell growth and value indexes.

Investment Strategy

As an index fund, Calvert VP S&P MidCap 400 Index Portfolio (the Fund) seeks to replicate, as closely as possible, the holdings and match the performance of the S&P MidCap 400^® Index (the Index). The Fund seeks to accomplish this by employing a passive management approach and holding each constituent of the Index in approximately the same proportion as the Index. The Fund may also invest in exchange-traded funds (ETFs) that provide the same exposure to the Index. Cash holdings may gain exposure to the Index via futures contracts, allowing the Fund’s assets to be fully invested.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 25.82% for Class I shares at net asset value (NAV). By comparison, the Index returned 26.20% for the same period. The Index is unmanaged and returns do not reflect any fees and operating expenses.

During the period, mid-cap stocks trailed large-cap stocks, while slightly outperforming small-cap stocks. All market sectors within the Index had double-digit returns during the period, except for energy. Energy, among the smallest weights in the Index, had returns of 12.43% due to relatively low oil prices. Information technology and industrials had the strongest returns and, along with financials, held the greatest weights in the Index at year-end.

Futures contracts, which are regularly used to manage uninvested cash holdings in the Fund, had a meaningful positive impact on performance during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Performance

Portfolio Manager Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class I at NAV		05/03/1999		05/03/1999		25.82	%		8.64	%		12.23	%
Class F at NAV		10/01/2007		05/03/1999		25.55			8.38			11.96
S&P MidCap 400® Index		—		—		26.20	%		9.02	%		12.71	%
% Total Annual Operating Expense Ratios 4								Class I			Class F
Gross									0.44	%		0.64	%
Net									0.33			0.53

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class F		$10,000		12/31/2009		$30,972		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Fund Profile

Sector Allocation (% of net assets) 5
Financials	16.1	%
Industrials	15.1
Information Technology	15.1
Consumer Discretionary	13.2
Real Estate	10.9
Health Care	9.4
Materials	5.9
Utilities	4.4
Consumer Staples	2.8
Energy	2.0
Communication Services	1.9
Exchange-Traded Funds	1.3
Total	98.1	%

Top 10 Holdings (% of net assets) 5
SPDR S&P MidCap 400 ETF Trust	1.3	%
Teledyne Technologies, Inc.	0.7
Domino’s Pizza, Inc.	0.6
Tyler Technologies, Inc.	0.6
Alleghany Corp.	0.6
Teradyne, Inc.	0.6
West Pharmaceutical Services, Inc.	0.6
Medical Properties Trust, Inc.	0.6
Fair Isaac Corp.	0.6
Trimble, Inc.	0.5
Total	6.7	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P MidCap 400^® Index is an unmanaged index of 400 U.S. mid-cap stocks. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

5

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,068.10	$	1.72	**		0.33	%
Class F	$	1,000.00	$	1,066.90	$	2.76	**		0.53	%
Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,023.54	$	1.68	**		0.33	%
Class F	$	1,000.00	$	1,022.53	$	2.70	**		0.53	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments

Common Stocks — 96.8%
Security	Shares		Value
Aerospace & Defense — 1.4%
Axon Enterprise, Inc. (1)		16,749	$	1,227,367
Curtiss-Wright Corp.		12,078		1,701,669
Mercury Systems, Inc. (1)		15,685		1,083,990
Teledyne Technologies, Inc. (1)		10,229		3,544,758
			$	7,557,784
Air Freight & Logistics — 0.4%
XPO Logistics, Inc. (1)(2)		26,055	$	2,076,583
Airlines — 0.3%
JetBlue Airways Corp. (1)		80,972	$	1,515,796
Auto Components — 1.4%
Adient PLC (1)		24,610	$	522,962
Dana, Inc.		40,679		740,358
Delphi Technologies PLC		24,622		315,900
Gentex Corp.		70,953		2,056,218
Goodyear Tire & Rubber Co. (The)		65,723		1,022,321
Lear Corp.		15,434		2,117,545
Visteon Corp. (1)		7,901		684,148
			$	7,459,452
Automobiles — 0.2%
Thor Industries, Inc.		15,569	$	1,156,621
Banks — 7.0%
Associated Banc-Corp.		44,692	$	985,012
BancorpSouth Bank		27,012		848,447
Bank of Hawaii Corp. (2)		11,296		1,074,927
Bank OZK		34,168		1,042,295
Cathay General Bancorp		21,433		815,526
Commerce Bancshares, Inc.		29,089		1,976,307
Cullen/Frost Bankers, Inc. (2)		16,116		1,575,822
East West Bancorp, Inc.		41,139		2,003,469
F.N.B. Corp.		91,826		1,166,190
First Financial Bankshares, Inc.		38,387		1,347,384
First Horizon National Corp.		87,279		1,445,340
Fulton Financial Corp.		46,033		802,355
Hancock Whitney Corp.		24,462		1,073,393
Home BancShares, Inc.		44,022		865,472
International Bancshares Corp.		16,337		703,635
PacWest Bancorp		33,411		1,278,639
Pinnacle Financial Partners, Inc.		20,186		1,291,904

Security	Shares		Value
Banks (continued)
Prosperity Bancshares, Inc.		26,478	$	1,903,503
Signature Bank		15,143		2,068,685
Sterling Bancorp		56,669		1,194,582
Synovus Financial Corp.		41,419		1,623,625
TCF Financial Corp.		43,027		2,013,664
Texas Capital Bancshares, Inc. (1)		14,218		807,156
Trustmark Corp.		18,203		628,185
UMB Financial Corp.		12,205		837,751
Umpqua Holdings Corp.		62,240		1,101,648
United Bankshares, Inc.		28,794		1,113,176
Valley National Bancorp		110,682		1,267,309
Webster Financial Corp.		26,049		1,389,975
Wintrust Financial Corp.		16,023		1,136,031
			$	37,381,407
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A (1)(2)		2,597	$	981,276
Biotechnology — 0.9%
Arrowhead Pharmaceuticals, Inc. (1)		28,077	$	1,780,924
Exelixis, Inc. (1)		85,617		1,508,572
Ligand Pharmaceuticals, Inc. (1)		4,963		517,591
United Therapeutics Corp. (1)		12,394		1,091,663
			$	4,898,750
Building Products — 1.2%
Lennox International, Inc.		9,835	$	2,399,445
Owens Corning		30,512		1,986,941
Resideo Technologies, Inc. (1)		34,704		414,019
Trex Co., Inc. (1)(2)		16,514		1,484,278
			$	6,284,683
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		13,820	$	1,171,107
Eaton Vance Corp. (3)		31,952		1,491,839
Evercore, Inc., Class A		10,963		819,594
FactSet Research Systems, Inc. (2)		10,643		2,855,517
Federated Investors, Inc., Class B		27,171		885,503
Interactive Brokers Group, Inc., Class A (2)		21,693		1,011,327
Janus Henderson Group PLC		43,646		1,067,145
Legg Mason, Inc.		23,048		827,653
SEI Investments Co.		35,400		2,317,992
Stifel Financial Corp.		19,177		1,163,085
			$	13,610,762

7 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Chemicals — 2.4%
Ashland Global Holdings, Inc.		16,893	$	1,292,821
Cabot Corp.		15,981		759,417
Chemours Co. (The) (2)		46,208		835,903
Ingevity Corp. (1)		11,831		1,033,793
Minerals Technologies, Inc.		9,911		571,171
NewMarket Corp.		2,087		1,015,367
Olin Corp.		44,784		772,524
PolyOne Corp.		21,728		799,373
RPM International, Inc.		36,372		2,791,915
Scotts Miracle-Gro Co. (The), Class A		11,137		1,182,527
Sensient Technologies Corp.		11,962		790,568
Valvoline, Inc.		53,192		1,138,841
			$	12,984,220
Commercial Services & Supplies — 1.9%
Brink’s Co. (The)		14,132	$	1,281,490
Clean Harbors, Inc. (1)		14,526		1,245,604
Deluxe Corp.		11,809		589,505
Healthcare Services Group, Inc.		20,948		509,455
Herman Miller, Inc.		16,692		695,222
HNI Corp.		12,119		453,978
KAR Auction Services, Inc. (2)		36,118		787,011
MSA Safety, Inc.		10,068		1,272,192
Stericycle, Inc. (1)(2)		25,765		1,644,065
Tetra Tech, Inc.		15,447		1,330,914
			$	9,809,436
Communications Equipment — 1.1%
Ciena Corp. (1)		43,389	$	1,852,276
InterDigital, Inc.		8,798		479,403
Lumentum Holdings, Inc. (1)		21,736		1,723,665
NetScout Systems, Inc. (1)		18,869		454,177
ViaSat, Inc. (1)		16,286		1,192,054
			$	5,701,575
Construction & Engineering — 1.2%
AECOM (1)		44,059	$	1,900,265
Dycom Industries, Inc. (1)		8,902		419,729
EMCOR Group, Inc.		15,867		1,369,322
Fluor Corp.		39,551		746,723
MasTec, Inc. (1)		17,040		1,093,286
Valmont Industries, Inc.		6,115		915,905
			$	6,445,230

Security	Shares		Value
Construction Materials — 0.2%
Eagle Materials, Inc.		11,677	$	1,058,637
Consumer Finance — 0.6%
FirstCash, Inc.		12,148	$	979,493
Green Dot Corp., Class A (1)		13,480		314,084
Navient Corp.		54,556		746,326
SLM Corp.		118,409		1,055,024
			$	3,094,927
Containers & Packaging — 1.0%
AptarGroup, Inc.		17,930	$	2,073,067
Greif, Inc., Class A		7,422		328,052
O-I Glass, Inc.		43,651		520,756
Silgan Holdings, Inc.		21,997		683,667
Sonoco Products Co.		28,287		1,745,874
			$	5,351,416
Distributors — 0.5%
Pool Corp.		11,284	$	2,396,496
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc. (1)		15,524	$	542,874
Graham Holdings Co., Class B		1,230		785,958
Grand Canyon Education, Inc. (1)		13,526		1,295,656
Service Corp. International		51,545		2,372,616
Weight Watchers International, Inc. (1)		13,130		501,697
			$	5,498,801
Diversified Financial Services — 0.3%
Jefferies Financial Group, Inc.		71,240	$	1,522,399
Electric Utilities — 1.5%
ALLETE, Inc.		14,601	$	1,185,163
Hawaiian Electric Industries, Inc.		30,801		1,443,335
IDACORP, Inc.		14,245		1,521,366
OGE Energy Corp.		56,145		2,496,768
PNM Resources, Inc.		22,514		1,141,685
			$	7,788,317
Electrical Equipment — 1.3%
Acuity Brands, Inc.		11,113	$	1,533,594
EnerSys		12,008		898,559
Hubbell, Inc.		15,254		2,254,846

8 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Electrical Equipment (continued)
nVent Electric PLC		43,976	$	1,124,906
Regal Beloit Corp.		11,483		983,060
			$	6,794,965
Electronic Equipment, Instruments & Components — 3.6%
Arrow Electronics, Inc. (1)		22,845	$	1,935,885
Avnet, Inc.		28,318		1,201,816
Belden, Inc.		10,920		600,600
Cognex Corp.		47,933		2,686,165
Coherent, Inc. (1)		6,779		1,127,687
II-VI, Inc. (1)		24,495		824,747
Jabil, Inc.		38,963		1,610,341
Littelfuse, Inc.		6,832		1,306,962
National Instruments Corp.		33,083		1,400,734
SYNNEX Corp.		11,549		1,487,511
Tech Data Corp. (1)		9,935		1,426,666
Trimble, Inc. (1)		69,877		2,913,172
Vishay Intertechnology, Inc.		37,408		796,416
			$	19,318,702
Energy Equipment & Services — 0.5%
Apergy Corp. (1)		21,894	$	739,579
Core Laboratories NV		12,539		472,344
Patterson-UTI Energy, Inc.		54,565		572,933
Transocean, Ltd. (1)(2)		162,611		1,118,764
			$	2,903,620
Entertainment — 0.4%
Cinemark Holdings, Inc. (2)		30,133	$	1,020,002
World Wrestling Entertainment, Inc., Class A (2)		13,448		872,372
			$	1,892,374
Equity Real Estate Investment Trusts (REITs) — 10.4%
Alexander & Baldwin, Inc.		19,194	$	402,306
American Campus Communities, Inc.		38,837		1,826,504
Brixmor Property Group, Inc.		84,187		1,819,281
Camden Property Trust		27,159		2,881,570
CoreCivic, Inc.		33,663		585,063
CoreSite Realty Corp.		10,570		1,185,108
Corporate Office Properties Trust		31,643		929,671
Cousins Properties, Inc.		41,483		1,709,100
CyrusOne, Inc.		31,750		2,077,403
Diversified Healthcare Trust		67,197		567,143
Douglas Emmett, Inc.		46,563		2,044,116

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
EastGroup Properties, Inc.		10,810	$	1,434,163
EPR Properties		21,969		1,551,890
First Industrial Realty Trust, Inc.		35,752		1,484,066
GEO Group, Inc. (The)		34,272		569,258
Healthcare Realty Trust, Inc.		37,510		1,251,709
Highwoods Properties, Inc.		29,318		1,433,943
JBG SMITH Properties (2)		33,362		1,330,810
Kilroy Realty Corp.		27,355		2,295,085
Lamar Advertising Co., Class A		24,124		2,153,308
Liberty Property Trust		44,252		2,657,333
Life Storage, Inc.		13,186		1,427,780
Macerich Co. (The) (2)		30,905		831,963
Mack-Cali Realty Corp.		25,595		592,012
Medical Properties Trust, Inc.		145,130		3,063,694
National Retail Properties, Inc.		48,141		2,581,320
Omega Healthcare Investors, Inc.		61,209		2,592,201
Park Hotels & Resorts, Inc.		67,143		1,736,989
Pebblebrook Hotel Trust		36,924		989,932
PotlatchDeltic Corp. (2)		18,991		821,741
PS Business Parks, Inc.		5,660		933,164
Rayonier, Inc.		36,640		1,200,326
Sabra Health Care REIT, Inc.		54,329		1,159,381
Service Properties Trust		46,482		1,130,907
Spirit Realty Capital, Inc.		28,152		1,384,515
Tanger Factory Outlet Centers, Inc. (2)		26,440		389,461
Taubman Centers, Inc.		17,301		537,888
Urban Edge Properties		32,537		624,060
Weingarten Realty Investors		34,187		1,068,002
			$	55,254,166
Food & Staples Retailing — 0.6%
BJ’s Wholesale Club Holdings, Inc. (1)(2)		34,461	$	783,643
Casey’s General Stores, Inc.		10,393		1,652,383
Sprouts Farmers Market, Inc. (1)		33,385		646,000
			$	3,082,026
Food Products — 1.7%
Flowers Foods, Inc.		54,424	$	1,183,178
Hain Celestial Group, Inc. (The) (1)(2)		22,682		588,711
Ingredion, Inc.		18,861		1,753,130
Lancaster Colony Corp.		5,595		895,759
Pilgrim’s Pride Corp. (1)		14,804		484,313
Post Holdings, Inc. (1)		18,642		2,033,842
Sanderson Farms, Inc.		5,573		982,074

9 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Food Products (continued)
Tootsie Roll Industries, Inc.		4,768	$	162,780
TreeHouse Foods, Inc. (1)		15,885		770,423
			$	8,854,210
Gas Utilities — 1.6%
National Fuel Gas Co.		24,397	$	1,135,436
New Jersey Resources Corp.		26,763		1,192,827
ONE Gas, Inc.		14,906		1,394,755
Southwest Gas Holdings, Inc.		15,355		1,166,519
Spire, Inc.		14,361		1,196,415
UGI Corp.		58,623		2,647,415
			$	8,733,367
Health Care Equipment & Supplies — 3.3%
Avanos Medical, Inc. (1)		13,758	$	463,645
Cantel Medical Corp. (2)		10,388		736,509
Globus Medical, Inc., Class A (1)		21,664		1,275,576
Haemonetics Corp. (1)		14,215		1,633,303
Hill-Rom Holdings, Inc.		18,725		2,125,849
ICU Medical, Inc. (1)		5,434		1,016,810
Integra LifeSciences Holdings Corp. (1)		20,066		1,169,446
LivaNova PLC (1)		13,678		1,031,732
Masimo Corp. (1)		13,760		2,174,906
NuVasive, Inc. (1)		14,711		1,137,749
Penumbra, Inc. (1)(2)		9,051		1,486,808
West Pharmaceutical Services, Inc.		20,845		3,133,629
			$	17,385,962
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc. (1)		25,022	$	831,231
Amedisys, Inc. (1)		9,098		1,518,638
Chemed Corp.		4,500		1,976,670
Encompass Health Corp.		27,655		1,915,662
HealthEquity, Inc. (1)		19,961		1,478,511
Mednax, Inc. (1)		23,803		661,485
Molina Healthcare, Inc. (1)		17,586		2,386,244
Patterson Cos., Inc. (2)		24,269		497,029
Tenet Healthcare Corp. (1)		29,250		1,112,378
			$	12,377,848
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc. (1)		45,540	$	446,975

Security	Shares		Value
Hotels, Restaurants & Leisure — 4.3%
Boyd Gaming Corp.		22,618	$	677,183
Brinker International, Inc. (2)		10,599		445,158
Caesars Entertainment Corp. (1)		157,089		2,136,410
Cheesecake Factory, Inc. (The) (2)		11,606		451,009
Choice Hotels International, Inc. (2)		9,000		930,870
Churchill Downs, Inc.		9,943		1,364,180
Cracker Barrel Old Country Store, Inc. (2)		6,796		1,044,817
Domino’s Pizza, Inc.		11,472		3,370,244
Dunkin’ Brands Group, Inc.		23,380		1,766,125
Eldorado Resorts, Inc. (1)(2)		18,464		1,101,193
Jack in the Box, Inc.		6,684		521,553
Marriott Vacations Worldwide Corp.		10,495		1,351,336
Papa John’s International, Inc. (2)		6,199		391,467
Penn National Gaming, Inc. (1)		31,111		795,197
Scientific Games Corp., Class A (1)		15,275		409,064
Six Flags Entertainment Corp.		22,182		1,000,630
Texas Roadhouse, Inc.		18,485		1,041,075
Wendy’s Co. (The)		52,144		1,158,118
Wyndham Destinations, Inc.		25,440		1,314,994
Wyndham Hotels & Resorts, Inc.		26,692		1,676,525
			$	22,947,148
Household Durables — 1.0%
Helen of Troy, Ltd. (1)		7,097	$	1,275,969
KB Home		24,178		828,580
Tempur Sealy International, Inc. (1)		12,744		1,109,493
Toll Brothers, Inc.		36,517		1,442,787
TRI Pointe Group, Inc. (1)		39,053		608,446
			$	5,265,275
Household Products — 0.2%
Energizer Holdings, Inc.		18,112	$	909,585
Industrial Conglomerates — 0.5%
Carlisle Cos., Inc.		15,896	$	2,572,609
Insurance — 5.0%
Alleghany Corp. (1)		4,037	$	3,227,864
American Financial Group, Inc.		21,108		2,314,492
Brighthouse Financial, Inc. (1)		30,646		1,202,243
Brown & Brown, Inc.		65,589		2,589,454
CNO Financial Group, Inc.		42,391		768,549
First American Financial Corp.		31,685		1,847,869
Genworth Financial, Inc., Class A (1)		142,263		625,957

10 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Insurance (continued)
Hanover Insurance Group, Inc. (The)		11,049	$	1,510,067
Kemper Corp.		17,700		1,371,750
Mercury General Corp.		7,667		373,613
Old Republic International Corp.		80,558		1,802,082
Primerica, Inc.		11,601		1,514,626
Reinsurance Group of America, Inc.		17,561		2,863,497
RenaissanceRe Holdings, Ltd.		12,386		2,427,904
RLI Corp.		11,230		1,010,925
Selective Insurance Group, Inc.		16,787		1,094,344
			$	26,545,236
Interactive Media & Services — 0.3%
TripAdvisor, Inc.		29,470	$	895,299
Yelp, Inc. (1)		18,269		636,309
			$	1,531,608
Internet & Direct Marketing Retail — 0.5%
Etsy, Inc. (1)		33,234	$	1,472,266
GrubHub, Inc. (1)(2)		25,821		1,255,934
			$	2,728,200
IT Services — 2.4%
CACI International, Inc., Class A (1)		7,033	$	1,758,180
CoreLogic, Inc. (1)		22,650		990,032
KBR, Inc.		40,011		1,220,336
LiveRamp Holdings, Inc. (1)		19,119		919,050
MAXIMUS, Inc.		18,036		1,341,698
Perspecta, Inc.		38,993		1,030,975
Sabre Corp.		77,355		1,735,846
Science Applications International Corp.		13,863		1,206,358
WEX, Inc. (1)		12,142		2,543,263
			$	12,745,738
Leisure Products — 0.8%
Brunswick Corp.		22,880	$	1,372,343
Mattel, Inc. (1)(2)		97,666		1,323,374
Polaris, Inc.		16,240		1,651,608
			$	4,347,325
Life Sciences Tools & Services — 2.1%
Bio-Rad Laboratories, Inc., Class A (1)		6,077	$	2,248,672
Bio-Techne Corp.		10,759		2,361,708
Charles River Laboratories International, Inc. (1)		13,795		2,107,324
PRA Health Sciences, Inc. (1)		17,749		1,972,802

Security	Shares		Value
Life Sciences Tools & Services (continued)
Repligen Corp. (1)		13,114	$	1,213,045
Syneos Health, Inc. (1)		17,550		1,043,786
			$	10,947,337
Machinery — 4.3%
AGCO Corp.		17,581	$	1,358,132
Colfax Corp. (1)		23,614		859,077
Crane Co.		14,403		1,244,131
Donaldson Co., Inc.		35,498		2,045,395
Graco, Inc.		46,778		2,432,456
ITT, Inc.		24,598		1,818,038
Kennametal, Inc.		23,308		859,832
Lincoln Electric Holdings, Inc.		17,151		1,659,016
Nordson Corp.		14,351		2,336,917
Oshkosh Corp.		19,088		1,806,679
Terex Corp.		18,128		539,852
Timken Co. (The)		19,014		1,070,679
Toro Co. (The)		29,899		2,382,053
Trinity Industries, Inc.		27,528		609,745
Woodward, Inc.		15,908		1,884,144
			$	22,906,146
Marine — 0.3%
Kirby Corp. (1)		16,938	$	1,516,459
Media — 1.1%
AMC Networks, Inc., Class A (1)		12,482	$	493,039
Cable One, Inc.		1,419		2,112,139
John Wiley & Sons, Inc., Class A		12,446		603,880
Meredith Corp.		11,326		367,755
New York Times Co. (The), Class A		40,626		1,306,939
TEGNA, Inc.		61,238		1,022,062
			$	5,905,814
Metals & Mining — 1.9%
Allegheny Technologies, Inc. (1)(2)		35,636	$	736,240
Carpenter Technology Corp.		13,472		670,636
Commercial Metals Co.		33,331		742,281
Compass Minerals International, Inc. (2)		9,577		583,814
Reliance Steel & Aluminum Co.		18,696		2,239,033
Royal Gold, Inc.		18,397		2,249,033
Steel Dynamics, Inc.		60,429		2,057,003
United States Steel Corp. (2)		48,261		550,658
Worthington Industries, Inc.		10,475		441,836
			$	10,270,534

11 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Multi-Utilities — 0.8%
Black Hills Corp.		17,266	$	1,356,072
MDU Resources Group, Inc.		56,264		1,671,603
NorthWestern Corp.		14,258		1,021,871
			$	4,049,546
Multiline Retail — 0.2%
Dillard’s, Inc., Class A (2)		2,887	$	212,137
Ollie’s Bargain Outlet Holdings, Inc. (1)(2)		15,463		1,009,888
			$	1,222,025
Oil, Gas & Consumable Fuels — 1.5%
Antero Midstream Corp. (2)		84,530	$	641,583
Chesapeake Energy Corp. (1)(2)		318,885		263,271
CNX Resources Corp. (1)		53,015		469,183
EQT Corp.		72,217		787,165
Equitrans Midstream Corp. (2)		57,668		770,445
Matador Resources Co. (1)(2)		30,192		542,550
Murphy Oil Corp. (2)		41,895		1,122,786
PBF Energy, Inc., Class A		28,805		903,613
World Fuel Services Corp.		18,480		802,402
WPX Energy, Inc. (1)		116,887		1,606,027
			$	7,909,025
Paper & Forest Products — 0.3%
Domtar Corp.		15,849	$	606,065
Louisiana-Pacific Corp.		32,943		977,419
			$	1,583,484
Personal Products — 0.2%
Edgewell Personal Care Co. (1)		15,309	$	473,967
Nu Skin Enterprises, Inc., Class A		15,700		643,386
			$	1,117,353
Pharmaceuticals — 0.8%
Catalent, Inc. (1)		41,274	$	2,323,726
Nektar Therapeutics (1)(2)		49,500		1,068,457
Prestige Consumer Healthcare, Inc. (1)		14,201		575,141
			$	3,967,324
Professional Services — 0.9%
ASGN, Inc. (1)		14,952	$	1,061,143
FTI Consulting, Inc. (1)		10,500		1,161,930
Insperity, Inc.		10,545		907,292
ManpowerGroup, Inc.		16,538		1,605,840
			$	4,736,205

Security	Shares		Value
Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc.		14,454	$	2,516,297
Road & Rail — 0.8%
Avis Budget Group, Inc. (1)		15,944	$	514,034
Knight-Swift Transportation Holdings, Inc.		34,701		1,243,684
Landstar System, Inc.		11,201		1,275,458
Ryder System, Inc.		15,075		818,723
Werner Enterprises, Inc.		12,607		458,769
			$	4,310,668
Semiconductors & Semiconductor Equipment — 4.0%
Cabot Microelectronics Corp.		8,200	$	1,183,424
Cirrus Logic, Inc. (1)		16,211		1,335,949
Cree, Inc. (1)		30,237		1,395,438
Cypress Semiconductor Corp.		103,585		2,416,638
First Solar, Inc. (1)(2)		21,449		1,200,286
MKS Instruments, Inc.		15,400		1,694,154
Monolithic Power Systems, Inc.		11,367		2,023,553
Semtech Corp. (1)		18,805		994,785
Silicon Laboratories, Inc. (1)		12,251		1,420,871
SolarEdge Technologies, Inc. (1)		13,570		1,290,371
Synaptics, Inc. (1)		9,302		611,793
Teradyne, Inc.		47,002		3,205,066
Universal Display Corp.		11,892		2,450,584
			$	21,222,912
Software — 3.7%
ACI Worldwide, Inc. (1)		32,423	$	1,228,345
Blackbaud, Inc.		13,899		1,106,360
CDK Global, Inc.		34,257		1,873,173
Ceridian HCM Holding, Inc. (1)(2)		28,179		1,912,791
Commvault Systems, Inc. (1)		11,753		524,654
Fair Isaac Corp. (1)		8,123		3,043,526
j2 Global, Inc.		13,135		1,230,881
LogMeIn, Inc.		13,692		1,173,952
Manhattan Associates, Inc. (1)		17,923		1,429,359
PTC, Inc. (1)		29,300		2,194,277
Teradata Corp. (1)		31,554		844,701
Tyler Technologies, Inc. (1)		10,971		3,291,519
			$	19,853,538
Specialty Retail — 2.2%
Aaron’s, Inc.		18,835	$	1,075,667
American Eagle Outfitters, Inc.		44,892		659,912
AutoNation, Inc. (1)		16,611		807,793

12 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Specialty Retail (continued)
Bed Bath & Beyond, Inc.		36,116	$	624,807
Dick’s Sporting Goods, Inc. (2)		17,837		882,753
Five Below, Inc. (1)		15,734		2,011,749
Foot Locker, Inc.		30,022		1,170,558
Murphy USA, Inc. (1)		8,110		948,870
RH (1)		4,600		982,100
Sally Beauty Holdings, Inc. (1)(2)		32,627		595,443
Urban Outfitters, Inc. (1)(2)		19,951		554,039
Williams-Sonoma, Inc. (2)		21,768		1,598,642
			$	11,912,333
Technology Hardware, Storage & Peripherals — 0.2%
NCR Corp. (1)		36,011	$	1,266,147
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		12,382	$	1,353,848
Columbia Sportswear Co.		8,144		815,947
Deckers Outdoor Corp. (1)		7,847		1,325,045
Skechers U.S.A., Inc., Class A (1)		37,805		1,632,798
			$	5,127,638
Thrifts & Mortgage Finance — 0.6%
LendingTree, Inc. (1)(2)		2,197	$	666,658
New York Community Bancorp, Inc.		132,101		1,587,854
Washington Federal, Inc.		21,974		805,347
			$	3,059,859
Trading Companies & Distributors — 0.7%
GATX Corp.		9,845	$	815,658
MSC Industrial Direct Co., Inc., Class A		12,722		998,295
NOW, Inc. (1)		31,682		356,106
Watsco, Inc.		9,218		1,660,623
			$	3,830,682
Water Utilities — 0.5%
Aqua America, Inc.		60,539	$	2,841,701
Wireless Telecommunication Services — 0.1%
Telephone & Data Systems, Inc.		27,489	$	699,045
Total Common Stocks (identified cost $397,780,184)			$	513,983,579

Exchange-Traded Funds — 1.3%
Security	Shares		Value
SPDR S&P MidCap 400 ETF Trust (2)		18,000	$	6,756,840
Total Exchange-Traded Funds (identified cost $6,223,795)			$	6,756,840
Short-Term Investments — 1.1%
U.S. Treasury Obligations — 0.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 2/27/20 (4)	$	1,000	$	997,659
Total U.S. Treasury Obligations (identified cost $996,431)			$	997,659
Securities Lending Collateral — 0.9%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (5)		5,174,093	$	5,174,093
Total Securities Lending Collateral (identified cost $5,174,093)			$	5,174,093
Total Short-Term Investments (identified cost $6,170,524)			$	6,171,752
Total Investments (identified cost $410,174,503) — 99.2%			$	526,912,171
Other Assets, Less Liabilities — 0.8%			$	4,134,174
Net Assets — 100.0%			$	531,046,345

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  Non-income producing security.

⁽²⁾ All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $42,777,256.

⁽³⁾ Represents an investment in an affiliate effective December 31, 2016 due to the issuer’s affiliation with the Fund’s investment adviser.

⁽⁴⁾ Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

⁽⁵⁾ Represents investment of cash collateral received in connection with securities lending.

13 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P MidCap 400 Index		51		Long		3/20/20	$	10,530,480	$	55,225

14 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $409,102,873) - including $42,777,256 of securities on loan	$	525,420,332
Investments in securities of affiliated issuers, at value (identified cost $1,071,630)		1,491,839
Receivable for variation margin on open futures contracts		9,690
Cash		11,063,845
Receivable for capital shares sold		93,364
Dividends receivable		604,888
Securities lending income receivable		9,082
Receivable from affiliate		54,708
Directors’ deferred compensation plan		101,761
Other assets		27,620
Total assets	$	538,877,129
Liabilities
Payable for investments purchased	$	1,732,926
Payable for capital shares redeemed		346,508
Deposits for securities loaned		5,174,093
Payable to affiliates:
Investment advisory fee		89,106
Administrative fee		53,464
Distribution and service fees		49,792
Sub-transfer agency fee		142
Directors’ deferred compensation plan		101,761
Accrued expenses		282,992
Total liabilities	$	7,830,784
Net Assets	$	531,046,345
Sources of Net Assets
Paid-in capital	$	389,795,840
Distributable earnings		141,250,505
Total	$	531,046,345
Class I
Net Assets	$	233,933,015
Shares Outstanding		2,093,591
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	111.74
Class F
Net Assets	$	297,113,330
Shares Outstanding		2,644,479
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	112.35

15 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income (net of foreign taxes withheld of $4,283)	$	8,812,776
Dividend income - affiliated issuers		47,378
Interest income		119,024
Securities lending income, net		96,429
Total investment income	$	9,075,607
Expenses
Investment advisory fee	$	1,008,918
Administrative fee		605,351
Distribution and service fees:
Class F		558,083
Directors’ fees and expenses		29,957
Custodian fees		26,005
Transfer agency fees and expenses		189,581
Accounting fees		114,660
Professional fees		53,732
Reports to shareholders		67,446
Miscellaneous		93,987
Total expenses	$	2,747,720
Waiver and/or reimbursement of expenses by affiliate	$	(517,652	)
Reimbursement of expenses - other		(11,442	)
Net expenses	$	2,218,626
Net investment income	$	6,856,981
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities - unaffiliated issuers	$	15,402,815
Investment securities - affiliated issuers		2,404
Futures contracts		1,718,980
Net realized gain	$	17,124,199
Change in unrealized appreciation (depreciation):
Investment securities - unaffiliated issuers	$	88,267,353
Investment securities - affiliated issuers		384,538
Futures contracts		119,530
Net change in unrealized appreciation (depreciation)	$	88,771,421
Net realized and unrealized gain	$	105,895,620
Net increase in net assets resulting from operations	$	112,752,601

16 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	6,856,981		$	6,518,422
Net realized gain		17,124,199			35,010,240
Net change in unrealized appreciation (depreciation)		88,771,421			(98,726,336	)
Net increase (decrease) in net assets from operations	$	112,752,601		$	(57,197,674	)
Distributions to shareholders:
Class I	$	(18,345,023	)	$	(17,139,326	)
Class F		(22,802,015	)		(20,564,765	)
Total distributions to shareholders	$	(41,147,038	)	$	(37,704,091	)
Capital share transactions:
Class I	$	(868,512	)	$	(11,340,005	)
Class F		11,902,788			3,819,388
Net increase (decrease) in net assets from capital share transactions	$	11,034,276		$	(7,520,617	)
Net increase (decrease) in net assets	$	82,639,839		$	(102,422,382	)
Net Assets
At beginning of year	$	448,406,506		$	550,828,888
At end of year	$	531,046,345		$	448,406,506

17 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Financial Highlights

	Class I
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	97.01		$	117.50		$	106.11		$	91.52		$	95.73
Income (Loss) From Operations
Net investment income (1)	$	1.63		$	1.58		$	1.44		$	1.12		$	1.02
Net realized and unrealized gain (loss)		22.45			(13.43	)		15.18			17.43			(3.56	)
Total income (loss) from operations	$	24.08		$	(11.85	)	$	16.62		$	18.55		$	(2.54	)
Less Distributions
From net investment income	$	(1.34	)	$	(1.40	)	$	(0.81	)	$	(0.44	)	$	(0.09	)
From net realized gain		(8.01	)		(7.24	)		(4.42	)		(3.52	)		(1.58	)
Total distributions	$	(9.35	)	$	(8.64	)	$	(5.23	)	$	(3.96	)	$	(1.67	)
Net asset value — End of year	$	111.74		$	97.01		$	117.50		$	106.11		$	91.52
Total Return (2)		25.82	%		(11.33	)%		15.88	%		20.27	%		(2.68	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	233,933		$	202,330		$	256,043		$	246,310		$	222,462
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.43	%		0.44	%		0.43	%		0.54	%		0.54	%
Net expenses		0.32	%		0.30	%		0.30	%		0.41	%		0.54	%
Net investment income		1.48	%		1.35	%		1.29	%		1.15	%		1.05	%
Portfolio Turnover		15	%		14	%		16	%		20	%		13	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾ Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

18 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Financial Highlights — continued

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	97.71		$	118.58		$	107.30		$	92.83		$	97.20
Income (Loss) From Operations
Net investment income (1)	$	1.40		$	1.31		$	1.18		$	1.14		$	0.85
Net realized and unrealized gain (loss)		22.59			(13.54	)		15.33			17.40			(3.64	)
Total income (loss) from operations	$	23.99		$	(12.23	)	$	16.51		$	18.54		$	(2.79	)
Less Distributions
From net investment income	$	(1.34	)	$	(1.40	)	$	(0.81	)	$	(0.55	)	$	—
From net realized gain		(8.01	)		(7.24	)		(4.42	)		(3.52	)		(1.58	)
Total distributions	$	(9.35	)	$	(8.64	)	$	(5.23	)	$	(4.07	)	$	(1.58	)
Net asset value — End of year	$	112.35		$	97.71		$	118.58		$	107.30		$	92.83
Total Return (2)		25.55	%		(11.57	)%		15.63	%		19.96	%		(2.90	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	297,113		$	246,076		$	294,786		$	261,005		$	13,051
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.63	%		0.64	%		0.64	%		0.79	%		0.77	%
Net expenses		0.54	%		0.55	%		0.55	%		0.66	%		0.77	%
Net investment income		1.26	%		1.11	%		1.05	%		1.10	%		0.86	%
Portfolio Turnover		15	%		14	%		16	%		20	%		13	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾ Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

19 See Notes to Financial Statements.

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements

1 Significant Accounting Policies

Calvert VP S&P MidCap 400 Index Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P MidCap 400^® Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.

Short-Term Debt Securities. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Other Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

20

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	513,983,579	(1)	$	—	$	—	$	513,983,579
Exchange-Traded Funds		6,756,840			—		—		6,756,840
Short-Term Investments —
U.S. Treasury Obligations		—			997,659		—		997,659
Securities Lending Collateral		5,174,093			—		—		5,174,093
Total Investments	$	525,914,512		$	997,659	$	—	$	526,912,171
Futures Contracts	$	55,225		$	—	$	—	$	55,225
Total	$	525,969,737		$	997,659	$	—	$	526,967,396

⁽¹⁾ The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2019 is not presented.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C  Share Class Accounting — Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.

D  Foreign Currency Transactions — The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income, and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

F  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

21

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

G  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.20% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $1,008,918.

Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Fund pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.33% and 0.53% (0.30% and 0.55% prior to May 1, 2019) for Class I and Class F, respectively, of such class’ average daiy net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $517,652.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $605,351.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.20% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $558,083 for Class F shares.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $551 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $11,442, which are included in miscellaneous expense and reimbursement of expenses - other, respectively, on the Statement of Operations.

22

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $186,706 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $74,826,226 and $97,591,214, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	8,005,851	$	11,891,912
Long-term capital gains	$	33,141,187	$	25,812,179

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	6,104,752
Undistributed long-term capital gains	$	17,915,406
Net unrealized appreciation	$	117,230,347

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	409,681,824
Gross unrealized appreciation	$	146,299,530
Gross unrealized depreciation		(29,069,183	)
Net unrealized appreciation	$	117,230,347

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption	Assets			Liabilities
Futures contracts	Distributable earnings	$	55,225	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

23

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts		Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	1,718,980	$	119,530

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2019 was approximately $8,796,000.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $42,777,256 and the total value of collateral received was $43,603,027, comprised of cash of $5,174,093 and U.S. government and/or agencies securities of $38,428,934.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	42,329,618	$	—	$	—	$	—	$	42,329,618
Exchange-Traded Funds		1,273,409		—		—		—		1,273,409
Total	$	43,603,027	$	—	$	—	$	—	$	43,603,027

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

24

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Affiliated Companies

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At December 31, 2019, the value of the Fund’s investment in affiliated companies was $1,491,839, which represents 0.28% of the Fund’s net assets. Transactions in affiliated companies by the Fund for the year ended December 31, 2019 were as follows:

Name of Affiliated Company	Value, beginning of period		Purchases		Sales Proceeds			Net Realized Gain (Loss)		Change In Unrealized Appreciation (Depreciation)		Value, end of period		Dividend Income		Capital Gain Distributions Received		Shares, end of period
Eaton Vance Corp.	$	1,204,809	$	—	$	(99,912	)	$	2,404	$	384,538	$	1,491,839	$	47,378	$	—		31,952

10  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 20,000,000 common shares, $0.10 par value, for each Class. Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class I
Shares sold		87,377		$	9,530,108			111,777		$	12,820,442
Reinvestment of distributions		181,418			18,345,023			146,678			17,139,326
Shares redeemed		(260,862	)		(28,743,643	)		(351,907	)		(41,299,773	)
Net increase (decrease)		7,933		$	(868,512	)		(93,452	)	$	(11,340,005	)
Class F
Shares sold		93,788		$	10,401,238			57,086		$	6,760,577
Reinvestment of distributions		224,165			22,802,015			174,618			20,564,765
Shares redeemed		(192,009	)		(21,300,465	)		(199,149	)		(23,505,954	)
Net increase		125,944		$	11,902,788			32,555		$	3,819,388

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP and a separate account of another insurance company owned 23.1% and 52.4%, respectively, of the value of the outstanding shares of the Fund.

25

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP S&P MidCap 400 Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

26

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 69.60% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $17,915,525 or, if subsequently determined to be different, the net capital gain of such year.

27

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Management and Organization

Fund Management.  The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).

28

Calvert

VP S&P MidCap 400 Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

29

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

30

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This Page Intentionally Left Blank

Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24223    12.31.19

Calvert

VP S&P 500 Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP S&P 500 Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	25
Federal Tax Information	26
Management and Organization	27
Important Notices	29

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the 12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase–one” trade deal with China.

During the 12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories as measured by the Russell growth and value indexes.

Investment Strategy

As an index fund, Calvert VP S&P 500 Index Portfolio (the Fund) seeks to replicate, as closely as possible, the holdings and match the performance of the S&P 500^® Index (the Index). The Funds seeks to accomplish this by employing a passive management approach and holding each constituent of the Index in approximately the same proportion as the Index. The Fund may also invest in exchange-traded funds (ETFs) that provide the same exposure to the Index. Cash holdings may gain exposure to the Index via futures contracts, allowing the Fund’s assets to be fully invested.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 31.16% at net asset value (NAV). By comparison, the Index returned 31.49% for the same period. The Index is unmanaged and returns do not reflect any fees and operating expenses.

Large-cap stocks outperformed mid-cap stocks and small-cap stocks during the period. All market sectors within the Index had positive, double-digit returns during the period, with information technology (IT), communication services, and financials outperforming other sectors. IT, health care, and financials had the largest weights in the Index at year-end. Energy, one of the smallest sectors in the Index, was the weakest performer.

Futures contracts, which are regularly used to manage uninvested cash holdings in the Fund, had a meaningful positive impact on performance during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Performance

Portfolio Manager Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.

% Average Annual Total Returns 2,3	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Fund at NAV		12/29/1995		12/29/1995		31.16	%		11.32	%		13.15	%
S&P 500® Index		—		—		31.49	%		11.69	%		13.55	%
% Total Annual Operating Expense Ratios 4
Gross												0.39	%
Net												0.28

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Fund Profile

Sector Allocation (% of net assets) 5
Information Technology	22.8	%
Health Care	13.9
Financials	12.7
Communication Services	10.2
Consumer Discretionary	9.6
Industrials	8.9
Consumer Staples	7.1
Energy	4.3
Utilities	3.2
Real Estate	2.9
Materials	2.6
Exchange-Traded Funds	0.3
Total	98.5	%

Top 10 Holdings (% of net assets) 5
Apple, Inc.	4.5	%
Microsoft Corp.	4.4
Amazon.com, Inc.	2.8
Facebook, Inc., Class A	1.8
Berkshire Hathaway, Inc., Class B	1.6
JPMorgan Chase & Co.	1.6
Alphabet, Inc., Class A	1.5
Alphabet, Inc., Class C	1.5
Johnson & Johnson	1.4
Visa, Inc., Class A	1.2
Total	22.3	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

5

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second line of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
	$	1,000.00	$	1,107.70	$	1.49	**		0.28	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,023.79	$	1.43	**		0.28	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments

Common Stocks — 98.2%
Security	Shares		Value
Aerospace & Defense — 2.4%
Arconic, Inc.		6,525	$	200,774
Boeing Co. (The)		8,969		2,921,741
General Dynamics Corp.		3,941		694,995
Huntington Ingalls Industries, Inc.		721		180,885
L3Harris Technologies, Inc.		3,760		743,991
Lockheed Martin Corp.		4,179		1,627,219
Northrop Grumman Corp.		2,650		911,521
Raytheon Co.		4,646		1,020,912
Textron, Inc.		4,073		181,656
TransDigm Group, Inc.		854		478,240
United Technologies Corp.		13,642		2,043,026
			$	11,004,960
Air Freight & Logistics — 0.5%
C.H. Robinson Worldwide, Inc.		2,280	$	178,296
Expeditors International of Washington, Inc.		2,876		224,386
FedEx Corp.		4,071		615,576
United Parcel Service, Inc., Class B		11,692		1,368,665
			$	2,386,923
Airlines — 0.4%
Alaska Air Group, Inc.		2,098	$	142,139
American Airlines Group, Inc. (1)		6,936		198,924
Delta Air Lines, Inc.		9,747		570,005
Southwest Airlines Co.		7,903		426,604
United Airlines Holdings, Inc. (2)		3,631		319,855
			$	1,657,527
Auto Components — 0.1%
Aptiv PLC		4,315	$	409,796
BorgWarner, Inc.		3,767		163,412
			$	573,208
Automobiles — 0.3%
Ford Motor Co.		64,973	$	604,249
General Motors Co.		21,163		774,566
Harley-Davidson, Inc. (1)		2,871		106,772
			$	1,485,587
Banks — 5.5%
Bank of America Corp.		136,305	$	4,800,662
Citigroup, Inc.		36,637		2,926,930

Security	Shares		Value
Banks (continued)
Citizens Financial Group, Inc.		7,531	$	305,834
Comerica, Inc.		2,405		172,559
Fifth Third Bancorp		11,841		363,992
First Republic Bank		2,900		340,605
Huntington Bancshares, Inc.		18,167		273,958
JPMorgan Chase & Co.		52,741		7,352,095
KeyCorp		17,124		346,590
M&T Bank Corp.		2,202		373,790
People’s United Financial, Inc.		7,516		127,020
PNC Financial Services Group, Inc. (The)		7,311		1,167,055
Regions Financial Corp.		16,095		276,190
SVB Financial Group (2)		868		217,903
Truist Financial Corp.		22,589		1,272,213
U.S. Bancorp		23,715		1,406,062
Wells Fargo & Co.		64,570		3,473,866
Zions BanCorp NA (1)		3,101		161,004
			$	25,358,328
Beverages — 1.8%
Brown-Forman Corp., Class B		3,068	$	207,397
Coca-Cola Co. (The)		64,693		3,580,757
Constellation Brands, Inc., Class A		2,817		534,526
Molson Coors Brewing Co., Class B		3,257		175,552
Monster Beverage Corp. (2)		6,516		414,092
PepsiCo, Inc.		23,509		3,212,975
			$	8,125,299
Biotechnology — 2.0%
AbbVie, Inc.		24,867	$	2,201,724
Alexion Pharmaceuticals, Inc. (2)		3,808		411,835
Amgen, Inc.		9,991		2,408,530
Biogen, Inc. (2)		3,011		893,454
Gilead Sciences, Inc.		21,109		1,371,663
Incyte Corp. (2)		3,114		271,914
Regeneron Pharmaceuticals, Inc. (2)		1,360		510,653
Vertex Pharmaceuticals, Inc. (2)		4,350		952,433
			$	9,022,206
Building Products — 0.3%
A.O. Smith Corp.		2,397	$	114,193
Allegion PLC		1,639		204,121
Fortune Brands Home & Security, Inc.		2,381		155,575
Johnson Controls International PLC		12,871		523,978
Masco Corp.		4,986		239,278
			$	1,237,145

7 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Capital Markets — 2.6%
Ameriprise Financial, Inc.		2,114	$	352,150
Bank of New York Mellon Corp. (The)		14,002		704,721
BlackRock, Inc.		1,979		994,843
Cboe Global Markets, Inc.		1,973		236,760
Charles Schwab Corp. (The)		19,076		907,255
CME Group, Inc.		5,979		1,200,105
E*Trade Financial Corp.		4,039		183,249
Franklin Resources, Inc.		5,128		133,225
Goldman Sachs Group, Inc. (The)		5,317		1,222,538
Intercontinental Exchange, Inc.		9,291		859,882
Invesco, Ltd.		6,891		123,900
MarketAxess Holdings, Inc.		660		250,213
Moody’s Corp.		2,709		643,144
Morgan Stanley		20,525		1,049,238
MSCI, Inc.		1,438		371,263
Nasdaq, Inc.		2,032		217,627
Northern Trust Corp.		3,620		384,589
Raymond James Financial, Inc.		2,081		186,166
S&P Global, Inc.		4,078		1,113,498
State Street Corp.		6,067		479,900
T. Rowe Price Group, Inc.		3,968		483,461
			$	12,097,727
Chemicals — 1.9%
Air Products & Chemicals, Inc.		3,739	$	878,628
Albemarle Corp. (1)		1,914		139,799
Celanese Corp.		2,084		256,582
CF Industries Holdings, Inc.		3,840		183,322
Corteva, Inc.		12,487		369,116
Dow, Inc.		12,372		677,119
DuPont de Nemours, Inc.		12,361		793,576
Eastman Chemical Co.		2,269		179,841
Ecolab, Inc.		4,217		813,839
FMC Corp.		2,197		219,304
International Flavors & Fragrances, Inc. (1)		1,758		226,817
Linde PLC		9,032		1,922,913
LyondellBasell Industries NV, Class A		4,348		410,799
Mosaic Co. (The)		6,258		135,423
PPG Industries, Inc.		3,945		526,618
Sherwin-Williams Co. (The)		1,380		805,285
			$	8,538,981
Commercial Services & Supplies — 0.4%
Cintas Corp.		1,439	$	387,206
Copart, Inc. (2)		3,424		311,379

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc.		3,659	$	327,956
Rollins, Inc.		2,503		82,999
Waste Management, Inc.		6,636		756,239
			$	1,865,779
Communications Equipment — 0.9%
Arista Networks, Inc. (2)		898	$	182,653
Cisco Systems, Inc.		71,183		3,413,937
F5 Networks, Inc. (2)		1,073		149,845
Juniper Networks, Inc.		5,981		147,312
Motorola Solutions, Inc.		2,844		458,282
			$	4,352,029
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		2,284	$	205,172
Quanta Services, Inc.		2,533		103,118
			$	308,290
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		1,052	$	294,181
Vulcan Materials Co.		2,228		320,810
			$	614,991
Consumer Finance — 0.7%
American Express Co.		11,196	$	1,393,790
Capital One Financial Corp.		7,771		799,714
Discover Financial Services		5,230		443,608
Synchrony Financial		10,281		370,219
			$	3,007,331
Containers & Packaging — 0.4%
Amcor PLC		28,388	$	307,726
Avery Dennison Corp.		1,505		196,884
Ball Corp.		5,685		367,649
International Paper Co.		6,543		301,305
Packaging Corp. of America		1,640		183,664
Sealed Air Corp.		2,811		111,962
WestRock Co.		4,502		193,181
			$	1,662,371
Distributors — 0.1%
Genuine Parts Co.		2,424	$	257,502
LKQ Corp. (2)		5,333		190,388
			$	447,890

8 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Diversified Consumer Services — 0.0% (3)
H&R Block, Inc. (1)		3,453	$	81,076
Diversified Financial Services — 1.6%
Berkshire Hathaway, Inc., Class B (2)		32,891	$	7,449,811
Diversified Telecommunication Services — 2.0%
AT&T, Inc.		122,994	$	4,806,605
CenturyLink, Inc.		17,457		230,607
Verizon Communications, Inc.		69,634		4,275,528
			$	9,312,740
Electric Utilities — 2.0%
Alliant Energy Corp.		4,129	$	225,939
American Electric Power Co., Inc.		8,380		791,994
Duke Energy Corp.		12,164		1,109,478
Edison International		6,062		457,135
Entergy Corp.		3,381		405,044
Evergy, Inc.		3,803		247,537
Eversource Energy		5,501		467,970
Exelon Corp.		16,490		751,779
FirstEnergy Corp.		9,188		446,537
NextEra Energy, Inc.		8,219		1,990,313
Pinnacle West Capital Corp.		1,946		175,004
PPL Corp.		12,258		439,817
Southern Co. (The)		17,677		1,126,025
Xcel Energy, Inc.		8,924		566,585
			$	9,201,157
Electrical Equipment — 0.5%
AMETEK, Inc.		3,870	$	385,994
Eaton Corp. PLC		6,898		653,378
Emerson Electric Co.		10,164		775,107
Rockwell Automation, Inc.		1,971		399,463
			$	2,213,942
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		5,074	$	549,159
CDW Corp.		2,439		348,387
Corning, Inc.		12,833		373,568
FLIR Systems, Inc.		2,498		130,071
IPG Photonics Corp. (2)		616		89,271
Keysight Technologies, Inc. (2)		3,258		334,368
TE Connectivity, Ltd.		5,721		548,301
Zebra Technologies Corp., Class A (2)		900		229,896
			$	2,603,021

Security	Shares		Value
Energy Equipment & Services — 0.4%
Baker Hughes Co.		11,232	$	287,876
Halliburton Co.		14,843		363,208
Helmerich & Payne, Inc.		1,982		90,042
National Oilwell Varco, Inc.		6,752		169,138
Schlumberger, Ltd.		23,099		928,580
TechnipFMC PLC		7,315		156,834
			$	1,995,678
Entertainment — 1.8%
Activision Blizzard, Inc.		13,010	$	773,054
Electronic Arts, Inc. (2)		4,872		523,789
Live Nation Entertainment, Inc. (2)		2,351		168,026
Netflix, Inc. (2)		7,369		2,384,387
Take-Two Interactive Software, Inc. (2)		2,009		245,962
Walt Disney Co. (The)		30,346		4,388,942
			$	8,484,160
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.		1,918	$	309,910
American Tower Corp.		7,457		1,713,768
Apartment Investment & Management Co., Class A		2,585		133,515
AvalonBay Communities, Inc.		2,330		488,601
Boston Properties, Inc.		2,421		333,759
Crown Castle International Corp.		6,937		986,095
Digital Realty Trust, Inc.		3,607		431,902
Duke Realty Corp.		6,243		216,445
Equinix, Inc.		1,446		844,030
Equity Residential		5,872		475,162
Essex Property Trust, Inc.		1,116		335,760
Extra Space Storage, Inc.		2,232		235,744
Federal Realty Investment Trust		1,272		163,745
Healthpeak Properties, Inc.		8,291		285,791
Host Hotels & Resorts, Inc.		11,966		221,969
Iron Mountain, Inc. (1)		4,836		154,123
Kimco Realty Corp. (1)		7,168		148,449
Mid-America Apartment Communities, Inc.		1,976		260,555
Prologis, Inc.		10,541		939,625
Public Storage		2,549		542,835
Realty Income Corp.		5,445		400,915
Regency Centers Corp.		2,902		183,087
SBA Communications Corp.		1,923		463,424
Simon Property Group, Inc.		5,120		762,675
SL Green Realty Corp.		1,360		124,957
UDR, Inc.		4,724		220,611
Ventas, Inc.		6,416		370,460

9 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Vornado Realty Trust		2,668	$	177,422
Welltower, Inc.		6,877		562,401
Weyerhaeuser Co.		12,433		375,477
			$	12,863,212
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		7,428	$	2,183,238
Kroger Co. (The)		13,455		390,060
Sysco Corp.		8,649		739,836
Walgreens Boots Alliance, Inc.		12,510		737,590
Walmart, Inc.		23,860		2,835,522
			$	6,886,246
Food Products — 1.1%
Archer-Daniels-Midland Co.		9,288	$	430,499
Campbell Soup Co. (1)		2,841		140,402
Conagra Brands, Inc.		8,545		292,581
General Mills, Inc.		10,356		554,667
Hershey Co. (The)		2,511		369,067
Hormel Foods Corp. (1)		4,798		216,438
JM Smucker Co. (The)		2,007		208,989
Kellogg Co.		4,222		291,994
Kraft Heinz Co. (The)		10,391		333,863
Lamb Weston Holdings, Inc.		2,542		218,688
McCormick & Co., Inc.		2,140		363,222
Mondelez International, Inc., Class A		24,024		1,323,242
Tyson Foods, Inc., Class A		5,007		455,837
			$	5,199,489
Gas Utilities — 0.1%
Atmos Energy Corp.		2,095	$	234,347
Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		29,719	$	2,581,392
ABIOMED, Inc. (2)		800		136,472
Align Technology, Inc. (2)		1,197		334,011
Baxter International, Inc.		8,605		719,550
Becton, Dickinson and Co.		4,513		1,227,401
Boston Scientific Corp. (2)		23,256		1,051,636
Cooper Cos., Inc. (The)		867		278,559
Danaher Corp.		10,763		1,651,905
DENTSPLY SIRONA, Inc.		3,924		222,059
Edwards Lifesciences Corp. (2)		3,503		817,215
Hologic, Inc. (2)		4,502		235,049
IDEXX Laboratories, Inc. (2)		1,431		373,677

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Intuitive Surgical, Inc. (2)		1,928	$	1,139,737
Medtronic PLC		22,539		2,557,050
ResMed, Inc.		2,399		371,773
STERIS PLC		1,415		215,674
Stryker Corp.		5,372		1,127,798
Teleflex, Inc.		800		301,152
Varian Medical Systems, Inc. (2)		1,616		229,488
Zimmer Biomet Holdings, Inc.		3,432		513,702
			$	16,085,300
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp., Class A		2,641	$	224,538
Anthem, Inc.		4,231		1,277,889
Cardinal Health, Inc.		5,022		254,013
Centene Corp. (2)		6,904		434,054
Cigna Corp.		6,231		1,274,177
CVS Health Corp.		21,904		1,627,248
DaVita, Inc. (2)		1,560		117,047
HCA Healthcare, Inc.		4,414		652,433
Henry Schein, Inc. (2)		2,448		163,331
Humana, Inc.		2,210		810,009
Laboratory Corp. of America Holdings (2)		1,620		274,055
McKesson Corp.		3,115		430,867
Quest Diagnostics, Inc.		2,268		242,200
UnitedHealth Group, Inc.		15,951		4,689,275
Universal Health Services, Inc., Class B		1,408		201,992
WellCare Health Plans, Inc. (2)		882		291,245
			$	12,964,373
Health Care Technology — 0.1%
Cerner Corp.		5,241	$	384,637
Hotels, Restaurants & Leisure — 1.8%
Carnival Corp.		6,800	$	345,644
Chipotle Mexican Grill, Inc. (2)		434		363,306
Darden Restaurants, Inc.		2,069		225,542
Hilton Worldwide Holdings, Inc.		4,708		522,164
Las Vegas Sands Corp.		5,600		386,624
Marriott International, Inc., Class A		4,528		685,675
McDonald’s Corp.		12,663		2,502,335
MGM Resorts International		8,667		288,351
Norwegian Cruise Line Holdings, Ltd. (2)		3,550		207,356
Royal Caribbean Cruises, Ltd.		2,920		389,849
Starbucks Corp.		19,884		1,748,201
Wynn Resorts, Ltd.		1,681		233,441

10 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc.		5,047	$	508,384
			$	8,406,872
Household Durables — 0.4%
D.R. Horton, Inc.		5,669	$	299,040
Garmin, Ltd.		2,435		237,558
Leggett & Platt, Inc. (1)		2,459		124,991
Lennar Corp., Class A		4,848		270,470
Mohawk Industries, Inc. (2)		1,067		145,517
Newell Brands, Inc.		6,971		133,983
NVR, Inc. (2)		60		228,505
PulteGroup, Inc.		4,425		171,690
Whirlpool Corp. (1)		1,100		162,283
			$	1,774,037
Household Products — 1.7%
Church & Dwight Co., Inc.		4,095	$	288,042
Clorox Co. (The)		2,163		332,107
Colgate-Palmolive Co.		14,300		984,412
Kimberly-Clark Corp.		5,720		786,786
Procter & Gamble Co. (The)		41,988		5,244,301
			$	7,635,648
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		11,494	$	228,731
NRG Energy, Inc.		4,351		172,952
			$	401,683
Industrial Conglomerates — 1.3%
3M Co.		9,682	$	1,708,099
General Electric Co.		147,046		1,641,033
Honeywell International, Inc.		12,015		2,126,655
Roper Technologies, Inc.		1,764		624,862
			$	6,100,649
Insurance — 2.3%
Aflac, Inc.		12,247	$	647,866
Allstate Corp. (The)		5,405		607,792
American International Group, Inc.		14,772		758,247
Aon PLC		3,973		827,536
Arthur J. Gallagher & Co.		3,223		306,926
Assurant, Inc.		1,106		144,975
Chubb, Ltd.		7,562		1,177,101
Cincinnati Financial Corp.		2,630		276,545

Security	Shares		Value
Insurance (continued)
Everest Re Group, Ltd.		708	$	196,003
Globe Life, Inc.		1,760		185,240
Hartford Financial Services Group, Inc. (The)		6,090		370,089
Lincoln National Corp.		3,545		209,190
Loews Corp.		4,380		229,906
Marsh & McLennan Cos., Inc.		8,528		950,105
MetLife, Inc.		13,043		664,802
Principal Financial Group, Inc.		4,492		247,060
Progressive Corp. (The)		9,918		717,964
Prudential Financial, Inc.		6,707		628,714
Travelers Cos., Inc. (The)		4,307		589,844
Unum Group		3,725		108,621
Willis Towers Watson PLC		2,195		443,258
WR Berkley Corp.		2,400		165,840
			$	10,453,624
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A (2)		5,038	$	6,747,847
Alphabet, Inc., Class C (2)		5,033		6,729,222
Facebook, Inc., Class A (2)		40,561		8,325,145
Twitter, Inc. (2)		13,125		420,656
			$	22,222,870
Internet & Direct Marketing Retail — 3.3%
Amazon.com, Inc. (2)		7,014	$	12,960,750
Booking Holdings, Inc. (2)		698		1,433,503
eBay, Inc.		12,759		460,727
Expedia Group, Inc.		2,369		256,184
			$	15,111,164
IT Services — 5.3%
Accenture PLC, Class A		10,678	$	2,248,466
Akamai Technologies, Inc. (2)		2,787		240,741
Alliance Data Systems Corp.		684		76,745
Automatic Data Processing, Inc.		7,220		1,231,010
Broadridge Financial Solutions, Inc.		1,925		237,815
Cognizant Technology Solutions Corp., Class A		9,303		576,972
DXC Technology Co.		4,556		171,260
Fidelity National Information Services, Inc.		10,255		1,426,368
Fiserv, Inc. (2)		9,615		1,111,782
FleetCor Technologies, Inc. (2)		1,464		421,222
Gartner, Inc. (2)		1,493		230,071
Global Payments, Inc.		5,041		920,285
International Business Machines Corp.		14,892		1,996,124
Jack Henry & Associates, Inc.		1,297		188,934

11 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
IT Services (continued)
Leidos Holdings, Inc.		2,277	$	222,896
MasterCard, Inc., Class A		14,946		4,462,726
Paychex, Inc.		5,315		452,094
PayPal Holdings, Inc. (2)		19,744		2,135,709
VeriSign, Inc. (2)		1,724		332,180
Visa, Inc., Class A		28,822		5,415,654
Western Union Co. (The) (1)		7,140		191,209
			$	24,290,263
Leisure Products — 0.1%
Hasbro, Inc.		2,146	$	226,639
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		5,213	$	444,721
Illumina, Inc. (2)		2,497		828,355
IQVIA Holdings, Inc. (2)		3,070		474,346
Mettler-Toledo International, Inc. (2)		421		333,971
PerkinElmer, Inc.		1,923		186,723
Thermo Fisher Scientific, Inc.		6,742		2,190,273
Waters Corp. (2)		1,124		262,623
			$	4,721,012
Machinery — 1.6%
Caterpillar, Inc.		9,221	$	1,361,757
Cummins, Inc.		2,556		457,422
Deere & Co.		5,254		910,308
Dover Corp.		2,515		289,879
Flowserve Corp.		2,403		119,597
Fortive Corp.		5,008		382,561
IDEX Corp.		1,350		232,200
Illinois Tool Works, Inc.		4,958		890,606
Ingersoll-Rand PLC		4,096		544,440
PACCAR, Inc.		5,771		456,486
Parker-Hannifin Corp.		2,143		441,072
Pentair PLC		2,736		125,500
Snap-on, Inc.		1,000		169,400
Stanley Black & Decker, Inc.		2,536		420,317
Westinghouse Air Brake Technologies Corp. (1)		3,012		234,334
Xylem, Inc.		3,170		249,764
			$	7,285,643
Media — 1.4%
Charter Communications, Inc., Class A (2)		2,616	$	1,268,969
Comcast Corp., Class A		76,164		3,425,095
Discovery, Inc., Class A (1)(2)		2,923		95,699

Security	Shares		Value
Media (continued)
Discovery, Inc., Class C (2)		5,844	$	178,184
DISH Network Corp., Class A (2)		4,169		147,875
Fox Corp., Class A		6,317		234,171
Fox Corp., Class B		2,865		104,286
Interpublic Group of Cos., Inc. (The)		6,573		151,836
News Corp., Class A		6,766		95,671
News Corp., Class B		2,023		29,354
Omnicom Group, Inc. (1)		3,664		296,857
ViacomCBS, Inc., Class B		9,230		387,383
			$	6,415,380
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		25,147	$	329,929
Newmont Goldcorp Corp.		13,810		600,044
Nucor Corp.		5,176		291,305
			$	1,221,278
Multi-Utilities — 1.0%
Ameren Corp.		4,105	$	315,264
CenterPoint Energy, Inc.		8,529		232,586
CMS Energy Corp.		4,736		297,610
Consolidated Edison, Inc.		5,658		511,879
Dominion Energy, Inc.		13,852		1,147,223
DTE Energy Co.		3,205		416,233
NiSource, Inc.		6,676		185,860
Public Service Enterprise Group, Inc.		8,584		506,885
Sempra Energy		4,660		705,897
WEC Energy Group, Inc.		5,313		490,018
			$	4,809,455
Multiline Retail — 0.5%
Dollar General Corp.		4,248	$	662,603
Dollar Tree, Inc. (2)		3,986		374,883
Kohl’s Corp.		2,707		137,922
Macy’s, Inc. (1)		5,802		98,634
Nordstrom, Inc.		2,105		86,158
Target Corp.		8,455		1,084,015
			$	2,444,215
Oil, Gas & Consumable Fuels — 3.8%
Apache Corp.		6,750	$	172,733
Cabot Oil & Gas Corp.		7,347		127,911
Chevron Corp.		31,725		3,823,180
Cimarex Energy Co.		1,817		95,374

12 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Concho Resources, Inc.		3,534	$	309,472
ConocoPhillips		18,308		1,190,569
Devon Energy Corp.		6,457		167,688
Diamondback Energy, Inc.		2,750		255,365
EOG Resources, Inc.		9,856		825,539
Exxon Mobil Corp.		71,239		4,971,057
Hess Corp.		4,442		296,770
HollyFrontier Corp.		2,668		135,294
Kinder Morgan, Inc.		33,064		699,965
Marathon Oil Corp.		13,891		188,640
Marathon Petroleum Corp.		10,834		652,749
Noble Energy, Inc.		8,122		201,750
Occidental Petroleum Corp.		15,247		628,329
ONEOK, Inc.		6,956		526,361
Phillips 66		7,414		825,994
Pioneer Natural Resources Co.		2,860		432,918
Valero Energy Corp.		6,852		641,690
Williams Cos., Inc. (The)		20,415		484,244
			$	17,653,592
Personal Products — 0.2%
Coty, Inc., Class A		5,288	$	59,490
Estee Lauder Cos., Inc. (The), Class A		3,713		766,883
			$	826,373
Pharmaceuticals — 4.5%
Allergan PLC		5,529	$	1,056,979
Bristol-Myers Squibb Co.		39,418		2,530,241
Eli Lilly & Co.		14,207		1,867,226
Johnson & Johnson		44,366		6,471,668
Merck & Co., Inc.		42,720		3,885,384
Mylan NV (2)		8,689		174,649
Perrigo Co. PLC		2,125		109,778
Pfizer, Inc.		93,273		3,654,436
Zoetis, Inc.		7,947		1,051,786
			$	20,802,147
Professional Services — 0.3%
Equifax, Inc.		2,125	$	297,755
IHS Markit, Ltd. (2)		6,760		509,366
Nielsen Holdings PLC		6,382		129,555
Robert Half International, Inc.		2,134		134,762
Verisk Analytics, Inc.		2,734		408,295
			$	1,479,733

Security	Shares		Value
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A (2)		5,710	$	349,966
Road & Rail — 1.0%
CSX Corp.		12,975	$	938,871
J.B. Hunt Transport Services, Inc.		1,477		172,484
Kansas City Southern		1,694		259,453
Norfolk Southern Corp.		4,351		844,659
Old Dominion Freight Line, Inc.		1,100		208,758
Union Pacific Corp.		11,673		2,110,362
			$	4,534,587
Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices, Inc. (2)		18,683	$	856,802
Analog Devices, Inc.		6,145		730,272
Applied Materials, Inc.		15,560		949,782
Broadcom, Inc.		6,670		2,107,854
Intel Corp.		73,240		4,383,414
KLA Corp.		2,682		477,852
Lam Research Corp.		2,435		711,994
Maxim Integrated Products, Inc.		4,745		291,865
Microchip Technology, Inc. (1)		4,112		430,609
Micron Technology, Inc. (2)		18,471		993,370
NVIDIA Corp.		10,291		2,421,472
Qorvo, Inc. (2)		2,024		235,250
QUALCOMM, Inc.		19,225		1,696,222
Skyworks Solutions, Inc.		2,933		354,541
Texas Instruments, Inc.		15,718		2,016,462
Xilinx, Inc.		4,196		410,243
			$	19,068,004
Software — 6.9%
Adobe, Inc. (2)		8,142	$	2,685,313
ANSYS, Inc. (2)		1,425		366,809
Autodesk, Inc. (2)		3,730		684,306
Cadence Design Systems, Inc. (2)		4,773		331,055
Citrix Systems, Inc.		2,124		235,552
Fortinet, Inc. (2)		2,369		252,915
Intuit, Inc.		4,343		1,137,562
Microsoft Corp.		128,599		20,280,062
NortonLifeLock, Inc.		9,577		244,405
Oracle Corp.		36,430		1,930,061
salesforce.com, Inc. (2)		14,883		2,420,571
ServiceNow, Inc. (2)		3,190		900,601
Synopsys, Inc. (2)		2,508		349,114
			$	31,818,326

13 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		1,218	$	195,075
AutoZone, Inc. (2)		398		474,141
Best Buy Co., Inc.		3,800		333,640
CarMax, Inc. (2)		2,887		253,103
Gap, Inc. (The)		4,154		73,443
Home Depot, Inc. (The)		18,386		4,015,135
L Brands, Inc.		4,029		73,005
Lowe’s Cos., Inc.		12,789		1,531,611
O’Reilly Automotive, Inc. (2)		1,289		564,917
Ross Stores, Inc.		6,036		702,711
Tiffany & Co.		1,801		240,704
TJX Cos., Inc. (The)		20,234		1,235,488
Tractor Supply Co.		1,975		184,544
Ulta Beauty, Inc. (2)		978		247,571
			$	10,125,088
Technology Hardware, Storage & Peripherals — 4.9%
Apple, Inc.		70,397	$	20,672,079
Hewlett Packard Enterprise Co.		21,991		348,777
HP, Inc.		24,726		508,119
NetApp, Inc.		4,007		249,436
Seagate Technology PLC		3,988		237,286
Western Digital Corp.		5,047		320,333
Xerox Holdings Corp.		3,205		118,169
			$	22,454,199
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings, Ltd. (2)		2,807	$	107,087
Hanesbrands, Inc. (1)		6,857		101,827
NIKE, Inc., Class B		20,952		2,122,647
PVH Corp.		1,314		138,167
Ralph Lauren Corp., Class A		947		111,007
Tapestry, Inc.		4,928		132,908
Under Armour, Inc., Class A (1)(2)		3,534		76,334
Under Armour, Inc., Class C (2)		3,507		67,264
VF Corp.		5,531		551,220
			$	3,408,461
Tobacco — 0.8%
Altria Group, Inc.		31,453	$	1,569,819
Philip Morris International, Inc.		26,162		2,226,125
			$	3,795,944

Security	Shares		Value
Trading Companies & Distributors — 0.2%
Fastenal Co.		9,659	$	356,900
United Rentals, Inc. (2)		1,254		209,130
W.W. Grainger, Inc.		728		246,442
			$	812,472
Water Utilities — 0.1%
American Water Works Co., Inc.		3,066	$	376,658
Wireless Telecommunication Services — 0.1%
T-Mobile US, Inc. (2)		5,325	$	417,586
Total Common Stocks (identified cost $205,312,298)			$	451,149,329
Exchange-Traded Funds — 0.3%
Security	Shares		Value
SPDR S&P 500 ETF Trust		4,000	$	1,287,440
Total Exchange-Traded Funds (identified cost $1,168,780)			$	1,287,440
Short-Term Investments — 0.2%
U.S. Treasury Obligations — 0.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 2/27/20 (4)	$	1,000	$	997,659
Total U.S. Treasury Obligations (identified cost $996,431)			$	997,659
Total Short-Term Investments (identified cost $996,431)			$	997,659
Total Investments (identified cost $207,477,509) — 98.7%			$	453,434,428
Other Assets, Less Liabilities — 1.3%			$	5,767,357
Net Assets — 100.0%			$	459,201,785

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $3,235,608.

14 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Schedule of Investments — continued

⁽²⁾  Non-income producing security.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		46		Long		3/20/20	$	7,431,530	$	16,725

15 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $207,477,509) - including $3,235,608 of securities on loan	$	453,434,428
Receivable for variation margin on open futures contracts		17,737
Cash		5,646,339
Receivable for investments sold		321,143
Receivable for capital shares sold		18,051
Dividends receivable		465,119
Securities lending income receivable		348
Receivable from affiliate		48,516
Directors’ deferred compensation plan		85,501
Other assets		24,096
Total assets	$	460,061,278
Liabilities
Payable for investments purchased	$	127,915
Payable for capital shares redeemed		306,507
Payable to affiliates:
Investment advisory fee		69,421
Administrative fee		46,281
Sub-transfer agency fee		85
Directors’ deferred compensation plan		85,501
Accrued expenses		223,783
Total liabilities	$	859,493
Net Assets	$	459,201,785
Sources of Net Assets
Paid-in capital	$	195,829,517
Distributable earnings		263,372,268
Total	$	459,201,785
Net Assets	$	459,201,785
Shares Outstanding		3,107,130
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	147.79

16 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income	$	8,610,528
Interest income		104,170
Securities lending income, net		9,002
Total investment income	$	8,723,700
Expenses
Investment advisory fee	$	782,492
Administrative fee		521,661
Directors’ fees and expenses		25,849
Custodian fees		26,135
Transfer agency fees and expenses		22,260
Accounting fees		99,343
Professional fees		52,430
Reports to shareholders		63,821
Miscellaneous		74,722
Total expenses	$	1,668,713
Waiver and/or reimbursement of expenses by affiliate	$	(441,616	)
Reimbursement of expenses - other		(9,888	)
Net expenses	$	1,217,209
Net investment income	$	7,506,491
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	12,445,985
Futures contracts		1,593,008
Net realized gain	$	14,038,993
Change in unrealized appreciation (depreciation):
Investment securities	$	94,829,462
Futures contracts		209,648
Net change in unrealized appreciation (depreciation)	$	95,039,110
Net realized and unrealized gain	$	109,078,103
Net increase in net assets resulting from operations	$	116,584,594

17 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	7,506,491		$	7,828,278
Net realized gain		14,038,993			30,559,923
Net change in unrealized appreciation (depreciation)		95,039,110			(55,432,492	)
Net increase (decrease) in net assets from operations	$	116,584,594		$	(17,044,291	)
Distributions to shareholders	$	(35,862,644	)	$	(39,153,308	)
Net decrease in net assets from capital share transactions	$	(12,861,723	)	$	(67,565,551	)
Net increase (decrease) in net assets	$	67,860,227		$	(123,763,150	)
Net Assets
At beginning of year	$	391,341,558		$	515,104,708
At end of year	$	459,201,785		$	391,341,558

18 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Financial Highlights

	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	123.19		$	141.18		$	122.44		$	112.07		$	113.07
Income (Loss) From Operations
Net investment income	$	2.43		$	2.39		$	2.30		$	2.14		$	1.88
Net realized and unrealized gain (loss)		34.42			(7.33	)		23.60			10.84			(0.74	)
Total income (loss) from operations	$	36.85		$	(4.94	)	$	25.90		$	12.98		$	1.14
Less Distributions
From net investment income	$	(2.63	)	$	(2.84	)	$	(1.99	)	$	(1.48	)	$	(0.21	)
From net realized gain		(9.62	)		(10.21	)		(5.17	)		(1.13	)		(1.93	)
Total distributions	$	(12.25	)	$	(13.05	)	$	(7.16	)	$	(2.61	)	$	(2.14	)
Net asset value — End of year	$	147.79		$	123.19		$	141.18		$	122.44		$	112.07
Total Return (2)		31.16	%		(4.74	)%		21.46	%		11.58	%		0.98	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	459,202		$	391,342		$	515,105		$	481,681		$	347,965
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.38	%		0.39	%		0.40	%		0.48	%		0.46	%
Net expenses		0.28	%		0.28	%		0.28	%		0.40	%		0.42	%
Net investment income		1.72	%		1.68	%		1.72	%		1.84	%		1.65	%
Portfolio Turnover		6	%		7	%		5	%		6	%(4)		4	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  During the year ended December 31, 2016, the Fund incurred sales of $55,737,177 to realign the combined portfolio in connection with the reorganization of Calvert VP Large Cap Core Portfolio into the Fund on September 23, 2016. These sales were excluded from the portfolio turnover calculation.

19 See Notes to Financial Statements.

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP S&P 500 Index Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P 500^® Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.

Short-Term Debt Securities. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Other Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

20

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	451,149,329	(1)	$	—	$	—	$	451,149,329
Exchange-Traded Funds		1,287,440			—		—		1,287,440
Short-Term Investments —
U.S. Treasury Obligations		—			997,659		—		997,659
Total Investments	$	452,436,769		$	997,659	$	—	$	453,434,428
Futures Contracts	$	16,725		$	—	$	—	$	16,725
Total	$	452,453,494		$	997,659	$	—	$	453,451,153

⁽¹⁾   The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Non-cash dividends are recorded at the fair value of the securities received. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

D  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

E  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.18% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $782,492.

21

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Fund pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.28% of the Fund’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $441,616.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $521,661.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $394 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $9,888, which are included in miscellaneous expense and reimbursement of expenses - other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $20,561 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $25,038,491 and $60,316,677, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	7,871,696	$	10,407,743
Long-term capital gains	$	27,990,948	$	28,745,565

22

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	8,688,443
Undistributed long-term capital gains	$	12,808,265
Net unrealized appreciation	$	241,875,560

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$211,558,868
Gross unrealized appreciation	$	248,864,601
Gross unrealized depreciation		(6,989,041	)
Net unrealized appreciation	$	241,875,560

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption		Assets			Liabilities
Futures contracts		Distributable earnings	$	16,725	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts		Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	1,593,008	$	209,648

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2019 was approximately $7,537,000.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the

23

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $3,235,608 and the total value of collateral received was $3,296,667, comprised of U.S. government and/or agencies securities.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,296,667	$	—	$	—	$	—	$	3,296,667

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 30,000,000 common shares, $0.10 par value.

Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		117,188		$	16,294,985			94,820		$	13,407,566
Reinvestment of distributions		272,678			35,862,644			275,378			39,153,308
Shares redeemed		(459,343	)		(65,019,352	)		(842,048	)		(120,126,425	)
Net decrease		(69,477	)	$	(12,861,723	)		(471,850	)	$	(67,565,551	)

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 90.9% of the value of the outstanding shares of the Fund.

24

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP S&P 500 Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

25

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 99.39% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $12,808,320 or, if subsequently determined to be different, the net capital gain of such year.

26

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.

27

Calvert

VP S&P 500 Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

28

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

29

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24221    12.31.19

Calvert

VP Nasdaq 100 Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Nasdaq 100 Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	21
Federal Tax Information	22
Management and Organization	23
Important Notices	25

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the 12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase–one” trade deal with China.

During the 12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories, as measured by the Russell growth and value indexes.

Investment Strategy

As an index fund, Calvert VP Nasdaq 100 Index Portfolio (the Fund) seeks to replicate, as closely as possible, the holdings and match the performance of the NASDAQ-100^® Index (the Index). The Fund seeks to accomplish this by employing a passive management approach and holding each constituent of the Index in approximately the same proportion as the Index. The Fund may also invest in exchange-traded funds (ETFs) that provide the same exposure to the index. Cash holdings may gain exposure to the Index via futures contracts, allowing the Fund’s assets to be fully invested.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 38.77% for Class I shares at net asset value (NAV). By comparison, the Index returned 39.46% for the same period. The Index is unmanaged and returns do not reflect any fees and operating expenses.

The Index outperformed most other stock indexes in 2019 as it was heavily skewed to the technology sector, the best-performing market sector during the period. The Index had no energy exposure, the worst-performing market sector during the period.

Futures contracts, which are regularly used to manage uninvested cash holdings in the Fund, had a meaningful positive impact on performance during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Performance

Portfolio Manager Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class I at NAV		04/27/2000		04/27/2000		38.77	%		16.27	%		17.39	%
Class F at NAV		10/30/2015		04/27/2000		38.44			16.02			17.26
Nasdaq-100® Index		—		—		39.46	%		16.90	%		18.06	%
% Total Annual Operating Expense Ratios 4								Class I			Class F
Gross									0.60	%		0.84	%
Net									0.48			0.73

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment 3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class F		$10,000		12/31/2009		$49,198		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Fund Profile

Sector Allocation (% of net assets) 5
Information Technology	45.8	%
Communication Services	20.2
Consumer Discretionary	14.2
Health Care	7.0
Consumer Staples	5.8
Industrials	2.6
Exchange-Traded Funds	1.8
Utilities	0.9
Financials	0.3
Total	98.6	%

Top 10 Holdings (% of net assets) 5
Apple, Inc.	11.2	%
Microsoft Corp.	10.3
Amazon.com, Inc.	7.9
Facebook, Inc., Class A	4.2
Alphabet, Inc., Class A	4.0
Alphabet, Inc., Class C	4.0
Intel Corp.	2.9
Comcast Corp., Class A	2.2
Cisco Systems, Inc.	2.2
PepsiCo, Inc.	2.1
Total	51.0	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. NASDAQ–100^® Index includes 100 of the largest domestic and international securities (by market cap), excluding financials, listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class F is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

5

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,141.50	$	2.59	**		0.48	%
Class F	$	1,000.00	$	1,140.20	$	3.94	**		0.73	%
Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,022.79	$	2.45	**		0.48	%
Class F	$	1,000.00	$	1,021.53	$	3.72	**		0.73	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Schedule of Investments

Common Stocks — 96.6%
Security	Shares		Value
Airlines — 0.4%
American Airlines Group, Inc. (1)		8,730	$	250,376
United Airlines Holdings, Inc. (2)		5,043		444,238
			$	694,614
Automobiles — 0.8%
Tesla, Inc. (2)		3,592	$	1,502,641
Beverages — 2.5%
Monster Beverage Corp. (2)		10,715	$	680,938
PepsiCo, Inc.		27,790		3,798,060
			$	4,478,998
Biotechnology — 5.0%
Alexion Pharmaceuticals, Inc. (2)		4,410	$	476,941
Amgen, Inc.		11,842		2,854,751
Biogen, Inc. (2)		3,596		1,067,041
BioMarin Pharmaceutical, Inc. (2)		3,580		302,689
Gilead Sciences, Inc.		25,213		1,638,341
Incyte Corp. (2)		4,293		374,865
Regeneron Pharmaceuticals, Inc. (2)		2,151		807,657
Seattle Genetics, Inc. (2)		3,416		390,312
Vertex Pharmaceuticals, Inc. (2)		5,125		1,122,119
			$	9,034,716
Commercial Services & Supplies — 0.5%
Cintas Corp.		2,063	$	555,112
Copart, Inc. (2)		4,633		421,325
			$	976,437
Communications Equipment — 2.2%
Cisco Systems, Inc.		84,544	$	4,054,730
Electric Utilities — 0.9%
Exelon Corp.		19,373	$	883,215
Xcel Energy, Inc.		10,687		678,518
			$	1,561,733
Electronic Equipment, Instruments & Components — 0.2%
CDW Corp.		2,863	$	408,951
Entertainment — 2.8%
Activision Blizzard, Inc.		15,311	$	909,780

Security	Shares		Value
Entertainment (continued)
Electronic Arts, Inc. (2)		5,819	$	625,601
NetEase, Inc. ADR		1,454		445,855
Netflix, Inc. (2)		8,734		2,826,060
Take-Two Interactive Software, Inc. (2)		2,259		276,569
			$	5,083,865
Food & Staples Retailing — 2.0%
Costco Wholesale Corp.		8,804	$	2,587,672
Walgreens Boots Alliance, Inc.		17,788		1,048,780
			$	3,636,452
Food Products — 1.3%
Kraft Heinz Co. (The)		24,337	$	781,948
Mondelez International, Inc., Class A		28,694		1,580,465
			$	2,362,413
Health Care Equipment & Supplies — 1.2%
Align Technology, Inc. (2)		1,571	$	438,372
IDEXX Laboratories, Inc. (2)		1,710		446,532
Intuitive Surgical, Inc. (2)		2,303		1,361,419
			$	2,246,323
Health Care Technology — 0.3%
Cerner Corp.		6,260	$	459,421
Hotels, Restaurants & Leisure — 1.7%
Marriott International, Inc., Class A		6,516	$	986,718
Starbucks Corp.		23,536		2,069,285
			$	3,056,003
Insurance — 0.3%
Willis Towers Watson PLC		2,562	$	517,370
Interactive Media & Services — 12.5%
Alphabet, Inc., Class A (2)		5,371	$	7,193,864
Alphabet, Inc., Class C (2)		5,367		7,175,786
Baidu, Inc. ADR (2)		5,510		696,464
Facebook, Inc., Class A (2)		37,597		7,716,784
			$	22,782,898
Internet & Direct Marketing Retail — 10.2%
Amazon.com, Inc. (2)		7,746	$	14,313,369
Booking Holdings, Inc. (2)		834		1,712,811

7 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
eBay, Inc.		16,213	$	585,451
Expedia Group, Inc.		2,777		300,305
JD.com, Inc. ADR (2)		18,473		650,804
MercadoLibre, Inc. (2)		991		566,792
Trip.com Group, Ltd. ADR (2)		10,422		349,554
			$	18,479,086
IT Services — 4.0%
Automatic Data Processing, Inc.		8,623	$	1,470,222
Cognizant Technology Solutions Corp., Class A		10,912		676,762
Fiserv, Inc. (2)		13,550		1,566,787
Paychex, Inc.		7,133		606,733
PayPal Holdings, Inc. (2)		23,401		2,531,286
VeriSign, Inc. (2)		2,340		450,871
			$	7,302,661
Life Sciences Tools & Services — 0.5%
Illumina, Inc. (2)		2,930	$	971,998
Machinery — 0.3%
PACCAR, Inc.		6,893	$	545,236
Media — 4.1%
Charter Communications, Inc., Class A (2)		4,280	$	2,076,143
Comcast Corp., Class A		90,474		4,068,616
Fox Corp., Class A		7,065		261,900
Fox Corp., Class B (2)		5,305		193,102
Liberty Global PLC, Class A (2)		3,618		82,273
Liberty Global PLC, Class C (2)		8,745		190,597
Sirius XM Holdings, Inc. (1)		88,161		630,351
			$	7,502,982
Multiline Retail — 0.3%
Dollar Tree, Inc. (2)		4,716	$	443,540
Professional Services — 0.5%
CoStar Group, Inc. (2)		730	$	436,759
Verisk Analytics, Inc.		3,266		487,744
			$	924,503
Road & Rail — 0.6%
CSX Corp.		15,591	$	1,128,165

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 12.9%
Advanced Micro Devices, Inc. (2)		22,194	$	1,017,817
Analog Devices, Inc.		7,340		872,286
Applied Materials, Inc.		18,410		1,123,746
ASML Holding NV — NY Shares		1,476		436,808
Broadcom, Inc.		7,905		2,498,138
Intel Corp.		86,691		5,188,456
KLA Corp.		3,145		560,345
Lam Research Corp.		2,891		845,328
Maxim Integrated Products, Inc.		5,393		331,724
Microchip Technology, Inc. (1)		4,763		498,781
Micron Technology, Inc. (2)		22,062		1,186,494
NVIDIA Corp.		12,197		2,869,954
NXP Semiconductors NV		5,571		708,966
QUALCOMM, Inc.		22,756		2,007,762
Skyworks Solutions, Inc.		3,395		410,388
Texas Instruments, Inc.		18,629		2,389,914
Xilinx, Inc.		5,012		490,023
			$	23,436,930
Software — 14.8%
Adobe, Inc. (2)		9,647	$	3,181,677
ANSYS, Inc. (2)		1,678		431,934
Autodesk, Inc. (2)		4,376		802,821
Cadence Design Systems, Inc. (2)		5,592		387,861
Check Point Software Technologies, Ltd. (2)		3,034		336,653
Citrix Systems, Inc.		2,595		287,785
Intuit, Inc.		5,188		1,358,893
Microsoft Corp.		119,186		18,795,632
Splunk, Inc. (2)		3,016		451,706
Synopsys, Inc. (2)		2,995		416,904
Workday, Inc., Class A (2)		3,268		537,423
			$	26,989,289
Specialty Retail — 1.0%
O’Reilly Automotive, Inc. (2)		1,508	$	660,896
Ross Stores, Inc.		7,209		839,272
Ulta Beauty, Inc. (2)		1,173		296,933
			$	1,797,101
Technology Hardware, Storage & Peripherals — 11.6%
Apple, Inc.		69,418	$	20,384,596
NetApp, Inc.		4,553		283,424
Western Digital Corp.		5,927		376,187
			$	21,044,207

8 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.3%
lululemon Athletica, Inc. (2)		2,454	$	568,518
Trading Companies & Distributors — 0.2%
Fastenal Co.		11,430	$	422,339
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. (2)		17,051	$	1,337,139
Total Common Stocks (identified cost $59,870,876)			$	175,751,259
Exchange-Traded Funds — 1.8%
Security	Shares		Value
Invesco QQQTM Trust, Series 1 (1)		15,000	$	3,189,150
Total Exchange-Traded Funds (identified cost $2,534,091)			$	3,189,150
Short-Term Investments — 0.7%
U.S. Treasury Obligations — 0.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 2/27/20 (3)	$	400	$	399,064
Total U.S. Treasury Obligations (identified cost $398,572)			$	399,064

Securities Lending Collateral — 0.5%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (4)		962,047	$	962,047
Total Securities Lending Collateral (identified cost $962,047)			$	962,047
Total Short-Term Investments (identified cost $1,360,619)			$	1,361,111
Total Investments (identified cost $63,765,586) — 99.1%			$	180,301,520
Other Assets, less Liabilities — 0.9%			$	1,577,659
Net Assets — 100.0%			$	181,879,179

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $4,491,704.

⁽²⁾  Non-income producing security.

⁽³⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

⁽⁴⁾  Represents investment of cash collateral received in connection with securities lending.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini NASDAQ 100 Index		19		Long		3/20/20	$	3,325,855	$	53,610

Abbreviations:

ADR – American Depositary Receipt

9 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $63,765,586) - including $4,491,704 of securities on loan	$	180,301,520
Receivable for variation margin on open futures contracts		7,030
Cash		2,655,882
Receivable for capital shares sold		12,047
Dividends and interest receivable		67,586
Securities lending income receivable		417
Receivable from affiliate		24,696
Directors’ deferred compensation plan		28,485
Other assets		8,010
Total assets	$	183,105,673
Liabilities
Payable for capital shares redeemed	$	60,383
Deposits for securities loaned		962,047
Payable to affiliates:
Investment advisory fee		45,365
Administrative fee		18,146
Distribution and service fees		1,129
Sub-transfer agency fee		40
Directors’ deferred compensation plan		28,485
Accrued expenses		110,899
Total liabilities	$	1,226,494
Net Assets	$	181,879,179
Sources of Net Assets
Paid-in capital	$	56,747,188
Distributable earnings		125,131,991
Total	$	181,879,179
Class I
Net Assets	$	176,210,160
Shares Outstanding		2,047,765
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	86.05
Class F
Net Assets	$	5,669,019
Shares Outstanding		66,672
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	85.03

10 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income (net of foreign taxes withheld of $1,801)	$	1,618,579
Interest income		64,203
Securities lending income, net		12,084
Total investment income	$	1,694,866
Expenses
Investment advisory fee	$	480,247
Administrative fee		192,099
Distribution and service fees:
Class F		8,175
Directors’ fees and expenses		9,522
Custodian fees		11,685
Transfer agency fees and expenses		83,335
Accounting fees		39,070
Professional fees		38,611
Reports to shareholders		33,787
Licensing fees		48,875
Miscellaneous		10,596
Total expenses	$	956,002
Waiver and/or reimbursement of expenses by affiliate	$	(175,866	)
Reimbursement of expenses - other		(3,565	)
Net expenses	$	776,571
Net investment income	$	918,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	6,153,087
Futures contracts		1,351,484
Net realized gain	$	7,504,571
Change in unrealized appreciation (depreciation):
Investment securities	$	42,857,788
Futures contracts		133,975
Net change in unrealized appreciation (depreciation)	$	42,991,763
Net realized and unrealized gain	$	50,496,334
Net increase in net assets resulting from operations	$	51,414,629

11 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	918,295		$	838,857
Net realized gain		7,504,571			4,129,083
Net change in unrealized appreciation (depreciation)		42,991,763			(5,525,226	)
Net increase (decrease) in net assets from operations	$	51,414,629		$	(557,286	)
Distributions to shareholders:
Class I	$	(4,765,571	)	$	(3,147,915	)
Class F		(116,646	)		(43,192	)
Total distributions to shareholders	$	(4,882,217	)	$	(3,191,107	)
Capital share transactions:
Class I	$	(187,499	)	$	1,014,102
Class F		2,987,301			(133,295	)
Net increase in net assets from capital share transactions	$	2,799,802		$	880,807
Net increase (decrease) in net assets	$	49,332,214		$	(2,867,586	)
Net Assets
At beginning of year	$	132,546,965		$	135,414,551
At end of year	$	181,879,179		$	132,546,965

12 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Financial Highlights

	Class I
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	63.98		$	65.60		$	50.26		$	48.91		$	45.59
Income (Loss) From Operations
Net investment income (1)	$	0.44		$	0.41		$	0.40		$	0.34		$	0.29
Net realized and unrealized gain (loss)		24.00			(0.46	)		15.82			2.91			3.87
Total income (loss) from operations	$	24.44		$	(0.05	)	$	16.22		$	3.25		$	4.16
Less Distributions
From net investment income	$	(0.41	)	$	(0.40	)	$	(0.30	)	$	(0.26	)	$	(0.03	)
From net realized gain		(1.96	)		(1.17	)		(0.58	)		(1.64	)		(0.81	)
Total distributions	$	(2.37	)	$	(1.57	)	$	(0.88	)	$	(1.90	)	$	(0.84	)
Net asset value — End of year	$	86.05		$	63.98		$	65.60		$	50.26		$	48.91
Total Return (2)		38.77	%		(0.47	)%		32.35	%		6.59	%		9.07	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	176,210		$	130,777		$	133,473		$	104,449		$	93,676
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.59	%		0.60	%		0.60	%		0.66	%		0.62	%
Net expenses		0.48	%		0.48	%		0.48	%		0.64	%		0.62	%
Net investment income		0.58	%		0.58	%		0.67	%		0.69	%		0.61	%
Portfolio Turnover		8	%		7	%		3	%		5	%		8	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

13 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Financial Highlights — continued

	Class F
	Year Ended December 31,												Period Ended December 31, 2015(1)
	2019			2018			2017			2016
Net asset value — Beginning of year	$	63.40		$	65.18		$	50.07		$	48.91		$	50.24
Income (Loss) From Operations
Net investment income (2)	$	0.25		$	0.23		$	0.23		$	0.18		$	0.06
Net realized and unrealized gain (loss)		23.75			(0.44	)		15.76			2.93			(0.58	)
Total income (loss) from operations	$	24.00		$	(0.21	)	$	15.99		$	3.11		$	(0.52	)
Less Distributions
From net investment income	$	(0.41	)	$	(0.40	)	$	(0.30	)	$	(0.31	)	$	—
From net realized gain		(1.96	)		(1.17	)		(0.58	)		(1.64	)		(0.81	)
Total distributions	$	(2.37	)	$	(1.57	)	$	(0.88	)	$	(1.95	)	$	(0.81	)
Net asset value — End of year	$	85.03		$	63.40		$	65.18		$	50.07		$	48.91
Total Return (3)		38.44	%		(0.72	)%		32.01	%		6.3	%		(1.07	)%(4)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	5,669		$	1,770		$	1,942		$	1,088		$	99
Ratios (as a percentage of average daily net assets): (5)
Total expenses		0.84	%		0.84	%		1.01	%		1.48	%		0.87	%(6)
Net expenses		0.73	%		0.73	%		0.73	%		0.94	%		0.87	%(6)
Net investment income		0.32	%		0.33	%		0.39	%		0.36	%		0.71	%(6)
Portfolio Turnover		8	%		7	%		3	%		5	%		8	%(4)

⁽¹⁾  From October 30, 2015 inception.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁶⁾  Annualized.

14 See Notes to Financial Statements.

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Nasdaq 100 Index Portfolio (the Fund) is a non-diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the investment performance of U.S. common stocks, as represented by the NASDAQ-100 Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.

Short-Term Debt Securities. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Other Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

15

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	175,751,259	(1)	$	—	$	—	$	175,751,259
Exchange-Traded Funds		3,189,150			—		—		3,189,150
Short-Term Investments -
U.S. Treasury Obligations		—			399,064		—		399,064
Securities Lending Collateral		962,047			—		—		962,047
Total Investments	$	179,902,456		$	399,064	$	—	$	180,301,520
Futures Contracts	$	53,610		$	—	$	—	$	53,610
Total	$	179,956,066		$	399,064	$	—	$	180,355,130

⁽¹⁾   The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C  Share Class Accounting — Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.

D  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

E  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

F  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

16

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.30% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $480,247.

Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Fund pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.48% for Class I and 0.73% for Class F of such class’ average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $175,866.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $192,099.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $8,175 for Class F shares.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $185 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $3,565, which are included in miscellaneous expense and reimbursement of expenses-other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $81,353 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $13,880,219 and $12,011,322, respectively.

17

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	837,264	$	1,026,171
Long-term capital gains	$	4,044,953	$	2,164,936

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	1,787,254
Undistributed long-term capital gains	$	6,833,335
Net unrealized appreciation	$	116,511,402

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	63,790,118
Gross unrealized appreciation	$	118,490,839
Gross unrealized depreciation		(1,979,437	)
Net unrealized appreciation	$	116,511,402

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption	Assets			Liabilities
Futures contracts	Distributable earnings	$	53,610	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts		Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	1,351,484	$	133,975

18

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2019 was approximately $4,259,000.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $4,491,704 and the total value of collateral received was $4,572,139, comprised of cash of $962,047 and U.S. government and/or agencies securities of $3,610,092.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,357,114	$	—	$	—	$	—	$	1,357,114
Exchange-Traded Funds		3,215,025		—		—		—		3,215,025
Total	$	4,572,139	$	—	$	—	$	—	$	4,572,139

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 10,000,000 common shares, $0.10 par value, for each Class.

19

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class I
Shares sold		177,906		$	13,382,179			231,179		$	16,599,420
Reinvestment of distributions		64,140			4,765,571			41,241			3,147,915
Shares redeemed		(238,195	)		(18,335,249	)		(263,254	)		(18,733,233	)
Net increase (decrease)		3,851		$	(187,499	)		9,166		$	1,014,102
Class F
Shares sold		39,507		$	3,051,745			657		$	43,443
Reinvestment of distributions		1,588			116,646			571			43,192
Shares redeemed		(2,340	)		(181,090	)		(3,106	)		(219,930	)
Net increase (decrease)		38,755		$	2,987,301			(1,878	)	$	(133,295	)

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 44.7% of the value of the outstanding shares of the Fund and separate accounts of two other insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 39.8%.

20

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Nasdaq 100 Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

21

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $6,833,359 or, if subsequently determined to be different, the net capital gain of such year.

22

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).

23

Calvert

VP Nasdaq 100 Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

24

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

25

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24229    12.31.19

Calvert

VP Russell 2000^® Small Cap Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Russell 2000^® Small Cap Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	44
Federal Tax Information	45
Management and Organization	46
Important Notices	48

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the 12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase–one” trade deal with China.

During the 12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories, as measured by the Russell growth and value indexes.

Investment Strategy

As an index fund, Calvert VP Russell 2000^® Small Cap Index Portfolio (the Fund) seeks to replicate as closely as possible the holdings and match the performance of the Russell 2000^® Index (the Index). To accomplish this, the Fund employs a passive management approach and holds each constituent of the Index in approximately the same proportion as the Index. The Fund may also invest in exchange-traded funds (ETFs) that provide the same exposure to the Index. Cash holdings may gain exposure to the Index via futures contracts, allowing the Fund’s assets to be fully invested.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 25.08% for Class I shares at net asset value (NAV). By comparison, the Index returned 25.52% for the same period. The Index is unmanaged and returns do not reflect any fees and operating expenses.

Small-cap stocks had strong returns during the period, but lagged larger capitalization domestic stocks. Most sectors in the Index had positive, double-digit returns. Energy was the only sector with negative performance. Information technology, industrials, and real estate were the best performing sectors. Health care, financials, and industrials had the largest weights in the Index. The energy sector, which had one of the smallest weights, returned -7.01% during the period.

Futures contracts, which are regularly used to manage uninvested cash holdings in the Fund, had a meaningful positive impact on performance during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Performance

Portfolio Manager Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class I at NAV		04/27/2000		04/27/2000		25.08	%		7.80	%		11.21	%
Class F at NAV		10/04/2005		04/27/2000		24.82			7.54			10.97
Russell 2000® Index		—		—		25.52	%		8.22	%		11.82	%
% Total Annual Operating Expense Ratios 4								Class I			Class F
Gross									0.59	%		0.79	%
Net									0.39			0.59

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class F		$10,000		12/31/2009		$28,327		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Fund Profile

Sector Allocation (% of net assets) 5
Health Care	16.5	%
Financials	16.3
Industrials	14.6
Information Technology	12.4
Consumer Discretionary	10.0
Real Estate	7.1
Materials	3.6
Utilities	3.3
Energy	2.9
Consumer Staples	2.8
Exchange-Traded Funds	2.1
Communication Services	2.1
Total	93.7	%

Top 10 Holdings (% of net assets) 5
iShares Russell 2000 ETF	2.1	%
Novocure, Ltd.	0.3
Medicines Co. (The)	0.3
Lumentum Holdings, Inc.	0.3
Generac Holdings, Inc.	0.3
Arrowhead Pharmaceuticals, Inc.	0.3
Haemonetics Corp.	0.3
Teladoc Health, Inc.	0.2
Performance Food Group Co.	0.2
Marriott Vacations Worldwide Corp.	0.2
Total	4.5	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

² Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

5

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,071.10	$	2.04	**		0.39	%
Class F	$	1,000.00	$	1,070.00	$	3.08	**		0.59	%
Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,023.24	$	1.99	**		0.39	%
Class F	$	1,000.00	$	1,022.23	$	3.01	**		0.59	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments

Common Stocks — 91.6%
Security	Shares		Value
Aerospace & Defense — 1.2%
AAR Corp.		2,929	$	132,098
Aerojet Rocketdyne Holdings, Inc. (1)		6,419		293,092
AeroVironment, Inc. (1)		1,860		114,836
Astronics Corp. (1)		2,153		60,176
Axon Enterprise, Inc. (1)		5,092		373,142
Cubic Corp.		2,731		173,610
Ducommun, Inc. (1)		914		46,184
Kratos Defense & Security Solutions, Inc. (1)		7,918		142,603
Maxar Technologies, Inc.		4,750		74,432
Mercury Systems, Inc. (1)		4,732		327,029
Moog, Inc., Class A		2,801		239,009
National Presto Industries, Inc. (2)		420		37,124
Park Aerospace Corp.		1,804		29,351
Parsons Corp. (1)		1,648		68,029
Triumph Group, Inc.		4,259		107,625
Vectrus, Inc. (1)		987		50,594
Wesco Aircraft Holdings, Inc. (1)		4,699		51,783
			$	2,320,717
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc. (1)		5,010	$	117,535
Atlas Air Worldwide Holdings, Inc. (1)		1,930		53,210
Echo Global Logistics, Inc. (1)		2,286		47,320
Forward Air Corp.		2,396		167,600
Hub Group, Inc., Class A (1)		2,840		145,664
Radiant Logistics, Inc. (1)		3,434		19,127
			$	550,456
Airlines — 0.4%
Allegiant Travel Co., Class A		1,137	$	197,883
Hawaiian Holdings, Inc.		3,989		116,838
Mesa Air Group, Inc. (1)		1,804		16,128
SkyWest, Inc.		4,235		273,708
Spirit Airlines, Inc. (1)		6,027		242,948
			$	847,505
Auto Components — 1.0%
Adient PLC (1)		7,706	$	163,752
American Axle & Manufacturing Holdings, Inc. (1)		9,789		105,330
Cooper Tire & Rubber Co.		4,233		121,699
Cooper-Standard Holdings, Inc. (1)		1,470		48,745
Dana, Inc.		12,607		229,447
Dorman Products, Inc. (1)		2,276		172,339

Security	Shares		Value
Auto Components (continued)
Fox Factory Holding Corp. (1)		3,306	$	229,998
Gentherm, Inc. (1)		2,898		128,642
LCI Industries		2,130		228,187
Modine Manufacturing Co. (1)		4,047		31,162
Motorcar Parts of America, Inc. (1)		1,400		30,842
Standard Motor Products, Inc.		1,855		98,723
Stoneridge, Inc. (1)		2,174		63,742
Tenneco, Inc., Class A		4,240		55,544
Visteon Corp. (1)		2,454		212,492
			$	1,920,644
Automobiles — 0.1%
Winnebago Industries, Inc.		2,733	$	144,794
Banks — 9.0%
1st Constitution Bancorp		623	$	13,787
1st Source Corp.		1,262		65,473
ACNB Corp.		464		17,548
Alerus Financial Corp.		260		5,941
Allegiance Bancshares, Inc. (1)		1,683		63,281
Amalgamated Bank, Class A		1,217		23,671
Amerant Bancorp, Inc. (1)		1,707		37,196
American National Bankshares, Inc.		942		37,275
Ameris Bancorp		5,343		227,291
Ames National Corp.		756		21,213
Arrow Financial Corp.		1,126		42,563
Atlantic Capital Bancshares, Inc. (1)		1,833		33,636
Atlantic Union Bankshares Corp.		6,867		257,856
Banc of California, Inc.		3,886		66,761
BancFirst Corp.		1,626		101,527
Bancorp, Inc. (The) (1)		4,384		56,860
BancorpSouth Bank		8,353		262,368
Bank First Corp.		510		35,705
Bank of Commerce Holdings		1,360		15,735
Bank of Marin Bancorp		1,090		49,104
Bank of NT Butterfield & Son, Ltd. (The)		4,785		177,141
Bank of Princeton (The)		486		15,304
Bank7 Corp.		280		5,309
BankFinancial Corp.		1,183		15,474
Bankwell Financial Group, Inc.		446		12,863
Banner Corp.		2,944		166,601
Bar Harbor Bankshares		1,146		29,097
Baycom Corp. (1)		848		19,284
BCB Bancorp, Inc.		832		11,473
Berkshire Hills Bancorp, Inc.		4,064		133,624
Boston Private Financial Holdings, Inc.		7,071		85,064

7 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Banks (continued)
Bridge Bancorp, Inc.		1,543	$	51,737
Brookline Bancorp, Inc.		6,592		108,504
Bryn Mawr Bank Corp.		1,617		66,685
Business First Bancshares, Inc.		1,096		27,323
Byline Bancorp, Inc.		1,998		39,101
C&F Financial Corp.		251		13,888
Cadence BanCorp, Class A		10,674		193,520
Cambridge Bancorp (2)		320		25,648
Camden National Corp.		1,318		60,707
Capital Bancorp, Inc. (1)		525		7,817
Capital City Bank Group, Inc.		1,232		37,576
Capstar Financial Holdings, Inc.		1,274		21,212
Carolina Financial Corp.		1,839		79,500
Carter Bank & Trust (1)		1,998		47,393
Cathay General Bancorp		6,691		254,593
CBTX, Inc.		1,510		46,991
CenterState Bank Corp.		10,365		258,918
Central Pacific Financial Corp.		2,337		69,128
Central Valley Community Bancorp		682		14,779
Century Bancorp, Inc., Class A		277		24,919
Chemung Financial Corp.		245		10,413
Citizens & Northern Corp.		1,125		31,781
City Holding Co.		1,332		109,157
Civista Bancshares, Inc.		1,318		31,632
CNB Financial Corp.		1,282		41,896
Coastal Financial Corp. (1)		530		8,729
Codorus Valley Bancorp, Inc.		729		16,789
Colony Bankcorp, Inc.		655		10,807
Columbia Banking System, Inc.		6,187		251,718
Community Bank System, Inc.		4,439		314,903
Community Bankers Trust Corp.		1,884		16,730
Community Financial Corp. (The)		347		12,343
Community Trust Bancorp, Inc.		1,316		61,378
ConnectOne Bancorp, Inc.		2,830		72,788
CrossFirst Bankshares, Inc. (1)(2)		550		7,931
Customers Bancorp, Inc. (1)		2,287		54,453
CVB Financial Corp.		11,410		246,228
Dime Community Bancshares, Inc.		2,786		58,200
Eagle Bancorp, Inc.		2,865		139,325
Enterprise Bancorp, Inc.		790		26,757
Enterprise Financial Services Corp.		2,151		103,700
Equity Bancshares, Inc., Class A (1)		1,296		40,008
Esquire Financial Holdings, Inc. (1)		506		13,191
Evans Bancorp, Inc.		406		16,281
Farmers & Merchants Bancorp, Inc. (2)		778		23,457
Farmers National Banc Corp.		1,937		31,612

Security	Shares		Value
Banks (continued)
FB Financial Corp.		1,361	$	53,882
Fidelity D&D Bancorp, Inc. (2)		249		15,490
Financial Institutions, Inc.		1,360		43,656
First Bancorp, Inc		2,504		99,935
First Bancorp, Inc. / ME		691		20,889
First BanCorp. / Puerto Rico		18,815		199,251
First Bancshares, Inc. (The)		1,422		50,509
First Bank / Hamilton		1,315		14,531
First Busey Corp.		4,434		121,935
First Business Financial Services, Inc.		708		18,642
First Capital, Inc.		286		20,878
First Choice Bancorp		879		23,698
First Commonwealth Financial Corp.		8,496		123,277
First Community Bankshares, Inc.		1,464		45,413
First Financial Bancorp		8,499		216,215
First Financial Bankshares, Inc.		11,357		398,631
First Financial Corp. / IN		1,151		52,624
First Financial Northwest, Inc.		708		10,578
First Foundation, Inc.		3,136		54,566
First Guaranty Bancshares, Inc.		412		8,969
First Internet Bancorp		680		16,123
First Interstate BancSystem, Inc., Class A		3,196		133,976
First Merchants Corp.		4,648		193,310
First Mid Bancshares, Inc.		1,248		43,992
First Midwest Bancorp, Inc.		9,316		214,827
First Northwest Bancorp		864		15,664
First of Long Island Corp. (The)		2,051		51,439
Flushing Financial Corp.		2,270		49,043
FNCB Bancorp, Inc.		1,509		12,751
Franklin Financial Network, Inc.		950		32,613
Franklin Financial Services Corp.		369		14,277
Fulton Financial Corp.		14,198		247,471
FVCBankcorp, Inc. (1)		1,064		18,588
German American Bancorp, Inc.		2,058		73,306
Glacier Bancorp, Inc.		7,594		349,248
Great Southern Bancorp, Inc.		940		59,521
Great Western Bancorp, Inc.		4,997		173,596
Guaranty Bancshares, Inc.		666		21,898
Hancock Whitney Corp.		7,461		327,389
Hanmi Financial Corp.		2,767		55,326
HarborOne Bancorp, Inc. (1)		2,211		24,299
Hawthorn Bancshares, Inc.		499		12,724
HBT Financial, Inc. (1)		782		14,850
Heartland Financial USA, Inc.		3,037		151,060
Heritage Commerce Corp.		4,704		60,352
Heritage Financial Corp.		3,121		88,324

8 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Banks (continued)
Hilltop Holdings, Inc.		6,020	$	150,079
Home BancShares, Inc.		13,516		265,725
HomeTrust Bancshares, Inc.		1,500		40,245
Hope Bancorp, Inc.		10,521		156,342
Horizon Bancorp		3,088		58,672
Howard Bancorp, Inc. (1)		773		13,048
IBERIABANK Corp.		4,562		341,374
Independent Bank Corp.		2,918		242,923
Independent Bank Corp. / MI		1,901		43,058
Independent Bank Group, Inc.		3,094		171,531
International Bancshares Corp.		4,729		203,678
Investar Holding Corp.		717		17,208
Investors Bancorp, Inc.		20,179		240,433
Lakeland Bancorp, Inc.		3,940		68,477
Lakeland Financial Corp.		2,121		103,781
LCNB Corp.		1,068		20,612
Level One Bancorp, Inc.		443		11,146
Live Oak Bancshares, Inc. (2)		1,938		36,841
Macatawa Bank Corp.		2,061		22,939
Mackinac Financial Corp.		813		14,195
MainStreet Bancshares, Inc. (1)		626		14,398
Malvern Bancorp, Inc. (1)		564		13,023
Mercantile Bank Corp.		1,239		45,186
Metrocity Bankshares, Inc.		1,365		23,901
Metropolitan Bank Holding Corp. (1)		542		26,141
Mid Penn Bancorp, Inc.		399		11,491
Midland States Bancorp, Inc.		1,739		50,361
MidWestOne Financial Group, Inc.		980		35,505
MutualFirst Financial, Inc.		424		16,820
MVB Financial Corp.		740		18,441
National Bank Holdings Corp., Class A		2,417		85,127
National Bankshares, Inc.		531		23,858
NBT Bancorp, Inc.		3,663		148,571
Nicolet Bankshares, Inc. (1)		802		59,228
Northeast Bank		637		14,008
Northrim BanCorp, Inc.		525		20,107
Norwood Financial Corp.		502		19,528
Oak Valley Bancorp		573		11,151
OFG Bancorp		4,325		102,113
Ohio Valley Banc Corp.		358		14,184
Old National Bancorp		14,955		273,527
Old Second Bancorp, Inc.		2,274		30,631
Opus Bank		1,820		47,083
Origin Bancorp, Inc. (2)		1,666		63,041
Orrstown Financial Services, Inc.		900		20,358
Pacific Mercantile Bancorp (1)		1,193		9,687

Security	Shares		Value
Banks (continued)
Pacific Premier Bancorp, Inc.		5,168	$	168,503
Park National Corp.		1,149		117,635
Parke Bancorp, Inc.		552		14,015
PCB Bancorp		976		16,865
Peapack Gladstone Financial Corp.		1,655		51,139
Penns Woods Bancorp, Inc.		622		22,118
Peoples Bancorp of North Carolina, Inc.		408		13,403
Peoples Bancorp, Inc.		1,418		49,148
Peoples Financial Services Corp.		676		34,037
People’s Utah Bancorp		1,248		37,590
Preferred Bank		1,229		73,851
Premier Financial Bancorp, Inc.		911		16,526
QCR Holdings, Inc.		1,290		56,579
RBB Bancorp		1,147		24,282
Red River Bancshares, Inc. (1)		422		23,657
Reliant Bancorp, Inc.		609		13,544
Renasant Corp.		4,869		172,460
Republic Bancorp, Inc., Class A		907		42,448
Republic First Bancorp, Inc. (1)		4,071		17,017
Richmond Mutual Bancorporation, Inc. (1)		1,092		17,428
S&T Bancorp, Inc.		3,252		131,023
Sandy Spring Bancorp, Inc.		3,090		117,049
SB One Bancorp		601		14,977
Seacoast Banking Corp. of Florida (1)		4,301		131,482
Select Bancorp, Inc. (1)		954		11,734
ServisFirst Bancshares, Inc.		4,180		157,502
Shore Bancshares, Inc.		977		16,961
Sierra Bancorp		1,243		36,196
Silvergate Capital Corp., Class A (1)		275		4,375
Simmons First National Corp., Class A		7,977		213,704
SmartFinancial, Inc.		1,098		25,968
South Plains Financial, Inc.		868		18,115
South State Corp.		2,956		256,433
Southern First Bancshares, Inc. (1)		613		26,046
Southern National Bancorp of Virginia, Inc.		1,573		25,719
Southside Bancshares, Inc.		2,786		103,472
Spirit of Texas Bancshares, Inc. (1)		1,176		27,048
Stock Yards Bancorp, Inc.		1,843		75,674
Summit Financial Group, Inc.		955		25,871
Tompkins Financial Corp.		1,253		114,649
TowneBank		5,819		161,885
TriCo Bancshares		2,280		93,047
TriState Capital Holdings, Inc. (1)		1,979		51,691
Triumph Bancorp, Inc. (1)		1,993		75,774
Trustmark Corp.		5,505		189,978
UMB Financial Corp.		3,879		266,255

9 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Banks (continued)
Union Bankshares, Inc.		303	$	10,987
United Bankshares, Inc.		8,520		329,383
United Community Banks, Inc.		6,890		212,763
United Security Bancshares		1,143		12,264
Unity Bancorp, Inc.		677		15,280
Univest Financial Corp.		2,279		61,032
Valley National Bancorp		33,841		387,479
Veritex Holdings, Inc.		4,496		130,968
Washington Trust Bancorp, Inc.		1,232		66,269
WesBanco, Inc.		5,658		213,816
West Bancorporation, Inc.		1,387		35,549
Westamerica BanCorp.		2,275		154,177
			$	17,762,323
Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A (1)(2)		734	$	277,342
Celsius Holdings, Inc. (1)		1,928		9,312
Coca-Cola Consolidated, Inc.		389		110,496
Craft Brew Alliance, Inc. (1)		855		14,108
MGP Ingredients, Inc. (2)		1,083		52,471
National Beverage Corp. (1)(2)		989		50,459
New Age Beverages Corp. (1)(2)		6,381		11,613
Primo Water Corp. (1)(2)		2,722		30,554
			$	556,355
Biotechnology — 7.4%
89bio, Inc. (1)		255	$	6,704
Abeona Therapeutics, Inc. (1)		2,704		8,842
ACADIA Pharmaceuticals, Inc. (1)(2)		9,675		413,896
Acceleron Pharma, Inc. (1)		3,829		203,014
Achillion Pharmaceuticals, Inc. (1)		11,893		71,715
Acorda Therapeutics, Inc. (1)		3,713		7,575
Adamas Pharmaceuticals, Inc. (1)		1,883		7,137
ADMA Biologics, Inc. (1)		4,185		16,740
Aduro Biotech, Inc. (1)		5,545		6,543
Adverum Biotechnologies, Inc. (1)		4,398		50,665
Aeglea BioTherapeutics, Inc. (1)		1,379		10,536
Affimed NV (1)		5,312		14,555
Agenus, Inc. (1)		9,008		36,663
AgeX Therapeutics, Inc. (1)(2)		600		1,092
Aimmune Therapeutics, Inc. (1)(2)		3,876		129,730
Akcea Therapeutics, Inc. (1)(2)		1,275		21,599
Akebia Therapeutics, Inc. (1)(2)		10,148		64,135
Akero Therapeutics, Inc. (1)		400		8,878
Albireo Pharma, Inc. (1)		688		17,489

Security	Shares		Value
Biotechnology (continued)
Aldeyra Therapeutics, Inc. (1)		1,388	$	8,064
Alector, Inc. (1)(2)		2,519		43,402
Allakos, Inc. (1)(2)		1,711		163,161
Allogene Therapeutics, Inc. (1)(2)		3,351		87,059
AMAG Pharmaceuticals, Inc. (1)(2)		3,012		36,656
Amicus Therapeutics, Inc. (1)		22,362		217,806
AnaptysBio, Inc. (1)		2,097		34,076
Anavex Life Sciences Corp. (1)(2)		3,787		9,808
Anika Therapeutics, Inc. (1)		1,202		62,324
Apellis Pharmaceuticals, Inc. (1)		4,140		126,767
Applied Therapeutics, Inc. (1)(2)		549		14,977
Aprea Therapeutics, Inc. (1)		555		25,469
Arcus Biosciences, Inc. (1)		2,532		25,573
Ardelyx, Inc. (1)		3,393		25,464
Arena Pharmaceuticals, Inc. (1)		4,389		199,348
ArQule, Inc. (1)		9,797		195,548
Arrowhead Pharmaceuticals, Inc. (1)(2)		8,120		515,052
Assembly Biosciences, Inc. (1)		1,696		34,700
Atara Biotherapeutics, Inc. (1)		4,491		73,967
Athenex, Inc. (1)(2)		5,678		86,703
Athersys, Inc. (1)(2)		11,234		13,818
Atreca, Inc., Class A (1)(2)		550		8,509
Audentes Therapeutics, Inc. (1)		3,930		235,171
Avid Bioservices, Inc. (1)		4,695		36,011
Avrobio, Inc. (1)		1,713		34,483
Axcella Health, Inc. (1)(2)		145		581
Baudax Bio, Inc. (1)		478		3,308
Beyondspring, Inc. (1)(2)		944		14,632
BioCryst Pharmaceuticals, Inc. (1)(2)		12,730		43,918
Biohaven Pharmaceutical Holding Co., Ltd. (1)		3,460		188,362
BioSpecifics Technologies Corp. (1)		496		28,242
Bioxcel Therapeutics, Inc. (1)		531		7,758
Blueprint Medicines Corp. (1)(2)		4,267		341,829
Bridgebio Pharma, Inc. (1)		1,878		65,824
Cabaletta Bio, Inc. (1)		560		7,823
Calithera Biosciences, Inc. (1)		4,050		23,125
Calyxt, Inc. (1)(2)		700		4,907
CareDx, Inc. (1)		3,511		75,732
CASI Pharmaceuticals, Inc. (1)(2)		4,345		13,426
Castle Biosciences, Inc. (1)		310		10,655
Catalyst Pharmaceuticals, Inc. (1)		9,063		33,986
CEL-SCI Corp. (1)		2,325		21,274
Celcuity, Inc. (1)(2)		240		2,554
Cellular Biomedicine Group, Inc. (1)		958		15,558
Centogene NV (1)		160		1,611
Checkpoint Therapeutics, Inc. (1)		2,033		3,497

10 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Biotechnology (continued)
ChemoCentryx, Inc. (1)		3,509	$	138,781
Chimerix, Inc. (1)		3,539		7,184
Clovis Oncology, Inc. (1)(2)		3,967		41,356
Coherus Biosciences, Inc. (1)(2)		5,288		95,210
Concert Pharmaceuticals, Inc. (1)		1,527		14,087
Constellation Pharmaceuticals, Inc. (1)(2)		1,306		61,526
Corbus Pharmaceuticals Holdings, Inc. (1)(2)		3,888		21,228
Cortexyme, Inc. (1)(2)		978		54,905
Crinetics Pharmaceuticals, Inc. (1)(2)		952		23,886
Cue Biopharma, Inc. (1)		1,576		25,019
Cyclerion Therapeutics, Inc. (1)(2)		2,036		5,538
Cytokinetics, Inc. (1)(2)		4,685		49,708
CytomX Therapeutics, Inc. (1)		3,689		30,656
Deciphera Pharmaceuticals, Inc. (1)		1,576		98,090
Denali Therapeutics, Inc. (1)(2)		4,193		73,042
Dicerna Pharmaceuticals, Inc. (1)		4,450		98,033
Dynavax Technologies Corp. (1)(2)		6,886		39,388
Eagle Pharmaceuticals, Inc. (1)		867		52,089
Editas Medicine, Inc. (1)(2)		4,234		125,369
Eidos Therapeutics, Inc. (1)		939		53,889
Eiger BioPharmaceuticals, Inc. (1)		2,068		30,813
Emergent BioSolutions, Inc. (1)		3,967		214,020
Enanta Pharmaceuticals, Inc. (1)		1,508		93,164
Enochian Biosciences, Inc. (1)(2)		355		1,782
Epizyme, Inc. (1)(2)		6,653		163,664
Esperion Therapeutics, Inc. (1)(2)		2,166		129,159
Evelo Biosciences, Inc. (1)		1,133		4,600
Exagen, Inc. (1)		285		7,239
Fate Therapeutics, Inc. (1)		5,214		102,038
FibroGen, Inc. (1)		6,777		290,666
Five Prime Therapeutics, Inc. (1)		2,790		12,806
Flexion Therapeutics, Inc. (1)(2)		2,654		54,938
Forty Seven, Inc. (1)		1,961		77,205
Frequency Therapeutics, Inc. (1)		494		8,660
G1 Therapeutics, Inc. (1)(2)		2,920		77,176
Galectin Therapeutics, Inc. (1)		2,845		8,137
Galera Therapeutics, Inc. (1)		145		1,908
Geron Corp. (1)(2)		13,270		18,047
Global Blood Therapeutics, Inc. (1)(2)		5,062		402,378
GlycoMimetics, Inc. (1)		2,997		15,854
Gossamer Bio, Inc. (1)(2)		3,566		55,737
Gritstone Oncology, Inc. (1)(2)		2,176		19,519
Halozyme Therapeutics, Inc. (1)		12,201		216,324
Harpoon Therapeutics, Inc. (1)		637		9,421
Heron Therapeutics, Inc. (1)(2)		7,225		169,787
Homology Medicines, Inc. (1)(2)		2,088		43,222

Security	Shares		Value
Biotechnology (continued)
Hookipa Pharma, Inc. (1)(2)		184	$	2,250
IGM Biosciences, Inc. (1)		426		16,256
ImmunoGen, Inc. (1)		11,811		60,295
Immunomedics, Inc. (1)(2)		15,377		325,377
Inovio Pharmaceuticals, Inc. (1)(2)		6,941		22,905
Insmed, Inc. (1)(2)		7,785		185,906
Intellia Therapeutics, Inc. (1)(2)		3,046		44,685
Intercept Pharmaceuticals, Inc. (1)(2)		2,193		271,757
Intrexon Corp. (1)(2)		5,972		32,727
Invitae Corp. (1)(2)		7,411		119,539
Iovance Biotherapeutics, Inc. (1)		10,075		278,876
Ironwood Pharmaceuticals, Inc. (1)(2)		13,086		174,175
Jounce Therapeutics, Inc. (1)		1,233		10,764
Kadmon Holdings, Inc. (1)(2)		13,434		60,856
KalVista Pharmaceuticals, Inc. (1)(2)		1,030		18,344
Karuna Therapeutics, Inc. (1)(2)		380		28,629
Karyopharm Therapeutics, Inc. (1)		4,886		93,665
Kezar Life Sciences, Inc. (1)		1,038		4,162
Kindred Biosciences, Inc. (1)		2,568		21,777
Kiniksa Pharmaceuticals, Ltd., Class A (1)		975		10,784
Kodiak Sciences, Inc. (1)(2)		2,049		147,426
Krystal Biotech, Inc. (1)		916		50,728
Kura Oncology, Inc. (1)		2,853		39,229
La Jolla Pharmaceutical Co. (1)		1,535		6,033
Lexicon Pharmaceuticals, Inc. (1)(2)		3,782		15,695
Ligand Pharmaceuticals, Inc. (1)(2)		1,471		153,411
Lineage Cell Therapeutics, Inc. (2)		6,005		5,344
LogicBio Therapeutics, Inc. (1)(2)		670		4,824
MacroGenics, Inc. (1)		4,075		44,336
Madrigal Pharmaceuticals, Inc. (1)(2)		687		62,593
Magenta Therapeutics, Inc. (1)(2)		1,188		18,010
MannKind Corp. (1)(2)		11,365		14,661
Marker Therapeutics, Inc. (1)(2)		2,391		6,886
Medicines Co. (The) (1)(2)		6,457		548,458
MediciNova, Inc. (1)(2)		3,274		22,067
MEI Pharma, Inc. (1)		6,012		14,910
MeiraGTx Holdings PLC (1)		1,306		26,146
Mersana Therapeutics, Inc. (1)		3,004		17,213
Millendo Therapeutics, Inc. (1)		829		5,587
Minerva Neurosciences, Inc. (1)		2,206		15,685
Mirati Therapeutics, Inc. (1)(2)		2,373		305,785
Mirum Pharmaceuticals, Inc. (1)(2)		225		5,517
Molecular Templates, Inc. (1)		1,423		19,901
Momenta Pharmaceuticals, Inc. (1)		8,604		169,757
Morphic Holding, Inc. (1)(2)		400		6,864
Mustang Bio, Inc. (1)		1,620		6,610

11 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Biotechnology (continued)
Myriad Genetics, Inc. (1)		6,149	$	167,437
Natera, Inc. (1)		5,357		180,477
Neon Therapeutics, Inc. (1)		485		572
NextCure, Inc. (1)		1,210		68,159
Novavax, Inc. (1)(2)		1,636		6,511
Oncocyte Corp. (1)(2)		1,896		4,266
OPKO Health, Inc. (1)(2)		33,101		48,658
Organogenesis Holdings, Inc. (1)		930		4,473
Oyster Point Pharma, Inc. (1)		485		11,853
Palatin Technologies, Inc. (1)(2)		16,946		13,255
PDL BioPharma, Inc. (1)		9,974		32,366
Pfenex, Inc. (1)		2,583		28,361
PhaseBio Pharmaceuticals, Inc. (1)(2)		1,211		7,399
Pieris Pharmaceuticals, Inc. (1)		3,015		10,914
PolarityTE, Inc. (1)		503		1,308
Portola Pharmaceuticals, Inc. (1)(2)		6,565		156,772
Precision BioSciences, Inc. (1)(2)		3,088		42,892
Prevail Therapeutics, Inc. (1)(2)		616		9,751
Principia Biopharma, Inc. (1)		1,581		86,607
Progenics Pharmaceuticals, Inc. (1)		7,261		36,958
Protagonist Therapeutics, Inc. (1)		1,337		9,426
Prothena Corp. PLC (1)		3,249		51,432
PTC Therapeutics, Inc. (1)		5,192		249,372
Puma Biotechnology, Inc. (1)(2)		2,522		22,067
Ra Pharmaceuticals, Inc. (1)		3,058		143,512
Radius Health, Inc. (1)(2)		3,845		77,515
Rapt Therapeutics, Inc. (1)		135		3,727
REGENXBIO, Inc. (1)(2)		2,841		116,396
Replimune Group, Inc. (1)		616		8,840
Retrophin, Inc. (1)		3,493		49,601
Rhythm Pharmaceuticals, Inc. (1)(2)		2,515		57,744
Rigel Pharmaceuticals, Inc. (1)		12,610		26,985
Rocket Pharmaceuticals, Inc. (1)(2)		2,549		58,015
Rubius Therapeutics, Inc. (1)(2)		2,811		26,704
Sangamo Therapeutics, Inc. (1)(2)		9,803		82,051
Savara, Inc. (1)(2)		2,257		10,111
Scholar Rock Holding Corp. (1)(2)		1,228		16,185
Seres Therapeutics, Inc. (1)		3,205		11,057
Solid Biosciences, Inc. (1)(2)		1,002		4,459
Sorrento Therapeutics, Inc. (1)(2)		9,475		32,025
Spectrum Pharmaceuticals, Inc. (1)		9,499		34,576
Spero Therapeutics, Inc. (1)		500		4,808
SpringWorks Therapeutics, Inc. (1)		897		34,526
Stemline Therapeutics, Inc. (1)(2)		3,938		41,861
Stoke Therapeutics, Inc. (1)		761		21,552
Sutro Biopharma, Inc. (1)		525		5,775

Security	Shares		Value
Biotechnology (continued)
Syndax Pharmaceuticals, Inc. (1)		1,000	$	8,780
Synlogic, Inc. (1)		1,223		3,155
Synthorx, Inc. (1)		798		55,772
Syros Pharmaceuticals, Inc. (1)		2,602		17,980
TCR2 Therapeutics, Inc. (1)		974		13,909
TG Therapeutics, Inc. (1)(2)		6,740		74,814
Tocagen, Inc. (1)(2)		1,527		814
Translate Bio, Inc. (1)(2)		2,436		19,829
Turning Point Therapeutics (1)(2)		2,380		148,250
Twist Bioscience Corp. (1)		1,859		39,039
Tyme Technologies, Inc. (1)(2)		6,120		8,568
Ultragenyx Pharmaceutical, Inc. (1)(2)		4,646		198,431
UNITY Biotechnology, Inc. (1)(2)		2,053		14,802
UroGen Pharma, Ltd. (1)(2)		1,653		55,161
Vanda Pharmaceuticals, Inc. (1)		4,281		70,251
VBI Vaccines, Inc. (1)(2)		7,403		10,216
Veracyte, Inc. (1)(2)		4,016		112,127
Vericel Corp. (1)		3,863		67,216
Viela Bio, Inc. (1)		469		12,733
Viking Therapeutics, Inc. (1)(2)		5,553		44,535
Vir Biotechnology, Inc. (1)		620		7,797
Voyager Therapeutics, Inc. (1)		2,021		28,193
X4 Pharmaceuticals, Inc. (1)		987		10,561
XBiotech, Inc. (1)(2)		1,474		27,512
Xencor, Inc. (1)(2)		4,142		142,443
Y-mAbs Therapeutics, Inc. (1)		2,029		63,406
ZIOPHARM Oncology, Inc. (1)(2)		13,722		64,768
			$	14,615,052
Building Products — 1.4%
AAON, Inc.		3,489	$	172,392
Advanced Drainage Systems, Inc.		3,730		144,873
American Woodmark Corp. (1)		1,481		154,779
Apogee Enterprises, Inc.		2,204		71,630
Armstrong Flooring, Inc. (1)		1,823		7,784
Builders FirstSource, Inc. (1)		9,970		253,338
Caesarstone, Ltd.		1,950		29,387
Continental Building Products, Inc. (1)		3,099		112,897
Cornerstone Building Brands, Inc. (1)		3,510		29,870
CSW Industrials, Inc.		1,308		100,716
Gibraltar Industries, Inc. (1)		2,724		137,399
Griffon Corp.		3,034		61,681
Insteel Industries, Inc.		1,366		29,355
JELD-WEN Holding, Inc. (1)		5,765		134,959
Masonite International Corp. (1)		2,187		157,923
Patrick Industries, Inc.		1,955		102,501

12 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Building Products (continued)
PGT Innovations, Inc. (1)		4,695	$	70,002
Quanex Building Products Corp.		3,015		51,496
Simpson Manufacturing Co., Inc.		3,936		315,785
Trex Co., Inc. (1)(2)		5,022		451,377
Universal Forest Products, Inc.		5,184		247,277
			$	2,837,421
Capital Markets — 1.3%
Ares Management Corp., Class A		6,138	$	219,065
Artisan Partners Asset Management, Inc., Class A		4,258		137,619
Assetmark Financial Holdings, Inc.		1,145		33,228
Associated Capital Group, Inc., Class A (2)		224		8,781
B. Riley Financial, Inc.		1,801		45,349
Blucora, Inc. (1)		4,225		110,441
BrightSphere Investment Group, Inc.		6,175		63,108
Cohen & Steers, Inc.		2,001		125,583
Cowen, Inc., Class A (1)		2,148		33,831
Diamond Hill Investment Group, Inc.		250		35,115
Donnelley Financial Solutions, Inc. (1)		2,855		29,892
Federated Investors, Inc., Class B		8,411		274,114
Focus Financial Partners, Inc., Class A (1)		2,587		76,239
GAIN Capital Holdings, Inc. (2)		1,604		6,336
GAMCO Investors, Inc., Class A		342		6,666
Greenhill & Co., Inc.		1,714		29,275
Hamilton Lane, Inc., Class A		1,868		111,333
Houlihan Lokey, Inc., Class A		3,600		175,932
INTL FCStone, Inc. (1)		1,391		67,923
Ladenburg Thalmann Financial Services, Inc.		8,462		29,448
Moelis & Co., Class A		4,043		129,053
Oppenheimer Holdings, Inc., Class A		932		25,611
Piper Jaffray Cos.		1,194		95,448
PJT Partners, Inc., Class A		1,985		89,583
Pzena Investment Management, Inc., Class A		1,231		10,611
Safeguard Scientifics, Inc.		1,902		20,884
Sculptor Capital Management, Inc.		1,486		32,841
Siebert Financial Corp. (1)		596		5,155
Silvercrest Asset Management Group, Inc., Class A		548		6,894
Stifel Financial Corp.		5,713		346,493
Value Line, Inc.		91		2,631
Virtus Investment Partners, Inc.		589		71,693
Waddell & Reed Financial, Inc., Class A (2)		6,178		103,296
Westwood Holdings Group, Inc.		603		17,861
WisdomTree Investments, Inc.		11,656		56,415
			$	2,633,747

Security	Shares		Value
Chemicals — 1.7%
Advanced Emissions Solutions, Inc. (2)		1,851	$	19,435
AdvanSix, Inc. (1)		2,631		52,515
American Vanguard Corp.		2,506		48,792
Amyris, Inc. (1)(2)		5,121		15,824
Balchem Corp.		2,818		286,393
Chase Corp.		627		74,287
Ferro Corp. (1)		7,188		106,598
Flotek Industries, Inc. (1)		4,728		9,456
FutureFuel Corp.		1,874		23,219
GCP Applied Technologies, Inc. (1)		4,589		104,216
Hawkins, Inc.		749		34,312
HB Fuller Co. (2)		4,475		230,776
Ingevity Corp. (1)		3,673		320,947
Innophos Holdings, Inc.		1,613		51,584
Innospec, Inc.		2,126		219,913
Intrepid Potash, Inc. (1)		8,313		22,528
Koppers Holdings, Inc. (1)		1,571		60,044
Kraton Corp. (1)		2,659		67,326
Kronos Worldwide, Inc.		1,877		25,152
Livent Corp. (1)(2)		12,684		108,448
LSB Industries, Inc. (1)		1,588		6,670
Marrone Bio Innovations, Inc. (1)		4,928		4,977
Minerals Technologies, Inc.		2,994		172,544
OMNOVA Solutions, Inc. (1)		3,910		39,530
Orion Engineered Carbons SA		5,256		101,441
PolyOne Corp.		6,743		248,075
PQ Group Holdings, Inc. (1)		3,089		53,069
Quaker Chemical Corp.		1,117		183,769
Rayonier Advanced Materials, Inc.		4,190		16,090
Sensient Technologies Corp.		3,703		244,731
Stepan Co.		1,782		182,548
Trecora Resources (1)		1,798		12,856
Tredegar Corp.		2,145		47,941
Trinseo SA		3,353		124,765
Tronox Holdings PLC, Class A		7,808		89,167
Valhi, Inc.		1,474		2,756
			$	3,412,694
Commercial Services & Supplies — 2.6%
ABM Industries, Inc.		5,683	$	214,306
ACCO Brands Corp.		8,823		82,583
Advanced Disposal Services, Inc. (1)		6,349		208,692
Brady Corp., Class A		4,179		239,290
BrightView Holdings, Inc. (1)		2,671		45,060
Brink’s Co. (The)		4,361		395,455

13 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Commercial Services & Supplies (continued)
Casella Waste Systems, Inc., Class A (1)		3,899	$	179,471
CECO Environmental Corp. (1)		2,281		17,472
Charah Solutions, Inc. (1)(2)		610		1,488
Cimpress PLC (1)(2)		1,712		215,318
CompX International, Inc.		124		1,809
Covanta Holding Corp.		10,319		153,134
Deluxe Corp.		3,758		187,599
Ennis, Inc.		2,271		49,167
Harsco Corp. (1)		6,801		156,491
Healthcare Services Group, Inc.		6,468		157,302
Heritage-Crystal Clean, Inc. (1)		1,244		39,024
Herman Miller, Inc.		5,154		214,664
HNI Corp.		3,661		137,141
Interface, Inc.		5,094		84,509
Kimball International, Inc., Class B		2,797		57,814
Knoll, Inc.		4,151		104,854
Matthews International Corp., Class A		2,709		103,403
McGrath RentCorp		2,127		162,801
Mobile Mini, Inc.		3,826		145,044
MSA Safety, Inc.		3,077		388,810
NL Industries, Inc. (1)		532		2,080
PICO Holdings, Inc. (1)		1,974		21,951
Pitney Bowes, Inc. (2)		15,446		62,247
Quad / Graphics, Inc.		2,476		11,563
RR Donnelley & Sons Co. (2)		6,159		24,328
SP Plus Corp. (1)		1,895		80,405
Steelcase, Inc., Class A		7,435		152,120
Team, Inc. (1)(2)		2,411		38,504
Tetra Tech, Inc.		4,778		411,672
UniFirst Corp.		1,322		267,018
US Ecology, Inc.		2,060		119,295
Viad Corp.		1,775		119,813
VSE Corp.		650		24,726
			$	5,078,423
Communications Equipment — 1.0%
Acacia Communications, Inc. (1)		3,332	$	225,943
ADTRAN, Inc.		4,115		40,697
Applied Optoelectronics, Inc. (1)(2)		1,515		17,998
CalAmp Corp. (1)		3,105		29,746
Calix, Inc. (1)		4,105		32,840
Cambium Networks Corp. (1)		360		3,146
Casa Systems, Inc. (1)		2,241		9,166
Clearfield, Inc. (1)		1,022		14,247
Comtech Telecommunications Corp.		2,055		72,932
DASAN Zhone Solutions, Inc. (1)		513		4,545

Security	Shares		Value
Communications Equipment (continued)
Digi International, Inc. (1)		2,313	$	40,986
Extreme Networks, Inc. (1)		9,584		70,634
Harmonic, Inc. (1)		7,210		56,238
Infinera Corp. (1)(2)		15,265		121,204
Inseego Corp. (1)(2)		3,931		28,814
InterDigital, Inc.		2,697		146,960
KVH Industries, Inc. (1)		1,491		16,595
Lumentum Holdings, Inc. (1)		6,644		526,869
NETGEAR, Inc. (1)		2,672		65,491
NetScout Systems, Inc. (1)		6,378		153,519
Plantronics, Inc. (2)		2,716		74,256
Ribbon Communications, Inc. (1)		4,404		13,652
TESSCO Technologies, Inc.		546		6,126
Viavi Solutions, Inc. (1)		20,045		300,675
			$	2,073,279
Construction & Engineering — 1.0%
Aegion Corp. (1)		2,830	$	63,307
Ameresco, Inc., Class A (1)		1,930		33,775
Arcosa, Inc.		4,248		189,248
Argan, Inc.		1,155		46,362
Comfort Systems USA, Inc.		3,196		159,321
Concrete Pumping Holdings, Inc. (1)(2)		980		5,361
Construction Partners, Inc., Class A (1)		1,060		17,882
Dycom Industries, Inc. (1)		2,549		120,185
EMCOR Group, Inc.		4,880		421,144
Granite Construction, Inc. (2)		3,992		110,459
Great Lakes Dredge & Dock Corp. (1)		5,123		58,044
IES Holdings, Inc. (1)		610		15,653
MasTec, Inc. (1)		5,243		336,391
MYR Group, Inc. (1)		1,414		46,082
Northwest Pipe Co. (1)		837		27,880
NV5 Global, Inc. (1)		775		39,099
Primoris Services Corp.		3,859		85,824
Sterling Construction Co., Inc. (1)		2,268		31,933
Tutor Perini Corp. (1)		3,186		40,972
Willscot Corp. (1)		4,448		82,243
			$	1,931,165
Construction Materials — 0.2%
Forterra, Inc. (1)		1,612	$	18,635
Summit Materials, Inc., Class A (1)		9,887		236,299
United States Lime & Minerals, Inc.		156		14,087
US Concrete, Inc. (1)		1,337		55,699
			$	324,720

14 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Consumer Finance — 0.5%
Curo Group Holdings Corp. (1)(2)		974	$	11,863
Elevate Credit, Inc. (1)		1,265		5,629
Encore Capital Group, Inc. (1)(2)		2,642		93,421
Enova International, Inc. (1)		2,903		69,846
EZCORP, Inc., Class A (1)		4,319		29,456
FirstCash, Inc.		3,681		296,799
Green Dot Corp., Class A (1)		4,218		98,280
LendingClub Corp. (1)		5,781		72,956
Medallion Financial Corp. (1)		1,820		13,231
Nelnet, Inc., Class A		1,533		89,282
PRA Group, Inc. (1)(2)		3,955		143,567
Regional Management Corp. (1)		935		28,078
World Acceptance Corp. (1)		470		40,608
			$	993,016
Containers & Packaging — 0.1%
Greif, Inc., Class A		2,211	$	97,726
Greif, Inc., Class B		446		23,090
Myers Industries, Inc.		3,117		51,992
UFP Technologies, Inc. (1)		499		24,755
			$	197,563
Distributors — 0.1%
Core-Mark Holding Co., Inc.		3,796	$	103,213
Funko, Inc., Class A (1)(2)		1,464		25,122
Greenlane Holdings, Inc., Class A (1)(2)		547		1,781
Weyco Group, Inc.		562		14,865
			$	144,981
Diversified Consumer Services — 0.8%
Adtalem Global Education, Inc. (1)		4,632	$	161,981
American Public Education, Inc. (1)		1,323		36,237
Carriage Services, Inc.		1,443		36,941
Chegg, Inc. (1)		10,166		385,393
Collectors Universe, Inc.		706		16,273
Houghton Mifflin Harcourt Co. (1)		9,080		56,750
K12, Inc. (1)		3,081		62,698
Laureate Education, Inc., Class A (1)		10,150		178,741
OneSpaWorld Holdings, Ltd. (1)(2)		4,007		67,478
Perdoceo Education Corp. (1)		5,930		109,053
Regis Corp. (1)		2,003		35,794
Select Interior Concepts, Inc., Class A (1)		1,888		16,973
Strategic Education, Inc.		1,874		297,779
Weight Watchers International, Inc. (1)		3,995		152,649
			$	1,614,740

Security	Shares		Value
Diversified Financial Services — 0.2%
Banco Latinoamericano de Comercio Exterior SA		2,614	$	55,887
Cannae Holdings, Inc. (1)		5,905		219,607
FGL Holdings		12,744		135,724
GWG Holdings, Inc. (1)(2)		160		1,571
Marlin Business Services Corp.		795		17,474
On Deck Capital, Inc. (1)		5,807		24,041
			$	454,304
Diversified Telecommunication Services — 0.5%
Anterix, Inc. (2)		782	$	33,790
ATN International, Inc.		967		53,562
Bandwidth, Inc., Class A (1)(2)		1,419		90,887
Cincinnati Bell, Inc. (1)(2)		3,835		40,152
Cogent Communications Holdings, Inc.		3,590		236,258
Consolidated Communications Holdings, Inc. (2)		5,584		21,666
Frontier Communications Corp. (1)(2)		8,904		7,921
IDT Corp., Class B (1)		1,470		10,599
Intelsat SA (1)(2)		5,730		40,282
Iridium Communications, Inc. (1)		8,418		207,420
Ooma, Inc. (1)		1,488		19,686
ORBCOMM, Inc. (1)		5,583		23,504
Pareteum Corp. (1)(2)		9,476		4,144
Vonage Holdings Corp. (1)		18,939		140,338
			$	930,209
Electric Utilities — 0.9%
ALLETE, Inc.		4,534	$	368,025
El Paso Electric Co.		3,548		240,874
Genie Energy, Ltd., Class B		1,269		9,809
MGE Energy, Inc.		3,067		241,741
Otter Tail Corp.		3,441		176,489
PNM Resources, Inc.		6,941		351,978
Portland General Electric Co.		7,857		438,342
Spark Energy, Inc., Class A (2)		1,012		9,341
			$	1,836,599
Electrical Equipment — 0.9%
Allied Motion Technologies, Inc.		482	$	23,377
American Superconductor Corp. (1)(2)		1,853		14,546
Atkore International Group, Inc. (1)		3,944		159,574
AZZ, Inc.		2,237		102,790
Bloom Energy Corp., Class A (1)		4,863		36,327
Encore Wire Corp.		1,778		102,057
Energous Corp. (1)(2)		1,605		2,841
EnerSys		3,721		278,442

15 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Electrical Equipment (continued)
Generac Holdings, Inc. (1)		5,229	$	525,985
Plug Power, Inc. (1)(2)		19,616		61,987
Powell Industries, Inc.		811		39,731
Preformed Line Products Co.		222		13,398
Sunrun, Inc. (1)(2)		9,929		137,119
Thermon Group Holdings, Inc. (1)		2,669		71,529
TPI Composites, Inc. (1)(2)		2,500		46,275
Vicor Corp. (1)		1,422		66,436
Vivint Solar, Inc. (1)(2)		3,275		23,777
			$	1,706,191
Electronic Equipment, Instruments & Components — 2.4%
Airgain, Inc. (1)		816	$	8,723
Akoustis Technologies, Inc. (1)		2,215		17,720
Anixter International, Inc. (1)		2,667		245,631
Arlo Technologies, Inc. (1)		6,268		26,388
AVX Corp.		4,115		84,234
Badger Meter, Inc.		2,464		159,988
Bel Fuse, Inc., Class B		968		19,844
Belden, Inc.		3,395		186,725
Benchmark Electronics, Inc.		3,272		112,426
Coda Octopus Group, Inc. (1)(2)		409		3,423
CTS Corp.		2,855		85,679
Daktronics, Inc.		2,960		18,026
ePlus, Inc. (1)		1,163		98,029
Fabrinet (1)		3,188		206,710
FARO Technologies, Inc. (1)		1,514		76,230
Fitbit, Inc., Class A (1)		19,650		129,100
II-VI, Inc. (1)		7,794		262,424
Insight Enterprises, Inc. (1)		2,999		210,800
Iteris, Inc. (1)		3,527		17,600
Itron, Inc. (1)		2,995		251,430
KEMET Corp.		5,002		135,304
Kimball Electronics, Inc. (1)		2,097		36,802
Knowles Corp. (1)		6,901		145,956
Methode Electronics, Inc.		3,192		125,605
MTS Systems Corp.		1,475		70,844
Napco Security Technologies, Inc. (1)		1,045		30,713
nLight, Inc. (1)		2,790		56,581
Novanta, Inc. (1)		2,959		261,694
OSI Systems, Inc. (1)		1,463		147,383
PAR Technology Corp. (1)		873		26,836
PC Connection, Inc.		941		46,730
Plexus Corp. (1)		2,529		194,581
Rogers Corp. (1)		1,620		202,063
Sanmina Corp. (1)		5,948		203,659

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ScanSource, Inc. (1)		2,089	$	77,189
Tech Data Corp. (1)		3,053		438,411
TTM Technologies, Inc. (1)		8,703		130,980
Vishay Intertechnology, Inc.		11,658		248,199
Vishay Precision Group, Inc. (1)		1,011		34,374
Wrap Technologies, Inc. (1)(2)		671		4,288
			$	4,839,322
Energy Equipment & Services — 0.9%
Archrock, Inc.		11,297	$	113,422
Cactus, Inc., Class A		4,031		138,344
Covia Holdings Corp. (1)(2)		2,723		5,555
Diamond Offshore Drilling, Inc. (1)(2)		5,679		40,832
DMC Global, Inc. (2)		1,092		49,074
Dril-Quip, Inc. (1)		3,073		144,154
Era Group, Inc. (1)		1,735		17,645
Exterran Corp. (1)		2,624		20,546
Forum Energy Technologies, Inc. (1)		6,985		11,735
Frank’s International NV (1)		9,148		47,295
FTS International, Inc. (1)(2)		2,704		2,812
Geospace Technologies Corp. (1)		1,167		19,571
Helix Energy Solutions Group, Inc. (1)		12,468		120,067
Independence Contract Drilling, Inc. (1)		2,336		2,329
KLX Energy Services Holdings, Inc. (1)		1,703		10,967
Liberty Oilfield Services, Inc., Class A (2)		4,426		49,217
Mammoth Energy Services, Inc. (2)		1,056		2,323
Matrix Service Co. (1)		2,252		51,526
McDermott International, Inc. (1)(2)		15,081		10,204
Nabors Industries, Ltd.		31,112		89,603
National Energy Services Reunited Corp. (1)		2,092		19,079
Natural Gas Services Group, Inc. (1)		1,066		13,069
NCS Multistage Holdings, Inc. (1)		969		2,035
Newpark Resources, Inc. (1)		7,671		48,097
NexTier Oilfield Solutions, Inc. (1)		13,416		89,887
Nine Energy Service, Inc. (1)(2)		1,242		9,712
Noble Corp. PLC (1)		21,442		26,159
Oceaneering International, Inc. (1)		8,672		129,300
Oil States International, Inc. (1)		5,061		82,545
Pacific Drilling SA (1)		2,633		10,743
Parker Drilling Co. (1)(2)		823		18,517
ProPetro Holding Corp. (1)		6,820		76,725
RigNet, Inc. (1)		1,109		7,319
RPC, Inc. (2)		5,124		26,850
SEACOR Holdings, Inc. (1)		1,397		60,281
SEACOR Marine Holdings, Inc. (1)		1,248		17,210
Seadrill, Ltd. (1)(2)		5,172		13,137

16 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Energy Equipment & Services (continued)
Select Energy Services, Inc., Class A (1)		5,076	$	47,105
Smart Sand, Inc. (1)(2)		1,879		4,735
Solaris Oilfield Infrastructure, Inc., Class A (2)		2,541		35,574
TETRA Technologies, Inc. (1)		9,415		18,453
Tidewater, Inc. (1)		3,229		62,255
US Silica Holdings, Inc. (2)		6,531		40,166
US Well Services, Inc. (1)		1,770		3,345
			$	1,809,519
Entertainment — 0.2%
AMC Entertainment Holdings, Inc., Class A (2)		3,946	$	28,569
Eros International PLC (1)(2)		6,068		20,571
Gaia, Inc. (1)(2)		1,050		8,390
Glu Mobile, Inc. (1)		9,287		56,186
IMAX Corp. (1)		4,366		89,197
Liberty Braves Group, Series A (1)		713		21,140
Liberty Braves Group, Series C (1)		3,012		88,975
LiveXLive Media, Inc. (1)		2,426		3,748
Marcus Corp. (The)		1,876		59,601
Reading International, Inc., Class A (1)		1,506		16,852
			$	393,229
Equity Real Estate Investment Trusts (REITs) — 6.5%
Acadia Realty Trust		7,248	$	187,941
Agree Realty Corp.		3,586		251,630
Alexander & Baldwin, Inc.		5,720		119,891
Alexander’s, Inc.		184		60,784
American Assets Trust, Inc.		4,223		193,836
American Finance Trust, Inc.		9,434		125,095
Armada Hoffler Properties, Inc.		4,377		80,318
Ashford Hospitality Trust, Inc.		6,276		17,510
Bluerock Residential Growth REIT, Inc.		1,454		17,521
Braemar Hotels & Resorts, Inc.		2,002		17,878
BRT Apartments Corp.		682		11,574
CareTrust REIT, Inc.		8,148		168,093
CatchMark Timber Trust, Inc., Class A		3,692		42,347
CBL & Associates Properties, Inc. (2)		14,116		14,822
Cedar Realty Trust, Inc.		7,099		20,942
Chatham Lodging Trust		3,800		69,692
CIM Commercial Trust Corp.		118		1,711
City Office REIT, Inc.		4,586		62,003
Clipper Realty, Inc.		1,313		13,918
Community Healthcare Trust, Inc.		1,465		62,790
CoreCivic, Inc.		10,458		181,760
CorEnergy Infrastructure Trust, Inc. (2)		1,103		49,315

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CorePoint Lodging, Inc.		3,663	$	39,121
DiamondRock Hospitality Co.		17,564		194,609
Diversified Healthcare Trust		19,849		167,526
Easterly Government Properties, Inc.		6,397		151,801
EastGroup Properties, Inc.		3,230		428,524
Essential Properties Realty Trust, Inc. (2)		6,639		164,714
Farmland Partners, Inc. (2)		2,798		18,970
First Industrial Realty Trust, Inc.		11,029		457,814
Four Corners Property Trust, Inc.		5,983		168,661
Franklin Street Properties Corp.		9,022		77,228
Front Yard Residential Corp.		4,415		54,481
GEO Group, Inc. (The)		10,121		168,110
Getty Realty Corp.		2,913		95,750
Gladstone Commercial Corp.		2,560		55,962
Gladstone Land Corp. (2)		1,115		14,462
Global Medical REIT, Inc.		2,662		35,218
Global Net Lease, Inc.		7,731		156,785
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (2)		5,564		179,049
Healthcare Realty Trust, Inc.		11,176		372,943
Hersha Hospitality Trust		3,227		46,953
Independence Realty Trust, Inc.		7,851		110,542
Industrial Logistics Properties Trust		5,413		121,359
Innovative Industrial Properties, Inc. (2)		898		68,131
Investors Real Estate Trust		989		71,702
iStar, Inc.		4,942		71,708
Jernigan Capital, Inc. (2)		1,875		35,887
Kite Realty Group Trust		7,232		141,241
Lexington Realty Trust		20,786		220,747
LTC Properties, Inc.		3,459		154,859
Mack-Cali Realty Corp.		7,612		176,066
Monmouth Real Estate Investment Corp.		8,073		116,897
National Health Investors, Inc.		3,678		299,683
National Storage Affiliates Trust		5,194		174,622
New Senior Investment Group, Inc.		7,208		55,141
NexPoint Residential Trust, Inc.		1,658		74,610
Office Properties Income Trust		4,192		134,731
One Liberty Properties, Inc.		1,287		34,994
Pebblebrook Hotel Trust		11,429		306,411
Pennsylvania Real Estate Investment Trust (2)		5,900		31,447
Physicians Realty Trust		16,246		307,699
Piedmont Office Realty Trust, Inc., Class A		11,004		244,729
PotlatchDeltic Corp. (2)		5,812		251,485
Preferred Apartment Communities, Inc., Class A (2)		3,903		51,988
PS Business Parks, Inc.		1,759		290,006
QTS Realty Trust, Inc., Class A		4,809		260,984
Retail Opportunity Investments Corp.		9,833		173,651

17 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Retail Value, Inc.		1,316	$	48,429
Rexford Industrial Realty, Inc.		9,568		436,971
RLJ Lodging Trust		14,520		257,294
RPT Realty		6,804		102,332
Ryman Hospitality Properties, Inc.		3,995		346,207
Sabra Health Care REIT, Inc.		16,496		352,025
Safehold, Inc.		887		35,746
Saul Centers, Inc.		978		51,619
Seritage Growth Properties, Class A (2)		2,944		117,996
STAG Industrial, Inc.		11,492		362,802
Summit Hotel Properties, Inc. (2)		8,982		110,838
Sunstone Hotel Investors, Inc.		19,593		272,735
Tanger Factory Outlet Centers, Inc. (2)		7,997		117,796
Terreno Realty Corp.		5,636		305,133
UMH Properties, Inc.		3,128		49,203
Uniti Group, Inc. (2)		16,329		134,061
Universal Health Realty Income Trust		1,113		130,622
Urban Edge Properties		9,798		187,926
Urstadt Biddle Properties, Inc., Class A		2,599		64,559
Washington Prime Group, Inc. (2)		16,051		58,426
Washington Real Estate Investment Trust		7,049		205,690
Whitestone REIT (2)		3,231		44,006
Xenia Hotels & Resorts, Inc.		9,886		213,636
			$	12,807,424
Food & Staples Retailing — 0.6%
Andersons, Inc. (The)		2,690	$	68,003
BJ’s Wholesale Club Holdings, Inc. (1)(2)		9,766		222,079
Chefs’ Warehouse, Inc. (The) (1)		2,031		77,402
HF Foods Group, Inc. (1)(2)		664		12,948
Ingles Markets, Inc., Class A		1,243		59,055
Natural Grocers by Vitamin Cottage, Inc.		875		8,636
Performance Food Group Co. (1)		8,973		461,930
PriceSmart, Inc.		1,964		139,483
Rite Aid Corp. (1)		4,349		67,279
SpartanNash Co.		3,190		45,426
United Natural Foods, Inc. (1)		4,050		35,478
Village Super Market, Inc., Class A		640		14,848
Weis Markets, Inc.		747		30,246
			$	1,242,813
Food Products — 1.2%
Alico, Inc.		267	$	9,567
B&G Foods, Inc.		5,687		101,968
BellRing Brands, Inc., Class A (1)		3,419		72,791

Security	Shares		Value
Food Products (continued)
Bridgford Foods Corp. (1)		153	$	3,793
Cal-Maine Foods, Inc.		2,682		114,656
Calavo Growers, Inc. (2)		1,424		129,000
Darling Ingredients, Inc. (1)		14,316		401,993
Farmer Bros Co. (1)		847		12,756
Fresh Del Monte Produce, Inc.		2,531		88,534
Freshpet, Inc. (1)		3,024		178,688
Hostess Brands, Inc. (1)		10,500		152,670
J&J Snack Foods Corp.		1,320		243,236
John B. Sanfilippo & Son, Inc.		716		65,357
Lancaster Colony Corp.		1,648		263,845
Landec Corp. (1)		2,282		25,809
Limoneira Co.		1,228		23,614
Sanderson Farms, Inc.		1,738		306,270
Seneca Foods Corp., Class A (1)		594		24,229
Simply Good Foods Co. (The) (1)		7,196		205,374
Tootsie Roll Industries, Inc.		1,396		47,660
			$	2,471,810
Gas Utilities — 1.1%
Chesapeake Utilities Corp.		1,388	$	133,012
New Jersey Resources Corp.		7,742		345,061
Northwest Natural Holding Co.		2,642		194,795
ONE Gas, Inc.		4,563		426,960
RGC Resources, Inc.		587		16,776
South Jersey Industries, Inc. (2)		8,112		267,534
Southwest Gas Holdings, Inc.		4,744		360,402
Spire, Inc.		4,343		361,815
			$	2,106,355
Health Care Equipment & Supplies — 3.6%
Accuray, Inc. (1)		6,420	$	18,104
Alphatec Holdings, Inc. (1)		2,633		18,681
AngioDynamics, Inc. (1)		3,206		51,328
Antares Pharma, Inc. (1)		14,209		66,782
Apyx Medical Corp.		2,938		24,855
AtriCure, Inc. (1)		3,162		102,797
Atrion Corp.		121		90,932
Avanos Medical, Inc. (1)		4,156		140,057
AxoGen, Inc. (1)		2,668		47,731
Axonics Modulation Technologies, Inc. (1)(2)		1,340		37,131
BioLife Solutions, Inc. (1)(2)		589		9,530
BioSig Technologies, Inc. (1)(2)		1,382		8,181
Cardiovascular Systems, Inc. (1)		2,986		145,090
Cerus Corp. (1)		10,738		45,314

18 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Conformis, Inc. (1)		5,635	$	8,453
CONMED Corp.		2,394		267,721
CryoLife, Inc. (1)		3,149		85,306
CryoPort, Inc. (1)(2)		2,620		43,125
Cutera, Inc. (1)		1,118		40,036
CytoSorbents Corp. (1)(2)		2,668		10,272
ElectroCore, Inc. (1)(2)		480		763
GenMark Diagnostics, Inc. (1)(2)		3,729		17,937
Glaukos Corp. (1)(2)		3,390		184,653
Globus Medical, Inc., Class A (1)		6,625		390,080
Haemonetics Corp. (1)		4,474		514,063
Heska Corp. (1)		603		57,852
Inogen, Inc. (1)		1,598		109,191
Integer Holdings Corp. (1)		2,856		229,708
IntriCon Corp. (1)(2)		564		10,152
Invacare Corp. (2)		2,498		22,532
iRadimed Corp. (1)		282		6,593
iRhythm Technologies, Inc. (1)(2)		2,272		154,701
Lantheus Holdings, Inc. (1)		3,109		63,766
LeMaitre Vascular, Inc.		1,302		46,807
LivaNova PLC (1)		4,245		320,200
Meridian Bioscience, Inc.		3,556		34,742
Merit Medical Systems, Inc. (1)		4,551		142,082
Mesa Laboratories, Inc.		319		79,559
Misonix, Inc. (1)		649		12,078
Natus Medical, Inc. (1)		2,809		92,669
Neogen Corp. (1)		4,475		292,039
Neuronetics, Inc. (1)		1,051		4,719
Nevro Corp. (1)		2,612		307,015
Novocure, Ltd. (1)		7,423		625,536
NuVasive, Inc. (1)		4,526		350,041
OraSure Technologies, Inc. (1)		4,811		38,632
Orthofix Medical, Inc. (1)		1,448		66,869
OrthoPediatrics Corp. (1)		650		30,544
Pulse Biosciences, Inc. (1)		800		10,728
Quidel Corp. (1)		3,013		226,065
Rockwell Medical, Inc. (1)(2)		3,471		8,469
RTI Surgical Holdings, Inc. (1)		4,427		12,130
SeaSpine Holdings Corp. (1)		1,048		12,586
Senseonics Holdings, Inc. (1)(2)		7,040		6,449
Shockwave Medical, Inc. (1)(2)		2,190		96,185
SI-BONE, Inc. (1)		1,391		29,907
Sientra, Inc. (1)		3,217		28,760
Silk Road Medical, Inc. (1)(2)		1,382		55,805
Soliton, Inc. (1)(2)		193		2,119
STAAR Surgical Co. (1)(2)		3,782		133,013

Security	Shares		Value
Health Care Equipment & Supplies (continued)
SurModics, Inc. (1)		1,145	$	47,437
Tactile Systems Technology, Inc. (1)		1,512		102,075
Tandem Diabetes Care, Inc. (1)(2)		4,905		292,387
TransEnterix, Inc. (1)(2)		962		1,414
TransMedics Group, Inc. (1)(2)		1,222		23,230
Utah Medical Products, Inc.		296		31,938
Vapotherm, Inc. (1)		1,219		14,823
Varex Imaging Corp. (1)		3,308		98,612
ViewRay, Inc. (1)(2)		5,951		25,113
Wright Medical Group NV (1)		11,023		335,981
Zynex, Inc. (1)(2)		1,374		10,813
			$	7,072,988
Health Care Providers & Services — 2.1%
Addus HomeCare Corp. (1)		1,070	$	104,025
Amedisys, Inc. (1)		2,740		457,361
American Renal Associates Holdings, Inc. (1)		1,530		15,866
AMN Healthcare Services, Inc. (1)		4,023		250,673
Apollo Medical Holdings, Inc. (1)		575		10,586
Avalon GloboCare Corp. (1)		1,913		3,692
BioTelemetry, Inc. (1)		2,899		134,224
Brookdale Senior Living, Inc. (1)		15,634		113,659
Catasys, Inc. (1)(2)		623		10,161
Community Health Systems, Inc. (1)(2)		8,353		24,224
CorVel Corp. (1)		831		72,596
Cross Country Healthcare, Inc. (1)		2,877		33,431
Diplomat Pharmacy, Inc. (1)		4,672		18,688
Ensign Group, Inc. (The)		4,299		195,046
Enzo Biochem, Inc. (1)		3,092		8,132
Genesis Healthcare, Inc. (1)		7,358		12,067
Hanger, Inc. (1)		3,196		88,241
HealthEquity, Inc. (1)		6,045		447,753
Joint Corp. (The) (1)		1,152		18,593
LHC Group, Inc. (1)		2,632		362,584
Magellan Health, Inc. (1)		1,928		150,866
National HealthCare Corp.		1,074		92,826
National Research Corp., Class A		1,033		68,116
Option Care Health, Inc. (1)		9,711		36,222
Owens & Minor, Inc.		5,393		27,882
Patterson Cos., Inc. (2)		7,112		145,654
Pennant Group, Inc. (The) (1)		2,149		71,067
PetIQ, Inc. (1)(2)		1,614		40,431
Progyny, Inc. (1)		997		27,368
Providence Service Corp. (The) (1)		931		55,097
R1 RCM, Inc. (1)		8,804		114,276
RadNet, Inc. (1)		3,530		71,659

19 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Health Care Providers & Services (continued)
Select Medical Holdings Corp. (1)		9,598	$	224,017
Surgery Partners, Inc. (1)		2,112		33,063
Tenet Healthcare Corp. (1)		9,038		343,715
Tivity Health, Inc. (1)(2)		4,170		84,839
Triple-S Management Corp., Class B (1)		1,726		31,914
US Physical Therapy, Inc.		1,104		126,242
			$	4,126,856
Health Care Technology — 0.9%
Allscripts Healthcare Solutions, Inc. (1)		13,910	$	136,527
Castlight Health, Inc., Class B (1)		8,657		11,514
Computer Programs & Systems, Inc.		938		24,763
Evolent Health, Inc., Class A (1)(2)		5,757		52,101
Health Catalyst, Inc.		675		23,422
HealthStream, Inc. (1)		2,289		62,261
HMS Holdings Corp. (1)		7,627		225,759
Inovalon Holdings, Inc., Class A (1)		6,210		116,872
Inspire Medical Systems, Inc. (1)		1,219		90,462
Livongo Health, Inc. (1)(2)		1,206		30,222
NextGen Healthcare, Inc. (1)		4,587		73,713
Omnicell, Inc. (1)		3,628		296,480
OptimizeRx Corp. (1)(2)		1,058		10,866
Phreesia, Inc. (1)(2)		851		22,671
Simulations Plus, Inc.		960		27,907
Tabula Rasa HealthCare, Inc. (1)(2)		1,665		81,052
Teladoc Health, Inc. (1)(2)		6,104		511,027
Vocera Communications, Inc. (1)		2,455		50,966
			$	1,848,585
Hotels, Restaurants & Leisure — 2.5%
BBX Capital Corp.		5,432	$	25,911
Biglari Holdings, Inc., Class B (1)		80		9,154
BJ’s Restaurants, Inc.		1,671		63,431
Bloomin’ Brands, Inc.		7,647		168,769
Bluegreen Vacations Corp. (2)		637		6,587
Boyd Gaming Corp.		6,857		205,299
Brinker International, Inc. (2)		3,201		134,442
Carrols Restaurant Group, Inc. (1)		3,096		21,827
Century Casinos, Inc. (1)		1,662		13,163
Cheesecake Factory, Inc. (The) (2)		3,655		142,033
Churchill Downs, Inc.		3,071		421,341
Chuy’s Holdings, Inc. (1)		1,271		32,944
Cracker Barrel Old Country Store, Inc.		2,066		317,627
Dave & Buster’s Entertainment, Inc. (2)		2,653		106,571
Del Taco Restaurants, Inc. (1)		2,895		22,885

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Denny’s Corp. (1)		4,997	$	99,340
Dine Brands Global, Inc. (2)		1,363		113,838
Drive Shack, Inc. (1)(2)		5,300		19,398
El Pollo Loco Holdings, Inc. (1)		1,580		23,921
Eldorado Resorts, Inc. (1)(2)		5,762		343,646
Everi Holdings, Inc. (1)		5,591		75,087
Fiesta Restaurant Group, Inc. (1)		2,070		20,472
Golden Entertainment, Inc. (1)		1,501		28,849
Habit Restaurants, Inc. (The), Class A (1)		1,773		18,492
Inspired Entertainment, Inc. (1)		780		5,265
J. Alexander’s Holdings, Inc. (1)		1,066		10,191
Jack in the Box, Inc.		2,247		175,333
Kura Sushi USA, Inc., Class A (1)		280		7,126
Lindblad Expeditions Holdings, Inc. (1)		1,767		28,890
Marriott Vacations Worldwide Corp.		3,560		458,386
Monarch Casino & Resort, Inc. (1)		917		44,520
Nathan’s Famous, Inc.		237		16,799
Noodles & Co. (1)(2)		2,480		13,739
Papa John’s International, Inc.		1,920		121,248
Penn National Gaming, Inc. (1)		9,442		241,338
PlayAGS, Inc. (1)		1,838		22,295
Potbelly Corp. (1)		1,684		7,106
RCI Hospitality Holdings, Inc.		797		16,339
Red Lion Hotels Corp. (1)		1,106		4,125
Red Robin Gourmet Burgers, Inc. (1)		1,090		35,992
Red Rock Resorts, Inc., Class A		5,966		142,886
Ruth’s Hospitality Group, Inc.		2,317		50,430
Scientific Games Corp., Class A (1)		4,901		131,249
SeaWorld Entertainment, Inc. (1)		3,923		124,398
Shake Shack, Inc., Class A (1)(2)		2,549		151,844
Target Hospitality Corp. (1)		2,913		14,565
Texas Roadhouse, Inc.		5,779		325,473
Twin River Worldwide Holdings, Inc.		1,497		38,398
Wingstop, Inc.		2,554		220,231
			$	4,843,193
Household Durables — 1.6%
Bassett Furniture Industries, Inc.		830	$	13,844
Beazer Homes USA, Inc. (1)		2,686		37,953
Cavco Industries, Inc. (1)		750		146,535
Century Communities, Inc. (1)		2,337		63,917
Ethan Allen Interiors, Inc.		1,924		36,671
Flexsteel Industries, Inc.		560		11,155
GoPro, Inc., Class A (1)(2)		10,449		45,349
Green Brick Partners, Inc. (1)		1,909		21,915
Hamilton Beach Brands Holding Co., Class A		584		11,154

20 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Household Durables (continued)
Helen of Troy, Ltd. (1)		2,194	$	394,459
Hooker Furniture Corp.		834		21,425
Installed Building Products, Inc. (1)		1,894		130,440
iRobot Corp. (1)(2)		2,332		118,069
KB Home		7,483		256,442
La-Z-Boy, Inc.		3,892		122,520
Legacy Housing Corp. (1)		380		6,323
LGI Homes, Inc. (1)		1,706		120,529
Lifetime Brands, Inc.		858		5,963
Lovesac Co. (The) (1)		730		11,717
M / I Homes, Inc. (1)		2,260		88,931
MDC Holdings, Inc.		4,336		165,462
Meritage Homes Corp. (1)		3,074		187,852
Purple Innovation, Inc. (1)		356		3,101
Skyline Champion Corp. (1)		4,331		137,293
Sonos, Inc. (1)		6,101		95,298
Taylor Morrison Home Corp., Class A (1)		8,995		196,631
TopBuild Corp. (1)		2,877		296,561
TRI Pointe Group, Inc. (1)		12,325		192,024
Tupperware Brands Corp.		4,044		34,698
Universal Electronics, Inc. (1)		1,223		63,914
William Lyon Homes, Class A (1)		2,707		54,086
ZAGG, Inc. (1)		2,279		18,483
			$	3,110,714
Household Products — 0.2%
Central Garden & Pet Co. (1)		789	$	24,514
Central Garden & Pet Co., Class A (1)		3,454		101,409
Oil-Dri Corp. of America		406		14,718
WD-40 Co. (2)		1,200		232,968
			$	373,609
Independent Power and Renewable Electricity Producers — 0.4%
Atlantic Power Corp. (1)(2)		10,236	$	23,850
Clearway Energy, Inc., Class A		3,063		58,565
Clearway Energy, Inc., Class C		6,480		129,276
Ormat Technologies, Inc.		3,487		259,851
Pattern Energy Group, Inc., Class A		7,520		201,198
Sunnova Energy International, Inc. (1)		1,115		12,443
TerraForm Power, Inc., Class A		6,811		104,821
			$	790,004
Industrial Conglomerates — 0.1%
Raven Industries, Inc.		3,174	$	109,376

Security	Shares		Value
Insurance — 2.1%
Ambac Financial Group, Inc. (1)		3,798	$	81,923
American Equity Investment Life Holding Co.		7,921		237,076
AMERISAFE, Inc.		1,636		108,025
Argo Group International Holdings, Ltd.		2,857		187,848
BRP Group, Inc., Class A (1)		1,294		20,769
Citizens, Inc. (1)(2)		3,380		22,815
CNO Financial Group, Inc.		13,005		235,781
Crawford & Co., Class A		1,459		16,735
Donegal Group, Inc., Class A		916		13,575
eHealth, Inc. (1)(2)		1,954		187,740
Employers Holdings, Inc.		2,669		111,431
Enstar Group, Ltd. (1)		983		203,343
FBL Financial Group, Inc., Class A		766		45,140
FedNat Holding Co.		1,014		16,863
Genworth Financial, Inc., Class A (1)		43,475		191,290
Global Indemnity, Ltd.		810		24,000
Goosehead Insurance, Inc., Class A (2)		957		40,577
Greenlight Capital Re, Ltd., Class A (1)		2,647		26,761
Hallmark Financial Services, Inc. (1)		1,205		21,172
HCI Group, Inc.		611		27,892
Health Insurance Innovations, Inc., Class A (1)(2)		983		18,962
Heritage Insurance Holdings, Inc.		1,906		25,254
Horace Mann Educators Corp.		3,502		152,897
Independence Holding Co.		394		16,579
Investors Title Co.		111		17,671
James River Group Holdings, Ltd.		2,526		104,096
Kinsale Capital Group, Inc.		1,780		180,955
MBIA, Inc. (1)		7,302		67,909
National General Holdings Corp.		5,773		127,583
National Western Life Group, Inc., Class A		193		56,140
NI Holdings, Inc. (1)		903		15,532
Palomar Holdings, Inc. (1)		1,076		54,327
ProAssurance Corp.		4,666		168,629
ProSight Global, Inc. (1)		758		12,227
Protective Insurance Corp., Class B		853		13,725
RLI Corp.		3,510		315,970
Safety Insurance Group, Inc.		1,242		114,922
Selective Insurance Group, Inc.		5,107		332,925
State Auto Financial Corp.		1,338		41,505
Stewart Information Services Corp.		1,974		80,519
Third Point Reinsurance, Ltd. (1)		6,160		64,803
Tiptree, Inc., Class A		2,311		18,812
Trupanion, Inc. (1)(2)		2,430		91,028
United Fire Group, Inc.		1,866		81,600
United Insurance Holdings Co.		1,483		18,701
Universal Insurance Holdings, Inc.		2,530		70,815

21 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Insurance (continued)
Watford Holdings, Ltd. (1)		1,786	$	44,936
			$	4,129,778
Interactive Media & Services — 0.4%
Care.com, Inc. (1)		1,627	$	24,454
Cargurus, Inc. (1)		6,385		224,624
Cars.com, Inc. (1)		5,846		71,438
DHI Group, Inc. (1)		4,512		13,581
Eventbrite, Inc., Class A (1)		3,223		65,008
EverQuote, Inc., Class A (1)		749		25,728
Liberty TripAdvisor Holdings, Inc., Series A (1)		6,271		46,092
Meet Group, Inc. (The) (1)		5,878		29,449
QuinStreet, Inc. (1)		3,693		56,540
Travelzoo, Inc. (1)		416		4,451
TrueCar, Inc. (1)		7,838		37,231
Yelp, Inc. (1)		6,057		210,965
			$	809,561
Internet & Direct Marketing Retail — 0.3%
1-800-Flowers.com, Inc., Class A (1)		2,081	$	30,175
Duluth Holdings, Inc., Class B (1)(2)		634		6,676
Groupon, Inc. (1)		36,777		87,897
Lands’ End, Inc. (1)(2)		879		14,767
Leaf Group, Ltd. (1)		1,040		4,160
Liquidity Services, Inc. (1)		2,122		12,647
Overstock.com, Inc. (1)		2,250		15,863
PetMed Express, Inc. (2)		1,778		41,819
Quotient Technology, Inc. (1)		6,468		63,774
RealReal, Inc. (The) (1)(2)		1,453		27,389
Rubicon Project, Inc. (The) (1)		4,228		34,500
Shutterstock, Inc. (1)		1,515		64,963
Stamps.com, Inc. (1)		1,448		120,937
Stitch Fix, Inc. Class A (1)(2)		3,700		94,942
Waitr Holdings, Inc. (1)(2)		4,628		1,490
			$	621,999
IT Services — 2.0%
Brightcove, Inc. (1)		3,175	$	27,591
Cardtronics PLC, Class A (1)		3,306		147,613
Cass Information Systems, Inc.		1,244		71,829
Conduent, Inc. (1)		15,269		94,668
CSG Systems International, Inc.		2,770		143,431
Endurance International Group Holdings, Inc. (1)		5,998		28,191
EVERTEC, Inc.		5,329		181,399
Evo Payments, Inc., Class A (1)		2,960		78,174

Security	Shares		Value
IT Services (continued)
Exela Technologies, Inc. (1)		4,038	$	1,646
ExlService Holdings, Inc. (1)		2,930		203,518
GTT Communications, Inc. (1)(2)		2,822		32,030
Hackett Group, Inc. (The)		1,931		31,166
I3 Verticals, Inc., Class A (1)		1,204		34,013
Information Services Group, Inc. (1)		2,421		6,125
International Money Express, Inc. (1)		1,143		13,762
KBR, Inc.		12,362		377,041
Limelight Networks, Inc. (1)		9,183		37,467
LiveRamp Holdings, Inc. (1)		5,856		281,498
ManTech International Corp., Class A		2,262		180,689
MAXIMUS, Inc.		5,550		412,864
NIC, Inc.		5,484		122,567
Paysign, Inc. (2)		2,627		26,664
Perficient, Inc. (1)		2,876		132,497
Perspecta, Inc.		12,010		317,544
PRGX Global, Inc. (1)		1,817		8,940
Priority Technology Holdings, Inc. (1)		578		1,416
Science Applications International Corp.		4,977		433,098
StarTek, Inc. (1)		1,434		11,443
Sykes Enterprises, Inc. (1)		3,342		123,621
TTEC Holdings, Inc.		1,255		49,723
Tucows, Inc., Class A (1)(2)		790		48,806
Unisys Corp. (1)		4,476		53,085
Verra Mobility Corp. (1)		10,953		153,232
Virtusa Corp. (1)		2,429		110,107
			$	3,977,458
Leisure Products — 0.4%
Acushnet Holdings Corp.		3,081	$	100,132
American Outdoor Brands Corp. (1)		4,733		43,922
Callaway Golf Co.		8,143		172,632
Clarus Corp.		1,804		24,462
Escalade, Inc.		888		8,729
Johnson Outdoors, Inc., Class A		405		31,064
Malibu Boats, Inc., Class A (1)		1,736		71,089
Marine Products Corp.		813		11,707
MasterCraft Boat Holdings, Inc. (1)		1,615		25,436
Sturm Ruger & Co., Inc.		1,458		68,570
Vista Outdoor, Inc. (1)		5,021		37,557
YETI Holdings, Inc. (1)(2)		3,419		118,913
			$	714,213
Life Sciences Tools & Services — 0.8%
Accelerate Diagnostics, Inc. (1)(2)		2,287	$	38,650
ChromaDex Corp. (1)(2)		3,310		14,266

22 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Life Sciences Tools & Services (continued)
Codexis, Inc. (1)(2)		4,645	$	74,274
Fluidigm Corp. (1)		6,011		20,918
Luminex Corp.		3,659		84,742
Medpace Holdings, Inc. (1)		2,363		198,634
NanoString Technologies, Inc. (1)		2,833		78,814
NeoGenomics, Inc. (1)		8,290		242,483
Pacific Biosciences of California, Inc. (1)		11,309		58,128
Personalis, Inc. (1)		740		8,066
Quanterix Corp. (1)(2)		1,142		26,985
Repligen Corp. (1)		4,522		418,285
Syneos Health, Inc. (1)		5,433		323,128
			$	1,587,373
Machinery — 3.5%
Actuant Corp., Class A		4,678	$	121,768
Alamo Group, Inc.		815		102,323
Albany International Corp., Class A		2,680		203,466
Altra Industrial Motion Corp.		5,472		198,141
Astec Industries, Inc.		1,870		78,540
Barnes Group, Inc.		4,112		254,779
Blue Bird Corp. (1)		1,311		30,048
Briggs & Stratton Corp. (2)		3,442		22,924
Chart Industries, Inc. (1)		3,153		212,796
CIRCOR International, Inc. (1)		1,669		77,175
Columbus McKinnon Corp.		1,943		77,778
Commercial Vehicle Group, Inc. (1)		2,209		14,027
Douglas Dynamics, Inc.		1,952		107,360
Eastern Co. (The)		490		14,960
Energy Recovery, Inc. (1)(2)		2,683		26,267
EnPro Industries, Inc.		1,761		117,776
ESCO Technologies, Inc.		2,195		203,037
Evoqua Water Technologies Corp. (1)		6,364		120,598
Federal Signal Corp.		5,217		168,248
Franklin Electric Co., Inc.		3,978		228,019
Gencor Industries, Inc. (1)		603		7,037
Gorman-Rupp Co. (The)		1,373		51,487
Graham Corp.		863		18,882
Greenbrier Cos., Inc. (The)		2,628		85,226
Helios Technologies, Inc.		2,542		117,517
Hillenbrand, Inc.		6,378		212,451
Hurco Cos., Inc.		529		20,292
Hyster-Yale Materials Handling, Inc.		907		53,477
John Bean Technologies Corp.		2,741		308,801
Kadant, Inc.		952		100,284
Kennametal, Inc.		7,167		264,391
LB Foster Co., Class A (1)		731		14,167

Security	Shares		Value
Machinery (continued)
Lindsay Corp.		920	$	88,311
Luxfer Holdings PLC		2,400		44,424
Lydall, Inc. (1)		1,313		26,943
Manitowoc Co., Inc. (The) (1)		2,727		47,722
Meritor, Inc. (1)		6,745		176,652
Miller Industries, Inc.		1,050		38,986
Mueller Industries, Inc.		4,874		154,749
Mueller Water Products, Inc., Class A		13,464		161,299
Navistar International Corp. (1)		4,357		126,092
NN, Inc.		3,488		32,264
Omega Flex, Inc.		248		26,608
Park-Ohio Holdings Corp.		726		24,430
Proto Labs, Inc. (1)		2,312		234,784
RBC Bearings, Inc. (1)		2,131		337,422
REV Group, Inc.		2,574		31,480
Rexnord Corp. (1)		9,190		299,778
Spartan Motors, Inc.		3,015		54,511
SPX Corp. (1)		3,739		190,240
SPX FLOW, Inc. (1)		3,637		177,740
Standex International Corp.		1,097		87,047
Tennant Co.		1,548		120,620
Terex Corp.		5,568		165,815
Titan International, Inc.		3,947		14,288
TriMas Corp. (1)		3,997		125,546
Twin Disc, Inc. (1)		749		8,254
Wabash National Corp.		4,465		65,591
Watts Water Technologies, Inc., Class A		2,413		240,721
Welbilt, Inc. (1)		11,411		178,126
			$	6,914,485
Marine — 0.1%
Costamare, Inc.		4,298	$	40,960
Eagle Bulk Shipping, Inc. (1)		3,373		15,516
Genco Shipping & Trading, Ltd.		675		7,169
Matson, Inc.		3,735		152,388
Safe Bulkers, Inc. (1)		4,225		7,182
Scorpio Bulkers, Inc.		4,249		27,066
			$	250,281
Media — 0.8%
Boston Omaha Corp., Class A (1)(2)		868	$	18,263
Cardlytics, Inc. (1)(2)		1,181		74,238
Central European Media Enterprises, Ltd., Class A (1)		6,603		29,912
Clear Channel Outdoor Holdings, Inc. (1)		3,136		8,969
comScore, Inc. (1)		4,319		21,336

23 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Media (continued)
Cumulus Media, Inc., Class A (1)		1,252	$	21,998
Daily Journal Corp. (1)		88		25,557
Emerald Expositions Events, Inc.		2,053		21,659
Entercom Communications Corp., Class A (2)		10,833		50,265
Entravision Communications Corp., Class A		5,618		14,719
EW Scripps Co. (The), Class A		4,675		73,444
Fluent, Inc. (1)		2,683		6,708
Gannett Co., Inc. (2)		10,067		64,227
Gray Television, Inc. (1)		7,762		166,417
Hemisphere Media Group, Inc. (1)		1,449		21,518
Lee Enterprises, Inc. (1)		4,724		6,708
Liberty Latin America, Ltd., Class A (1)		3,700		71,410
Liberty Latin America, Ltd., Class C (1)		9,988		194,366
Loral Space & Communications, Inc. (1)		1,011		32,676
Marchex, Inc., Class B (1)		3,059		11,563
MDC Partners, Inc., Class A (1)		4,777		13,280
Meredith Corp.		3,302		107,216
MSG Networks, Inc., Class A (1)		3,693		64,258
National CineMedia, Inc.		5,225		38,090
Saga Communications, Inc., Class A		394		11,978
Scholastic Corp.		2,583		99,316
TechTarget, Inc. (1)		1,981		51,704
TEGNA, Inc.		19,031		317,627
Tribune Publishing Co.		1,415		18,621
WideOpenWest, Inc. (1)		1,802		13,371
			$	1,671,414
Metals & Mining — 1.2%
AK Steel Holding Corp. (1)(2)		27,698	$	91,126
Allegheny Technologies, Inc. (1)(2)		11,028		227,839
Carpenter Technology Corp.		4,139		206,040
Century Aluminum Co. (1)		4,377		32,893
Cleveland-Cliffs, Inc. (2)		23,455		197,022
Coeur Mining, Inc. (1)		20,477		165,454
Commercial Metals Co.		10,307		229,537
Compass Minerals International, Inc.		2,990		182,270
Ferroglobe Representation & Warranty Insurance Trust (3)		5,015		—
Gold Resource Corp.		5,333		29,545
Haynes International, Inc.		1,062		37,998
Hecla Mining Co.		42,085		142,668
Kaiser Aluminum Corp.		1,405		155,801
Materion Corp.		1,729		102,789
Mayville Engineering Co., Inc. (1)		556		5,215
Novagold Resources, Inc. (1)		20,420		182,963
Olympic Steel, Inc.		846		15,160

Security	Shares		Value
Metals & Mining (continued)
Ramaco Resources, Inc. (1)		430	$	1,539
Ryerson Holding Corp. (1)		965		11,416
Schnitzer Steel Industries, Inc., Class A		2,273		49,279
SunCoke Energy, Inc.		6,534		40,707
Synalloy Corp. (1)		692		8,934
TimkenSteel Corp. (1)		3,081		24,217
Warrior Met Coal, Inc.		4,424		93,479
Worthington Industries, Inc.		3,367		142,020
			$	2,375,911
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
AG Mortgage Investment Trust, Inc.		2,859	$	44,086
Anworth Mortgage Asset Corp.		8,089		28,473
Apollo Commercial Real Estate Finance, Inc.		13,478		246,513
Ares Commercial Real Estate Corp.		2,562		40,582
Arlington Asset Investment Corp., Class A (2)		1,962		10,928
ARMOUR Residential REIT, Inc.		5,083		90,833
Blackstone Mortgage Trust, Inc., Class A (2)		11,023		410,276
Capstead Mortgage Corp.		8,164		64,659
Cherry Hill Mortgage Investment Corp. (2)		1,030		15,028
Colony Credit Real Estate, Inc. (2)		6,877		90,501
Dynex Capital, Inc. (2)		1,888		31,983
Ellington Financial, Inc.		2,380		43,625
Exantas Capital Corp.		2,766		32,667
Granite Point Mortgage Trust, Inc.		4,738		87,085
Great Ajax Corp.		1,009		14,943
Invesco Mortgage Capital, Inc.		12,551		208,974
KKR Real Estate Finance Trust, Inc. (2)		2,170		44,312
Ladder Capital Corp.		8,796		158,680
New York Mortgage Trust, Inc.		22,619		140,916
Orchid Island Capital, Inc. (2)		5,266		30,806
PennyMac Mortgage Investment Trust		7,577		168,891
Ready Capital Corp.		2,418		37,286
Redwood Trust, Inc.		9,615		159,032
TPG RE Finance Trust, Inc.		4,268		86,512
Western Asset Mortgage Capital Corp.		4,545		46,950
			$	2,334,541
Multi-Utilities — 0.6%
Avista Corp.		5,752	$	276,614
Black Hills Corp.		5,347		419,953
NorthWestern Corp.		4,432		317,642
Unitil Corp.		1,244		76,904
			$	1,091,113

24 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Multiline Retail — 0.1%
Big Lots, Inc.		3,466	$	99,543
Dillard’s, Inc., Class A (2)		920		67,602
J.C. Penney Co., Inc. (1)(2)		27,238		30,507
			$	197,652
Oil, Gas & Consumable Fuels — 2.0%
Abraxas Petroleum Corp. (1)		12,335	$	4,331
Altus Midstream Co., Class A (1)(2)		4,444		12,710
Amplify Energy Corp.		983		6,498
Arch Coal, Inc., Class A (2)		1,294		92,832
Ardmore Shipping Corp. (1)		2,717		24,589
Berry Petroleum Corp.		5,491		51,780
Bonanza Creek Energy, Inc. (1)		1,784		41,639
Brigham Minerals, Inc., Class A		1,420		30,445
California Resources Corp. (1)(2)		3,768		34,025
Callon Petroleum Co. (1)		31,559		152,431
Chaparral Energy, Inc., Class A (1)(2)		2,740		4,822
Clean Energy Fuels Corp. (1)		11,983		28,040
CNX Resources Corp. (1)		16,381		144,972
Comstock Resources, Inc. (1)(2)		1,329		10,938
CONSOL Energy, Inc. (1)		2,417		35,071
Contura Energy, Inc. (1)		1,675		15,159
CVR Energy, Inc.		2,550		103,096
Delek US Holdings, Inc.		6,590		220,963
Denbury Resources, Inc. (1)(2)		38,168		53,817
DHT Holdings, Inc.		7,166		59,334
Diamond S Shipping, Inc. (1)		1,939		32,459
Dorian LPG, Ltd. (1)		2,207		34,164
Earthstone Energy, Inc., Class A (1)		1,654		10,470
Energy Fuels, Inc. (1)(2)		5,894		11,258
Evolution Petroleum Corp.		1,370		7,494
Extraction Oil & Gas, Inc. (1)(2)		8,830		18,720
Falcon Minerals Corp.		3,404		24,032
GasLog, Ltd.		3,212		31,445
Golar LNG, Ltd.		7,867		111,869
Goodrich Petroleum Corp. (1)		727		7,299
Green Plains, Inc. (2)		3,369		51,984
Gulfport Energy Corp. (1)		14,500		44,080
Hallador Energy Co.		1,408		4,182
HighPoint Resources Corp. (1)		8,393		14,184
International Seaways, Inc. (1)		2,158		64,222
Jagged Peak Energy, Inc. (1)(2)		4,878		41,414
Laredo Petroleum, Inc. (1)		15,854		45,501
Magnolia Oil & Gas Corp., Class A (1)(2)		8,916		112,163
Matador Resources Co. (1)(2)		9,448		169,781
Montage Resources Corp. (1)		1,875		14,888

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
NACCO Industries, Inc., Class A		302	$	14,143
NextDecade Corp. (1)		638		3,917
Nordic American Tankers, Ltd.		11,683		57,480
Northern Oil and Gas, Inc. (1)(2)		23,984		56,123
Oasis Petroleum, Inc. (1)		27,278		88,926
Overseas Shipholding Group, Inc., Class A (1)		2,804		6,449
Panhandle Oil and Gas, Inc., Class A		1,238		13,878
Par Pacific Holdings, Inc. (1)		3,112		72,323
PDC Energy, Inc. (1)		5,418		141,789
Peabody Energy Corp.		6,004		54,756
Penn Virginia Corp. (1)		1,007		30,562
PrimeEnergy Resources Corp. (1)		46		6,958
QEP Resources, Inc.		21,110		94,995
Renewable Energy Group, Inc. (1)(2)		3,095		83,410
REX American Resources Corp. (1)		441		36,144
Ring Energy, Inc. (1)(2)		5,049		13,329
Rosehill Resources, Inc. (1)		220		282
SandRidge Energy, Inc. (1)		2,381		10,095
Scorpio Tankers, Inc.		3,833		150,790
SFL Corp., Ltd.		6,931		100,777
SilverBow Resources, Inc. (1)		612		6,059
SM Energy Co.		9,886		111,119
Southwestern Energy Co. (1)(2)		46,120		111,610
SRC Energy, Inc. (1)		20,639		85,033
Talos Energy, Inc. (1)		1,713		51,647
Teekay Corp.		5,307		28,233
Teekay Tankers, Ltd., Class A (1)		1,891		45,327
Tellurian, Inc. (1)(2)		8,061		58,684
Unit Corp. (1)		4,371		3,040
Uranium Energy Corp. (1)(2)		11,981		11,013
W&T Offshore, Inc. (1)		8,233		45,775
Whiting Petroleum Corp. (1)(2)		8,028		58,926
World Fuel Services Corp.		5,635		244,672
			$	3,877,365
Paper & Forest Products — 0.4%
Boise Cascade Co.		3,372	$	123,179
Clearwater Paper Corp. (1)		1,465		31,292
Louisiana-Pacific Corp.		10,157		301,358
Neenah, Inc.		1,433		100,926
PH Glatfelter Co.		3,755		68,717
Schweitzer-Mauduit International, Inc.		2,615		109,804
Verso Corp., Class A (1)		2,960		53,369
			$	788,645

25 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Personal Products — 0.3%
Edgewell Personal Care Co. (1)		4,548	$	140,806
elf Beauty, Inc. (1)		2,305		37,180
Inter Parfums, Inc.		1,484		107,902
Lifevantage Corp. (1)		1,232		19,231
Medifast, Inc. (2)		975		106,840
Nature’s Sunshine Products, Inc. (1)		1,018		9,091
Revlon, Inc., Class A (1)(2)		576		12,338
USANA Health Sciences, Inc. (1)		1,152		90,490
Youngevity International, Inc. (1)(2)		728		2,373
			$	526,251
Pharmaceuticals — 1.7%
AcelRx Pharmaceuticals, Inc. (1)(2)		6,913	$	14,586
Acer Therapeutics, Inc. (1)		443		1,776
Aclaris Therapeutics, Inc. (1)(2)		2,238		4,230
Aerie Pharmaceuticals, Inc. (1)(2)		3,606		87,157
Akorn, Inc. (1)		7,647		11,471
Amneal Pharmaceuticals, Inc. (1)		10,162		48,981
Amphastar Pharmaceuticals, Inc. (1)		3,073		59,278
ANI Pharmaceuticals, Inc. (1)		781		48,164
Arvinas Holding Co., LLC (1)(2)		1,821		74,825
Assertio Therapeutics, Inc. (1)		5,272		6,590
Axsome Therapeutics, Inc. (1)(2)		2,149		222,121
BioDelivery Sciences International, Inc. (1)		7,195		45,472
Cara Therapeutics, Inc. (1)(2)		3,311		53,340
cbdMD, Inc. (1)(2)		832		1,880
Cerecor, Inc. (1)		1,893		10,203
Chiasma, Inc. (1)(2)		2,297		11,393
Collegium Pharmaceutical, Inc. (1)		2,817		57,974
Corcept Therapeutics, Inc. (1)		8,144		98,542
CorMedix, Inc. (1)		2,079		15,135
Cymabay Therapeutics, Inc. (1)		4,918		9,639
Dermira, Inc. (1)(2)		4,173		63,263
Eloxx Pharmaceuticals, Inc. (1)(2)		2,227		16,391
Endo International PLC (1)		18,600		87,234
Evofem Biosciences, Inc. (1)(2)		1,248		7,700
Evolus, Inc. (1)(2)		1,256		15,286
EyePoint Pharmaceuticals, Inc. (1)(2)		5,461		8,465
Fulcrum Therapeutics, Inc. (1)		380		6,323
Innoviva, Inc. (1)		5,742		81,307
Intersect ENT, Inc. (1)		2,690		66,981
Intra-Cellular Therapies, Inc. (1)(2)		3,739		128,285
Kala Pharmaceuticals, Inc. (1)(2)		1,204		4,443
Kaleido Biosciences, Inc. (1)(2)		445		2,234
Lannett Co., Inc. (1)(2)		2,393		21,106
Liquidia Technologies, Inc. (1)		390		1,667

Security	Shares		Value
Pharmaceuticals (continued)
Mallinckrodt PLC (1)(2)		6,794	$	23,711
Marinus Pharmaceuticals, Inc. (1)(2)		3,474		7,504
Menlo Therapeutics, Inc. (1)		543		2,520
MyoKardia, Inc. (1)(2)		3,807		277,473
NGM Biopharmaceuticals, Inc. (1)(2)		2,099		38,811
Ocular Therapeutix, Inc. (1)(2)		1,979		7,817
Odonate Therapeutics, Inc. (1)		975		31,639
Omeros Corp. (1)(2)		4,139		58,319
Optinose, Inc. (1)(2)		2,084		19,214
Osmotica Pharmaceuticals PLC (1)(2)		800		5,592
Pacira BioSciences, Inc. (1)		3,449		156,240
Paratek Pharmaceuticals, Inc. (1)(2)		2,069		8,338
Phathom Pharmaceuticals, Inc. (1)		925		28,805
Phibro Animal Health Corp., Class A		1,619		40,200
Prestige Consumer Healthcare, Inc. (1)		4,347		176,054
Reata Pharmaceuticals, Inc., Class A (1)(2)		1,886		385,555
Recro Pharma, Inc. (1)		1,686		30,904
resTORbio, Inc. (1)		555		827
Revance Therapeutics, Inc. (1)		3,771		61,203
Satsuma Pharmaceuticals, Inc. (1)		380		7,478
SIGA Technologies, Inc. (1)(2)		4,584		21,866
Strongbridge Biopharma PLC (1)		3,193		6,673
Supernus Pharmaceuticals, Inc. (1)		4,082		96,825
TherapeuticsMD, Inc. (1)(2)		19,010		46,004
Theravance Biopharma, Inc. (1)(2)		3,666		94,913
Tricida, Inc. (1)(2)		1,867		70,461
Verrica Pharmaceuticals, Inc. (1)(2)		1,080		17,161
WaVe Life Sciences, Ltd. (1)		1,666		13,353
Xeris Pharmaceuticals, Inc. (1)		1,688		11,900
Zogenix, Inc. (1)		3,626		189,023
Zynerba Pharmaceuticals, Inc. (1)(2)		1,835		11,083
			$	3,340,908
Professional Services — 1.4%
Acacia Research Corp. (1)		4,242	$	11,284
ASGN, Inc. (1)		4,455		316,171
Barrett Business Services, Inc.		606		54,819
BG Staffing, Inc.		608		13,309
CBIZ, Inc. (1)		4,490		121,050
CRA International, Inc.		707		38,510
Exponent, Inc.		4,516		311,649
Forrester Research, Inc.		776		32,359
Franklin Covey Co. (1)		1,007		32,456
FTI Consulting, Inc. (1)		3,245		359,092
GP Strategies Corp. (1)		1,007		13,323
Heidrick & Struggles International, Inc.		1,525		49,563

26 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Professional Services (continued)
Huron Consulting Group, Inc. (1)		1,867	$	128,300
ICF International, Inc.		1,595		146,134
InnerWorkings, Inc. (1)		3,972		21,886
Insperity, Inc.		3,230		277,909
Kelly Services, Inc., Class A		2,680		60,514
Kforce, Inc.		1,903		75,549
Korn Ferry		4,787		202,969
Mistras Group, Inc. (1)		1,338		19,093
Resources Connection, Inc.		2,400		39,192
TriNet Group, Inc. (1)		3,927		222,308
TrueBlue, Inc. (1)		3,417		82,213
Upwork, Inc. (1)		4,803		51,248
Willdan Group, Inc. (1)		662		21,038
			$	2,701,938
Real Estate Management & Development — 0.6%
Altisource Portfolio Solutions SA (1)		495	$	9,568
American Realty Investors, Inc. (1)		174		2,981
Consolidated-Tomoka Land Co.		377		22,741
Cushman & Wakefield PLC (1)		9,686		197,982
eXp World Holdings, Inc. (1)(2)		1,407		15,941
Forestar Group, Inc. (1)		995		20,746
FRP Holdings, Inc. (1)		588		29,288
Griffin Industrial Realty, Inc.		55		2,175
Kennedy-Wilson Holdings, Inc.		10,725		239,167
Marcus & Millichap, Inc. (1)		1,962		73,085
Maui Land & Pineapple Co., Inc. (1)		589		6,626
Newmark Group, Inc., Class A		12,362		166,331
Rafael Holdings, Inc., Class B (1)		930		16,591
RE / MAX Holdings, Inc., Class A		1,564		60,198
Realogy Holdings Corp. (2)		10,040		97,187
Redfin Corp. (1)		7,527		159,121
RMR Group, Inc. (The), Class A		1,193		54,449
St. Joe Co. (The) (1)(2)		3,093		61,334
Stratus Properties, Inc. (1)		485		15,025
Tejon Ranch Co. (1)		1,572		25,121
Transcontinental Realty Investors, Inc. (1)		147		5,862
			$	1,281,519
Road & Rail — 0.5%
ArcBest Corp.		2,213	$	61,079
Avis Budget Group, Inc. (1)		5,019		161,813
Covenant Transportation Group, Inc., Class A (1)		905		11,697
Daseke, Inc. (1)(2)		2,780		8,785
Heartland Express, Inc.		3,887		81,821

Security	Shares		Value
Road & Rail (continued)
Hertz Global Holdings, Inc. (1)		8,647	$	136,190
Marten Transport, Ltd.		3,366		72,335
PAM Transportation Services, Inc. (1)		187		10,792
Roadrunner Transportation Systems, Inc. (1)(2)		315		2,901
Saia, Inc. (1)		2,258		210,265
Universal Truckload Services, Inc.		475		9,006
US Xpress Enterprises, Inc., Class A (1)(2)		1,727		8,687
Werner Enterprises, Inc.		3,888		141,484
YRC Worldwide, Inc. (1)(2)		2,802		7,145
			$	924,000
Semiconductors & Semiconductor Equipment — 2.6%
Adesto Technologies Corp. (1)(2)		1,702	$	14,467
Advanced Energy Industries, Inc. (1)		3,267		232,610
Alpha & Omega Semiconductor, Ltd. (1)		1,700		23,154
Ambarella, Inc. (1)		2,758		167,024
Amkor Technology, Inc. (1)		8,647		112,411
Axcelis Technologies, Inc. (1)		2,813		67,779
AXT, Inc. (1)		3,267		14,211
Brooks Automation, Inc.		6,236		261,663
Cabot Microelectronics Corp.		2,540		366,573
CEVA, Inc. (1)		1,882		50,739
Cirrus Logic, Inc. (1)		5,088		419,302
Cohu, Inc.		3,255		74,377
Diodes, Inc. (1)		3,611		203,552
DSP Group, Inc. (1)		1,922		30,252
Enphase Energy, Inc. (1)(2)		7,816		204,232
FormFactor, Inc. (1)		6,498		168,753
GSI Technology, Inc. (1)		1,348		9,557
Ichor Holdings, Ltd. (1)		1,836		61,084
Impinj, Inc. (1)		1,253		32,403
Inphi Corp. (1)		3,917		289,936
Lattice Semiconductor Corp. (1)		10,616		203,190
MACOM Technology Solutions Holdings, Inc. (1)		4,015		106,799
MaxLinear, Inc., Class A (1)		5,692		120,784
NeoPhotonics Corp. (1)		2,662		23,479
NVE Corp.		408		29,131
Onto Innovation, Inc. (1)		4,090		149,449
PDF Solutions, Inc. (1)		2,083		35,182
Photronics, Inc. (1)		5,437		85,687
Power Integrations, Inc.		2,488		246,088
Rambus, Inc. (1)		9,662		133,094
Semtech Corp. (1)		5,791		306,344
Silicon Laboratories, Inc. (1)		3,674		426,111
SMART Global Holdings, Inc. (1)		1,094		41,506
SunPower Corp. (1)(2)		5,246		40,919

27 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Synaptics, Inc. (1)		2,889	$	190,010
Ultra Clean Holdings, Inc. (1)		3,194		74,963
Veeco Instruments, Inc. (1)		4,143		60,840
Xperi Corp.		4,254		78,699
			$	5,156,354
Software — 4.2%
8x8, Inc. (1)(2)		8,167	$	149,456
A10 Networks, Inc. (1)		4,968		34,130
ACI Worldwide, Inc. (1)		10,049		380,706
Agilysys, Inc. (1)		1,720		43,705
Alarm.com Holdings, Inc. (1)		3,139		134,883
Altair Engineering, Inc., Class A (1)(2)		3,319		119,185
American Software, Inc., Class A		2,315		34,447
Appfolio, Inc., Class A (1)		1,373		150,961
Appian Corp. (1)(2)		2,928		111,879
Avaya Holdings Corp. (1)		9,298		125,523
Benefitfocus, Inc. (1)(2)		2,338		51,296
Blackbaud, Inc.		4,270		339,892
Blackline, Inc. (1)		3,651		188,246
Bottomline Technologies (de), Inc. (1)		3,647		195,479
Box, Inc., Class A (1)		12,234		205,286
ChannelAdvisor Corp. (1)		1,855		16,769
Cision, Ltd. (1)		7,857		78,334
Cloudera, Inc. (1)(2)		20,163		234,496
Commvault Systems, Inc. (1)		3,548		158,383
Cornerstone OnDemand, Inc. (1)		4,968		290,876
Digimarc Corp. (1)(2)		926		31,077
Digital Turbine, Inc. (1)		6,827		48,676
Domo, Inc., Class B (1)		1,382		30,017
Ebix, Inc.		2,069		69,125
eGain Corp. (1)		1,491		11,809
Envestnet, Inc. (1)		4,198		292,307
Everbridge, Inc. (1)(2)		2,912		227,369
Five9, Inc. (1)		5,220		342,328
ForeScout Technologies, Inc. (1)		3,483		114,242
GTY Gov.tech, Inc. (1)(2)		2,663		15,685
Ideanomics, Inc. (1)(2)		4,513		3,862
Instructure, Inc. (1)		2,863		138,025
Intelligent Systems Corp. (1)		601		24,004
j2 Global, Inc.		4,067		381,119
LivePerson, Inc. (1)(2)		5,342		197,654
Majesco (1)		457		3,770
MicroStrategy, Inc., Class A (1)		712		101,553
Mitek Systems, Inc. (1)		3,089		23,631
MobileIron, Inc. (1)		8,191		39,808

Security	Shares		Value
Software (continued)
Model N, Inc. (1)		2,795	$	98,021
OneSpan, Inc. (1)		2,735		46,823
Phunware, Inc. (1)(2)		382		455
Ping Identity Holding Corp. (1)		1,184		28,771
Progress Software Corp.		3,776		156,893
PROS Holdings, Inc. (1)		2,801		167,836
Q2 Holdings, Inc. (1)(2)		3,770		305,672
QAD, Inc., Class A		961		48,944
Qualys, Inc. (1)		2,888		240,773
Rapid7, Inc. (1)		4,283		239,934
Rimini Street, Inc. (1)		770		2,988
Rosetta Stone, Inc. (1)		1,504		27,283
SailPoint Technologies Holding, Inc. (1)		7,335		173,106
SecureWorks Corp., Class A (1)(2)		472		7,864
SharpSpring, Inc. (1)(2)		756		8,671
ShotSpotter, Inc. (1)(2)		604		15,402
SPS Commerce, Inc. (1)		3,056		169,363
SVMK, Inc. (1)		7,344		131,237
Synchronoss Technologies, Inc. (1)(2)		3,376		16,036
Telaria, Inc. (1)		3,708		32,667
Telenav, Inc. (1)		2,354		11,440
Tenable Holdings, Inc. (1)		3,168		75,905
TiVo Corp.		10,113		85,758
Upland Software, Inc. (1)(2)		1,927		68,813
Varonis Systems, Inc. (1)(2)		2,522		195,985
Verint Systems, Inc. (1)		5,749		318,265
VirnetX Holding Corp. (1)(2)		5,078		19,296
Workiva, Inc. (1)		3,228		135,737
Yext, Inc. (1)(2)		7,921		114,221
Zix Corp. (1)		5,001		33,907
Zuora, Inc., Class A (1)		7,520		107,762
			$	8,225,821
Specialty Retail — 2.3%
Aaron’s, Inc.		5,909	$	337,463
Abercrombie & Fitch Co., Class A (2)		5,673		98,086
America’s Car-Mart, Inc. (1)		548		60,094
American Eagle Outfitters, Inc.		14,181		208,461
Asbury Automotive Group, Inc. (1)		1,683		188,143
Ascena Retail Group, Inc. (1)(2)		747		5,726
At Home Group, Inc. (1)		3,637		20,003
Barnes & Noble Education, Inc. (1)		3,122		13,331
Bed Bath & Beyond, Inc.		10,664		184,487
Boot Barn Holdings, Inc. (1)		2,323		103,443
Buckle, Inc. (The) (2)		2,523		68,222
Caleres, Inc.		3,593		85,334

28 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Specialty Retail (continued)
Camping World Holdings, Inc., Class A		2,590	$	38,177
Cato Corp. (The), Class A		2,030		35,322
Chico’s FAS, Inc.		11,271		42,943
Children’s Place, Inc. (The) (2)		1,345		84,089
Citi Trends, Inc.		1,298		30,010
Conn’s, Inc. (1)(2)		1,614		19,997
Container Store Group, Inc. (The) (1)		1,542		6,507
Designer Brands, Inc., Class A (2)		5,812		91,481
Express, Inc. (1)		6,091		29,663
GameStop Corp., Class A (2)		8,361		50,835
Genesco, Inc. (1)		1,328		63,638
GNC Holdings, Inc., Class A (1)(2)		5,928		16,006
Group 1 Automotive, Inc.		1,529		152,900
Guess?, Inc. (2)		4,178		93,504
Haverty Furniture Cos., Inc.		1,689		34,050
Hibbett Sports, Inc. (1)		1,464		41,051
Hudson, Ltd., Class A (1)		3,363		51,588
J. Jill, Inc. (2)		1,035		1,170
Lithia Motors, Inc., Class A		1,930		283,710
Lumber Liquidators Holdings, Inc. (1)(2)		2,470		24,132
MarineMax, Inc. (1)		2,047		34,164
Michaels Cos., Inc. (The) (1)(2)		7,538		60,982
Monro, Inc. (2)		2,869		224,356
Murphy USA, Inc. (1)		2,506		293,202
National Vision Holdings, Inc. (1)		6,874		222,924
Office Depot, Inc.		45,195		123,834
Party City Holdco, Inc. (1)(2)		4,747		11,108
Rent-A-Center, Inc.		4,149		119,657
RH (1)(2)		1,439		307,226
RTW RetailWinds, Inc. (1)		2,329		1,866
Sally Beauty Holdings, Inc. (1)(2)		10,541		192,373
Shoe Carnival, Inc. (2)		872		32,508
Signet Jewelers, Ltd. (2)		4,300		93,482
Sleep Number Corp. (1)		2,487		122,460
Sonic Automotive, Inc., Class A		2,180		67,580
Sportsman’s Warehouse Holdings, Inc. (1)		3,542		28,442
Tailored Brands, Inc. (2)		4,129		17,094
Tilly’s, Inc., Class A		1,890		23,152
Winmark Corp.		223		44,221
Zumiez, Inc. (1)		1,698		58,649
			$	4,642,846
Technology Hardware, Storage & Peripherals — 0.1%
3D Systems Corp. (1)		10,106	$	88,427
AstroNova, Inc.		603		8,273
Avid Technology, Inc. (1)		2,494		21,399

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Diebold Nixdorf, Inc. (1)(2)		6,637	$	70,087
Immersion Corp. (1)		2,323		17,260
Sonim Technologies, Inc. (1)(2)		318		1,154
Stratasys, Ltd. (1)		4,388		88,747
			$	295,347
Textiles, Apparel & Luxury Goods — 0.9%
Centric Brands, Inc. (1)		1,456	$	3,160
Crocs, Inc. (1)		5,932		248,491
Culp, Inc.		785		10,692
Deckers Outdoor Corp. (1)		2,415		407,797
Delta Apparel, Inc. (1)		545		16,950
Fossil Group, Inc. (1)(2)		3,623		28,549
G-III Apparel Group, Ltd. (1)		3,957		132,560
Kontoor Brands, Inc. (2)		3,887		163,215
Movado Group, Inc.		1,238		26,914
Oxford Industries, Inc. (2)		1,446		109,057
Rocky Brands, Inc.		588		17,305
Steven Madden, Ltd.		7,336		315,521
Superior Group of Cos., Inc.		573		7,758
Unifi, Inc. (1)		1,199		30,287
Vera Bradley, Inc. (1)		1,814		21,405
Vince Holding Corp. (1)(2)		272		4,708
Wolverine World Wide, Inc.		6,844		230,917
			$	1,775,286
Thrifts & Mortgage Finance — 1.9%
Axos Financial, Inc. (1)		5,080	$	153,822
Bridgewater Bancshares, Inc. (1)		1,907		26,279
Capitol Federal Financial, Inc.		11,605		159,337
Columbia Financial, Inc. (1)		4,649		78,754
Entegra Financial Corp. (1)		555		16,739
ESSA Bancorp, Inc.		636		10,780
Essent Group, Ltd.		8,396		436,508
Federal Agricultural Mortgage Corp., Class C		788		65,798
First Defiance Financial Corp.		1,598		50,321
Flagstar Bancorp, Inc.		2,981		114,023
FS Bancorp, Inc.		267		17,032
Greene County Bancorp, Inc.		235		6,766
Hingham Institution for Savings		102		21,440
Home Bancorp, Inc.		638		25,003
HomeStreet, Inc. (1)		2,092		71,128
Kearny Financial Corp.		7,280		100,682
Luther Burbank Corp.		1,189		13,709
Merchants Bancorp		731		14,408

29 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Meridian Bancorp, Inc.		4,190	$	84,177
Meta Financial Group, Inc.		3,149		114,970
MMA Capital Holdings, Inc. (1)		433		13,769
Mr. Cooper Group, Inc. (1)		6,138		76,786
NMI Holdings, Inc., Class A (1)		5,689		188,761
Northfield Bancorp, Inc.		3,620		61,395
Northwest Bancshares, Inc.		8,819		146,660
OceanFirst Financial Corp.		4,703		120,115
Ocwen Financial Corp. (1)		8,291		11,359
OP Bancorp		999		10,360
Oportun Financial Corp. (1)		623		14,827
PCSB Financial Corp.		1,589		32,177
PennyMac Financial Services, Inc.		2,137		72,744
Pioneer Bancorp, Inc. (1)		918		14,055
Ponce de Leon Federal Bank (1)		736		10,819
Provident Bancorp, Inc. (1)		695		8,653
Provident Financial Holdings, Inc.		517		11,322
Provident Financial Services, Inc.		5,275		130,029
Prudential Bancorp, Inc.		713		13,212
Radian Group, Inc.		17,399		437,759
Riverview Bancorp, Inc.		1,689		13,867
Southern Missouri Bancorp, Inc.		690		26,468
Sterling Bancorp, Inc.		1,471		11,915
Territorial Bancorp, Inc.		665		20,575
Timberland Bancorp, Inc.		546		16,238
TrustCo Bank Corp.		7,825		67,843
United Community Financial Corp.		4,136		48,226
Walker & Dunlop, Inc.		2,377		153,744
Washington Federal, Inc.		6,900		252,885
Waterstone Financial, Inc.		2,330		44,340
Western New England Bancorp, Inc.		2,115		20,368
WSFS Financial Corp.		4,470		196,635
			$	3,829,582
Tobacco — 0.1%
22nd Century Group, Inc. (1)(2)		9,590	$	10,549
Pyxus International, Inc. (1)(2)		727		6,499
Turning Point Brands, Inc. (2)		663		18,962
Universal Corp.		2,076		118,457
Vector Group, Ltd. (2)		9,270		124,125
			$	278,592
Trading Companies & Distributors — 1.3%
Aircastle, Ltd.		4,389	$	140,492
Applied Industrial Technologies, Inc.		3,370		224,745

Security	Shares		Value
Trading Companies & Distributors (continued)
Beacon Roofing Supply, Inc. (1)		5,968	$	190,857
BlueLinx Holdings, Inc. (1)(2)		888		12,654
BMC Stock Holdings, Inc. (1)		5,748		164,910
CAI International, Inc. (1)		1,481		42,919
DXP Enterprises, Inc. (1)		1,272		50,638
EVI Industries, Inc. (2)		308		8,328
Foundation Building Materials, Inc. (1)		1,746		33,785
GATX Corp.		3,011		249,461
General Finance Corp. (1)		827		9,155
GMS, Inc. (1)		3,426		92,776
H&E Equipment Services, Inc.		2,694		90,061
Herc Holdings, Inc. (1)		2,118		103,655
Kaman Corp.		2,432		160,318
Lawson Products, Inc. (1)		447		23,289
MRC Global, Inc. (1)		6,928		94,498
NOW, Inc. (1)		9,243		103,891
Rush Enterprises, Inc., Class A		2,335		108,578
Rush Enterprises, Inc., Class B		513		23,444
SiteOne Landscape Supply, Inc. (1)(2)		3,591		325,524
Systemax, Inc.		1,000		25,160
Textainer Group Holdings, Ltd. (1)		4,237		45,378
Titan Machinery, Inc. (1)		1,521		22,480
Transcat, Inc. (1)		601		19,148
Triton International, Ltd.		4,847		194,850
Veritiv Corp. (1)		1,008		19,827
Willis Lease Finance Corp. (1)		332		19,558
			$	2,600,379
Water Utilities — 0.5%
American States Water Co.		3,205	$	277,681
AquaVenture Holdings, Ltd. (1)		1,166		31,622
Artesian Resources Corp., Class A		703		26,159
Cadiz, Inc. (1)		1,074		11,836
California Water Service Group		4,213		217,222
Consolidated Water Co., Ltd.		1,137		18,533
Global Water Resources, Inc.		641		8,429
Middlesex Water Co.		1,398		88,871
Pure Cycle Corp. (1)		1,502		18,910
SJW Group		2,244		159,459
York Water Co. (The)		992		45,741
			$	904,463
Wireless Telecommunication Services — 0.1%
Boingo Wireless, Inc. (1)		3,250	$	35,588
Gogo, Inc. (1)(2)		5,004		32,026

30 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.		4,181	$	173,971
Spok Holdings, Inc.		1,597		19,531
			$	261,116
Total Common Stocks (identified cost $137,208,877)			$	180,918,886
Exchange-Traded Funds — 2.1%
Security	Shares		Value
iShares Russell 2000 ETF		25,000	$	4,141,750
Total Exchange-Traded Funds (identified cost $3,778,189)			$	4,141,750
Rights — 0.0%(4)
Security	Shares		Value
Biotechnology — 0.0%(4)
GTx, Inc. CVR (1)(3)(5)		57	$	—
Tobira Therapeutics, Inc. CVR (1)(3)(5)		690		9,481
			$	9,481
Chemicals — 0.0%(4)
A Schulman, Inc. CVR (1)(3)(5)		2,260	$	978
Health Care Equipment & Supplies — 0.0%(4)
Elanco Animal Health, Inc. CVR (1)(3)(5)		3,555	$	379
Pharmaceuticals — 0.0%(4)
Omthera Pharmaceutical, Inc. CVR (1)(3)(5)		508	$	305
Total Rights (identified cost $1,226)			$	11,143
Short-Term Investments — 3.2%
Securities Lending Collateral — 2.7%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (6)		5,366,477	$	5,366,477
Total Securities Lending Collateral (identified cost $5,366,477)			$	5,366,477

U.S. Treasury Obligations — 0.5%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 2/27/20 (7)	$	1,000	$	997,659
Total U.S. Treasury Obligations (identified cost $996,431)			$	997,659
Total Short-Term Investments (identified cost $6,362,908)			$	6,364,136
Total Investments (identified cost $147,351,200) — 96.9%			$	191,435,915
Other Assets, Less Liabilities — 3.1%			$	6,132,037
Net Assets — 100.0%			$	197,567,952

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $24,110,628.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A).

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Restricted security. Total market value of restricted securities amounts to $11,143, which represents less than 0.05% of the net assets of the Fund as of December 31, 2019.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

⁽⁷⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

Abbreviations:

CVR – Contingent Value Rights

31 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Schedule of Investments — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini Russell 2000 Index		149		Long		3/20/20	$	12,445,970	$	116,568

Restricted Securities
Description	Acquisition Dates		Cost
A Schulman, Inc. CVR		8/22/18	$	979
GTx, Inc. CVR		6/10/19		117
Elanco Animal Health, Inc. CVR		7/19/19		89
Omthera Pharmaceutical, Inc. CVR		7/19/13		—
Tobira Therapeutics, Inc. CVR		11/2/16		41

32 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $147,351,200) - including $24,110,628 of securities on loan	$	191,435,915
Receivable for variation margin on open futures contracts		16,391
Cash		11,399,872
Receivable for investments sold		66,483
Receivable for capital shares sold		88,649
Dividends receivable		217,141
Securities lending income receivable		20,656
Receivable from affiliate		37,854
Directors’ deferred compensation plan		36,861
Other assets		9,860
Total assets	$	203,329,682
Liabilities
Payable for investments purchased	$	10,220
Payable for capital shares redeemed		78,974
Deposits for securities loaned		5,366,477
Payable to affiliates:
Investment advisory fee		41,375
Administrative fee		19,860
Distribution and service fees		7,166
Sub-transfer agency fee		115
Directors’ deferred compensation plan		36,861
Accrued expenses		200,682
Total liabilities	$	5,761,730
Net Assets	$	197,567,952
Sources of Net Assets
Paid-in capital	$	140,781,884
Distributable earnings		56,786,068
Total	$	197,567,952
Class I
Net Assets	$	154,334,689
Shares Outstanding		1,909,791
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	80.81
Class F
Net Assets	$	43,233,263
Shares Outstanding		535,917
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	80.67

33 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income (net of foreign taxes withheld of $917)	$	2,413,860
Interest income		150,661
Securities lending income, net		187,414
Total investment income	$	2,751,935
Expenses
Investment advisory fee	$	453,473
Administrative fee		217,667
Distribution and service fees:
Class F		73,490
Directors’ fees and expenses		10,787
Custodian fees		33,580
Transfer agency fees and expenses		74,939
Accounting fees		42,700
Professional fees		44,738
Reports to shareholders		85,797
Licensing fees		91,600
Miscellaneous		6,757
Total expenses	$	1,135,528
Waiver and/or reimbursement of expenses by affiliate	$	(350,596	)
Reimbursement of expenses - other		(4,132	)
Net expenses	$	780,800
Net investment income	$	1,971,135
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	8,079,439
Futures contracts		1,914,705
Foreign currency transactions		(5	)
Net realized gain	$	9,994,139
Change in unrealized appreciation (depreciation):
Investment securities	$	27,315,006
Futures contracts		306,753
Net change in unrealized appreciation (depreciation)	$	27,621,759
Net realized and unrealized gain	$	37,615,898
Net increase in net assets resulting from operations	$	39,587,033

34 See Notes to Financial Statements.

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VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	1,971,135		$	2,059,428
Net realized gain		9,994,139			14,044,120
Net change in unrealized appreciation (depreciation)		27,621,759			(35,617,028	)
Net increase (decrease) in net assets from operations	$	39,587,033		$	(19,513,480	)
Distributions to shareholders:
Class I	$	(12,492,232	)	$	(9,045,101	)
Class F		(3,317,360	)		(2,190,621	)
Total distributions to shareholders	$	(15,809,592	)	$	(11,235,722	)
Capital share transactions:
Class I	$	7,653,177		$	(6,653,351	)
Class F		8,164,991			4,181,421
Net increase (decrease) in net assets from capital share transactions	$	15,818,168		$	(2,471,930	)
Net increase (decrease) in net assets	$	39,595,609		$	(33,221,132	)
Net Assets
At beginning of year	$	157,972,343		$	191,193,475
At end of year	$	197,567,952		$	157,972,343

35 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Financial Highlights

	Class I
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	71.03		$	84.82		$	77.43		$	69.72		$	75.83
Income (Loss) From Operations
Net investment income (1)	$	0.90		$	0.98		$	0.93		$	0.90		$	0.55
Net realized and unrealized gain (loss)		15.99			(9.44	)		10.12			13.70			(4.44	)
Total income (loss) from operations	$	16.89		$	(8.46	)	$	11.05		$	14.60		$	(3.89	)
Less Distributions
From net investment income	$	(0.77	)	$	(0.96	)	$	(0.64	)	$	(0.41	)	$	(0.12	)
From net realized gain		(6.34	)		(4.37	)		(3.02	)		(6.48	)		(2.10	)
Total distributions	$	(7.11	)	$	(5.33	)	$	(3.66	)	$	(6.89	)	$	(2.22	)
Net asset value — End of year	$	80.81		$	71.03		$	84.82		$	77.43		$	69.72
Total Return (2)		25.08	%		(11.23	)%		14.37	%		20.92	%		(5.19	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	154,335		$	127,473		$	158,646		$	149,739		$	119,674
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.58	%		0.59	%		0.65	%		0.75	%		0.79	%
Net expenses		0.39	%		0.38	%		0.38	%		0.53	%		0.74	%
Net investment income		1.13	%		1.13	%		1.15	%		1.25	%		0.72	%
Portfolio Turnover		15	%		15	%		15	%		17	%(4)		14	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  During the year ended December 31, 2016, the Fund incurred sales of $9,332,219 to realign the combined portfolio in connection with the reorganization of Calvert VP Natural Resources Portfolio into the Fund on September 23, 2016. These sales were excluded from the portfolio turnover calculation.

36 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Financial Highlights — continued

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	71.07		$	85.07		$	77.84		$	70.13		$	76.31
Income (Loss) From Operations
Net investment income (1)	$	0.73		$	0.77		$	0.74		$	0.73		$	0.40
Net realized and unrealized gain (loss)		15.98			(9.44	)		10.15			13.76			(4.48	)
Total income (loss) from operations	$	16.71		$	(8.67	)	$	10.89		$	14.49		$	(4.08	)
Less Distributions
From net investment income	$	(0.77	)	$	(0.96	)	$	(0.64	)	$	(0.30	)	$	0.00
From net realized gain		(6.34	)		(4.37	)		(3.02	)		(6.48	)		(2.10	)
Total distributions	$	(7.11	)	$	(5.33	)	$	(3.66	)	$	(6.78	)	$	(2.10	)
Net asset value — End of year	$	80.67		$	71.07		$	85.07		$	77.84		$	70.13
Total Return (2)		24.82	%		(11.46	)%		14.08	%		20.63	%		(5.40	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	43,233		$	30,499		$	32,547		$	24,959		$	17,439
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.78	%		0.79	%		0.86	%		0.96	%		1.01	%
Net expenses		0.60	%		0.63	%		0.63	%		0.78	%		0.95	%
Net investment income		0.92	%		0.89	%		0.91	%		1.00	%		0.52	%
Portfolio Turnover		15	%		15	%		15	%		17	%(4)		14	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  During the year ended December 31, 2016, the Fund incurred sales of $9,332,219 to realign the combined portfolio in connection with the reorganization of Calvert VP Natural Resources Portfolio into the Fund on September 23, 2016. These sales were excluded from the portfolio turnover calculation.

37 See Notes to Financial Statements.

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Russell 2000^® Small Cap Index Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the investment performance of U.S. common stocks, as represented by the Russell 2000^® Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.

Short-Term Debt Securities. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Other Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

38

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1			Level 2		Level 3(1)		Total
Common Stocks	$	180,918,886	(2)	$	—	$	—	$	180,918,886
Exchange-Traded Funds		4,141,750			—		—		4,141,750
Rights		—			—		11,143		11,143
Short-Term Investments -
Securities Lending Collateral		5,366,477			—		—		5,366,477
U.S. Treasury Obligations		—			997,659		—		997,659
Total Investments	$	190,427,113		$	997,659	$	11,143	$	191,435,915
Futures Contracts	$	116,568		$	—	$	—	$	116,568
Total	$	190,543,681		$	997,659	$	11,143	$	191,552,483

⁽¹⁾   None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

⁽²⁾  The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2019 is not presented.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C  Share Class Accounting — Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.

D  Foreign Currency Transactions — The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income, and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

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

G  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

39

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

H  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

I  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.25% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $453,473.

Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Fund pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.39% and 0.59% (0.38% and 0.63% prior to May 1, 2019) of the Fund’s average daily net assets for Class I and Class F, respectively. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $350,596.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $217,667.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.20% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $73,490 for Class F shares.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $499 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $4,132, which are included in miscellaneous expense and reimbursement of expenses-other, respectively, on the Statement of Operations.

40

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $72,199 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $24,913,588 and $26,527,871, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	2,673,624	$	3,544,138
Long-term capital gains	$	13,135,968	$	7,691,584

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	3,233,013
Undistributed long-term capital gains	$	9,227,018
Net unrealized appreciation	$	44,326,037

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	147,109,878
Gross unrealized appreciation	$	66,280,101
Gross unrealized depreciation		(21,954,064	)
Net unrealized appreciation	$	44,326,037

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption	Assets			Liabilities
Futures contracts	Distributable earnings	$	116,568	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

41

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts		Net change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	1,914,705	$	306,753

The average notional cost of futures contracts (long) outstanding during the year ended December 31, 2019 was approximately $11,441,000.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $24,110,628 and the total value of collateral received was $24,734,589 comprised of cash of $5,366,477 and U.S. government and/or agencies securities of $19,368,112.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	24,734,589	$	—	$	—	$	—	$	24,734,589

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

42

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 20,000,000 common shares, $0.10 par value, for each Class. Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class I
Shares sold		165,668		$	13,210,295			141,642		$	12,114,837
Reinvestment of distributions		174,765			12,492,232			101,905			9,045,101
Shares redeemed		(225,259	)		(18,049,350	)		(319,334	)		(27,813,289	)
Net increase (decrease)		115,174		$	7,653,177			(75,787	)	$	(6,653,351	)
Class F
Shares sold		133,706		$	10,758,734			139,194		$	12,310,410
Reinvestment of distributions		46,469			3,317,360			24,653			2,190,621
Shares redeemed		(73,403	)		(5,911,103	)		(117,291	)		(10,319,610	)
Net increase		106,772		$	8,164,991			46,556		$	4,181,421

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 50.0% of the value of the outstanding shares of the Fund and separate accounts of two other insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 27.8%.

43

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Russell 2000^® Small Cap Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

44

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 55.27% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $9,227,228 or, if subsequently determined to be different, the net capital gain of such year.

45

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).

46

Calvert

VP Russell 2000^® Small Cap Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

47

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

48

Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24225    12.31.19

Calvert

VP EAFE International Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP EAFE International Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	30
Federal Tax Information	31
Management and Organization	32
Important Notices	34

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

With virtually every U.S. and global equity index posting double-digit returns for the 12-month period ended December 31, 2019 — and bond markets in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes in the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks started the year with a climb, and international stocks followed. Facing concerns about slowing global growth and potential fallout from Brexit and U.S.-China trade issues, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. For the first four months of 2019, the S&P 500^®,² the MSCI EAFE, the MSCI Emerging Markets, and the MSCI World indexes all reported strongly positive returns. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the global stock rally resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October, to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates.

After falling in August, global equities rallied again during the final months of the period, spurred by central bank actions; improved numbers from Chinese manufacturing, which had previously weakened; and optimism about a U.S.-China trade détente. Two events in December did much to allay investor concerns about trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase-one” trade deal with China.

During the 12-month period ended December 31, 2019, the MSCI World Index, an index of developed market equity securities, returned 27.67%. The S&P 500^® Index, a broad measure of U.S. stocks, returned 31.49%, hitting an all-time high the day after Christmas. The MSCI EAFE Index of developed-market international equities returned 22.01%, and the MSCI Emerging Markets Index returned 18.42%.

Investment Strategy

Calvert VP EAFE International Index Portfolio (the Fund) seeks to substantially replicate the performance of the MSCI EAFE Index (the Index). This is accomplished by investing in all, or virtually all, of the larger capitalization stocks in the Index in approximately the same proportion as the Index and in a sampling of the smaller capitalization stocks. The Index is a widely accepted benchmark of international stock performance that is designed to represent the performance of large- and mid-cap securities in 21 developed markets, including countries in Europe, Australasia, and the Far East, but excluding the United States and Canada.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 21.26% for Class I shares at net asset value (NAV). By comparison, the Index returned 22.01% for the same period. The Index is unmanaged and returns do not reflect any fees, dividend withholding taxes, and operating expenses.

All 21 countries within the Index had positive returns on a U.S. dollar basis during the period, with almost all countries experiencing double-digit returns for 2019. Easing trade tensions and central bank stimulus boosted equity returns across the developed world. Similarly, almost all market sectors had positive, double-digit returns, led by information technology, which was up 37.68% during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Performance

Portfolio Manager Thomas Seto of Calvert Research and Management

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class I at NAV		11/12/2002		11/12/2002		21.26	%		5.26	%		4.78	%
Class F at NAV		12/17/2007		11/12/2002		21.00			5.01			4.54
MSCI EAFE Index		—		—		22.01	%		5.67	%		5.50	%
% Total Annual Operating Expense Ratios 4								Class I			Class F
Gross									0.69	%		0.89	%
Net									0.49			0.69

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class F		$10,000		12/31/2009		$15,599		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Fund Profile

Sector Allocation (% of net assets) 5
Financials	18.4	%
Industrials	15.0
Health Care	12.1
Consumer Discretionary	11.5
Consumer Staples	11.2
Materials	7.1
Information Technology	6.9
Communication Services	5.2
Energy	4.8
Utilities	3.7
Real Estate	3.5
Total	99.4	%

Top 10 Holdings (% of net assets) 5
Nestle SA	2.2	%
Roche Holding AG PC	1.5
Novartis AG	1.4
Toyota Motor Corp.	1.1
HSBC Holdings PLC	1.1
SAP SE	0.9
Total SA	0.9
AstraZeneca PLC	0.9
LVMH Moet Hennessy Louis Vuitton SE	0.9
BP PLC	0.9
Total	11.8	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

5

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,065.80	$	2.50	**		0.48	%
Class F	$	1,000.00	$	1,064.70	$	3.54	**		0.68	%
Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,022.79	$	2.45	**		0.48	%
Class F	$	1,000.00	$	1,021.78	$	3.47	**		0.68	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments

Common Stocks — 99.4%
Security	Shares		Value
Australia — 6.7%
AGL Energy, Ltd.		6,090	$	87,657
Alumina, Ltd.		14,501		23,422
AMP, Ltd. (1)		10,568		14,216
APA Group (1)		11,361		88,439
Aristocrat Leisure, Ltd.		4,773		112,782
ASX, Ltd.		1,623		89,363
Aurizon Holdings, Ltd.		16,477		60,469
AusNet Services		27,031		32,234
Australia & New Zealand Banking Group, Ltd.		24,210		417,525
Bendigo & Adelaide Bank, Ltd. (1)		4,706		32,292
BGP Holdings PLC (2)(3)		77,172		0
BHP Group, Ltd.		25,518		698,742
BlueScope Steel, Ltd.		4,388		46,476
Boral, Ltd.		10,917		34,346
Brambles, Ltd.		14,024		115,427
Caltex Australia, Ltd.		2,659		63,402
Challenger, Ltd. (1)		5,824		33,142
CIMIC Group, Ltd.		1,008		23,436
Coca-Cola Amatil, Ltd.		2,449		19,018
Cochlear, Ltd.		420		66,195
Coles Group, Ltd.		8,634		89,878
Commonwealth Bank of Australia		15,098		846,965
Computershare, Ltd. (1)		3,586		42,279
Crown Resorts, Ltd.		3,713		31,305
CSL, Ltd.		3,904		756,916
Dexus		9,023		74,275
Flight Centre Travel Group, Ltd.		565		17,475
Fortescue Metals Group, Ltd.		11,558		87,128
Goodman Group		14,771		138,806
GPT Group (The)		14,077		55,450
Harvey Norman Holdings, Ltd. (1)		5,671		16,197
Incitec Pivot, Ltd.		17,202		38,431
Insurance Australia Group, Ltd. (1)		21,017		112,927
Lend Lease Group		5,044		62,362
Macquarie Group, Ltd. (1)		2,900		280,848
Magellan Financial Group, Ltd.		712		28,526
Medibank Pvt, Ltd.		21,199		46,982
Mirvac Group		28,589		63,991
National Australia Bank, Ltd.		24,625		426,113
Newcrest Mining, Ltd.		6,846		144,580
Oil Search, Ltd. (1)		12,475		63,610
Orica, Ltd.		3,401		52,445
Origin Energy, Ltd.		13,013		77,157
Qantas Airways, Ltd.		7,283		36,302

Security	Shares		Value
Australia (continued)
QBE Insurance Group, Ltd.		11,896	$	107,498
Ramsay Health Care, Ltd.		1,442		73,366
REA Group, Ltd.		537		39,011
Rio Tinto, Ltd.		3,172		224,419
Santos, Ltd.		13,517		77,763
Scentre Group		45,895		123,515
Seek, Ltd.		3,323		52,595
Sonic Healthcare, Ltd.		4,020		81,055
South32, Ltd.		48,353		91,296
Stockland		19,317		62,675
Suncorp Group, Ltd.		11,330		102,920
Sydney Airport		11,138		67,671
Tabcorp Holdings, Ltd.		15,814		50,274
Telstra Corp., Ltd.		37,215		92,442
TPG Telecom, Ltd.		3,460		16,302
Transurban Group		24,274		254,077
Treasury Wine Estates, Ltd.		6,449		73,459
Vicinity Centres		25,959		45,404
Washington H. Soul Pattinson & Co., Ltd. (1)		1,000		15,086
Wesfarmers, Ltd.		10,212		296,778
Westpac Banking Corp.		30,242		516,435
WiseTech Global, Ltd. (1)		1,431		23,500
Woodside Petroleum, Ltd.		7,595		183,636
Woolworths Group, Ltd.		10,747		272,581
WorleyParsons, Ltd. (1)		1,653		17,857
			$	8,611,146
Austria — 0.2%
Andritz AG		669	$	28,761
Erste Group Bank AG		2,528		94,957
OMV AG		1,054		59,050
Raiffeisen Bank International AG		1,194		29,885
Verbund AG		502		25,200
Voestalpine AG		1,159		32,146
			$	269,999
Belgium — 1.0%
Ageas		1,514	$	89,527
Anheuser-Busch InBev SA/NV		6,687		547,668
Colruyt SA		686		35,776
Galapagos NV (1)(2)		317		66,014
Groupe Bruxelles Lambert SA		572		60,358
KBC Group NV		1,991		150,111
Proximus SA		920		26,361
Solvay SA		647		75,306

7 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Belgium (continued)
Telenet Group Holding NV		537	$	24,140
UCB SA		958		76,232
Umicore SA		1,940		94,544
			$	1,246,037
Denmark — 1.8%
AP Moller — Maersk A/S, Class A		38	$	51,488
AP Moller — Maersk A/S, Class B		63		90,898
Carlsberg A/S, Class B		953		142,222
Chr. Hansen Holding A/S		842		66,935
Coloplast A/S, Class B		1,084		134,482
Danske Bank A/S		6,396		103,476
Demant A/S (1)(2)		1,207		38,013
DSV PANALPINA A/S		1,502		173,145
Genmab A/S (2)		610		135,666
H Lundbeck A/S		411		15,713
ISS A/S		1,075		25,784
Novo Nordisk A/S, Class B		15,469		896,410
Novozymes A/S, Class B		2,046		100,146
Orsted A/S (4)		1,567		162,110
Pandora A/S		992		43,141
Tryg A/S		1,180		34,996
Vestas Wind Systems A/S		1,533		154,843
			$	2,369,468
Finland — 1.1%
Elisa Oyj		1,450	$	80,119
Fortum Oyj		3,869		95,500
Kone Oyj, Class B		3,003		196,360
Metso Oyj		1,149		45,391
Neste Oyj		3,315		115,365
Nokia Oyj		42,143		155,881
Nokian Renkaat Oyj		1,167		33,565
Nordea Bank Abp		28,251		228,556
Orion Oyj, Class B		1,045		48,396
Sampo Oyj, Class A		3,936		171,858
Stora Enso Oyj, Class R		4,859		70,702
UPM-Kymmene Oyj		4,913		170,454
Wartsila Oyj Abp		3,830		42,335
			$	1,454,482
France — 10.7%
Accor SA		1,534	$	72,004
Aeroports de Paris		234		46,331
Air Liquide SA		4,211		596,997

Security	Shares		Value
France (continued)
Alstom SA		1,576	$	74,890
Amundi SA (4)		600		47,182
ArcelorMittal SA		5,939		104,643
Arkema SA		578		61,804
Atos SE		785		65,597
AXA SA		17,154		484,708
BioMerieux		321		28,618
BNP Paribas SA		9,829		584,217
Bollore SA		8,863		38,731
Bouygues SA		2,111		89,985
Bureau Veritas SA		2,318		60,597
Capgemini SE		1,303		159,363
Carrefour SA		3,994		67,174
Casino Guichard Perrachon SA		619		28,998
Cie de Saint-Gobain		4,545		186,190
Cie Generale des Etablissements Michelin SCA		1,561		192,095
CNP Assurances		992		19,766
Covivio		345		39,182
Credit Agricole SA		10,461		152,222
Danone SA		5,408		449,112
Dassault Aviation SA		27		35,430
Dassault Systemes SE		1,153		190,159
Edenred		2,118		109,764
Eiffage SA		600		68,836
Electricite de France SA		2,761		30,808
Engie SA		15,203		246,263
EssilorLuxottica SA		2,499		382,051
Eurazeo SE		476		32,673
Eurofins Scientific SE (1)		110		61,109
Eutelsat Communications SA		1,779		28,987
Faurecia SE		412		22,367
Gecina SA		419		75,117
Getlink SE		3,977		69,338
Hermes International		288		215,743
Icade SA		224		24,391
Iliad SA (1)		269		34,989
Ingenico Group SA		559		60,807
Ipsen SA		305		27,074
JC Decaux SA		757		23,390
Kering SA		675		444,767
Klepierre SA		2,139		81,376
L’Oreal SA		2,154		636,954
Legrand SA		2,379		194,278
LVMH Moet Hennessy Louis Vuitton SE		2,386		1,111,765
Natixis SA		7,719		34,384
Orange SA (1)		17,649		259,373

8 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
France (continued)
Pernod-Ricard SA		1,784	$	319,225
Peugeot SA		4,946		119,086
Publicis Groupe SA		1,961		88,914
Remy Cointreau SA		223		27,407
Renault SA		1,759		83,530
Safran SA		2,812		434,339
Sanofi SA		9,738		977,962
Sartorius Stedim Biotech		147		24,400
Schneider Electric SE		4,674		480,205
SCOR SE		1,419		59,734
SEB SA		175		26,027
SES SA FDR		3,178		44,669
Societe Generale SA		6,891		240,482
Sodexo SA		778		92,279
Suez		2,099		31,807
Teleperformance		519		126,801
Thales SA		954		99,268
Total SA		20,645		1,145,602
Ubisoft Entertainment SA (2)		595		41,223
Unibail-Rodamco-Westfield		1,158		182,772
Valeo SA		2,186		77,479
Veolia Environnement SA		4,212		112,074
Vinci SA		4,302		479,129
Vivendi SA		7,584		219,614
Wendel SA		198		26,375
Worldline SA (2)(4)		817		57,918
			$	13,770,920
Germany — 8.6%
adidas AG		1,576	$	513,016
Allianz SE		3,751		919,099
Aroundtown SA		6,058		54,412
BASF SE		7,787		586,646
Bayer AG		8,078		656,714
Bayerische Motoren Werke AG		2,757		225,814
Bayerische Motoren Werke AG, PFC Shares		555		34,167
Beiersdorf AG		943		112,607
Brenntag AG		1,412		76,610
Carl Zeiss Meditec AG		239		30,384
Commerzbank AG		9,705		59,938
Continental AG		995		128,584
Covestro AG (4)		1,407		65,468
Daimler AG		7,922		437,962
Delivery Hero SE (2)(4)		811		64,279
Deutsche Bank AG		13,741		106,472
Deutsche Boerse AG		1,754		275,049

Security	Shares		Value
Germany (continued)
Deutsche Lufthansa AG		2,376	$	43,649
Deutsche Post AG		8,335		316,931
Deutsche Telekom AG		29,068		475,034
Deutsche Wohnen SE		3,115		126,708
E.ON SE		17,229		184,124
Evonik Industries AG		1,690		51,617
Fraport AG Frankfurt Airport Services Worldwide		424		35,991
Fresenius Medical Care AG & Co. KGaA		1,903		140,114
Fresenius SE & Co. KGaA		3,759		211,532
Fuchs Petrolub SE, PFC Shares		708		35,176
GEA Group AG		1,575		52,132
Hannover Rueck SE		541		104,313
HeidelbergCement AG		1,352		98,243
Henkel AG & Co. KGaA		931		87,507
Henkel AG & Co. KGaA, PFC Shares		1,492		154,124
Hochtief AG		211		26,864
Infineon Technologies AG		10,311		232,970
KION Group AG		671		46,143
Knorr-Bremse AG		433		44,017
Lanxess AG		810		54,386
Merck KGaA		1,141		134,517
METRO AG		1,662		26,744
MTU Aero Engines AG		460		131,066
Muenchener Rueckversicherungs-Gesellschaft AG		1,188		350,570
Porsche Automobil Holding SE, PFC Shares		1,254		93,045
Puma SE		560		42,942
RWE AG		4,542		139,176
SAP SE		8,521		1,146,911
Sartorius AG, PFC Shares		314		67,121
Siemens AG		6,547		854,983
Siemens Healthineers AG (4)		983		47,122
Symrise AG		1,151		120,980
Telefonica Deutschland Holding AG		7,582		21,995
ThyssenKrupp AG		3,750		50,389
TUI AG		4,204		53,056
Uniper SE		1,361		44,983
United Internet AG		1,054		34,518
Volkswagen AG		330		63,916
Volkswagen AG, PFC Shares		1,662		327,145
Vonovia SE		4,410		236,858
Wirecard AG		1,088		130,309
Zalando SE (2)(4)		881		44,429
			$	11,031,571
Hong Kong — 3.5%
AIA Group, Ltd.		103,766	$	1,091,407
ASM Pacific Technology, Ltd.		2,174		30,176

9 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Hong Kong (continued)
Bank of East Asia, Ltd. (The)		7,110	$	15,874
BeiGene, Ltd. ADR (2)		376		62,326
BOC Hong Kong Holdings, Ltd.		33,956		117,876
Budweiser Brewing Co. APAC, Ltd. (2)(4)		6,000		20,259
CK Asset Holdings, Ltd.		23,066		166,449
CK Hutchison Holdings, Ltd.		24,347		232,160
CK Infrastructure Holdings, Ltd.		4,104		29,207
CLP Holdings, Ltd.		14,122		148,244
Dairy Farm International Holdings, Ltd.		3,000		17,130
Galaxy Entertainment Group, Ltd.		17,913		131,869
Hang Lung Properties, Ltd.		13,000		28,545
Hang Seng Bank, Ltd.		6,440		133,115
Henderson Land Development Co., Ltd.		14,806		72,654
HK Electric Investments & HK Electric Investments, Ltd.		27,027		26,638
HKT Trust and HKT, Ltd.		27,020		38,079
Hong Kong & China Gas Co., Ltd.		94,325		184,299
Hong Kong Exchanges and Clearing, Ltd.		10,306		334,818
Hongkong Land Holdings, Ltd.		9,294		53,460
Jardine Matheson Holdings, Ltd.		2,019		112,353
Jardine Strategic Holdings, Ltd.		2,100		64,403
Kerry Properties, Ltd.		6,621		21,029
Link REIT		18,689		197,991
Melco Resorts & Entertainment, Ltd.		1,940		46,890
MTR Corp., Ltd.		11,981		70,802
New World Development Co., Ltd.		57,431		78,723
NWS Holdings, Ltd.		15,628		21,904
PCCW, Ltd.		42,738		25,288
Power Assets Holdings, Ltd.		11,042		80,779
Sands China, Ltd.		19,483		104,099
Sino Land Co., Ltd.		31,433		45,625
SJM Holdings, Ltd.		21,000		23,912
Sun Hung Kai Properties, Ltd.		14,152		216,736
Swire Pacific, Ltd., Class A		4,537		42,147
Swire Properties, Ltd.		11,929		39,519
Techtronic Industries Co., Ltd.		12,025		98,144
Vitasoy International Holdings, Ltd.		8,000		29,021
WH Group, Ltd. (4)		81,549		84,319
Wharf Real Estate Investment Co., Ltd.		11,905		72,639
Wheelock & Co., Ltd.		6,286		41,904
Wynn Macau, Ltd.		15,891		39,157
Yue Yuen Industrial Holdings, Ltd.		7,565		22,326
			$	4,514,295
Ireland — 0.9%
AIB Group PLC		8,000	$	27,948
Bank of Ireland Group PLC		7,679		42,262

Security	Shares		Value
Ireland (continued)
CRH PLC		6,804	$	272,901
DCC PLC		788		68,350
Experian PLC		7,613		258,077
Flutter Entertainment PLC		443		53,990
James Hardie Industries PLC CDI		3,691		72,139
Kerry Group plc, Class A		1,467		183,053
Kingspan Group PLC		1,458		89,277
Smurfit Kappa Group PLC		1,686		65,007
			$	1,133,004
Israel — 0.5%
Azrieli Group, Ltd.		315	$	23,075
Bank Hapoalim B.M.		10,950		90,937
Bank Leumi Le-Israel B.M.		13,251		96,639
Check Point Software Technologies, Ltd. (2)		1,150		127,604
CyberArk Software, Ltd. (2)		218		25,414
Elbit Systems, Ltd.		141		21,970
Israel Chemicals, Ltd.		5,940		28,052
Israel Discount Bank Ltd., Class A		9,880		45,885
Mizrahi Tefahot Bank, Ltd.		860		22,940
Nice, Ltd. (2)		513		79,545
Teva Pharmaceutical Industries, Ltd. (1)(2)		9,908		97,098
Wix.com, Ltd. (2)		425		52,012
			$	711,171
Italy — 2.1%
Assicurazioni Generali SpA		9,589	$	197,963
Atlantia SpA		4,209		98,233
Davide Campari-Milano SpA		5,508		50,328
Enel SpA		72,788		578,215
Eni SpA		21,945		340,833
Ferrari NV		978		162,383
FinecoBank Banca Fineco SpA		4,632		55,565
Intesa Sanpaolo SpA		130,530		343,841
Leonardo SpA		3,780		44,329
Mediobanca Banca di Credito Finanziario SpA		4,282		47,147
Moncler SpA		1,356		61,030
Pirelli & C SpA (4)		2,992		17,269
Poste Italiane SpA (4)		5,326		60,519
Prysmian SpA		1,988		47,989
Recordati SpA		751		31,658
Snam SpA		16,457		86,528
Telecom Italia SpA (2)		60,818		37,981
Telecom Italia SpA, PFC Shares (2)		61,458		37,638
Tenaris SA		4,814		54,542

10 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Italy (continued)
Terna Rete Elettrica Nazionale SpA		12,851	$	85,946
UniCredit SpA		16,810		245,711
			$	2,685,648
Japan — 24.3%
ABC-Mart, Inc.		336	$	22,936
Acom Co., Ltd.		4,068		18,457
Advantest Corp.		1,500		84,597
AEON Co. Ltd.		5,948		122,745
AEON Financial Service Co., Ltd. (1)		1,135		17,884
Aeon Mall Co., Ltd. (1)		1,161		20,593
AGC, Inc.		1,656		59,215
Air Water, Inc.		1,519		22,165
Aisin Seiki Co., Ltd.		1,652		61,190
Ajinomoto Co., Inc.		2,599		43,266
Alfresa Holdings Corp.		1,916		38,924
Alps Alpine Co., Ltd.		1,919		43,560
Amada Holdings Co., Ltd.		2,469		28,082
ANA Holdings, Inc.		883		29,478
Aozora Bank, Ltd.		906		23,935
Asahi Group Holdings, Ltd.		3,315		151,232
Asahi Intecc Co., Ltd. (1)		1,600		46,850
Asahi Kasei Corp.		11,670		131,035
Astellas Pharma, Inc.		15,601		266,309
Bandai Namco Holdings, Inc.		1,737		105,666
Bank of Kyoto, Ltd. (The)		618		26,352
Benesse Holdings, Inc.		678		17,821
Bridgestone Corp.		5,084		188,871
Brother Industries, Ltd.		1,905		39,344
Calbee, Inc.		818		26,652
Canon, Inc. (1)		9,000		246,316
Casio Computer Co., Ltd.		1,531		30,595
Central Japan Railway Co.		1,259		253,146
Chiba Bank, Ltd. (The)		5,241		30,135
Chubu Electric Power Co., Inc.		5,569		78,723
Chugai Pharmaceutical Co., Ltd.		1,982		182,533
Chugoku Electric Power Co., Inc. (The)		2,837		37,293
Coca-Cola Bottlers Japan Holdings, Inc. (1)		1,200		30,660
Concordia Financial Group, Ltd.		9,831		40,373
Credit Saison Co., Ltd. (1)		1,512		26,224
CyberAgent, Inc. (1)		600		20,901
Dai Nippon Printing Co., Ltd.		2,105		56,935
Dai-ichi Life Holdings, Inc.		9,813		161,721
Daicel Corp.		2,854		27,285
Daifuku Co., Ltd. (1)		900		54,391
Daiichi Sankyo Co., Ltd.		4,800		317,012

Security	Shares		Value
Japan (continued)
Daikin Industries, Ltd.		2,058	$	290,363
Daito Trust Construction Co., Ltd.		616		76,123
Daiwa House Industry Co., Ltd.		5,132		158,871
Daiwa House REIT Investment Corp.		11		28,763
Daiwa Securities Group, Inc.		14,525		73,328
Denso Corp.		3,934		177,669
Dentsu, Inc. (1)		1,905		65,638
Disco Corp. (1)		200		46,965
East Japan Railway Co.		2,650		239,194
Eisai Co., Ltd.		2,251		168,433
Electric Power Development Co., Ltd.		1,493		36,239
FamilyMart Co., Ltd. (1)		2,532		60,641
FANUC Corp.		1,662		306,913
Fast Retailing Co., Ltd.		536		318,424
Fuji Electric Co., Ltd.		1,141		34,660
FUJIFILM Holdings Corp.		3,027		144,557
Fujitsu, Ltd.		1,652		155,380
Fukuoka Financial Group, Inc.		1,577		30,130
GMO Payment Gateway, Inc. (1)		400		27,393
Hakuhodo DY Holdings, Inc.		2,178		35,046
Hamamatsu Photonics K.K.		1,351		55,365
Hankyu Hanshin Holdings, Inc.		2,062		88,203
Hikari Tsushin, Inc.		219		55,034
Hino Motors, Ltd.		2,636		27,877
Hirose Electric Co., Ltd. (1)		142		18,152
Hisamitsu Pharmaceutical Co., Inc. (1)		630		30,682
Hitachi Chemical Co., Ltd.		1,062		44,493
Hitachi Construction Machinery Co., Ltd. (1)		1,096		32,647
Hitachi High-Technologies Corp.		702		49,715
Hitachi Metals, Ltd.		2,186		32,177
Hitachi, Ltd.		8,184		345,330
Honda Motor Co., Ltd.		13,901		393,420
Hoshizaki Corp.		316		28,175
HOYA Corp.		3,223		307,674
Hulic Co., Ltd. (1)		3,040		36,602
Idemitsu Kosan Co., Ltd.		1,684		46,532
IHI Corp. (1)		1,298		30,374
Iida Group Holdings Co., Ltd.		1,500		26,288
INPEX Corp.		8,491		87,964
Isetan Mitsukoshi Holdings, Ltd.		3,424		30,747
Isuzu Motors, Ltd.		5,055		59,754
ITOCHU Corp.		11,548		267,644
Itochu Techno-Solutions Corp.		1,000		28,162
J. Front Retailing Co., Ltd.		2,460		34,310
Japan Airlines Co., Ltd.		820		25,531
Japan Airport Terminal Co., Ltd. (1)		400		22,194

11 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Japan (continued)
Japan Exchange Group, Inc.		4,518	$	79,540
Japan Post Bank Co., Ltd.		2,400		23,027
Japan Post Holdings Co., Ltd.		11,100		104,390
Japan Post Insurance Co., Ltd.		1,500		25,570
Japan Prime Realty Investment Corp.		8		35,175
Japan Real Estate Investment Corp.		10		66,365
Japan Retail Fund Investment Corp.		20		43,038
Japan Tobacco, Inc.		9,934		221,494
JFE Holdings, Inc. (1)		2,625		33,683
JGC Holdings Corp. (1)		2,113		33,631
JSR Corp.		1,959		35,835
JTEKT Corp.		2,275		26,875
JXTG Holdings, Inc.		26,738		121,352
Kajima Corp.		3,581		47,610
Kakaku.com, Inc.		1,455		37,151
Kamigumi Co., Ltd.		1,188		26,114
Kansai Electric Power Co., Inc. (The) (1)		6,078		70,412
Kansai Paint Co., Ltd.		1,523		37,206
Kao Corp.		4,201		346,478
Kawasaki Heavy Industries, Ltd.		1,447		31,627
KDDI Corp.		15,067		449,544
Keihan Holdings Co., Ltd.		838		40,690
Keikyu Corp.		2,389		46,057
Keio Corp.		979		59,239
Keisei Electric Railway Co., Ltd.		1,406		54,482
Keyence Corp.		1,660		582,890
Kikkoman Corp. (1)		1,101		53,899
Kintetsu Group Holdings Co., Ltd.		1,546		83,855
Kirin Holdings Co., Ltd.		7,326		159,901
Kobayashi Pharmaceutical Co., Ltd.		400		33,880
Koito Manufacturing Co., Ltd.		947		43,852
Komatsu, Ltd.		8,246		197,916
Konami Holdings Corp.		951		39,079
Konica Minolta, Inc.		4,612		30,043
Kose Corp.		308		44,895
Kubota Corp.		9,011		141,502
Kuraray Co., Ltd. (1)		2,718		32,936
Kurita Water Industries, Ltd.		1,032		30,625
Kyocera Corp.		2,948		200,923
Kyowa Kirin Co., Ltd.		2,644		62,294
Kyushu Electric Power Co., Inc.		3,051		26,470
Kyushu Railway Co.		1,700		56,912
Lawson, Inc.		500		28,381
LINE Corp. (1)(2)		439		21,569
Lion Corp. (1)		1,722		33,473
LIXIL Group Corp.		2,113		36,464

Security	Shares		Value
Japan (continued)
M3, Inc.		3,958	$	119,356
Makita Corp.		1,948		67,274
Marubeni Corp.		14,833		109,592
Marui Group Co., Ltd.		1,130		27,552
Maruichi Steel Tube, Ltd.		575		16,159
Mazda Motor Corp.		4,510		38,432
McDonald’s Holdings Co. (Japan), Ltd. (1)		677		32,617
Mebuki Financial Group, Inc.		9,500		24,221
Medipal Holdings Corp.		1,745		38,513
MEIJI Holdings Co., Ltd.		967		65,350
Mercari, Inc. (2)		1,000		20,444
MINEBEA MITSUMI, Inc.		3,459		71,450
MISUMI Group, Inc.		2,280		56,430
Mitsubishi Chemical Holdings Corp.		11,222		83,617
Mitsubishi Corp.		11,890		314,982
Mitsubishi Electric Corp.		14,860		202,329
Mitsubishi Estate Co., Ltd.		10,768		206,044
Mitsubishi Gas Chemical Co., Inc.		1,148		17,489
Mitsubishi Heavy Industries, Ltd.		2,944		114,159
Mitsubishi Materials Corp.		1,000		27,140
Mitsubishi Motors Corp. (1)		3,200		13,338
Mitsubishi Tanabe Pharma Corp.		1,789		32,819
Mitsubishi UFJ Financial Group, Inc.		106,276		574,564
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,566		29,394
Mitsui & Co., Ltd.		13,675		243,080
Mitsui Chemicals, Inc.		1,475		35,930
Mitsui Fudosan Co., Ltd.		7,831		191,389
Mitsui OSK Lines, Ltd.		1,100		30,250
Mizuho Financial Group, Inc.		208,814		321,661
MonotaRO Co., Ltd. (1)		600		15,973
MS&AD Insurance Group Holdings, Inc.		4,228		139,561
Murata Manufacturing Co., Ltd.		4,914		302,450
Nabtesco Corp. (1)		1,148		33,828
Nagoya Railroad Co., Ltd. (1)		1,275		39,592
NEC Corp.		1,755		72,630
Nexon Co., Ltd. (2)		3,550		47,092
NGK Insulators, Ltd.		1,971		34,288
NGK Spark Plug Co., Ltd.		1,223		23,707
NH Foods, Ltd.		883		36,577
Nidec Corp.		2,014		275,080
Nikon Corp.		2,874		35,148
Nintendo Co., Ltd.		921		368,363
Nippon Building Fund, Inc.		12		87,963
Nippon Express Co., Ltd.		576		33,765
Nippon Paint Holdings Co., Ltd.		958		49,319
Nippon Prologis REIT, Inc.		18		45,844

12 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Japan (continued)
Nippon Shinyaku Co., Ltd.		300	$	25,978
Nippon Steel Corp.		5,375		81,017
Nippon Telegraph & Telephone Corp.		10,804		273,057
Nippon Yusen KK		1,300		23,431
Nissan Chemical Corp.		647		27,095
Nissan Motor Co., Ltd.		20,743		120,200
Nisshin Seifun Group, Inc.		1,417		24,723
Nissin Foods Holdings Co., Ltd.		498		36,988
Nitori Holdings Co., Ltd.		716		113,021
Nitto Denko Corp.		1,470		82,655
Nomura Holdings, Inc.		26,657		137,171
Nomura Real Estate Holdings, Inc.		1,270		30,461
Nomura Real Estate Master Fund, Inc.		29		49,605
Nomura Research Institute, Ltd.		3,000		64,158
NSK, Ltd.		3,396		32,103
NTT Data Corp.		5,530		73,958
NTT DoCoMo, Inc.		11,724		326,585
Obayashi Corp.		5,320		59,087
Obic Co., Ltd.		660		88,903
Odakyu Electric Railway Co., Ltd.		2,305		53,773
Oji Holdings Corp.		8,273		44,740
Olympus Corp.		10,276		158,381
Omron Corp.		1,663		96,933
Ono Pharmaceutical Co., Ltd.		3,505		80,020
Oracle Corp. Japan		389		35,305
Oriental Land Co., Ltd.		1,624		221,581
ORIX Corp.		12,002		198,889
Orix JREIT, Inc.		17		36,848
Osaka Gas Co., Ltd.		3,123		59,722
Otsuka Corp.		1,064		42,491
Otsuka Holdings Co., Ltd.		3,552		158,328
Pan Pacific International Holdings Corp.		3,636		60,326
Panasonic Corp.		19,947		187,086
Park24 Co., Ltd.		1,041		25,490
PeptiDream, Inc. (2)		1,000		51,103
Persol Holdings Co., Ltd.		1,200		22,489
Pigeon Corp. (1)		900		32,955
Pola Orbis Holdings, Inc. (1)		932		22,199
Rakuten, Inc. (1)		8,000		68,345
Recruit Holdings Co., Ltd.		11,857		444,108
Renesas Electronics Corp. (2)		5,000		34,160
Resona Holdings, Inc.		19,311		84,168
Ricoh Co., Ltd.		5,835		63,494
Rinnai Corp.		346		27,040
Rohm Co., Ltd.		907		72,369
Ryohin Keikaku Co., Ltd.		2,430		56,634

Security	Shares		Value
Japan (continued)
Sankyo Co., Ltd.		600	$	19,928
Santen Pharmaceutical Co., Ltd.		2,900		55,225
SBI Holdings, Inc.		1,575		33,252
SECOM Co., Ltd.		1,748		155,996
Sega Sammy Holdings, Inc.		1,500		21,719
Seibu Holdings, Inc.		1,400		23,030
Seiko Epson Corp.		2,252		34,003
Sekisui Chemical Co., Ltd.		3,264		56,630
Sekisui House, Ltd.		4,450		95,029
Seven & i Holdings Co., Ltd.		6,226		228,217
Seven Bank, Ltd.		6,071		19,889
SG Holdings Co., Ltd.		1,400		31,536
Sharp Corp.		1,524		23,291
Shimadzu Corp.		2,014		62,984
Shimamura Co., Ltd.		225		17,105
Shimano, Inc.		650		105,450
Shimizu Corp.		5,627		57,321
Shin-Etsu Chemical Co., Ltd.		3,085		339,267
Shinsei Bank, Ltd.		1,822		27,799
Shionogi & Co., Ltd.		2,421		149,767
Shiseido Co., Ltd. (1)		3,374		239,588
Shizuoka Bank, Ltd. (The)		3,925		29,195
Showa Denko KK (1)		1,300		34,262
SMC Corp.		479		219,054
SoftBank Corp.		15,200		203,827
SoftBank Group Corp.		13,484		585,435
Sohgo Security Services Co., Ltd.		728		39,403
Sompo Holdings, Inc.		2,899		113,843
Sony Corp.		10,980		745,516
Sony Financial Holdings, Inc.		574		13,779
Square Enix Holdings Co., Ltd.		700		34,856
Stanley Electric Co., Ltd.		1,134		32,751
Subaru Corp.		5,128		127,020
Sumco Corp. (1)		1,600		26,510
Sumitomo Chemical Co., Ltd.		13,034		59,182
Sumitomo Corp.		10,225		151,875
Sumitomo Dainippon Pharma Co., Ltd. (1)		1,622		31,426
Sumitomo Electric Industries, Ltd.		6,690		100,471
Sumitomo Heavy Industries, Ltd.		1,127		32,012
Sumitomo Metal Mining Co., Ltd.		2,120		68,264
Sumitomo Mitsui Financial Group, Inc.		11,497		424,646
Sumitomo Mitsui Trust Holdings, Inc.		2,582		102,069
Sumitomo Realty & Development Co., Ltd.		3,168		110,530
Sumitomo Rubber Industries, Ltd. (1)		1,700		20,729
Sundrug Co., Ltd.		700		25,327
Suntory Beverage & Food, Ltd.		1,117		46,633

13 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Japan (continued)
Suzuken Co., Ltd.		500	$	20,379
Suzuki Motor Corp.		2,978		124,307
Sysmex Corp.		1,393		94,842
T&D Holdings, Inc.		5,006		63,304
Taiheiyo Cement Corp.		1,231		36,134
Taisei Corp.		1,849		76,587
Taisho Pharmaceutical Holdings Co., Ltd.		167		12,324
Taiyo Nippon Sanso Corp.		1,324		29,305
Takeda Pharmaceutical Co., Ltd.		13,024		515,128
TDK Corp.		1,055		118,560
TEIJIN, Ltd.		1,307		24,418
Terumo Corp.		5,318		188,652
THK Co., Ltd.		1,228		32,970
Tobu Railway Co., Ltd.		1,273		46,084
Toho Co., Ltd.		1,156		48,173
Toho Gas Co., Ltd.		772		31,522
Tohoku Electric Power Co., Inc.		3,514		34,836
Tokio Marine Holdings, Inc.		5,600		313,537
Tokyo Century Corp.		500		26,622
Tokyo Electric Power Co. Holdings, Inc. (2)		11,600		49,654
Tokyo Electron, Ltd.		1,379		301,077
Tokyo Gas Co., Ltd.		3,362		81,693
Tokyu Corp.		4,384		81,072
Tokyu Fudosan Holdings Corp.		5,227		36,094
Toppan Printing Co., Ltd.		2,674		55,240
Toray Industries, Inc.		11,862		80,371
Toshiba Corp.		4,074		138,279
Tosoh Corp.		1,600		24,649
TOTO, Ltd.		1,143		48,266
Toyo Seikan Group Holdings, Ltd.		1,665		28,662
Toyo Suisan Kaisha, Ltd.		904		38,389
Toyoda Gosei Co., Ltd.		662		16,530
Toyota Industries Corp.		1,361		78,312
Toyota Motor Corp.		19,630		1,383,159
Toyota Tsusho Corp.		1,765		62,000
Trend Micro, Inc.		1,144		58,538
Tsuruha Holdings, Inc.		372		47,764
Unicharm Corp.		3,314		111,905
United Urban Investment Corp.		22		41,317
USS Co., Ltd.		2,235		42,249
Welcia Holdings Co., Ltd.		300		19,059
West Japan Railway Co.		1,478		127,837
Yakult Honsha Co., Ltd.		896		49,381
Yamada Denki Co., Ltd.		6,405		33,985
Yamaha Corp.		1,409		78,120
Yamaha Motor Co., Ltd. (1)		2,354		47,158

Security	Shares		Value
Japan (continued)
Yamato Holdings Co., Ltd.		2,964	$	50,535
Yamazaki Baking Co., Ltd. (1)		1,347		24,070
Yaskawa Electric Corp. (1)		2,183		82,236
Yokogawa Electric Corp.		2,328		40,882
Yokohama Rubber Co., Ltd. (The)		1,123		21,781
Z Holdings Corp.		23,517		99,291
ZOZO, Inc.		607		11,609
			$	31,329,939
Netherlands — 6.5%
ABN AMRO Bank NV (4)		3,966	$	72,286
Adyen NV (1)(2)(4)		94		77,324
Aegon NV		16,563		75,819
AerCap Holdings NV (2)		863		53,049
Airbus SE		4,998		733,532
Akzo Nobel NV		2,042		208,537
Altice Europe NV (2)		5,630		36,457
ASML Holding NV		3,712		1,098,961
CNH Industrial NV		9,151		100,477
EXOR NV		898		69,623
Fiat Chrysler Automobiles NV		9,199		136,389
Heineken Holding NV		1,027		99,817
Heineken NV		2,121		226,370
ING Groep NV		33,790		406,237
Koninklijke Ahold Delhaize NV		10,626		266,419
Koninklijke DSM NV		1,668		218,084
Koninklijke KPN NV (1)		27,289		80,758
Koninklijke Philips NV		7,848		383,639
Koninklijke Vopak NV		716		38,908
NN Group NV		2,795		106,274
NXP Semiconductors NV		2,468		314,078
Prosus NV (2)		3,800		284,398
QIAGEN NV (2)		2,172		74,007
Randstad NV		975		59,743
Royal Dutch Shell PLC, Class A		36,841		1,091,017
Royal Dutch Shell PLC, Class B		32,633		968,667
STMicroelectronics NV		5,943		160,346
Unilever NV		12,905		740,627
Wolters Kluwer NV		2,422		176,843
			$	8,358,686
New Zealand — 0.3%
a2 Milk Co., Ltd. (1)(2)		6,592	$	66,746
Auckland International Airport, Ltd.		7,512		44,279
Fisher & Paykel Healthcare Corp., Ltd.		5,320		79,619

14 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
New Zealand (continued)
Fletcher Building, Ltd.		7,060	$	24,199
Mercury NZ, Ltd.		8,000		27,213
Meridian Energy, Ltd.		13,065		44,010
Ryman Healthcare, Ltd.		3,823		42,017
Spark New Zealand, Ltd.		18,656		54,401
			$	382,484
Norway — 0.6%
Aker BP ASA		1,331	$	43,684
DNB ASA		8,213		153,689
Equinor ASA		8,130		162,131
Gjensidige Forsikring ASA		2,039		42,800
Mowi ASA (1)		3,437		89,365
Norsk Hydro ASA		12,075		44,902
Orkla ASA		6,708		68,025
Schibsted ASA, Class B		908		25,948
Telenor ASA		5,788		103,754
Yara International ASA		1,585		66,037
			$	800,335
Portugal — 0.2%
EDP-Energias de Portugal SA		23,611		102,458
Galp Energia SGPS SA, Class B		5,073		85,166
Jeronimo Martins SGPS SA		1,795		29,580
			$	217,204
Singapore — 1.3%
Ascendas Real Estate Investment Trust		19,131	$	42,267
CapitaLand Commercial Trust, Ltd.		21,099		31,248
CapitaLand Mall Trust		25,281		46,279
CapitaLand, Ltd.		17,948		50,084
City Developments, Ltd.		4,171		33,947
ComfortDelGro Corp., Ltd.		21,978		38,888
DBS Group Holdings, Ltd.		16,148		311,354
Genting Singapore, Ltd.		48,954		33,523
Jardine Cycle & Carriage, Ltd.		1,007		22,519
Keppel Corp., Ltd.		9,728		49,015
Mapletree Commercial Trust		19,300		34,320
Oversea-Chinese Banking Corp., Ltd.		28,436		232,622
SATS, Ltd.		6,826		25,694
Sembcorp Industries, Ltd.		12,300		20,947
Singapore Airlines, Ltd.		3,300		22,187
Singapore Exchange, Ltd.		5,000		32,931
Singapore Press Holdings, Ltd. (1)		7,319		11,856
Singapore Technologies Engineering, Ltd.		10,618		31,096

Security	Shares		Value
Singapore (continued)
Singapore Telecommunications, Ltd.		76,291	$	191,270
Suntec Real Estate Investment Trust		24,465		33,491
United Overseas Bank, Ltd.		10,214		200,875
UOL Group, Ltd.		4,870		30,141
Venture Corp., Ltd.		2,000		24,128
Wilmar International, Ltd.		20,300		62,193
Yangzijiang Shipbuilding Holdings, Ltd.		20,000		16,671
			$	1,629,546
Spain — 2.8%
ACS Actividades de Construccion y Servicios SA		2,064	$	82,796
Aena SME SA (4)		615		117,906
Amadeus IT Group SA		3,651		299,005
Banco Bilbao Vizcaya Argentaria SA		59,631		334,788
Banco de Sabadell SA		46,977		55,006
Banco Santander SA		140,688		589,869
Bankia SA		11,742		25,141
Bankinter SA		5,419		39,804
CaixaBank SA		33,360		105,053
Cellnex Telecom SA (4)		1,732		74,711
Enagas SA		2,312		59,054
Endesa SA		3,009		80,354
Ferrovial SA		4,562		138,216
Grifols SA (1)		2,499		88,293
Iberdrola SA		51,699		532,787
Industria de Diseno Textil SA		9,793		346,090
Mapfre SA		10,989		29,138
Naturgy Energy Group SA		2,975		74,913
Red Electrica Corp. SA		4,173		84,085
Repsol SA		13,282		208,662
Siemens Gamesa Renewable Energy SA (1)		1,846		32,509
Telefonica SA		37,483		262,122
			$	3,660,302
Sweden — 2.5%
Alfa Laval AB		2,793	$	70,340
Assa Abloy AB, Class B		8,723		203,904
Atlas Copco AB, Class A		5,827		232,589
Atlas Copco AB, Class B		3,558		123,537
Boliden AB		2,356		62,572
Electrolux AB, Series B		1,958		48,134
Epiroc AB, Class A		5,827		71,260
Epiroc AB, Class B		3,558		42,286
Essity AB, Class B		4,895		157,650
Hennes & Mauritz AB, Class B		7,113		145,088

15 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
Sweden (continued)
Hexagon AB, Class B		2,400	$	134,523
Husqvarna AB, Class B		4,245		34,018
ICA Gruppen AB		820		38,304
Industrivarden AB, Class C		1,673		40,345
Investor AB, Class B		4,143		226,182
Kinnevik AB, Class B		1,988		48,716
L E Lundbergforetagen AB, Class B		510		22,388
Lundin Petroleum AB		1,724		58,537
Millicom International Cellular SA SDR		674		32,368
Sandvik AB		9,185		178,900
Securitas AB, Class B		3,192		54,996
Skandinaviska Enskilda Banken AB, Class A		12,685		119,237
Skanska AB, Class B		2,734		61,847
SKF AB, Class B		3,325		67,319
Svenska Handelsbanken AB, Class A		12,961		139,593
Swedbank AB, Class A		7,827		116,356
Swedish Match AB		1,590		81,912
Tele2 AB, Class B		3,663		53,165
Telefonaktiebolaget LM Ericsson, Class B		27,017		236,069
Telia Co. AB		25,833		110,992
Volvo AB, Class B		12,539		209,918
			$	3,223,045
Switzerland — 9.5%
ABB, Ltd.		15,488	$	373,619
Adecco Group AG		1,418		89,649
Alcon, Inc. (2)		3,448		195,300
Baloise Holding AG		415		75,109
Barry Callebaut AG		22		48,565
Chocoladefabriken Lindt & Sprungli AG		1		88,307
Chocoladefabriken Lindt & Sprungli AG PC		10		77,593
Cie Financiere Richemont SA		4,675		365,355
Clariant AG		1,110		24,807
Coca-Cola HBC AG		1,844		62,678
Credit Suisse Group AG		20,415		275,963
Dufry AG		383		37,979
EMS-Chemie Holding AG		32		21,038
Geberit AG		344		193,081
Givaudan SA		78		244,374
Glencore PLC		91,138		283,778
Julius Baer Group, Ltd.		2,030		104,652
Kuehne & Nagel International AG		489		82,478
LafargeHolcim, Ltd.		4,164		231,008
Lonza Group AG		693		252,811
Nestle SA		25,802		2,793,459
Novartis AG		18,523		1,753,935

Security	Shares		Value
Switzerland (continued)
Pargesa Holding SA, Bearer Shares		354	$	29,411
Partners Group Holding AG (1)		156		142,978
Roche Holding AG		6,035		1,961,391
Schindler Holding AG		114		27,918
Schindler Holding AG PC		303		77,053
SGS SA		49		134,195
Sika AG		1,066		200,190
Sonova Holding AG		543		124,134
Straumann Holding AG		95		93,189
Swatch Group AG (The)		505		26,714
Swatch Group AG (The), Bearer Shares		228		63,659
Swiss Life Holding AG		289		144,983
Swiss Prime Site AG		646		74,738
Swiss Re AG		2,565		288,158
Swisscom AG		201		106,404
Temenos AG		579		91,592
UBS Group AG		34,696		437,842
Vifor Pharma AG		390		71,177
Zurich Insurance Group AG		1,299		532,849
			$	12,304,113
United Kingdom — 14.3%
3i Group PLC		8,757	$	127,429
Admiral Group PLC		1,608		49,138
Anglo American PLC		8,630		247,922
Antofagasta PLC		4,020		48,673
Ashtead Group PLC		3,570		114,150
Associated British Foods PLC		3,229		111,080
AstraZeneca PLC		11,420		1,143,050
Auto Trader Group PLC (4)		8,362		66,036
AVEVA Group PLC		442		27,268
Aviva PLC		31,418		174,387
BAE Systems PLC		28,922		216,548
Barclays PLC		148,320		353,665
Barratt Developments PLC		8,797		87,103
Berkeley Group Holdings PLC		1,068		68,751
BHP Group PLC		18,083		423,755
BP PLC		174,910		1,100,324
British American Tobacco PLC		19,976		849,021
British Land Co. PLC (The)		8,346		70,671
BT Group PLC		72,149		183,849
Bunzl PLC		2,897		79,235
Burberry Group PLC		3,124		91,207
Carnival PLC		1,546		74,105
Centrica PLC		49,569		58,600
Coca-Cola European Partners PLC (5)		369		18,775

16 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Coca-Cola European Partners PLC (5)		1,736	$	86,896
Compass Group PLC		13,326		333,973
Croda International PLC		1,162		78,933
Diageo PLC		20,245		853,057
Direct Line Insurance Group PLC		11,922		49,328
easyJet PLC		1,619		30,497
Evraz PLC		3,425		18,340
Ferguson PLC		1,893		172,276
G4S PLC		12,759		36,897
GlaxoSmithKline PLC		42,589		1,000,715
GVC Holdings PLC		4,677		54,840
Halma PLC		2,850		79,808
Hargreaves Lansdown PLC		2,659		68,207
HSBC Holdings PLC		173,641		1,359,337
Imperial Brands PLC		8,611		213,039
Informa PLC		11,094		126,179
InterContinental Hotels Group PLC		1,531		105,202
Intertek Group PLC		1,422		110,188
ITV PLC		34,182		68,391
J Sainsbury PLC		11,121		33,911
JD Sports Fashion PLC		2,807		31,179
Johnson Matthey PLC		1,639		65,169
Kingfisher PLC		19,212		55,306
Land Securities Group PLC		6,865		90,113
Legal & General Group PLC		49,194		197,615
Lloyds Banking Group PLC		599,101		496,308
London Stock Exchange Group PLC		2,871		295,058
M&G PLC (2)		22,322		70,135
Marks & Spencer Group PLC		6,638		18,822
Meggitt PLC		7,904		68,844
Melrose Industries PLC		36,836		117,331
Micro Focus International PLC		3,164		44,409
Mondi PLC		4,348		101,957
National Grid PLC		28,641		357,931
Next PLC		1,210		112,751
NMC Health PLC (1)		541		12,675
Ocado Group PLC (2)		4,198		71,228
Pearson PLC		7,041		59,483
Persimmon PLC		2,734		97,656
Prudential PLC		22,322		427,704
Reckitt Benckiser Group PLC		6,010		488,183
RELX PLC (5)		9,036		228,099
RELX PLC (5)		7,771		196,006
Rentokil Initial PLC		15,508		92,948
Rio Tinto PLC		10,032		593,844
Rolls-Royce Holdings PLC		15,214		137,504

Security	Shares		Value
United Kingdom (continued)
Royal Bank of Scotland Group PLC		43,321	$	138,971
RSA Insurance Group PLC		8,671		64,987
Sage Group PLC (The)		9,664		95,874
Schroders PLC		934		41,242
Segro PLC		8,386		99,856
Severn Trent PLC		2,400		80,018
Smith & Nephew PLC		7,814		188,323
Smiths Group PLC		3,491		77,972
Spirax-Sarco Engineering PLC		587		69,098
SSE PLC		9,191		175,293
St. James’s Place PLC		4,702		72,480
Standard Chartered PLC		24,032		226,456
Standard Life Aberdeen PLC		21,252		92,459
Taylor Wimpey PLC		27,593		70,750
Tesco PLC		84,614		285,964
Unilever PLC		9,591		549,014
United Utilities Group PLC		6,144		76,885
Vodafone Group PLC		239,405		464,774
Weir Group PLC (The)		2,420		48,400
Whitbread PLC		1,129		72,458
WM Morrison Supermarkets PLC		18,613		49,290
WPP PLC		11,769		165,616
			$	18,399,194
Total Common Stocks (identified cost $91,651,266)			$	128,102,589
Rights — 0.0%(6)
Security	Shares		Value
Spain — 0.0%(6)
Repsol SA, Exp. 1/21/20 (2)		13,282	$	6,302
			$	6,302
Total Rights (identified cost $6,274)			$	6,302

17 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Schedule of Investments — continued

Short-Term Investments — 1.6%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (7)		1,992,518	$	1,992,518
Total Short-Term Investments (identified cost $1,992,518)			$	1,992,518
Total Investments (identified cost $93,650,058) — 101.0%			$	130,101,409
Other Assets, Less Liabilities — (1.0%)			$	(1,260,955	)
Net Assets — 100.0%			$	128,840,454

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $3,480,763.

⁽²⁾  Non-income producing security.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 1A).

⁽⁴⁾  Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $1,079,137, which represents 0.8% of the net assets of the Fund as of December 31, 2019.

⁽⁵⁾  Securities are traded on separate exchanges for the same entity.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Represents investment of cash collateral received in connection with securities lending.

At December 31, 2019, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:

Economic Sectors	% of net assets
Financials		18.4	%
Industrials		15.0
Health Care		12.1
Consumer Discretionary		11.5
Consumer Staples		11.2
Materials		7.1
Information Technology		6.9
Communication Services		5.2
Energy		4.8
Utilities		3.7
Real Estate		3.5
Total Common Stocks		99.4	%

Abbreviations:

ADR	–	American Depositary Receipt
CDI	–	CHESS Depositary Interest
FDR	–	Fiduciary Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares
SDR	–	Swedish Depositary Receipt

18 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $93,650,058) - including $3,480,763 of securities on loan	$	130,101,409
Cash		66,179
Cash denominated in foreign currency, at value (cost $51,973)		52,672
Receivable for investments sold		262,053
Receivable for capital shares sold		115,769
Dividends receivable		120,279
Securities lending income receivable		1,447
Tax reclaims receivable		303,701
Receivable from affiliate		26,900
Directors’ deferred compensation plan		23,747
Other assets		6,750
Total assets	$	131,080,906
Liabilities
Payable for capital shares redeemed	$	45,453
Deposits for securities loaned		1,992,518
Payable to affiliates:
Investment advisory fee		32,544
Administrative fee		13,017
Distribution and service fees		2,144
Sub-transfer agency fee		130
Directors’ deferred compensation plan		23,747
Accrued expenses		130,899
Total liabilities	$	2,240,452
Net Assets	$	128,840,454
Sources of Net Assets
Paid-in capital	$	94,669,995
Distributable earnings		34,170,459
Total	$	128,840,454
Class I
Net Assets	$	115,802,775
Shares Outstanding		1,286,414
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	90.02
Class F
Net Assets	$	13,037,679
Shares Outstanding		144,795
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	90.04

19 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income (net of foreign taxes withheld of $365,130)	$	4,028,913
Interest income		2,211
Securities lending income, net		29,680
Total investment income	$	4,060,804
Expenses
Investment advisory fee	$	364,485
Administrative fee		145,794
Distribution and service fees:
Class F		20,623
Directors’ fees and expenses		7,195
Custodian fees		45,735
Transfer agency fees and expenses		21,433
Accounting fees		46,030
Professional fees		42,698
Reports to shareholders		44,567
Licensing fees		58,439
Miscellaneous		51,883
Total expenses	$	848,882
Waiver and/or reimbursement of expenses by affiliate	$	(238,565	)
Reimbursement of expenses - other		(2,761	)
Net expenses	$	607,556
Net investment income	$	3,453,248
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	(160,775	)
Foreign currency transactions		14,439
Net realized loss	$	(146,336	)
Change in unrealized appreciation (depreciation):
Investment securities	$	19,823,521
Foreign currency		2,410
Net change in unrealized appreciation (depreciation)	$	19,825,931
Net realized and unrealized gain	$	19,679,595
Net increase in net assets resulting from operations	$	23,132,843

20 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	3,453,248		$	3,507,120
Net realized loss		(146,336	)		(1,133,794	)
Net change in unrealized appreciation (depreciation)		19,825,931			(19,786,341	)
Net increase (decrease) in net assets from operations	$	23,132,843		$	(17,413,015	)
Distributions to shareholders:
Class I	$	(2,945,173	)	$	(3,852,123	)
Class F		(298,614	)		(275,444	)
Total distributions to shareholders	$	(3,243,787	)	$	(4,127,567	)
Capital share transactions:
Class I	$	(5,687,218	)	$	(17,855,847	)
Class F		3,826,505			1,900,879
Net decrease in net assets from capital share transactions	$	(1,860,713	)	$	(15,954,968	)
Net increase (decrease) in net assets	$	18,028,343		$	(37,495,550	)
Net Assets
At beginning of year	$	110,812,111		$	148,307,661
At end of year	$	128,840,454		$	110,812,111

21 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Financial Highlights

	Class I
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	76.31		$	91.21		$	74.93		$	76.87		$	78.33
Income (Loss) From Operations
Net investment income (1)	$	2.43			2.36			2.11			1.88			1.63
Net realized and unrealized gain (loss)		13.55			(14.36	)		16.39			(1.54	)		(2.88	)
Total income (loss) from operations	$	15.98			(12.00	)		18.50			0.34			(1.25	)
Less Distributions
From net investment income	$	(2.27	)		(2.90	)		(2.22	)		(2.28	)		(0.21	)
Total distributions	$	(2.27	)		(2.90	)		(2.22	)		(2.28	)		(0.21	)
Net asset value — End of year	$	90.02		$	76.31		$	91.21		$	74.93		$	76.87
Total Return (2)		21.26	%		(13.58	)%		24.76	%		0.46	%		(1.61	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	115,803		$	103,168		$	141,082		$	124,685		$	154,811
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.68	%		0.69	%(4)		0.68	%		0.98	%		0.95	%
Net expenses		0.48	%		0.49	%(4)		0.48	%		0.97	%		0.95	%
Net investment income		2.87	%		2.67	%		2.49	%		2.50	%		2.01	%
Portfolio Turnover		7	%		6	%		3	%		22	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  Includes interest expense of 0.01%.

22 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Financial Highlights — continued

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	76.49		$	91.65		$	75.47		$	77.45		$	78.93
Income (Loss) From Operations
Net investment income (1)	$	2.14			2.09			1.87			1.60			1.44
Net realized and unrealized gain (loss)		13.68			(14.35	)		16.53			(1.43	)		(2.90	)
Total income (loss) from operations	$	15.82			(12.26	)		18.40			0.17			(1.46	)
Less Distributions
From net investment income	$	(2.27	)		(2.90	)		(2.22	)		(2.15	)		(0.02	)
Total distributions	$	(2.27	)		(2.90	)		(2.22	)		(2.15	)		(0.02	)
Net asset value — End of year	$	90.04		$	76.49		$	91.65		$	75.47		$	77.45
Total Return (2)		21.00	%		(13.80	)%		24.44	%		0.24	%		(1.84	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	13,038		$	7,645		$	7,226		$	4,486		$	3,906
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.88	%		0.89	%(4)		0.91	%		1.26	%		1.24	%
Net expenses		0.69	%		0.74	%(4)		0.73	%		1.19	%		1.19	%
Net investment income		2.52	%		2.37	%		2.18	%		2.11	%		1.75	%
Portfolio Turnover		7	%		6	%		3	%		22	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  Includes interest expense of 0.01%.

23 See Notes to Financial Statements.

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP EAFE International Index Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the total return performance of common stocks as represented by the MSCI EAFE Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.

Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

24

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2			Level 3(1)		Total
Common Stocks
Hong Kong	$	109,216	$	4,405,079		$	—	$	4,514,295
Israel		302,128		409,043			—		711,171
Netherlands		367,127		7,991,559			—		8,358,686
United Kingdom		88,910		18,310,284			—		18,399,194
Other Countries (2)		—		96,119,243			0		96,119,243
Total Common Stocks	$	867,381	$	127,235,208	(3)	$	0	$	128,102,589
Rights		6,302		—			—		6,302
Short-Term Investments		1,992,518		—			—		1,992,518
Total Investments	$	2,866,201	$	127,235,208		$	0	$	130,101,409

⁽¹⁾   None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

⁽²⁾  For further breakdown of equity securities by country, please refer to the Schedule of Investments.

⁽³⁾  Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and end of the period were valued at $0 and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2019 is not presented.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned.

C  Share Class Accounting — Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.

D  Foreign Currency Transactions — The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income, and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

F  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

25

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

H  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.30% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $364,485.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.48% for Class I and 0.68% (0.73% prior to May 1, 2019) for Class F of such class’ average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $238,565.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $145,794.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.20% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $20,623 for Class F shares.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $483 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $2,761, which are included in miscellaneous expense and reimbursement of expenses-other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $18,988 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $7,964,000 and $9,671,331, respectively.

26

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	3,243,787	$	4,127,567

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	3,784,561
Deferred capital losses	$	(2,941,472	)
Net unrealized appreciation	$	33,327,370

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $2,941,472 which would reduce the Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2019, $20,849 are short-term and $2,920,623 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	96,775,994
Gross unrealized appreciation	$	40,613,976
Gross unrealized depreciation		(7,288,561	)
Net unrealized appreciation	$	33,325,415

6  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $3,480,763 and the total value of collateral received was $3,672,631, comprised of cash of $1,992,518 and U.S. government and/or agencies securities of $1,680,113.

27

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,672,631	$	—	$	—	$	—	$	3,672,631

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

7  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings outstanding pursuant to its line of credit at December 31, 2019. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2019.

8  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 20,000,000 common shares, $0.10 par value, for each Class. Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class I
Shares sold		73,012		$	6,133,994			114,272		$	10,056,808
Reinvestment of distributions		36,186			2,945,173			43,749			3,852,123
Shares redeemed		(174,715	)		(14,766,385	)		(352,849	)		(31,764,778	)
Net decrease		(65,517	)	$	(5,687,218	)		(194,828	)	$	(17,855,847	)
Class F
Shares sold		60,554		$	5,179,234			36,805		$	3,296,228
Reinvestment of distributions		3,666			298,614			3,119			275,444
Shares redeemed		(19,363	)		(1,651,343	)		(18,831	)		(1,670,793	)
Net increase		44,857		$	3,826,505			21,093		$	1,900,879

At December 31, 2019, separate accounts of an insurance company owned 70.0% of the value of the outstanding shares of the Fund.

28

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

9  Risks Associated with Foreign Investments

Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

29

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP EAFE International Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

30

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the foreign tax credit.

Foreign Tax Credit. For the fiscal year ended December 31, 2019, the Fund paid foreign taxes of $274,736 and recognized foreign source income of $3,709,413.

31

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr. (2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).

32

Calvert

VP EAFE International Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

33

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

34

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24227    12.31.19

Calvert

VP Investment Grade Bond Index Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Investment Grade Bond Index Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	22
Management and Organization	23
Important Notices	25

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

The 12-month period ended December 31, 2019 marked a dramatic turnaround in fixed-income markets from the prior year as the rising interest rate environment of 2018 gave way to a falling interest-rate climate against the backdrop of multiple domestic and international uncertainties.

After a bond rally at the end of 2018 sparked by the U.S. Federal Reserve (the Fed) lowering the number of rate increases projected for 2019, the first two months of 2019 were relatively quiet for bonds. Downward pressure on interest rates and upward pressure on bond prices resumed in March 2019 and continued through most of the period propelled by lower-than-desired inflation, low European interest rates, and an on-again/off-again U.S.-China trade conflict. These factors fueled investor concerns about both U.S. and global growth potential.

After holding interest rates steady through the first half of 2019, the Fed cut its benchmark interest rate to 2.00%-2.25% on July 31 — its first reduction in over a decade — followed by two more quarter-point interest-rate drops in September and October to a range of 1.50%-1.75%. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Late in the year, economic data suggested that international policymaker efforts to bolster their respective economies were starting to pay off. Although U.S. manufacturing activity remained weak, the services sector of the economy — nearly 90% of GDP — continued to expand and holiday retail sales grew at a solid pace.

Adding to economic optimism, the U.S. and China announced a so-called “phase-one” trade agreement on December 13. Days later, British lawmakers endorsed Prime Minister Johnson’s plan for the U.K.’s departure from the European Union, lowering fears of a “no-deal exit” scenario.

As a whole, the period was marked by strong performance across U.S. bond markets. The Bloomberg Barclays U.S. Aggregate Bond Index,² a broad measure of the U.S. bond market, returned 8.72%. The Bloomberg Barclays U.S. Corporate Bond Index, a measure of U.S. corporate investment-grade bonds, finished 2019 with a 14.54% return — its best calendar-year performance since 2009. High yield fixed-income securities also performed well with the ICE BofAML U.S. High Yield Index returning 14.41% during the period ended December 31, 2019.

Investment Strategy

Calvert VP Investment Grade Bond Index Portfolio (the Fund) employs a passive management approach in an effort to track, as closely as possible, the performance of the Bloomberg Barclays U.S. Aggregate Bond Index (the Index). With more than 11,000 securities in the Index, however, full replication is not feasible. The Fund, therefore, uses a representative sampling method to create a portfolio of securities with similar economic characteristics as the Index, including duration,⁵ sector allocation, and quality⁶.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 8.41% for Class I shares at net asset value (NAV). By comparison, the Index returned 8.72% for the same period. The Index is unmanaged and returns do not reflect any fees and operating expenses.

Corporate bond spreads tightened over the course of the year, making the corporate sector the best-performing sector in both the Index and the Fund during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Performance

Portfolio Manager Tina J. Udell, CFA of Ameritas Investment Partners, Inc.

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class I at NAV		03/31/2003		03/31/2003		8.41	%		2.78	%		3.52	%
Class F at NAV		10/30/2015		03/31/2003		8.15			2.57			3.42
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		8.72	%		3.05	%		3.74	%
% Total Annual Operating Expense Ratios 4								Class I			Class F
Gross									0.44	%		0.69	%
Net									0.32			0.57

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment 3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class F		$10,000		12/31/2009		$13,995		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Fund Profile

Asset Allocation (% of total investments)
U.S. Treasury Obligations	38.0	%
Corporate Bonds	26.5
U.S. Government Agency Mortgage-Backed Securities	25.9
U.S. Government Agencies and Instrumentalities	3.3
Short-Term Investments	2.3
Commercial Mortgage-Backed Securities	2.2
Sovereign Government Bonds	0.8
Taxable Municipal Obligations	0.7
Asset-Backed Securities	0.3
Floating Rate Loans	0.0	*
Total	100.0	%

* Amount is less than 0.05%.

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class F is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁶  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

5

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,023.10	$	1.63	**		0.32	%
Class F	$	1,000.00	$	1,021.70	$	2.90	**		0.57	%
Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,023.59	$	1.63	**		0.32	%
Class F	$	1,000.00	$	1,022.33	$	2.91	**		0.57	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Schedule of Investments

Asset-Backed Securities — 0.3%
Security	Principal Amount (000’s omitted)		Value
American Express Credit Account Master Trust, Series 2019-1, Class A, 2.87%, 10/15/24	$	300	$	306,786
Avis Budget Rental Car Funding AESOP, LLC, Series 2014-2A, Class A, 2.50%, 2/20/21 (1)		50		50,004
MVW Owner Trust, Series 2013-1A, Class A, 2.15%, 4/22/30 (1)		10		10,065
Total Asset-Backed Securities (identified cost $360,946)			$	366,855
Commercial Mortgage-Backed Securities — 2.2%
Security	Principal Amount (000’s omitted)		Value
Citigroup Commercial Mortgage Trust:
Series 2013-GC17, Class A4, 4.131%, 11/10/46	$	422	$	448,308
Series 2014-GC21, Class A5, 3.855%, 5/10/47		645		682,559
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5, 2.85%, 12/10/45		625		635,365
Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A4, 3.166%, 2/15/48		1,275		1,321,889
Total Commercial Mortgage-Backed Securities (identified cost $3,008,451)			$	3,088,121
Corporate Bonds — 26.8%
Security	Principal Amount (000’s omitted)		Value
Basic Materials — 0.7%
Barrick North America Finance, LLC, 5.75%, 5/1/43	$	100	$	127,209
Dow Chemical Co. (The), 4.375%, 11/15/42		100		107,139
Ecolab, Inc., 4.35%, 12/8/21		122		127,756
LYB International Finance BV, 5.25%, 7/15/43		100		118,025
Reliance Steel & Aluminum Co., 4.50%, 4/15/23		200		211,397
Sherwin-Williams Co. (The), 4.20%, 1/15/22		300		311,449
			$	1,002,975
Communications — 4.2%
AT&T, Inc.:
3.90%, 3/11/24	$	200	$	212,715
4.00%, 1/15/22		290		301,471
4.90%, 6/15/42		200		228,562
5.375%, 10/15/41		100		119,104
5.45%, 3/1/47		1,000		1,240,501

Security	Principal Amount (000’s omitted)		Value
Communications (continued)
Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.908%, 7/23/25	$	500	$	550,780
Comcast Corp., 3.125%, 7/15/22		100		103,122
Discovery Communications, LLC, 4.125%, 5/15/29		200		216,056
NBCUniversal Media, LLC:
2.875%, 1/15/23		100		102,797
4.45%, 1/15/43		200		233,205
Rogers Communications, Inc., 3.625%, 12/15/25		1,000		1,066,305
Verizon Communications, Inc., 5.15%, 9/15/23		300		332,787
Walt Disney Co. (The), 5.40%, 10/1/43		100		136,076
WPP Finance 2010, 3.75%, 9/19/24		1,000		1,055,044
			$	5,898,525
Consumer, Cyclical — 2.2%
Cintas Corp. No. 2, 3.25%, 6/1/22	$	350	$	359,992
Ford Motor Co., 5.291%, 12/8/46		1,000		949,927
Ford Motor Credit Co., LLC, 5.875%, 8/2/21		200		209,386
General Motors Co., 5.00%, 4/1/35		1,000		1,033,412
Lowe’s Cos., Inc., 3.875%, 9/15/23		100		106,097
Wal-Mart Stores, Inc., 6.50%, 8/15/37		250		370,479
			$	3,029,293
Consumer, Non-cyclical — 3.9%
AbbVie, Inc., 2.90%, 11/6/22	$	200	$	204,134
Amgen, Inc., 4.10%, 6/15/21		700		719,388
Anheuser-Busch InBev Finance, Inc.:
4.00%, 1/17/43		100		106,877
4.625%, 2/1/44		1,000		1,132,877
Conagra Brands, Inc., 4.85%, 11/1/28		300		344,040
CVS Health Corp., 4.30%, 3/25/28		500		546,063
CVS Pass-Through Trust, 6.036%, 12/10/28		74		82,142
Dr Pepper Snapple Group, Inc., 3.20%, 11/15/21		75		76,202
Equifax, Inc., 3.30%, 12/15/22		450		463,225
Gilead Sciences, Inc., 3.70%, 4/1/24		100		106,037
Kroger Co. (The), 3.85%, 8/1/23		100		105,767
Laboratory Corporation of America Holdings, 4.00%, 11/1/23		100		105,826
Molson Coors Brewing Co., 5.00%, 5/1/42		100		109,265
Pfizer, Inc., 4.40%, 5/15/44		1,000		1,192,454
Tyson Foods, Inc., 3.95%, 8/15/24		100		107,207
Zoetis, Inc., 4.70%, 2/1/43		100		119,033
			$	5,520,537

7 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Energy — 3.8%
BP Capital Markets PLC, 2.50%, 11/6/22	$	500	$	509,231
CNOOC Curtis Funding No. 1 Pty., Ltd., 4.50%, 10/3/23 (1)		100		107,209
Colonial Pipeline Co., 6.58%, 8/28/32 (1)		100		133,856
HollyFrontier Corp., 5.875%, 4/1/26		1,000		1,127,217
Shell International Finance BV:
2.25%, 1/6/23		200		201,662
4.125%, 5/11/35		1,350		1,578,716
4.55%, 8/12/43		100		121,986
Texas Eastern Transmission LP, 2.80%, 10/15/22 (1)		400		403,923
TransCanada PipeLines Ltd., 4.875%, 1/15/26		1,000		1,119,642
TransContinental Gas Pipe Line Co., LLC, 4.45%, 8/1/42		100		105,278
			$	5,408,720
Financial — 6.3%
American International Group, Inc., 4.875%, 6/1/22	$	250	$	266,865
Australia & New Zealand Banking Group, Ltd., 4.875%, 1/12/21 (1)		800		822,717
Bank of America Corp., 4.125%, 1/22/24		300		322,860
Berkshire Hathaway Finance Corp.:
3.00%, 5/15/22		200		205,454
4.30%, 5/15/43		1,000		1,154,850
Boston Properties, L.P., 3.85%, 2/1/23		100		104,786
Capital One Bank, 3.375%, 2/15/23		200		206,640
Citigroup, Inc.:
4.075% to 4/23/28, 4/23/29 (2)		500		547,853
5.50%, 9/13/25		80		91,453
Discover Financial Services, 3.85%, 11/21/22		200		209,101
ERP Operating LP, 4.625%, 12/15/21		100		104,479
Excalibur One 77B, LLC, 1.492%, 1/1/25		19		19,198
General Electric Co., 4.625%, 1/7/21		100		102,250
Goldman Sachs Group, Inc. (The):
4.00%, 3/3/24		500		532,744
5.375%, 3/15/20		150		151,050
JPMorgan Chase & Co.:
3.375%, 5/1/23		700		727,477
4.50%, 1/24/22		400		419,995
Liberty Property LP, 3.375%, 6/15/23		350		363,845
MetLife, Inc., 4.875%, 11/13/43		100		123,823
Morgan Stanley:
4.10%, 5/22/23		500		528,149
5.00%, 11/24/25		150		168,949
Prudential Financial, Inc., 5.10%, 8/15/43		1,000		1,176,412

Security	Principal Amount (000’s omitted)		Value
Financial (continued)
SunTrust Banks, Inc., 2.90%, 3/3/21	$	200	$	202,101
Wells Fargo & Co., 2.625%, 7/22/22		400		405,906
			$	8,958,957
Industrial — 2.7%
BNSF Funding Trust I, 6.613% to 1/15/26, 12/15/55 (2)	$	540	$	605,621
Cummins, Inc., 4.875%, 10/1/43		100		123,184
Deere & Co., 6.55%, 10/1/28		250		321,832
GATX Corp., 4.85%, 6/1/21		900		934,336
General Electric Co., 3.375%, 3/11/24		400		414,335
Parker-Hannifin Corp., 3.25%, 3/1/27		200		208,584
Stanley Black & Decker, Inc., 2.90%, 11/1/22		650		664,965
United Parcel Service, Inc., 6.20%, 1/15/38		250		348,132
United Technologies Corp., 4.50%, 6/1/42		100		119,771
			$	3,740,760
Technology — 1.8%
Apple, Inc., 3.85%, 5/4/43	$	1,100	$	1,233,647
Broadcom Corp. / Broadcom Cayman Finance, Ltd.:
3.125%, 1/15/25		200		202,462
3.875%, 1/15/27		500		519,276
Dell International, LLC / EMC Corp., 5.30%, 10/1/29 (1)		250		281,752
International Business Machines Corp.:
2.90%, 11/1/21		100		101,828
3.625%, 2/12/24		100		105,964
NetApp, Inc., 3.25%, 12/15/22		100		102,923
			$	2,547,852
Utilities — 1.2%
Duke Energy Corp., 3.15%, 8/15/27	$	500	$	515,131
PacifiCorp, 4.10%, 2/1/42		100		111,517
Public Service Electric & Gas Co., 3.95%, 5/1/42		1,000		1,108,550
			$	1,735,198
Total Corporate Bonds (identified cost $34,728,453)			$	37,842,817

8 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Schedule of Investments — continued

Floating Rate Loans(3) — 0.0%(4)
Security	Principal Amount (000’s omitted)		Value
Financial — 0.0%(4)
Alliance Mortgage Investments, Term Loan, 0.00%, 6/1/10 (5)(6)(7)	$	96	$	1,520
Total Floating Rate Loans (identified cost $96,336)			$	1,520
Sovereign Government Bonds — 0.8%
Security	Principal Amount (000’s omitted)		Value
Mexico Government International Bond, 5.55%, 1/21/45 (8)	$	500	$	617,217
Province of Ontario Canada, 2.45%, 6/29/22		400		406,118
Province of Quebec Canada, 2.625%, 2/13/23 (8)		75		76,979
Total Sovereign Government Bonds (identified cost $972,060)			$	1,100,314
Taxable Municipal Obligations — 0.7%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 0.7%
New York, NY, 3.60%, 8/1/28	$	1,000	$	1,054,870
Total Taxable Municipal Obligations (identified cost $991,511)			$	1,054,870
U.S. Government Agencies and Instrumentalities — 3.3%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Bank, 2.375%, 3/30/20	$	1,100	$	1,102,125
Federal Home Loan Mortgage Corp.:
1.625%, 9/29/20		1,000		1,000,011
6.75%, 3/15/31		1,300		1,882,582
Federal National Mortgage Association:
2.00%, 1/5/22		400		403,119
2.125%, 4/24/26		300		304,400
Total U.S. Government Agencies and Instrumentalities (identified cost $4,481,796)			$	4,692,237

U.S. Government Agency Mortgage-Backed Securities — 26.1%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
2.50%, with various maturities to 2035	$	2,203	$	2,229,854
3.00%, with maturity at 1/1/43		836		860,482
3.50%, with various maturities to 2048		1,612		1,689,553
4.00%, with various maturities to 2048		1,120		1,179,923
4.50%, with various maturities to 2044		1,414		1,531,235
5.00%, with various maturities to 2040		943		1,042,343
6.00%, with various maturities to 2040		71		81,844
6.50%, with maturity at 10/1/37		14		15,635
Federal National Mortgage Association:
2.50%, with various maturities to 2043		2,488		2,506,429
3.00%, with various maturities to 2049		6,801		6,996,430
3.50%, with various maturities to 2049		7,984		8,336,558
3.933%, (1 yr. USD LIBOR + 1.723%), with maturity at 9/1/38 (9)		157		165,225
4.00%, with various maturities to 2047		4,138		4,382,564
4.50%, with various maturities to 2044		2,201		2,379,575
5.00%, with various maturities to 2034		102		112,318
5.50%, with various maturities to 2038		457		511,444
6.00%, with various maturities to 2038		436		501,049
6.50%, with various maturities to 2036		85		95,541
Government National Mortgage Association:
4.00%, with various maturities to 2042		1,109		1,174,073
4.50%, with maturity at 7/20/33		128		138,101
5.00%, with various maturities to 2039		504		558,269
5.50%, with maturity at 7/20/34		57		63,482
6.00%, with various maturities to 2038		367		419,970
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $36,209,115)			$	36,971,897
U.S. Treasury Obligations — 38.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bonds:
2.25%, 8/15/49 (8)	$	650	$	630,004
2.50%, 2/15/45		1,000		1,019,477
3.00%, 5/15/42		1,000		1,111,640
3.00%, 5/15/47		1,000		1,122,586
3.125%, 11/15/41		1,000		1,133,415
3.125%, 8/15/44		1,600		1,818,557
3.125%, 5/15/48		750		862,868
3.75%, 11/15/43		1,045		1,305,717
3.875%, 8/15/40		1,000		1,259,479

9 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Schedule of Investments — continued

Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bonds: (continued)
4.375%, 5/15/41	$	1,200	$	1,616,405
6.25%, 8/15/23		1,000		1,161,628
8.00%, 11/15/21		1,000		1,117,248
8.125%, 5/15/21		1,000		1,088,335
U.S. Treasury Notes:
1.125%, 4/30/20		1,000		998,314
1.625%, 11/15/22 (8)		2,500		2,500,810
1.75%, 5/15/22		1,600		1,605,593
1.875%, 7/31/22		1,250		1,258,524
1.875%, 7/31/26		1,100		1,103,779
2.00%, 2/15/22		2,000		2,016,816
2.00%, 2/15/25		1,500		1,520,633
2.125%, 8/15/21		150		151,253
2.125%, 9/30/24		2,750		2,802,962
2.25%, 3/31/21		200		201,547
2.25%, 11/15/24		2,000		2,051,019
2.25%, 3/31/26		1,000		1,026,631
2.25%, 2/15/27		2,100		2,156,912
2.25%, 11/15/27		1,750		1,797,850
2.625%, 8/15/20		2,750		2,766,675
2.625%, 11/15/20		3,000		3,025,279
2.625%, 6/30/23		250		258,301
2.625%, 2/15/29		1,000		1,059,245
2.75%, 11/15/23		1,000		1,040,278
2.75%, 2/15/24		3,000		3,127,404
3.125%, 5/15/21		3,500		3,571,421
3.125%, 11/15/28		800		879,206
3.625%, 2/15/20		1,000		1,002,330
3.625%, 2/15/21		1,000		1,021,876
Total U.S. Treasury Obligations (identified cost $51,598,956)			$	54,192,017
Short-Term Investments — 2.3%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (10)		3,219,829	$	3,219,829
Total Short-Term Investments (identified cost $3,219,829)			$	3,219,829
Total Investments (identified cost $135,667,453) — 100.8%			$	142,530,477
Other Assets, Less Liabilities — (0.8%)			$	(1,096,823	)
Net Assets — 100.0%			$	141,433,654

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $1,809,526, which represents 1.3% of the net assets of the Fund as of December 31, 2019.

⁽²⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽³⁾  Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A).

⁽⁶⁾  Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.

⁽⁷⁾  Restricted security. Total market value of restricted securities amounts to $1,520, which represents less than 0.05% of the net assets of the Fund as of December 31, 2019.

⁽⁸⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $3,755,195.

⁽⁹⁾  Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at December 31, 2019.

⁽¹⁰⁾  Represents investment of cash collateral received in connection with securities lending.

10 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Schedule of Investments — continued

Restricted Securities
Description	Acquisition Dates		Cost
Alliance Mortgage Investments, Term Loan, 0.00%, 6/1/10		5/26/05-6/13/07	$	96,336

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

USD – United States Dollar

11 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $135,667,453) - including $3,755,195 of securities on loan	$	142,530,477
Cash		1,986,308
Receivable for capital shares sold		131,142
Interest receivable		921,317
Securities lending income receivable		384
Receivable from affiliate		13,905
Directors’ deferred compensation plan		27,457
Other assets		7,912
Total assets	$	145,618,902
Liabilities
Payable for investments purchased	$	796,607
Payable for capital shares redeemed		23,663
Deposits for securities loaned		3,219,829
Payable to affiliates:
Investment advisory fee		23,954
Administrative fee		14,372
Distribution and service fees		266
Sub-transfer agency fee		83
Directors’ deferred compensation plan		27,457
Accrued expenses		79,017
Total liabilities	$	4,185,248
Net Assets	$	141,433,654
Sources of Net Assets
Paid-in capital	$	132,708,356
Distributable earnings		8,725,298
Total	$	141,433,654
Class I
Net Assets	$	140,168,935
Shares Outstanding		2,517,434
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	55.68
Class F
Net Assets	$	1,264,719
Shares Outstanding		23,006
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	54.97

12 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Interest income	$	4,285,801
Securities lending income, net		2,514
Total investment income	$	4,288,315
Expenses
Investment advisory fee	$	283,291
Administrative fee		169,975
Distribution and service fees:
Class F		1,881
Directors’ fees and expenses		8,357
Custodian fees		17,347
Transfer agency fees and expenses		12,961
Accounting fees		34,035
Professional fees		41,171
Reports to shareholders		30,856
Miscellaneous		16,263
Total expenses	$	616,137
Waiver and/or reimbursement of expenses by affiliate	$	(157,774	)
Reimbursement of expenses - other		(3,217	)
Net expenses	$	455,146
Net investment income	$	3,833,169
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	79,167
Net realized gain	$	79,167
Change in unrealized appreciation (depreciation):
Investment securities	$	7,563,201
Net change in unrealized appreciation (depreciation)	$	7,563,201
Net realized and unrealized gain	$	7,642,368
Net increase in net assets resulting from operations	$	11,475,537

13 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	3,833,169		$	4,261,351
Net realized gain (loss)		79,167			(128,338	)
Net change in unrealized appreciation (depreciation)		7,563,201			(5,189,619	)
Net increase (decrease) in net assets from operations	$	11,475,537		$	(1,056,606	)
Distributions to shareholders:
Class I	$	(4,426,996	)	$	(4,586,530	)
Class F		(33,669	)		(14,184	)
Total distributions to shareholders	$	(4,460,665	)	$	(4,600,714	)
Capital share transactions:
Class I	$	(6,563,466	)	$	(21,278,138	)
Class F		791,625			(18,417	)
Net decrease in net assets from capital share transactions	$	(5,771,841	)	$	(21,296,555	)
Net increase (decrease) in net assets	$	1,243,031		$	(26,953,875	)
Net Assets
At beginning of year	$	140,190,623		$	167,144,498
At end of year	$	141,433,654		$	140,190,623

14 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Financial Highlights

	Class I
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	53.01		$	54.93		$	54.60		$	54.84		$	54.90
Income (Loss) From Operations
Net investment income (1)	$	1.50		$	1.50		$	1.44		$	1.33		$	1.19
Net realized and unrealized gain (loss)		2.96			(1.73	)		0.46			0.08			(1.17	)
Total income (loss) from operations	$	4.46		$	(0.23	)	$	1.90		$	1.41		$	0.02
Less Distributions
From net investment income	$	(1.79	)	$	(1.69	)	$	(1.57	)	$	(1.65	)	$	(0.08	)
Total distributions	$	(1.79	)	$	(1.69	)	$	(1.57	)	$	(1.65	)	$	(0.08	)
Net asset value — End of year	$	55.68		$	53.01		$	54.93		$	54.60		$	54.84
Total Return (2)		8.41	%		(0.37	)%		3.49	%		2.59	%		0.04	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	140,169		$	139,729		$	166,650		$	166,414		$	190,437
Ratios (as a percentage of average daily net assets): (3)
Total expenses		0.43	%		0.44	%		0.45	%		0.54	%		0.52	%
Net expenses		0.32	%		0.32	%		0.32	%		0.46	%		0.52	%
Net investment income		2.71	%		2.81	%		2.60	%		2.34	%		2.16	%
Portfolio Turnover		10	%		7	%		14	%		10	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

15 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Financial Highlights — continued

	Class F
	Year Ended December 31,												Period Ended December 31, 2015(1)
	2019			2018			2017			2016
Net asset value — Beginning of period	$	52.48		$	54.53		$	54.36		$	54.79		$	55.33
Income (Loss) From Operations
Net investment income (2)	$	1.33		$	1.36		$	1.30		$	1.19		$	0.19
Net realized and unrealized gain (loss)		2.95			(1.72	)		0.44			0.09			(0.62	)
Total income (loss) from operations	$	4.28		$	(0.36	)	$	1.74		$	1.28		$	(0.43	)
Less Distributions
From net investment income	$	(1.79	)	$	(1.69	)	$	(1.57	)	$	(1.71	)	$	(0.11	)
Total distributions	$	(1.79	)	$	(1.69	)	$	(1.57	)	$	(1.71	)	$	(0.11	)
Net asset value — End of period	$	54.97		$	52.48		$	54.53		$	54.36		$	54.79
Total Return (3)		8.15	%		(0.61	)%		3.21	%		2.36	%		(0.78	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,265		$	461		$	495		$	206		$	99
Ratios (as a percentage of average daily net assets): (5)
Total expenses		0.68	%		0.69	%		1.21	%		3.18	%		0.78	%(6)
Net expenses		0.57	%		0.57	%		0.57	%		0.71	%		0.78	%(6)
Net investment income		2.42	%		2.57	%		2.37	%		2.09	%		2.01	%(6)
Portfolio Turnover		10	%		7	%		14	%		10	%		6	%(4)

⁽¹⁾  From October 30, 2015 inception.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁶⁾  Annualized.

16 See Notes to Financial Statements.

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Investment Grade Bond Index Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek investment results that correspond to the total return performance of the bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Debt Securities. Debt securities are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Floating Rate Loans. Interests in floating rate loans for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service, and are categorized as Level 2 in the hierarchy.

Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

17

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2		Level 3(1)		Total
Asset-Backed Securities	$	—	$	366,855	$	—	$	366,855
Commercial Mortgage-Backed Securities		—		3,088,121		—		3,088,121
Corporate Bonds		—		37,842,817		—		37,842,817
Floating Rate Loans		—		—		1,520		1,520
Sovereign Government Bonds		—		1,100,314		—		1,100,314
Taxable Municipal Obligations		—		1,054,870		—		1,054,870
U.S. Government Agencies and Instrumentalities		—		4,692,237		—		4,692,237
U.S. Government Agency Mortgage-Backed Securities		—		36,971,897		—		36,971,897
U.S. Treasury Obligations		—		54,192,017		—		54,192,017
Short-Term Investments		3,219,829		—		—		3,219,829
Total Investments	$	3,219,829	$	139,309,128	$	1,520	$	142,530,477

⁽¹⁾   None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2019 is not presented.

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C  Share Class Accounting — Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.

D  Floating Rate Loans — The Fund may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund’s investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the lender) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower of the loan. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of such payments by the lender from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is issuing the participation interest.

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

F  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

G  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

18

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.20% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $283,291.

Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Fund pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.32% for Class I and 0.57% for Class F of such class’ average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $157,774.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $169,975.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $1,881 for Class F shares.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $290 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $3,217, which are included in miscellaneous expense and reimbursement of expenses-other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, expenses incurred under the Servicing Plan amounted to $10,721 and are included in transfer agency fees and expenses on the Statement of Operations.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than U.S. government and agency securities and short-term securities, and including maturities and paydowns, were $2,445,676 and $6,374,281, respectively. Purchases and sales of U.S. government and agency securities, including paydowns, were $10,966,785 and $13,472,585, respectively.

19

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	4,460,665	$	4,600,714

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	4,045,687
Deferred capital losses	$	(1,676,834	)
Net unrealized appreciation	$	6,356,445

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $1,676,834 which would reduce the Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2019, $589,665 are short-term and $1,087,169 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	136,174,032
Gross unrealized appreciation	$	6,646,637
Gross unrealized depreciation		(290,192	)
Net unrealized appreciation	$	6,356,445

6  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan, including accrued interest, was $3,780,461 and the total value of collateral received was $3,849,716, comprised of cash of $3,219,829 and U.S. government and/or agencies securities of $629,887.

20

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Sovereign Government Bonds	$	708,142	$	—	$	—	$	—	$	708,142
U.S. Treasury Obligations		3,141,574		—		—		—		3,141,574
Total	$	3,849,716	$	—	$	—	$	—	$	3,849,716

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

7  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

8  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 20,000,000 common shares, $0.10 par value, for each Class. Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class I
Shares sold		156,495		$	8,596,436			122,409		$	6,586,407
Reinvestment of distributions		79,337			4,426,996			87,865			4,586,530
Shares redeemed		(354,477	)		(19,586,898	)		(608,227	)		(32,451,075	)
Net decrease		(118,645	)	$	(6,563,466	)		(397,953	)	$	(21,278,138	)
Class F
Shares sold		14,986		$	834,093			4,097		$	218,257
Reinvestment of distributions		611			33,669			274			14,184
Shares redeemed		(1,380	)		(76,137	)		(4,656	)		(250,858	)
Net increase (decrease)		14,217		$	791,625			(285	)	$	(18,417	)

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 85.7% of the value of the outstanding shares of the Fund.

21

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Investment Grade Bond Index Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

22

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.

23

Calvert

VP Investment Grade Bond Index Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

24

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

25

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24231    12.31.19

Calvert

VP Volatility Managed Growth Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Volatility Managed Growth Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	17
Federal Tax Information	18
Management and Organization	19
Important Notices	21

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

Virtually every U.S. and global equity index posted double-digit returns for the 12-month period ended December 31, 2019, making it a good year for stock investments. The period was also marked by strong performance across U.S. bond markets.

In January 2019, investors appeared to take a “glass is half full” approach. Although U.S. manufacturing output and business investment was weak — held back by slowing global growth and an on-again/off-again U.S.-China trade rift — low U.S. unemployment, strong consumer spending, and the easing of the federal funds rate by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment.

As a result, U.S. stocks started the year on a climb, and international stocks followed. The period was also notable for a dramatic turnaround in fixed-income markets as the rising interest-rate environment of 2018 gave way to falling interest-rate expectations in 2019 against the backdrop of multiple domestic and international uncertainties.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Downward pressure on interest rates and upward pressure on bond prices continued through most of the period propelled by lower-than-desired inflation, low European interest rates, and the U.S.-China trade conflict.

During the period, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index.

Overseas, the MSCI World Index, a measure of developed market equity securities, returned 27.67%. The MSCI EAFE Index of developed-market international equities returned 22.01%, and the MSCI Emerging Markets Index returned 18.42%.

On the fixed-income side, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned 8.72%. The Bloomberg Barclays U.S. Corporate Bond Index, a measure of U.S. corporate investment-grade bonds, finished 2019 with a 14.54% return — its best calendar-year performance since 2009. High yield fixed-income securities also performed well with the ICE BofAML U.S. High Yield Index returning 14.41% during the period ended December 31, 2019.

Investment Strategy

Calvert VP Volatility Managed Growth Portfolio (the Fund) seeks to achieve its objectives by investing in exchange-traded funds (ETFs)

representing a broad range of asset classes and employing derivatives to manage overall portfolio volatility. The Fund sets a targeted asset allocation and typical asset allocation range among equity and fixed-income ETFs. The subadvisor seeks ETFs that are representative of the desired asset class and whose underlying fundamentals appear to have the potential for above-average long-term performance. The volatility-management strategy is implemented by entering into futures contracts based on one or more stock market indexes, to attempt to hedge against changes in market volatility and declines in the value of the Fund’s investments in ETFs.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 19.22% for Class F shares at net asset value (NAV), underperforming its primary benchmark, the S&P 500 Daily Risk Control 12% Index (the Index), which returned 20.88% during the period.

Fund performance is also measured against a custom blended benchmark (the Secondary Blended Benchmark) based on a mix of market indexes that more closely reflects the impact of the Fund’s asset-allocation strategy than the single asset-class Index. The Index is used to capture the impact of the Fund’s volatility-management strategy. The Fund underperformed the Secondary Blended Benchmark, which returned 24.15% during the period.

The Fund underperformed the Index by 1.66% during the period. The Fund consists of multiple asset classes, while the Index consists of two components: the S&P 500^® Index and cash. Furthermore, the Index allows for up to 50% leverage in an attempt to harvest market gains in periods of low volatility, such as during the fourth quarter of 2019. As a largely unlevered investment, the Fund underperformed in the fourth quarter relative to the Index, but outperformed during the first three quarters.

The Fund’s volatility-management strategy contributed negatively to performance relative to the Index. As the volatility-management strategy attempts to reduce the Fund’s exposure to equities during periods of elevated volatility, the Fund’s futures overlay is likely to result in losses during market recoveries, as the Fund typically unwinds defensive hedges gradually.

The Fund started the year with substantial hedges in place as a defensive reaction to the volatile decline in the fourth quarter of 2018. The Fund gradually returned to full equity allocation by mid-February 2019. Subsequently, the Fund re-engaged defensive hedges to a much smaller extent in May, August, and October 2019, as a response to brief periods of market turmoil. In cumulative terms, the net detraction from derivative positions throughout the year was 3.20%, the vast majority of which is attributable to the first month of the year.

The Fund underperformed the Secondary Blended Benchmark. Allocation to the technology sector, the best performing market sector, was a positive contributor while an overweight position in cash in lieu of investment-grade bonds was a detractor as bonds turned in one of their best periods in several years.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Performance

Portfolio Managers Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.; Adam Schenck, CFA, FRM and Maria Schiopu, CFA, each of Milliman Financial Risk Management LLC

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class F at NAV		04/30/2013		04/30/2013		19.22	%		5.60	%		6.03	%
S&P 500 Daily Risk Control 12% Index		—		—		20.88	%		9.83	%		11.18	%
Growth Portfolio Blended Benchmark		—		—		24.15			8.44			9.27
% Total Annual Operating Expense Ratios 4											Class F
Gross												0.97	%
Net												0.93

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class F of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Fund Profile

Asset Allocation (% of total investments)
Equity Exchange-Traded Funds	84.4	%
Fixed-Income Exchange-Traded Funds	15.2
Short-Term Investments	0.4
Total	100.0	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P 500 Daily Risk Control 12% Index is an unmanaged index of U.S. large-cap stocks with a volatility target of 12%. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI USA IMI/Equity REITs Index is an unmanaged index of U.S. equity REITs. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Bloomberg Barclays U.S. Aggregate Bond

Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Growth Portfolio Blended Benchmark is an internally constructed benchmark which is comprised of a blend of 58% Russell 3000^® Index, 18% Bloomberg Barclays U.S. Aggregate Bond Index, 16% MSCI EAFE Index, 4% ICE BofAML 3-Month U.S. Treasury Bill Index, and 4% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

Fund profile subject to change due to active management.

5

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second line of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class F	$	1,000.00	$	1,072.10	$	4.33	**		0.83	%
Hypothetical
(5% return per year before expenses)
Class F	$	1,000.00	$	1,021.02	$	4.23	**		0.83	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges. Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated and/or unaffiliated funds.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Schedule of Investments

Exchange-Traded Funds — 93.2%
Security	Shares		Value
Equity Exchange-Traded Funds — 79.0%
Financial Select Sector SPDR Fund (1)		123,000	$	3,785,940
iShares Core S&P Mid-Cap ETF		44,000		9,056,080
iShares Russell 2000 ETF		45,000		7,455,150
iShares S&P 500 Growth ETF		86,000		16,653,040
iShares S&P 500 Value ETF (1)		110,000		14,309,900
iShares S&P Mid-Cap 400 Value ETF (1)		7,000		1,195,110
Vanguard FTSE Developed Markets ETF (1)		507,000		22,338,420
Vanguard FTSE Emerging Markets ETF		67,000		2,979,490
Vanguard REIT ETF (1)		63,000		5,845,770
Vanguard S&P 500 ETF		122,000		36,087,600
			$	119,706,500
Fixed-Income Exchange-Traded Funds — 14.2%
iShares Core U.S. Aggregate Bond ETF		191,000	$	21,462,670
Total Exchange-Traded Funds (identified cost $106,304,132)			$	141,169,170

Short-Term Investments — 0.4%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (2)		593,375	$	593,375
Total Short-Term Investments (identified cost $593,375)			$	593,375
Total Investments (identified cost $106,897,507) — 93.6%			$	141,762,545
Other Assets, Less Liabilities — 6.4%			$	9,620,257
Net Assets — 100.0%			$	151,382,802

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $15,437,422.

⁽²⁾ Represents investment of cash collateral received in connection with securities lending.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini Russell 2000 Index		19		Long		3/20/20	$	1,587,070	$	20,601
E-mini S&P 500 Index		37		Long		3/20/20		5,977,535		111,157
E-mini S&P MidCap 400 Index		5		Long		3/20/20		1,032,400		12,221
MSCI EAFE Index		23		Long		3/20/20		2,341,975		19,878
									$	163,857

7 See Notes to Financial Statements.

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $106,897,507) - including $15,437,422 of securities on loan	$	141,762,545
Receivable for variation margin on open futures contracts		29,015
Cash		9,996,506
Securities lending income receivable		2,657
Receivable from affiliate		13,879
Deposits at broker for futures contracts		429,600
Directors’ deferred compensation plan		30,166
Other assets		8,263
Total assets	$	152,272,631
Liabilities
Payable for capital shares redeemed	$	88,395
Deposits for securities loaned		593,375
Payable to affiliates:
Investment advisory fee		53,367
Administrative fee		15,248
Distribution and service fees		31,766
Sub-transfer agency fee		21
Directors’ deferred compensation plan		30,166
Accrued expenses		77,491
Total liabilities	$	889,829
Net Assets	$	151,382,802
Sources of Net Assets
Paid-in capital	$	115,600,197
Distributable earnings		35,782,605
Total	$	151,382,802
Class F
Net Assets	$	151,382,802
Shares Outstanding		7,287,096
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	20.77

8 See Notes to Financial Statements.

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income	$	3,417,340
Interest income		105,638
Securities lending income, net		48,757
Total investment income	$	3,571,735
Expenses
Investment advisory fee	$	647,893
Administrative fee		185,112
Distribution and service fees		385,651
Directors’ fees and expenses		9,068
Custodian fees		50,426
Transfer agency fees and expenses		849
Accounting fees		33,051
Professional fees		35,423
Reports to shareholders		5,636
Miscellaneous		13,002
Total expenses	$	1,366,111
Waiver and/or reimbursement of expenses by affiliate	$	(82,292	)
Reimbursement of expenses - other		(3,459	)
Net expenses	$	1,280,360
Net investment income	$	2,291,375
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	3,613,056
Futures contracts		(2,893,179	)
Net realized gain	$	719,877
Change in unrealized appreciation (depreciation):
Investment securities	$	25,810,952
Futures contracts		(1,991,415	)
Net change in unrealized appreciation (depreciation)	$	23,819,537
Net realized and unrealized gain	$	24,539,414
Net increase in net assets resulting from operations	$	26,830,789

9 See Notes to Financial Statements.

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	2,291,375		$	2,105,190
Net realized gain (loss)		719,877			(584,737	)
Net change in unrealized appreciation (depreciation)		23,819,537			(13,670,021	)
Net increase (decrease) in net assets from operations	$	26,830,789		$	(12,149,568	)
Distributions to shareholders	$	(2,046,756	)	$	(1,781,206	)
Net increase (decrease) in net assets from capital share transactions	$	(23,448,227	)	$	7,698,944
Net increase (decrease) in net assets	$	1,335,806		$	(6,231,830	)
Net Assets
At beginning of year	$	150,046,996		$	156,278,826
At end of year	$	151,382,802		$	150,046,996

10 See Notes to Financial Statements.

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Financial Highlights

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	17.67		$	19.31		$	16.70		$	15.82		$	16.60
Income (Loss) From Operations
Net investment income (1)	$	0.29		$	0.25		$	0.23		$	0.24		$	0.23
Net realized and unrealized gain (loss)		3.08			(1.68	)		2.59			0.64			(0.82	)
Total income (loss) from operations	$	3.37		$	(1.43	)	$	2.82		$	0.88		$	(0.59	)
Less Distributions
From net investment income	$	(0.27	)	$	(0.21	)	$	(0.21	)	$	—		$	(0.19	)
From net realized gain		—			—			—			—			—	(2)
Total distributions	$	(0.27	)	$	(0.21	)	$	(0.21	)	$	—		$	(0.19	)
Net asset value — End of year	$	20.77		$	17.67		$	19.31		$	16.70		$	15.82
Total Return (3)		19.22	%		(7.50	)%		16.92	%		5.56	%		(3.51	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	151,383		$	150,047		$	156,279		$	128,460		$	113,084
Ratios (as a percentage of average daily net assets): (4)(5)
Total expenses		0.89	%		0.87	%		0.87	%		0.90	%		0.86	%
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income		1.48	%		1.32	%		1.25	%		1.48	%		1.37	%
Portfolio Turnover		7	%		13	%		7	%		10	%		17	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $(0.005).

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁵⁾  Amounts do not include the expenses of the Underlying Funds.

11 See Notes to Financial Statements.

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Volatility Managed Growth Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to pursue growth potential and some current income, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class F shares.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	141,169,170	$	—	$	—	$	141,169,170
Short-Term Investments		593,375		—		—		593,375
Total Investments	$	141,762,545	$	—	$	—	$	141,762,545
Futures Contracts	$	163,857	$	—	$	—	$	163,857
Total	$	141,926,402	$	—	$	—	$	141,926,402

12

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Distributions from the Underlying Funds are recorded on the ex-dividend date. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

D  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

E  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.42% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $647,893.

Ameritas Investment Partners, Inc. (AIP) and Milliman Financial Risk Management LLC provide sub-advisory services to the Fund pursuant to sub-advisory agreements with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.83% of the Fund’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $82,292.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $185,112.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $385,651 for Class F shares.

13

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $57 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $3,459, which are included in miscellaneous expense and reimbursement of expenses - other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, no expenses were incurred under the Servicing Plan.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $10,702,908 and $39,654,575, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	2,046,756	$	1,781,206

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	2,223,197
Deferred capital losses	$	(1,043,887	)
Net unrealized appreciation	$	34,603,295

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $1,043,887 which would reduce the Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2019, $1,043,887 are short-term.

14

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	107,159,250
Gross unrealized appreciation	$	34,603,295
Gross unrealized depreciation		—
Net unrealized appreciation	$	34,603,295

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund’s investments and to adjust the Fund’s overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption		Assets			Liabilities
Futures contracts		Distributable earnings	$	163,857	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts			Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	(2,893,179	)	$	(1,991,415	)

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2019 was approximately $6,614,000 and $8,117,000, respectively.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

15

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $15,437,422 and the total value of collateral received was $15,680,698, comprised of cash of $593,375 and U.S. government and/or agencies securities of $15,087,323.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Exchange-Traded Funds	$	15,680,698	$	—	$	—	$	—	$	15,680,698

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 100,000,000 common shares, $0.10 par value.

Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class F
Shares sold		296,898		$	5,709,104			780,219		$	15,007,871
Reinvestment of distributions		107,951			2,046,756			90,785			1,781,206
Shares redeemed		(1,607,914	)		(31,204,087	)		(475,248	)		(9,090,133	)
Net increase (decrease)		(1,203,065	)	$	(23,448,227	)		395,756		$	7,698,944

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

16

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Volatility Managed Growth Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

17

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 6.85% qualifies for the corporate dividends received deduction.

18

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.

19

Calvert

VP Volatility Managed Growth Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

20

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

21

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Advisers

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Milliman Financial Risk Management LLC

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24237    12.31.19

Calvert

VP Volatility Managed Moderate Growth Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Volatility Managed Moderate Growth Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	17
Federal Tax Information	18
Management and Organization	19
Important Notices	21

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

Virtually every U.S. and global equity index posted double-digit returns for the 12-month period ended December 31, 2019, making it a good year for stock investments. The period was also marked by strong performance across U.S. bond markets.

In January 2019, investors appeared to take a “glass is half full” approach. Although U.S. manufacturing output and business investment was weak — held back by slowing global growth and an on-again/off-again U.S.-China trade rift — low U.S. unemployment, strong consumer spending, and the easing of the federal funds rate by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment.

As a result, U.S. stocks started the year on a climb, and international stocks followed. The period was also notable for a dramatic turnaround in fixed-income markets as the rising interest-rate environment of 2018 gave way to falling interest-rate expectations in 2019 against the backdrop of multiple domestic and international uncertainties.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Downward pressure on interest rates and upward pressure on bond prices continued through most of the period propelled by lower-than-desired inflation, low European interest rates, and the U.S.-China trade conflict.

During the period, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index.

Overseas, the MSCI World Index, a measure of developed market equity securities, returned 27.67%. The MSCI EAFE Index of developed-market international equities returned 22.01%, and the MSCI Emerging Markets Index returned 18.42%.

On the fixed-income side, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned 8.72%. The Bloomberg Barclays U.S. Corporate Bond Index, a measure of U.S. corporate investment-grade bonds, finished 2019 with a 14.54% return — its best calendar-year performance since 2009. High yield fixed-income securities also performed well with the ICE BofAML U.S. High Yield Index returning 14.41% during the period ended December 31, 2019.

Investment Strategy

Calvert VP Volatility Managed Moderate Growth Portfolio (the Fund) seeks to achieve its objectives by investing in exchange-traded

funds (ETFs) representing a broad range of asset classes and employing derivatives to manage overall portfolio volatility. The Fund sets a targeted asset allocation and typical asset allocation range among equity and fixed-income ETFs. The subadvisor seeks ETFs that are representative of the desired asset class and whose underlying fundamentals appear to have the potential for above-average long-term performance. The volatility-management strategy is implemented by entering into futures contracts based on one or more stock market indices, to attempt to hedge against changes in market volatility and declines in the value of the Fund’s investments in ETFs.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 18.56% for Class F shares at net asset value (NAV), outperforming its primary benchmark, the S&P 500 Daily Risk Control 10% Index (the Index), which returned 17.63% during the period.

Fund performance is also measured against a custom blended benchmark (the Secondary Blended Benchmark) based on a mix of market indexes that more closely reflects the impact of the Fund’s asset-allocation strategy than the single asset-class Index. The Index is used to capture the impact of the Fund’s volatility-management strategy. The Fund underperformed the Secondary Blended Benchmark, which returned 21.08% during the period.

The Fund outperformed the Index by 0.93% during the period. The Fund consists of multiple asset classes, while the Index consists of two components: the S&P 500^® Index and cash. Furthermore, the Index allows for up to 50% leverage in an attempt to harvest market gains in periods of low volatility, such as during the fourth quarter of 2019. As a largely unlevered investment, the Fund underperformed in the fourth quarter relative to the Index, but outperformed in the first three quarters.

The Fund’s volatility-management strategy contributed negatively to performance relative to the Index. As the volatility-management strategy attempts to reduce the Fund’s exposure to equities during periods of elevated volatility, the Fund’s futures overlay is likely to result in losses during market recoveries, as the Fund typically unwinds defensive hedges gradually.

The Fund started the year with substantial hedges in place as a defensive reaction to the volatile decline in the fourth quarter of 2018. The Fund gradually returned to full equity allocation by early February 2019. Subsequently, the Fund re-engaged defensive hedges to a much smaller extent in August 2019, as a response to a brief period of market turmoil. In cumulative terms, the net detraction from derivative positions throughout the year was 1.06%, entirely attributable to the first month of the year.

The Fund underperformed the Secondary Blended Benchmark. Allocation to the technology sector, the best performing market sector, was a positive contributor while an overweight position in cash in lieu of investment-grade bonds was a detractor as bonds turned in one of their best periods in several years.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Performance

Portfolio Managers Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.; Adam Schenck, CFA, FRM and Maria Schiopu, CFA, each of Milliman Financial Risk Management LLC

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class F at NAV		04/30/2013		04/30/2013		18.56	%		5.74	%		5.95	%
S&P 500 Daily Risk Control 10% Index		—		—		17.63	%		8.99	%		9.92	%
Moderate Growth Portfolio Blended Benchmark		—		—		21.08			7.45			8.04
% Total Annual Operating Expense Ratios 4											Class F
Gross												0.98	%
Net												0.92

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class F of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Fund Profile

Asset Allocation (% of total investments)
Equity Exchange-Traded Funds	67.3	%
Fixed-Income Exchange-Traded Funds	32.2
Short-Term Investments	0.5
Total	100.0	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P 500 Daily Risk Control 10% Index is an unmanaged index of U.S. large-cap stocks with a volatility target of 10%. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI USA IMI/Equity REITs Index is an unmanaged index of U.S. equity REITs. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Bloomberg Barclays U.S. Aggregate Bond

Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Moderate Growth Portfolio Blended Benchmark is an internally constructed benchmark which is comprised of a blend of 47% Russell 3000^® Index, 33% Bloomberg Barclays U.S. Aggregate Bond Index, 13% MSCI EAFE Index, 4% ICE BofAML 3-Month U.S. Treasury Bill Index, and 3% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

Fund profile subject to change due to active management.

5

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second line of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class F	$	1,000.00	$	1,068.10	$	4.33	**		0.83	%
Hypothetical
(5% return per year before expenses)
Class F	$	1,000.00	$	1,021.02	$	4.23	**		0.83	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges. Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated and/or unaffiliated funds.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Schedule of Investments

Exchange-Traded Funds — 93.7%
Security	Shares		Value
Equity Exchange-Traded Funds — 63.4%
Financial Select Sector SPDR Fund		61,000	$	1,877,580
iShares Core S&P Mid-Cap ETF		19,000		3,910,580
iShares Russell 2000 ETF (1)		21,000		3,479,070
iShares S&P 500 Growth ETF (1)		29,000		5,615,560
iShares S&P 500 Value ETF		37,000		4,813,330
iShares S&P Mid-Cap 400 Value ETF (1)		4,000		682,920
Vanguard FTSE Developed Markets ETF		241,000		10,618,460
Vanguard FTSE Emerging Markets ETF		36,000		1,600,920
Vanguard REIT ETF (1)		28,000		2,598,120
Vanguard S&P 500 ETF		72,000		21,297,600
			$	56,494,140
Fixed-Income Exchange-Traded Funds — 30.3%
iShares Core U.S. Aggregate Bond ETF		157,000	$	17,642,090
Vanguard Total Bond Market ETF		112,000		9,392,320
			$	27,034,410
Total Exchange-Traded Funds (identified cost $67,412,079)			$	83,528,550

Short-Term Investments — 0.4%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (2)		382,250	$	382,250
Total Short-Term Investments (identified cost $382,250)			$	382,250
Total Investments (identified cost $67,794,329) — 94.1%			$	83,910,800
Other Assets, Less Liabilities — 5.9%			$	5,269,933
Net Assets — 100.0%			$	89,180,733

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

⁽¹⁾  All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $4,145,691.

⁽²⁾  Represents investment of cash collateral received in connection with securities lending.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini Russell 2000 Index		10		Long		3/20/20	$	835,300	$	10,792
E-mini S&P 500 Index		20		Long		3/20/20		3,231,100		60,085
E-mini S&P MidCap 400 Index		3		Long		3/20/20		619,440		7,318
MSCI EAFE Index		12		Long		3/20/20		1,221,900		10,491
									$	88,686

7 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $67,794,329) - including $4,145,691 of securities on loan	$	83,910,800
Receivable for variation margin on open futures contracts		15,540
Cash		5,751,397
Receivable for capital shares sold		3,273
Securities lending income receivable		791
Receivable from affiliate		12,424
Deposits at broker for futures contracts		231,600
Directors’ deferred compensation plan		17,121
Other assets		4,756
Total assets	$	89,947,702
Liabilities
Payable for investments purchased	$	251,370
Payable for capital shares redeemed		1,774
Deposits for securities loaned		382,250
Payable to affiliates:
Investment advisory fee		31,564
Administrative fee		9,018
Distribution and service fees		18,788
Sub-transfer agency fee		58
Directors’ deferred compensation plan		17,121
Accrued expenses		55,026
Total liabilities	$	766,969
Net Assets	$	89,180,733
Sources of Net Assets
Paid-in capital	$	70,934,516
Distributable earnings		18,246,217
Total	$	89,180,733
Class F
Net Assets	$	89,180,733
Shares Outstanding		4,501,486
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	19.81

8 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income	$	2,004,646
Interest income		61,981
Securities lending income, net		20,587
Total investment income	$	2,087,214
Expenses
Investment advisory fee	$	366,654
Administrative fee		104,758
Distribution and service fees		218,246
Directors’ fees and expenses		5,165
Custodian fees		24,095
Transfer agency fees and expenses		983
Accounting fees		20,897
Professional fees		31,676
Reports to shareholders		10,251
Miscellaneous		9,112
Total expenses	$	791,837
Waiver and/or reimbursement of expenses by affiliate	$	(65,282	)
Reimbursement of expenses - other		(1,978	)
Net expenses	$	724,577
Net investment income	$	1,362,637
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	1,629,159
Futures contracts		(265,342	)
Net realized gain	$	1,363,817
Change in unrealized appreciation (depreciation):
Investment securities	$	12,717,555
Futures contracts		(566,018	)
Net change in unrealized appreciation (depreciation)	$	12,151,537
Net realized and unrealized gain	$	13,515,354
Net increase in net assets resulting from operations	$	14,877,991

9 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	1,362,637		$	1,281,410
Net realized gain		1,363,817			445,369
Net change in unrealized appreciation (depreciation)		12,151,537			(7,774,168	)
Net increase (decrease) in net assets from operations	$	14,877,991		$	(6,047,389	)
Distributions to shareholders	$	(2,326,382	)	$	(2,393,411	)
Net decrease in net assets from capital share transactions	$	(6,715,494	)	$	(2,903,536	)
Net increase (decrease) in net assets	$	5,836,115		$	(11,344,336	)
Net Assets
At beginning of year	$	83,344,618		$	94,688,954
At end of year	$	89,180,733		$	83,344,618

10 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Financial Highlights

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	17.18		$	18.90		$	16.69		$	15.65		$	16.20
Income (Loss) From Operations
Net investment income (1)	$	0.29		$	0.26		$	0.23		$	0.24		$	0.24
Net realized and unrealized gain (loss)		2.86			(1.49	)		2.19			0.82			(0.61	)
Total income (loss) from operations	$	3.15		$	(1.23	)	$	2.42		$	1.06		$	(0.37	)
Less Distributions
From net investment income	$	(0.28	)	$	(0.23	)	$	(0.21	)	$	(0.02	)	$	(0.16	)
From net realized gain		(0.24	)		(0.26	)		—			—			(0.02	)
Total distributions	$	(0.52	)	$	(0.49	)	$	(0.21	)	$	(0.02	)	$	(0.18	)
Net asset value — End of year	$	19.81		$	17.18		$	18.90		$	16.69		$	15.65
Total Return (2)		18.56	%		(6.69	)%		14.55	%		6.78	%		(2.29	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	89,181		$	83,345		$	94,689		$	81,859		$	64,310
Ratios (as a percentage of average daily net assets): (3)(4)
Total expenses		0.91	%		0.89	%		0.91	%		0.94	%		0.90	%
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income		1.56	%		1.40	%		1.29	%		1.49	%		1.48	%
Portfolio Turnover		7	%		14	%		8	%		6	%		16	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽³⁾  Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁴⁾  Amounts do not include the expenses of the Underlying Funds.

11 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Volatility Managed Moderate Growth Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to pursue a balance of current income and growth potential, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class F shares.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	83,528,550	$	—	$	—	$	83,528,550
Short-Term Investments		382,250		—		—		382,250
Total Investments	$	83,910,800	$	—	$	—	$	83,910,800
Futures Contracts	$	88,686	$	—	$	—	$	88,686
Total	$	83,999,486	$	—	$	—	$	83,999,486

12

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Distributions from the Underlying Funds are recorded on the ex-dividend date. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

D  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

E  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.42% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $366,654.

Ameritas Investment Partners, Inc. (AIP) and Milliman Financial Risk Management LLC provide sub-advisory services to the Fund pursuant to sub-advisory agreements with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.83% of the Fund’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $65,282.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $104,758.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $218,246 for Class F shares.

13

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $123 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $1,978, which are included in miscellaneous expense and reimbursement of expenses - other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, no expenses were incurred under the Servicing Plan.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $5,931,266 and $15,584,950, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	1,253,634	$	1,124,083
Long-term capital gains	$	1,072,748	$	1,269,328

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	1,333,664
Undistributed long-term capital gains	$	921,278
Net unrealized appreciation	$	15,991,275

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	67,919,525
Gross unrealized appreciation	$	15,991,275
Gross unrealized depreciation		—
Net unrealized appreciation	$	15,991,275

14

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

6  Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund use futures contracts to hedge against changes in market volatility and declines in the value of the Fund’s investments and to adjust the Fund’s overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption		Assets			Liabilities
Futures contracts		Distributable earnings	$	88,686	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts			Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	(265,342	)	$	(566,018	)

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2019 was approximately $4,831,000 and $2,206,000, respectively.

7  Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At December 31, 2019, the total value of securities on loan was $4,145,691 and the total value of collateral received was $4,212,310, comprised of cash of $382,250 and U.S. government and/or agencies securities of $3,830,060.

15

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Exchange-Traded Funds	$	4,212,310	$	—	$	—	$	—	$	4,212,310

The carrying amount of the liability for deposits for securities loaned at December 31, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2019.

8  Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 100,000,000 common shares, $0.10 par value.

Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class F
Shares sold		119,457		$	2,227,334			262,606		$	4,913,488
Reinvestment of distributions		126,709			2,326,382			127,241			2,393,411
Shares redeemed		(596,765	)		(11,269,210	)		(547,958	)		(10,210,435	)
Net decrease		(350,599	)	$	(6,715,494	)		(158,111	)	$	(2,903,536	)

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

16

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Volatility Managed Moderate Growth Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

17

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 5.79% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $921,533 or, if subsequently determined to be different, the net capital gain of such year.

18

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.

19

Calvert

VP Volatility Managed Moderate Growth Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

20

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

21

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Advisers

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Milliman Financial Risk Management LLC

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24235    12.31.19

Calvert

VP Volatility Managed Moderate Portfolio

Annual Report

December 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not receive paper copies of the Fund’s annual and semi-annual shareholder reports from the insurance company or plan sponsor unless you specifically request paper copies. Instead, the reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website address to access the report. Instructions for requesting paper copies will be provided by the insurance company, plan sponsor or your financial intermediary, as applicable. Please contact the insurance company, plan sponsor or your financial intermediary, as applicable, or follow instructions included with this disclosure, if any, for more information.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Annual Report December 31, 2019

Calvert

VP Volatility Managed Moderate Portfolio

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Audited Financial Statements	7
Report of Independent Registered Public Accounting Firm	17
Federal Tax Information	18
Management and Organization	19
Important Notices	21

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Management’s Discussion of Fund Performance ¹

Economic and Market Conditions

Virtually every U.S. and global equity index posted double-digit returns for the 12-month period ended December 31, 2019, making it a good year for stock investments. The period was also marked by strong performance across U.S. bond markets.

In January 2019, investors appeared to take a “glass is half full” approach. Although U.S. manufacturing output and business investment was weak — held back by slowing global growth and an on-again/off-again U.S.-China trade rift — low U.S. unemployment, strong consumer spending, and the easing of the federal funds rate by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment.

As a result, U.S. stocks started the year on a climb, and international stocks followed. The period was also notable for a dramatic turnaround in fixed-income markets as the rising interest-rate environment of 2018 gave way to falling interest-rate expectations in 2019 against the backdrop of multiple domestic and international uncertainties.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Downward pressure on interest rates and upward pressure on bond prices continued through most of the period propelled by lower-than-desired inflation, low European interest rates, and the U.S.-China trade conflict.

During the period, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%.The technology-laden Nasdaq Composite Index returned 36.69% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index.

Overseas, the MSCI World Index, a measure of developed market equity securities, returned 27.67%. The MSCI EAFE Index of developed-market international equities returned 22.01%, and the MSCI Emerging Markets Index returned 18.42%.

On the fixed-income side, the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned 8.72%. The Bloomberg Barclays U.S. Corporate Bond Index, a measure of U.S. corporate investment-grade bonds, finished 2019 with a 14.54% return — its best calendar-year performance since 2009. High yield fixed-income securities also performed well with the ICE BofAML U.S. High Yield Index returning 14.41% during the period ended December 31, 2019.

Investment Strategy

Calvert VP Volatility Managed Moderate Portfolio (the Fund) seeks to achieve its objectives by investing in exchange-traded funds (ETFs)

representing a broad range of asset classes and employing derivatives to manage overall portfolio volatility. The Fund sets a targeted asset allocation and typical asset allocation range among equity and fixed-income ETFs. The subadvisor seeks ETFs that are representative of the desired asset class and whose underlying fundamentals appear to have the potential for above-average long-term performance. The volatility-management strategy is implemented by entering into futures contracts based on one or more stock market indices, to attempt to hedge against changes in market volatility and declines in the value of the Fund’s investments in ETFs.

Fund Performance

For the 12-month period ended December 31, 2019, the Fund returned 17.02% for Class F shares at net asset value (NAV), outperforming its primary benchmark, the S&P 500 Daily Risk Control 7.5% Index (the Index), which returned 13.69% during the period.

Fund performance is also measured against a custom blended benchmark (the Secondary Blended Benchmark) based on a mix of market indexes that more closely reflects the impact of the Fund’s asset-allocation strategy than the single asset-class Index. The Index is used to capture the impact of the Fund’s volatility-management strategy. The Fund underperformed the Secondary Blended Benchmark, which returned 18.04% during the period.

The Fund outperformed the Index by 3.33% during the period. The Fund consists of multiple asset classes, while the Index consists of two components: the S&P 500^® Index and cash. Furthermore, the Index allows for up to 50% leverage in an attempt to harvest market gains in periods of low volatility, such as during the fourth quarter of 2019. As a largely unlevered investment, the Fund underperformed in the fourth quarter relative to the Index, but outperformed during the first three quarters.

The Fund’s volatility-management strategy contributed positively to performance relative to the Index. As the volatility-management strategy attempts to reduce the Fund’s exposure to equities during periods of elevated volatility, the Fund’s futures overlay is likely to result in losses during market recoveries, as the Fund typically unwinds defensive hedges gradually.

The Fund started the year with substantial hedges in place as a defensive reaction to the volatile decline in the fourth quarter of 2018. The Fund gradually returned to full equity allocation by late January 2019. Subsequently, the Fund’s strategy did not require re-engagement of defensive hedges for the remainder of the year. In cumulative terms, the net contribution from derivative positions throughout the year was 0.10%.

The Fund underperformed the Secondary Blended Benchmark. Allocation to the technology sector, the best performing market sector, was a positive contributor while an overweight position in cash in lieu of investment-grade bonds was a detractor, as bonds turned in one of their best periods in several years.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

2

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Performance

Portfolio Managers Kevin L. Keene, CFA of Ameritas Investment Partners, Inc.; Adam Schenck, CFA, FRM and Maria Schiopu, CFA, each of Milliman Financial Risk Management LLC

% Average Annual Total Returns 2,3	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class F at NAV		04/30/2013		04/30/2013		17.02	%		5.43	%		5.45	%
S&P 500 Daily Risk Control 7.5% Index		—		—		13.69	%		6.97	%		7.66	%
Moderate Portfolio Blended Benchmark		—		—		18.04			6.43			6.79
% Total Annual Operating Expense Ratios 4											Class F
Gross												0.97	%
Net												0.91

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class F of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.

3

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Fund Profile

Asset Allocation (% of total investments)
Equity Exchange-Traded Funds	51.0	%
Fixed-Income Exchange-Traded Funds	49.0
Total	100.0	%

See Endnotes and Additional Disclosures in this report.

4

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Endnotes and Additional Disclosures

¹ The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P 500 Daily Risk Control 7.5% Index is an unmanaged index of U.S. large-cap stocks with a volatility target of 7.5%. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 3000^® Index is an unmanaged index of the 3,000 largest U.S. stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI USA IMI/Equity REITs Index is an unmanaged index of U.S. equity REITs. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of

domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Moderate Portfolio Blended Benchmark is an internally constructed benchmark which is comprised of a blend of 48% Bloomberg Barclays U.S. Aggregate Bond Index, 36% Russell 3000^® Index, 10% MSCI EAFE Index, 4% ICE BofAML 3-Month U.S. Treasury Bill Index, and 2% MSCI USA IMI/Equity REITs Index, which is rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

Fund profile subject to change due to active management.

5

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 to December 31, 2019).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second line of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

	Beginning Account Value (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)			Annualized Expense Ratio
Actual
Class F	$	1,000.00	$	1,060.20	$	4.31	**		0.83	%
Hypothetical
(5% return per year before expenses)
Class F	$	1,000.00	$	1,021.02	$	4.23	**		0.83	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2019. Expenses shown do not include insurance-related charges. Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated and/or unaffiliated funds.

** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

6

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Schedule of Investments

Exchange-Traded Funds — 94.2%
Security	Shares		Value
Equity Exchange-Traded Funds — 48.0%
Financial Select Sector SPDR Fund		59,000	$	1,816,020
iShares Core S&P Mid-Cap ETF		16,000		3,293,120
iShares Russell 2000 ETF		17,000		2,816,390
iShares S&P 500 Growth ETF		22,000		4,260,080
iShares S&P 500 Value ETF		30,000		3,902,700
iShares S&P Mid-Cap 400 Value ETF		5,000		853,650
Vanguard FTSE Developed Markets ETF		225,000		9,913,500
Vanguard FTSE Emerging Markets ETF		38,000		1,689,860
Vanguard REIT ETF		23,000		2,134,170
Vanguard S&P 500 ETF		75,000		22,185,000
			$	52,864,490

Security	Shares		Value
Fixed-Income Exchange-Traded Funds — 46.2%
iShares Core U.S. Aggregate Bond ETF		227,000	$	25,507,990
Vanguard Total Bond Market ETF		302,000		25,325,720
			$	50,833,710
Total Exchange-Traded Funds (identified cost $87,635,338)			$	103,698,200
Total Investments (identified cost $87,635,338) — 94.2%			$	103,698,200
Other Assets, Less Liabilities — 5.8%			$	6,432,722
Net Assets — 100.0%			$	110,130,922

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Equity Futures
E-mini Russell 2000 Index		12		Long		3/20/20	$	1,002,360	$	13,011
E-mini S&P 500 Index		29		Long		3/20/20		4,685,095		87,123
E-mini S&P MidCap 400 Index		4		Long		3/20/20		825,920		9,777
MSCI EAFE Index		18		Long		3/20/20		1,832,850		15,917
									$	125,828

7 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investments in securities of unaffiliated issuers, at value (identified cost $87,635,338)	$	103,698,200
Receivable for variation margin on open futures contracts		22,471
Cash		6,216,986
Receivable for capital shares sold		3,244
Securities lending income receivable		708
Receivable from affiliate		13,132
Deposits at broker for futures contracts		328,500
Directors’ deferred compensation plan		21,132
Other assets		5,914
Total assets	$	110,310,287
Liabilities
Payable for capital shares redeemed	$	20,813
Payable to affiliates:
Investment advisory fee		39,126
Administrative fee		11,179
Distribution and service fees		23,289
Sub-transfer agency fee		27
Directors’ deferred compensation plan		21,132
Accrued expenses		63,799
Total liabilities	$	179,365
Net Assets	$	110,130,922
Sources of Net Assets
Paid-in capital	$	90,433,535
Distributable earnings		19,697,387
Total	$	110,130,922
Class F
Net Assets	$	110,130,922
Shares Outstanding		5,838,674
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	18.86

8 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividend income	$	2,577,288
Interest income		71,539
Securities lending income, net		17,333
Total investment income	$	2,666,160
Expenses
Investment advisory fee	$	454,617
Administrative fee		129,891
Distribution and service fees		270,606
Directors’ fees and expenses		6,405
Custodian fees		28,513
Transfer agency fees and expenses		952
Accounting fees		26,024
Professional fees		32,692
Reports to shareholders		10,501
Miscellaneous		10,272
Total expenses	$	970,473
Waiver and/or reimbursement of expenses by affiliate	$	(69,608	)
Reimbursement of expenses - other		(2,455	)
Net expenses	$	898,410
Net investment income	$	1,767,750
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$	1,917,980
Futures contracts		383,873
Net realized gain	$	2,301,853
Change in unrealized appreciation (depreciation):
Investment securities	$	13,039,002
Futures contracts		(201,277	)
Net change in unrealized appreciation (depreciation)	$	12,837,725
Net realized and unrealized gain	$	15,139,578
Net increase in net assets resulting from operations	$	16,907,328

9 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations:
Net investment income	$	1,767,750		$	1,698,494
Net realized gain		2,301,853			471,294
Net change in unrealized appreciation (depreciation)		12,837,725			(8,544,603	)
Net increase (decrease) in net assets from operations	$	16,907,328		$	(6,374,815	)
Distributions to shareholders	$	(2,410,264	)	$	(4,315,296	)
Net decrease in net assets from capital share transactions	$	(7,571,178	)	$	(4,582,374	)
Net increase (decrease) in net assets	$	6,925,886		$	(15,272,485	)
Net Assets
At beginning of year	$	103,205,036		$	118,477,521
At end of year	$	110,130,922		$	103,205,036

10 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Financial Highlights

	Class F
	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	16.49		$	18.18		$	16.52		$	15.50		$	16.01
Income (Loss) From Operations
Net investment income (1)	$	0.29		$	0.27		$	0.23		$	0.24		$	0.23
Net realized and unrealized gain (loss)		2.49			(1.26	)		1.77			0.78			(0.42	)
Total income (loss) from operations	$	2.78		$	(0.99	)	$	2.00		$	1.02		$	(0.19	)
Less Distributions
From net investment income	$	(0.28	)	$	(0.25	)	$	(0.23	)	$	—	(2)	$	(0.22	)
From net realized gain		(0.13	)		(0.45	)		(0.11	)		—	(2)		(0.10	)
Total distributions	$	(0.41	)	$	(0.70	)	$	(0.34	)	$	—	(2)	$	(0.32	)
Net asset value — End of year	$	18.86		$	16.49		$	18.18		$	16.52		$	15.50
Total Return (3)		17.02	%		(5.73	)%		12.16	%		6.61	%		(1.22	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	110,131		$	103,205		$	118,478		$	110,067		$	96,245
Ratios (as a percentage of average daily net assets): (4)(5)
Total expenses		0.90	%		0.89	%		0.89	%		0.90	%		0.88	%
Net expenses		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income		1.63	%		1.51	%		1.33	%		1.48	%		1.42	%
Portfolio Turnover		6	%		11	%		9	%		10	%		21	%

⁽¹⁾ Computed using average shares outstanding.

⁽²⁾ Amount is less than $(0.005).

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower.

⁽⁴⁾ Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

⁽⁵⁾ Amounts do not include the expenses of the Underlying Funds.

11 See Notes to Financial Statements.

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Calvert VP Volatility Managed Moderate Portfolio (the Fund) is a diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to pursue current income and modest growth potential consistent with preservation of capital, while seeking to manage overall portfolio volatility. The Fund invests primarily in exchange-traded funds representing a broad range of asset classes (the Underlying Funds).

Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Fund offers Class F shares.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A  Investment Valuation — Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

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

Level 1 - quoted prices in active markets for identical securities

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

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

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

Valuation techniques used to value the Fund’s investments by major category are as follows:

Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	103,698,200	$	—	$	—	$	103,698,200
Total Investments	$	103,698,200	$	—	$	—	$	103,698,200
Futures Contracts	$	125,828	$	—	$	—	$	125,828
Total	$	103,824,028	$	—	$	—	$	103,824,028

12

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Notes to Financial Statements — continued

B  Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Distributions from the Underlying Funds are recorded on the ex-dividend date. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds.

C  Futures Contracts — The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

D  Distributions to Shareholders — Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

E  Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Federal Income Taxes — No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

2  Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.42% of the Fund’s average daily net assets. For the year ended December 31, 2019, the investment advisory fee amounted to $454,617.

Ameritas Investment Partners, Inc. (AIP) and Milliman Financial Risk Management LLC provide sub-advisory services to the Fund pursuant to sub-advisory agreements with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee.

CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.83% of the Fund’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2020. For the year ended December 31, 2019, CRM waived or reimbursed expenses of $69,608.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets and is payable monthly. For the year ended December 31, 2019, CRM was paid administrative fees of $129,891.

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2019 amounted to $270,606 for Class F shares.

13

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Notes to Financial Statements — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, sub-transfer agency fees and expenses incurred to EVM amounted to $91 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $142,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $20,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM’s Chief Executive Officer and four additional members. Each member (other than CRM’s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds’ former investment adviser and Ameritas Holding Company, CIM’s parent company, through the end of 2019. For the year ended December 31, 2019, the Fund’s allocated portion of such expense and reimbursement was $2,455, which are included in miscellaneous expense and reimbursement of expenses - other, respectively, on the Statement of Operations.

3  Shareholder Servicing Plan

The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2019, no expenses were incurred under the Servicing Plan.

4  Investment Activity

During the year ended December 31, 2019, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $6,089,627 and $15,649,499, respectively.

5  Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	1,673,566	$	2,102,260
Long-term capital gains	$	736,698	$	2,213,036

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	1,948,894
Undistributed long-term capital gains	$	2,079,116
Net unrealized appreciation	$	15,669,377

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$88,028,823
Gross unrealized appreciation	$	15,669,377
Gross unrealized depreciation		—
Net unrealized appreciation	$	15,669,377

14

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Notes to Financial Statements — continued

6   Financial Instruments

A summary of futures contracts outstanding at December 31, 2019 is included in the Schedule of Investments. During the year ended December 31, 2019, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund’s investments and to adjust the Fund’s overall equity exposure in an effort to stabilize portfolio volatility around a target level.

At December 31, 2019, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk was as follows:

Derivative	Statement of Assets and Liabilities Caption		Assets			Liabilities
Futures contracts		Distributable earnings	$	125,828	(1)	$	—

⁽¹⁾   Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended December 31, 2019 was as follows:

	Statement of Operations Caption
Derivative	Net realized gain (loss) on futures contracts		Change in unrealized appreciation (depreciation) on futures contracts
Futures contracts	$	383,873	$	(201,277	)

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended December 31, 2019 was approximately $6,784,000 and $1,644,000, respectively.

7   Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent on the basis of agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

The Fund did not have any securities on loan at December 31, 2019.

8   Line of Credit

Effective October 29, 2019, the Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 27, 2020. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

15

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Notes to Financial Statements — continued

Prior to October 29, 2019, the Fund participated with other funds managed by CRM in a $100 million ($62.5 million prior to June 21, 2019) committed line of credit agreement with SSBT, which was terminated by the Calvert funds. Borrowings bore interest at the higher of the one-month London Interbank Offered Rate (LIBOR) in effect that day or the overnight Federal Funds rate, plus 1.00% per annum. A commitment fee of 0.20% per annum was incurred on the unused portion of the committed facility, which was allocated to all participating funds.

The Fund had no borrowings pursuant to its lines of credit during the year ended December 31, 2019.

9  Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 100,000,000 common shares, $0.10 par value.

Transactions in capital shares for the years ended December 31, 2019 and December 31, 2018 were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class F
Shares sold		59,653		$	1,048,610			113,620		$	2,049,417
Reinvestment of distributions		135,713			2,410,264			243,252			4,315,296
Shares redeemed		(614,232	)		(11,030,052	)		(615,999	)		(10,947,087	)
Net decrease		(418,866	)	$	(7,571,178	)		(259,127	)	$	(4,582,374	)

At December 31, 2019, separate accounts of an insurance company that is an affiliate of AIP owned 100% of the value of the outstanding shares of the Fund.

16

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Calvert Variable Products, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Calvert VP Volatility Managed Moderate Portfolio (the Fund), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2019, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, 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 five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Calvert Funds since 2002.

Philadelphia, Pennsylvania

February 19, 2020

17

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Federal Tax Information (Unaudited)

As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of the dividends received deduction for corporations and capital gains dividends.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 20.16% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2019, $2,079,429 or, if subsequently determined to be different, the net capital gain of such year.

18

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Management and Organization

Fund Management. The Directors of Calvert Variable Products, Inc. (the Corporation) are responsible for the overall management and supervision of the Corporation’s affairs. The Directors and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund’s current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance upon a Board member’s retirement. The “Independent Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Director and officer, with the exception of Ms. Gemma and Mr. Kirchner, is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009. As used below, “CRM” refers to Calvert Research and Management. Each Director oversees 39 funds in the Calvert fund complex. Each officer serves as an officer of certain other Calvert funds.

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1) 1960	Director and President	2015	President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015-December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015-December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015-April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc.
Independent Directors
Richard L. Baird, Jr. 1948	Director	2016	Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None.
Alice Gresham Bullock 1950	Chair and Director	2016 (Chair); 2008 (Director)	Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None.
Cari M. Dominguez 1949	Director	2016	Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.(2) 1948	Director	2016	President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III 1962	Director	2016	Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management).
Joy V. Jones 1950	Director	2016	Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation.

19

Calvert

VP Volatility Managed Moderate Portfolio

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position with the Corporation	Position Start Date	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Independent Directors (continued)
Anthony A. Williams 1951	Director	2016	CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/ Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization).
Name and Year of Birth	Position(s) with the Corporation	Position Start Date	Principal Occupation(s) During Past Five Years
Principal Officers who are not Directors
Hope L. Brown 1973	Chief Compliance Officer	2014	Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014).
Maureen A. Gemma(3) 1960	Vice President, Secretary and Chief Legal Officer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.
James F. Kirchner(3) 1967	Treasurer	2016	Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 159 registered investment companies advised or administered by Eaton Vance.

⁽¹⁾  Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.

⁽²⁾ Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019.

⁽³⁾  The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110.

The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.

20

Calvert Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-368-2745.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Calvert funds’ website at www.calvert.com, by calling Calvert funds at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

21

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Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Advisers

Ameritas Investment Partners, Inc.

5945 R Street

Lincoln, NE 68505

Milliman Financial Risk Management LLC

71 South Wacker Drive, 31^st Floor

Chicago, IL 60606

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

Printed on recycled paper.

24233    12.31.19

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

(a) –(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended December 31, 2018 and December 31, 2019 by KPMG for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by KPMG during such periods.

Fiscal Years Ended	12/31/18		%*			12/31/19		%*
Audit Fees	$	180,007		0	%	$	200,850		0	%
Audit-Related Fees(1)	$	0		0	%	$	0		0	%
Tax Fees(2)	$	31,950		0	%	$	34,650		0	%
All Other Fees(3)	$	0		0	%	$	0		0	%
Total	$	211,957		0	%	$	235,500		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 minimus waiver of Committee’s requirement to pre-approve).

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

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

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

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

(f) Not applicable.

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

Fiscal Year ended 12/31/18		Fiscal Year ended 12/31/19
$	%*	$	%*
$31,950	0%	$34,650	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 minimus waiver of Committee’s requirement to pre-approve)

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

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

(b)    There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

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

CALVERT VARIABLE PRODUCTS, INC.
By:	/s/ John H. Streur
	John H. Streur
	President
Date:	February 24, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	February 24, 2020

By:	/s/ John H. Streur
	John H. Streur
	President
Date:	February 24, 2020

EX-99.CERT

CALVERT VARIABLE PRODUCTS, INC.

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1.    I have reviewed this report on Form N-CSR of CALVERT VARIABLE PRODUCTS, INC.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2020	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

CALVERT VARIABLE PRODUCTS, INC.

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, John H. Streur, certify that:

1.    I have reviewed this report on Form N-CSR of CALVERT VARIABLE PRODUCTS, INC.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 24, 2020	/s/ John H. Streur
	John H. Streur
	President

EX-99.906CERT

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of CALVERT VARIABLE PRODUCTS, INC. (the “Corporation”), that:

(a) The Annual Report of the Corporation on Form N-CSR for the period ended December 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Corporation for such period.

A signed original of this written statement required by section 906 has been provided to the Corporation and will be retained by the Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

CALVERT VARIABLE PRODUCTS, INC.

Date: February 24, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: February 24, 2020

/s/ John H. Streur

John H. Streur

President