UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04000

CALVERT VARIABLE PRODUCTS, INC.
(Exact name of registrant as specified in charter)

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

William M. Tartikoff, Esq.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31

Date of reporting period: Year ended December 31, 2010

Item 1. Report to Stockholders.

Calvert VP SRI Large
Cap Value Portfolio

Annual Report
December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

7 Shareholder Expense Example

8 Report of Independent Registered Public Accounting Firm

9 Statement of Net Assets

12 Statement of Operations

13 Statements of Changes in Net Assets

14 Notes to Financial Statements

19 Financial Highlights

21 Explanation of Financial Tables

22 Proxy Voting and Availability of Quarterly Portfolio Holdings

23 Basis for Board’s Approval of Investment Advisory Contract

26 Director and Officer Information Table

Calvert VP SRI Large Cap Value Portfolio

Portfolio within Calvert Variable Products, Inc.

Managed by Calvert Asset Management Company, Inc.

Performance

Calvert VP SRI Large Cap Value Portfolio returned a solid 11.60% for the 12-month period ended December 31, 2010, while the benchmark Russell 1000 Value Index returned 15.51%. The relative underperformance was largely due to stock selection in the Energy, Information Technology, and Consumer Discretionary sectors.

Investment Climate

Unemployment started the year at 10% and stayed elevated all year. The gross domestic product (GDP) growth rate began the year at nearly 5%, but tapered down to around 2% mid year, which kept businesses from hiring. Industrial production was one bright spot, however, as companies had to replenish inventories that had been drawn down the prior year and a declining dollar value boosted demand for our exports.

Major economic troubles started to unfold in the second quarter of 2010--Greece’s debt situation, the Gulf of Mexico oil spill, the sudden drop and rebound in the equities markets in May (also known as the “flash crash”), and more debt woes in Spain and Hungary. All in all it was a very eventful quarter for investors.

The capping of the Gulf of Mexico oil well in the third quarter coincided with other positive economic news. The banking system began to recover, as Wells Fargo announced its loan quality was better than expected. The lengthy period of high unemployment sparked some changes in President Obama’s team of economic advisors and compelled the Federal Reserve to announce another $600 billion for quantitative easing efforts. And Americans voted for change in the November elections, as Republicans regained control of the House of Representatives.

Fortunately, the combination of economic weakness and heightened cautiousness by investors led to lower long-term interest rates, which both companies and countries took advantage of by issuing 100-year bonds. The fact that most major banks have announced plans to raise their dividends should brighten the outlook for 2011, as it signifies balance

Calvert VP SRI Large Cap Value Portfolio^*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return

(period ended 12.31.10)

One year	11.60%
Five year	1.12%
Ten year	4.17%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions.The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

sheet health and puts cash back into the hands of investors.

Also, major companies have started approving employee pay raises again, although the Obama administration has capped the salaries of federal government employees for two years. Dividend growth coupled with private sector wage growth and some limitations on federal spending should all be positives for the economy heading into 2011.

	% of Total
Economic Sectors	Investments
Consumer Discretionary	7.0%
Consumer Staples	9.6%
Energy	14.2%
Financials	26.5%
Health Care	11.0%
Industrials	7.6%
Information Technology	12.0%
Materials	2.2%
Telecommunication Services	5.8%
Utilities	4.1%
Total	100%

Portfolio Strategy

Performance of the Telecommunications, Materials, and Utilities sectors contributed to returns. However, stock selection in the Energy, Information Technology, and Consumer Discretionary sectors more than offset that, leading to the Portfolio’s underperformance.

Detractors from Performance

The fund’s top three detractors from performance were the Energy, Information Technology, and Consumer Discretionary sectors. Energy was the biggest negative during the year, primarily due to the hit our holding in BP took after the Gulf of Mexico oil spill. We sold the holding in June, as the well had still not been capped and the potential legal liabilities from the spill were still unknown. However, investments in Exxon Mobil, ConocoPhillips, and Anadarko Petroleum helped offset some of the losses.

Poor stock selection in Information Technology also hurt performance as Cisco Systems, Nokia, and Microsoft were in the bottom 10 of contributors to Portfolio’s returns. An overweight in Tyco Electronics helped partially offset some of the losses. During the second half of the year, we increased our exposure to the sector as valuations became more compelling.

Finally, the lack of exposure to the outperforming Hotels, Restaurants, & Leisure, and Auto Components sub-sectors in Consumer Discretionary also hurt performance. Poor stock selection in the Media sub-sector, an overweight position in News Corp., and the lack of exposure to outperformers such as Time Warner Cable and Viacom also weighed on returns.

contrIbutors to Performance

The Portfolio’s top performing sectors included Telecommunications, Materials, and Utilities. An overweight to the outperforming Telecommunications sector, as well as strong relative stock selection--especially overweights in Frontier and Verizon--helped returns.

Our investment in Materials also outperformed. Specifically, Newmont Mining outperformed as gold prices hit new highs throughout the year. We also profited from a lack of exposure to the weak Construction Materials sub-sector. An underweight to the underperforming Utilities sector also added to returns, as did a lack of exposure to the Multi-Utilities and Independent Power Producers sub-sectors.

In 2010, fears of an impending “double dip” recession led investors to bid up the prices of some extremely defensive holdings--essentially, companies with assured demand regardless of economic growth. As a result, we locked in the gains by selling Kraft, Kroger, and Southern Electric to reinvest in less defensive companies.

We also added Diamond Offshore, Merck, and Hewlett-Packard to the Portfolio, and bought Hartford to partake in the insurance industry’s recovery. These transactions are indicative of our philosophy--to take advantage of excessive market pessimism to add to high quality names and to sell holdings that have already become highly valued and appear to have limited upside.

outlook

The U.S. economy has weathered many negatives over the past few years. It appears that most signs point to a long-awaited recovery, which should lead to more spending and positive economic growth that can be used to reduce the budget deficit. The Federal Reserve’s efforts should generate some loan growth in the private sector, increasing short-term interest rates. However, the equity markets can still do well in this environment as investors who abandoned equities for fixed-income securities over the last few years return.

Given the impending return of job growth to fuel volume growth and pricing power, equities still have an opportunity to provide good returns. Another important valuation yardstick is the disparity between fixed-income securities and stocks issued by the same company. Quite a few holdings took advantage of the extremely low interest rates to issue bonds at rates below dividend yields, which, for most companies, are secure and growing. Therefore, the valuation of equities versus bonds, expectation of more pro-business political policies, and a more secure economic outlook underpin our optimistic outlook for 2011.

January 2011

As of December 31, 2010, the following companies represented the following percentages of Portfolio net assets: Wells Fargo 2.05%, Kraft 0%, Kroger 0%, Southern Electric 0%, Diamond Offshore 2.10%, Merck 1.18%, Hewlett-Packard 1.74%, Hartford 1.86%, BP 0%, Exxon-Mobile 2.21%, ConocoPhillips 2.12%, Andarko Petroleum 0.83%, Cisco 1.47%, Nokia 1.00%, Microsoft 2.05%, Tyco Electronics 1.31%, News Corp. 1.76%, Time Warner Cable 1.48%, Viacom 0%, Frontier 1.59%, Verizon 1.73% and Newmont Mining 0.74%. Portfolio holdings are subject to change at any time.

SHAREHOLDER EXPENSE EXAMPLE

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

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		BegInnIng		Ending		Expenses Paid
		Account value		Account value		During Period*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,206.80	$	4.12

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.48	$	3.77

* Expenses are equal to the Fund’s annualized expense ratio of .74%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP SRI Large Cap Value Portfolio (formerly, the Summit Zenith Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with custodians and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP SRI Large Cap Value Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG, LLP

Philadelphia, Pennsylvania
February 25, 2011

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 8


STATEMENT OF NET ASSETS
DECEMBER 31, 2010

EQUITY SECURITIES - 97.7%	shares		value
Beverages - 1.3%
Coca-Cola Co.	33,700	$	2,216,449

Capital Markets - 7.4%
AllianceBernstein Holding LP*	77,900		1,817,407
Bank of New York Mellon Corp	127,558		3,852,252
Goldman Sachs Group, Inc	11,500		1,933,840
Legg Mason, Inc.	42,900		1,555,983
Morgan Stanley	109,700		2,984,937
			12,144,419

Chemicals - 1.5%
Dow Chemical Co.	70,400		2,403,456

Commercial Banks - 3.9%
US Bancorp	113,600		3,063,792
Wells Fargo & Co	108,900		3,374,811
			6,438,603

Communications Equipment - 3.5%
Cisco Systems, Inc.*	119,800		2,423,554
Motorola, Inc.*	186,000		1,687,020
Nokia Oyj (ADR)	159,600		1,647,072
			5,757,646

Computers & Peripherals - 1.7%
Hewlett-Packard Co	68,100		2,867,010

Consumer Finance - 1.6%
Discover Financial Services	142,600		2,642,378

Diversified Financial Services - 6.3%
Bank of America Corp.	270,384		3,606,922
CME Group, Inc.	10,300		3,314,025
JPMorgan Chase & Co.	81,504		3,457,400
			10,378,347

Diversified Telecommunication Services - 5.6%
AT&T, Inc.	129,100		3,792,958
Frontier Communications Corp	269,977		2,626,876
Verizon Communications, Inc.	79,900		2,858,822
			9,278,656

Electric Utilities - 4.0%
Duke Energy Corp	172,244		3,067,666
Exelon Corp	84,900		3,535,236
			6,602,902

EQUITY SECURITIES - CONT’D	shares		value
Electrical Equipment - 1.3%
Emerson Electric Co.	37,600	$	2,149,592

Electronic Equipment & Instruments - 1.3%
Tyco Electronics Ltd.	61,025		2,160,285

Energy Equipment & Services - 2.1%
Diamond Offshore Drilling, Inc.	51,900		3,470,553

Food & Staples Retailing - 4.7%
CVS Caremark Corp.	85,400		2,969,358
Walgreen Co.	45,100		1,757,096
Wal-Mart Stores, Inc.	55,300		2,982,329
			7,708,783

Food Products - 1.7%
Unilever NV, NY Shares	89,500		2,810,300

Health Care Equipment & Supplies - 1.7%
Covidien plc	61,625		2,813,797

Health Care Providers & Services - 1.8%
WellPoint, Inc.*	53,400		3,036,324

Household Durables - 1.3%
Sony Corp. (ADR)	57,600		2,056,896

Household Products - 1.7%
Procter & Gamble Co	43,000		2,766,190

Industrial Conglomerates - 6.1%
3M Co.	40,600		3,503,780
General Electric Co	194,200		3,551,918
Tyco International Ltd	72,625		3,009,580
			10,065,278

Insurance - 6.7%
Berkshire Hathaway, Inc., Class B*	34,650		2,775,812
Hartford Financial Services Group, Inc	115,800		3,067,542
MetLife, Inc.	61,300		2,724,172
Travelers Co.’s, Inc.	45,000		2,506,950
			11,074,476

Internet Software & Services - 1.2%
Google, Inc.*	3,400		2,019,498

IT Services - 1.9%
International Business Machines Corp.	21,400		3,140,664

Media - 5.6%
CBS Corp., Class B	125,074		2,382,660
Comcast Corp	37,700		828,269
Gannett Co., Inc	42,600		642,834
News Corp., Class B	176,300		2,894,846
Time Warner, Inc.	75,966		2,443,826
			9,192,435

EQUITY SECURITIES - CONT’D	shares		value
Metals & Mining - 0.7%
Newmont Mining Corp	19,900	$	1,222,457

Oil, Gas & Consumable Fuels - 11.8%
Anadarko Petroleum Corp.	18,000		1,370,880
ConocoPhillips	51,442		3,503,200
Devon Energy Corp.	37,600		2,951,976
Exxon Mobil Corp	49,800		3,641,376
Marathon Oil Corp	71,200		2,636,536
Royal Dutch Shell plc (ADR)	49,300		3,292,254
Spectra Energy Corp.	79,472		1,986,005
			19,382,227

Pharmaceuticals - 7.2%
GlaxoSmithKline plc (ADR)	70,900		2,780,698
Johnson & Johnson	52,900		3,271,865
Merck & Co., Inc.	54,000		1,946,160
Pfizer, Inc	222,300		3,892,473
			11,891,196

Software - 2.1%
Microsoft Corp.	121,200		3,383,904

Total Equity Securities (Cost $166,393,547)			161,074,721


TOTAL INVESTMENTS (Cost $166,393,547) - 97.7%			161,074,721
Other assets and liabilities, net - 2.3%			3,787,978
net assets - 100%		$	164,862,699


net assets consIst of:
Paid-in capital applicable to 2,467,196 shares of common stock outstanding;
$0.10 par value, 40,000,000 shares authorized		$	209,038,785
Undistributed net investment income			699,275
Accumulated net realized gain (loss) on investments			(39,556,535	)
Net unrealized appreciation (depreciation) on investments			(5,318,826	)


net assets		$	164,862,699

net asset value Per share		$	66.82

*Non-income producing security.

Abbreviations:
ADR: American Depositary Receipt
LP: Limited Partnership

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010

net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $63,988)	$	4,030,999
Interest income		3,728
Total investment income		4,034,727

Expenses:
Investment advisory fee		1,059,138
Transfer agency fees and expenses		1,661
Directors’ fees and expenses		20,885
Administrative fees		165,490
Accounting fees		26,042
Custodian fees		19,308
Reports to shareholders		48,472
Professional fees		34,497
Miscellaneous		12,247
Total expenses		1,387,740
Reimbursement from Advisor		(161,909	)
Fees paid indirectly		(1,203	)
Net expenses		1,224,628


net Investment Income		2,810,099

realIzeD anD unrealIzeD gaIn (loss) on Investments
Net realized gain (loss)		(7,931,513	)
Change in unrealized appreciation (depreciation)		21,738,907


net realIzeD anD unrealIzeD gaIn (loss) on Investments		13,807,394

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

See notes to financial statements.


STATEMENTS OF CHANGES IN NET ASSETS

		year ended			year ended
		December 31,			December 31,
Increase (Decrease) In net assets		2010			2009
Operations:
Net investment income	$	2,810,099		$	3,326,340
Net realized gain (loss) on investments		(7,931,513	)		(29,235,023	)
Change in unrealized appreciation (depreciation)		21,738,907			62,691,043


Increase (Decrease) In net assets
resultIng from oPeratIons		16,617,493			36,782,360

Distributions to shareholders from:
Net investment income		(2,397,775	)		(3,261,948	)
Net realized gain		—			(354,426	)
Total distributions		(2,397,775	)		(3,616,374	)


Capital share transactions:
Shares sold		8,141,260			14,172,390
Reinvestment of distributions		2,397,769			3,616,370
Shares redeemed		(37,959,221	)		(17,316,930	)
Total capital share transactions		(27,420,192	)		471,830


total Increase (Decrease) In net assets		(13,200,474	)		33,637,816


net assets
Beginning of year		178,063,173			144,425,357
End of year (including undistributed net investment income of $699,275 and $318,385, respectively)	$	164,862,699		$	178,063,173



caPItal share actIvIty
Shares sold		130,608			289,892
Reinvestment of distributions		35,965			59,072
Shares redeemed		(630,216	)		(338,718	)
Total capital share activity		(463,643	)		10,246

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. At December 31, 2010, no securities were fair valued under the direction of the Board of Directors.

The Portfolio utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

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

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

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

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For additional information on the Portfolio’s policy regarding valuation of investments, please refer to the Portfolio’s most recent prospectus.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon Inputs
Investments In securItIes		level 1	level 2	level 3		total
Equity securities*	$	161,074,721	—	—	$	161,074,721
TOTAL	$	161,074,721	—	—	$	161,074,721

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

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

Foreign Currency Transactions: The Portfolio’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities is included with the net realized and unrealized gain or loss on investments.

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

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

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

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

New Accounting Pronouncements:

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 requires reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measures. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .64% of the Portfolio’s average daily net assets. Under the terms of the agreement, $88,095 was payable at year end. In addition, $21,353 was payable at year end for operating expenses paid by the Advisor during December 2010.

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

Calvert Administrative Services Company (“CASC”), an affiliate of the Advisor, provides administrative services for the Portfolio. For its services, CASC receives an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $13,780 was payable at year end.

Calvert Shareholder Services, Inc. (“CSSI”), a subsidiary of Calvert, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $64 for the year ended December 31, 2010. Under the terms of the agreement, $5 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Each Director of the Fund who is not an employee of the Advisor or its affiliates receives a fee of $1,500 for each Board and Committee meeting attended plus an annual fee of $30,000 ($20,000 prior to April 1, 2010). Committee chairs receive an additional $5,000 annual retainer. Director’s fees are allocated to each of the portfolios served.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $42,129,883 and $67,196,891, respectively.

CAPITAL LOSS CARRYFORWARDS

EXPIRATION DATE
31-Dec-15	($ 2,277,422	)
31-Dec-17	(29,115,098	)
31-Dec-18	(7,929,337	)

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

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	2,397,775	$	3,261,948
Long term capital gain		—		354,426
Total	$	2,397,775	$	3,616,374

As of December 31, 2010, the tax basis components of distributable earnings / (accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$	14,371,231
Unrealized (depreciation)		(19,924,735	)
Net unrealized appreciation/(depreciation)	($	5,553,504	)

Undistributed ordinary income	$	699,275
Capital loss carryforward	($	39,321,857	)
Federal income tax cost of investments	$	166,628,225

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

Undistributed net investment income	($ 31,434	)
Accumulated net realized gain (loss)	53,862
Paid-in capital	(22,428	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:

	weIghted		Month of
Average	Average	MaxImum	MaxImum
DaIly	Interest	Amount	Amount
Balance	Rate	Borrowed	BorroweD
$52,921	1.55%	$1,018,405	July 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 100% of the ordinary dividends paid during the year as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.


FINANCIAL HIGHLIGHTS

	years ended
		December 31,			December 31,			December 31,
		2010	*(z)*		2009			2008
Net asset value, beginning	$	60.76		$	49.45		$	92.96
Income from investment operations:
Net investment income		1.05			1.16			.61
Net realized and unrealized gain (loss)		6.00			11.41			(34.05	)
Total from investment operations		7.05			12.57			(33.44	)
Distributions from:
Net investment income		(.99	)		(1.14	)		(1.95	)
Net realized gain		—			(.12	)		(8.12	)
Total distributions		(.99	)		(1.26	)		(10.07	)
Total increase (decrease) in net asset value		6.06			11.31			(43.51	)
Net asset value, ending	$	66.82		$	60.76		$	49.45

Total return*		11.60	%		25.40	%		(39.49	%)
Ratios to average net assets: A
Net investment income		1.70	%		2.19	%		2.14	%
Total expenses		.84	%		.85	%		.90	%
Expenses before offsets		.74	%		.74	%		.90	%
Net expenses		.74	%		.74	%		.90	%
Portfolio turnover		27	%		29	%		34	%
Net assets, ending (in thousands)	$	164,863		$	178,063		$	144,425


					years ended
					December 31,			December 31,
					2007			2006
Net asset value, beginning				$	101.12		$	91.78
Income from investment operations:
Net investment income					1.64			1.42
Net realized and unrealized gain (loss)					(.06	)		18.02
Total from investment operations					1.58			19.44
Distributions from:
Net investment income					(1.42	)		(1.42	)
Net realized gain					(8.32	)		(8.68	)
Total distributions					(9.74	)		(10.10	)
Total increase (decrease) in net asset value					(8.16	)		9.34
Net asset value, ending				$	92.96		$	101.12

Total return*					1.40	%		23.12	%
Ratios to average net assets: A
Net investment income					1.61	%		1.57	%
Total expenses					.87	%		.88	%
Expenses before offsets					.87	%		.88	%
Net expenses					.87	%		.88	%
Portfolio turnover					42	%		61	%
Net assets, ending (in thousands)				$	58,157		$	62,428

See notes to financial highlights.

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


See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

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

STATEMENT OF ASSETS AND LIABILITIES

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

STATEMENT OF NET ASSETS

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

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

STATEMENT OF OPERATIONS

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

STATEMENT OF CHANGES IN NET ASSETS

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

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

FINANCIAL HIGHLIGHTS

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

PROXY VOTING

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

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

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

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

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Fund and the Advisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies, as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board also took into account the environmental, social, sustainability and governance research and analysis provided by the Advisor to the Portfolio. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

ing, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer group for the one-year period ended June 30, 2010 and below the median of its peer group for the three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and management’s continued monitoring of the Portfolio’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

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

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

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Directors, did not iden-

tify any single factor as controlling, and each Director may have attributed different weight to various factors.

CONCLUSIONS

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

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

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

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

Director and Officer Information Table

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
TRACI L. GOLDT AGE: 37	Assistant Secretary	2004 CVS 2008 CVP	Executive Assistant to General Counsel, Calvert Group, Ltd.
GREGORY B. HABEEB AGE: 61	Vice President	2004 CVS 2008 CVP	Senior Vice President of Calvert Asset Management Company, Inc.
HUI PING HO, CPA Age: 46	Assistant Treasurer	2000 CVS 2008 CVP	Tax Compliance Manager of Calvert Group, Ltd.
LANCELOT A. KING, Esq. AGE: 40	Assistant Vice President & Assistant Secretary	2002 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.
edith lillie aGE: 54	Assistant Secretary	2007 CVS 2008 CVP	Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.
AUGUSTO DIVO MACEDO, Esq. AGE: 48	Assistant Vice President & Assistant Secretary	2007 CVS 2008 CVP	Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.
JANE B. MAXWELL Esq. AGE: 58	Assistant Vice President & Assistant Secretary	2005 CVS 2008 CVP	Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

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

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

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

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

Calvert VP S&P 500

Index Portfolio

(formerly, Summit S&P 500 Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

6 Shareholder Expense Example

7 Report of Independent Registered Public Accounting Firm

8 Statement of Net Assets

23 Statement of Operations

24 Statements of Changes in Net Assets

25 Notes to Financial Statements

31 Financial Highlights

33 Explanation of Financial Tables

34 Proxy Voting

35 Availability of Quarterly Portfolio Holdings

35 Basis for Board’s Approval of Investment Advisory Contracts

39 Director and Officer Information Table

CALVERT VP S&P 500 INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP S&P 500 Index Portfolio returned 14.69%. Its benchmark, the Standard & Poor’s (S&P) 500 Index, returned 15.06% for the period. The portfolio’s relative underperformance was largely attributable to operating expenses.

Investment clImate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about the stability of European financial markets intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve had announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Calvert VP S&P 500 Index Portfolio^*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return

(period ended 12.31.10)

One year	14.69%
Five year	1.99%
Ten Year	1.01%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

PortfolIo strategy

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the S&P 500 Index. The index includes 500 of the largest companies in the United States with a total market capitalization of more than $11 trillion. It is widely accepted as a proxy for the performance of stock markets in the United States. The companies in the S&P 500 delivered strong returns during 2010.

Over the full year, the top-performing sectors of the S&P 500 Index, including dividend reinvestment, were Consumer Discretionary (up 27.8%), Industrials (up 26.7%), and Materials (up 22.3%). The worst-performing sectors included Healthcare (up 2.9%), Utilities (up 5.5%), and Information Technology (up 10.2%).

At year-end, the S&P 500 Index was most heavily invested in Information Technology (19.0%) and Financial (16.2%) companies. Other sectors of significant weight included Energy (12.1%), Healthcare (11.0%), and Industrials (11.0%). The Index had the lowest exposure to companies in the Telecommunication Services (3.0%) and Utilities (3.3%) sectors.

The portfolio continued to meet its investment objective of closely tracking the total return of the index. The portfolio fully replicates the S&P 500 Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the portfolio to hold a slightly different weighting than the index. The S&P 500 Index is not a mutual fund and direct investment in it is not possible. Unlike the Index, the portfolio incurs operating expenses. During 2010, the portfolio’s slight underperformance was largely attributable to these expenses.

	% of Total
Economic Sectors	Investments

Consumer Discretionary	10.3%
Consumer Staples	10.3%
Energy	11.5%
Exchange Traded Funds	1.4%
Financials	15.4%
Government	2.3%
Health Care	10.4%
Industrials	10.6%
Information Technology	18.0%
Materials	3.6%
Telecommunication Services	3.0%
Utilities	3.2%
Total	100%

outlook

During 2011, we expect to see increased growth in the U.S. and in global economies. We also anticipate that corporate earnings generally will improve. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends. Merger and acquisition (M&A) activity will likely increase during 2011 as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

The equity market will face challenges during the year. Weakness in Europe is likely to persist into 2011, which may negatively affect companies that depend on European markets. Chronically high unemployment in the United States, as well as growing budget deficits at the federal, state, and local levels, may limit domestic economic growth. Finally, the possibility of rising interest rates may negatively affect price-to-earnings multiples in the equity markets.

January 2011

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes

		Beginning		EndIng		Expenses Paid
		Account value		Account value		DurIng PerIod*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,230.50	$	2.14

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,023.29	$	1.94

* Expenses are equal to the Fund’s annualized expense ratio of 0.38%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP S&P 500 Index Portfolio (formerly, the Summit S&P 500 Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP S&P 500 Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010

EQUITY SECURITIES - 96.4%	shares		value
Aerospace & Defense - 2.6%
General Dynamics Corp.	7,560	$	536,458
Goodrich Corp.	2,490		219,294
Honeywell International, Inc.	15,530		825,575
ITT Corp.	3,645		189,941
L-3 Communications Holdings, Inc.	2,275		160,365
Lockheed Martin Corp.	5,908		413,028
Northrop Grumman Corp.	5,847		378,769
Precision Castparts Corp.	2,827		393,547
Raytheon Co.	7,257		336,289
Rockwell Collins, Inc.	3,124		182,004
The Boeing Co.	14,540		948,880
United Technologies Corp.	18,470		1,453,958
			6,038,108

Air Freight & Logistics - 1.1%
C.H. Robinson Worldwide, Inc.	3,297		264,386
Expeditors International of Washington, Inc.	4,216		230,194
FedEx Corp.	6,250		581,313
United Parcel Service, Inc., Class B	19,690		1,429,100
			2,504,993

Airlines - 0.1%
Southwest Airlines Co.	14,836		192,571

Auto Components - 0.2%
Goodyear Tire & Rubber Co.*	4,829		57,224
Johnson Controls, Inc.	13,382		511,192
			568,416

Automobiles - 0.6%
Ford Motor Co.*	74,554		1,251,762
Harley-Davidson, Inc.	4,679		162,221
			1,413,983

Beverages - 2.5%
Brown-Forman Corp., Class B	2,063		143,626
Coca-Cola Co.	46,222		3,040,021
Coca-Cola Enterprises, Inc.	6,736		168,602
Constellation Brands, Inc.*	3,522		78,012
Dr Pepper Snapple Group, Inc.	4,520		158,923
Molson Coors Brewing Co., Class B	3,141		157,647
PepsiCo, Inc.	31,619		2,065,670
			5,812,501

equIty securItIes - cont’d	shares		value
Biotechnology - 1.2%
Amgen, Inc.*	18,807	$	1,032,504
Biogen Idec, Inc.*	4,808		322,376
Celgene Corp.*	9,342		552,486
Cephalon, Inc.*	1,495		92,271
Genzyme Corp.*	5,064		360,557
Gilead Sciences, Inc.*	16,161		585,675
			2,945,869

Building Products - 0.0%
Masco Corp.	7,125		90,203

Capital Markets - 2.5%
Ameriprise Financial, Inc.	4,990		287,176
Bank of New York Mellon Corp.	24,692		745,698
Charles Schwab Corp.	19,700		337,067
ETrade Financial Corp.	4,151		66,416
Federated Investors, Inc., Class B	1,821		47,656
Franklin Resources, Inc.	2,912		323,844
Goldman Sachs Group, Inc.	10,177		1,711,364
Invesco Ltd.	9,306		223,902
Janus Capital Group, Inc.	3,994		51,802
Legg Mason, Inc.	3,070		111,349
Morgan Stanley	30,069		818,177
Northern Trust Corp.	4,812		266,633
State Street Corp.	9,972		462,102
T. Rowe Price Group, Inc.	5,095		328,831
			5,782,017

Chemicals - 2.0%
Air Products & Chemicals, Inc.	4,226		384,355
Airgas, Inc.	1,480		92,441
CF Industries Holdings, Inc.	1,413		190,967
Dow Chemical Co.	23,059		787,234
Eastman Chemical Co.	1,436		120,739
Ecolab, Inc.	4,637		233,797
EI Du Pont de Nemours & Co.	18,172		906,419
FMC Corp.	1,441		115,121
International Flavors & Fragrances, Inc.	1,588		88,277
Monsanto Co.	10,740		747,934
PPG Industries, Inc.	3,284		276,086
Praxair, Inc.	6,083		580,744
Sherwin-Williams Co.	1,795		150,331
Sigma-Aldrich Corp.	2,412		160,543
			4,834,988

Commercial Banks - 2.9%
BB&T Corp.	13,776		362,171
Comerica, Inc.	3,504		148,009
Fifth Third Bancorp	15,826		232,326
First Horizon National Corp.*	5,103		60,112
Huntington Bancshares, Inc.	17,244		118,466
KeyCorp	17,472		154,627

EQUITY SECURITIES - CONT’D	shares		value
Commercial Banks - Cont’d
M&T Bank Corp.	2,368	$	206,135
Marshall & Ilsley Corp.	10,508		72,715
PNC Financial Services Group, Inc.	10,440		633,917
Regions Financial Corp.	24,961		174,727
SunTrust Banks, Inc.	9,932		293,093
US Bancorp	38,118		1,028,043
Wells Fargo & Co.	104,482		3,237,897
Zions Bancorporation	3,445		83,472
			6,805,710

Commercial Services & Supplies - 0.5%
Avery Dennison Corp.	2,181		92,344
Cintas Corp.	2,646		73,982
Iron Mountain, Inc.	3,918		97,989
Pitney Bowes, Inc.	4,108		99,332
Republic Services, Inc.	6,090		181,847
RR Donnelley & Sons Co.	4,279		74,754
Stericycle, Inc.*	1,696		137,240
Waste Management, Inc.	9,489		349,860
			1,107,348

Communications Equipment - 2.1%
Cisco Systems, Inc.*	110,334		2,232,057
F5 Networks, Inc.*	1,609		209,427
Harris Corp.	2,564		116,149
JDS Uniphase Corp.*	4,408		63,828
Juniper Networks, Inc.*	10,332		381,457
Motorola, Inc.*	46,326		420,177
QUALCOMM, Inc.	32,202		1,593,677
Tellabs, Inc.	7,569		51,318
			5,068,090

Computers & Peripherals - 4.3%
Apple, Inc.*	18,260		5,889,946
Dell, Inc.*	33,625		455,619
EMC Corp.*	40,831		935,030
Hewlett-Packard Co.	45,069		1,897,405
Lexmark International, Inc.*	1,561		54,354
NetApp, Inc.*	7,097		390,051
QLogic Corp.*	2,173		36,984
SanDisk Corp.*	4,633		231,001
Western Digital Corp.*	4,558		154,516
			10,044,906

Construction & Engineering - 0.2%
Fluor Corp.	3,553		235,422
Jacobs Engineering Group, Inc.*	2,500		114,625
Quanta Services, Inc.*	4,191		83,485
			433,532

Construction Materials - 0.0%
Vulcan Materials Co.	2,550		113,118

EQUITY SECURITIES - CONT’D	shares		value
Consumer Finance - 0.7%
American Express Co.	20,800	$	892,736
Capital One Financial Corp.	9,078		386,360
Discover Financial Services	10,813		200,365
SLM Corp.*	9,653		121,531
			1,600,992

Containers & Packaging - 0.2%
Ball Corp.	1,820		123,851
Bemis Co., Inc.	2,169		70,840
Owens-Illinois, Inc.*	3,251		99,806
Sealed Air Corp.	3,172		80,727
			375,224

Distributors - 0.1%
Genuine Parts Co.	3,132		160,797

Diversified Consumer Services - 0.1%
Apollo Group, Inc.*	2,607		102,951
DeVry, Inc.	1,339		64,245
H&R Block, Inc.	6,132		73,032
			240,228

Diversified Financial Services - 4.1%
Bank of America Corp.	200,755		2,678,072
Citigroup, Inc.*	578,272		2,735,226
CME Group, Inc.	1,337		430,180
Intercontinental Exchange, Inc.*	1,471		175,270
JPMorgan Chase & Co.	77,816		3,300,955
Leucadia National Corp.	3,917		114,298
Moody’s Corp.	4,077		108,204
NYSE Euronext	5,179		155,266
The NASDAQ OMX Group, Inc.*	3,020		71,604
			9,769,075

Diversified Telecommunication Services - 2.7%
AT&T, Inc.	117,436		3,450,270
CenturyLink, Inc.	5,990		276,558
Frontier Communications Corp.	19,714		191,817
Qwest Communications International, Inc.	34,516		262,667
Verizon Communications, Inc.	56,179		2,010,084
Windstream Corp.	9,603		133,866
			6,325,262

Electric Utilities - 1.7%
Allegheny Energy, Inc.	3,516		85,228
American Electric Power Co., Inc.	9,529		342,853
Duke Energy Corp.	26,211		466,818
Edison International	6,476		249,974
Entergy Corp.	3,601		255,059
Exelon Corp.	13,137		547,025
FirstEnergy Corp.	6,057		224,230

EQUITY SECURITIES - CONT’D	shares		value
Electric Utilities - Cont’d
NextEra Energy, Inc.	8,262	$	429,541
Northeast Utilities	3,501		111,612
Pepco Holdings, Inc.	4,452		81,249
Pinnacle West Capital Corp.	2,247		93,138
PPL Corp.	9,590		252,409
Progress Energy, Inc.	5,817		252,923
Southern Co.	16,510		631,177
			4,023,236

Electrical Equipment - 0.5%
Emerson Electric Co.	14,954		854,920
Rockwell Automation, Inc.	2,820		202,222
Roper Industries, Inc.	1,872		143,077
			1,200,219

Electronic Equipment & Instruments - 0.4%
Amphenol Corp.	3,453		182,249
Corning, Inc.	31,028		599,461
FLIR Systems, Inc.*	3,143		93,504
Jabil Circuit, Inc.	4,017		80,702
Molex, Inc.	2,736		62,162
			1,018,078

Energy Equipment & Services - 2.1%
Baker Hughes, Inc.	8,568		489,833
Cameron International Corp.*	4,814		244,214
Diamond Offshore Drilling, Inc.	1,382		92,414
FMC Technologies, Inc.*	2,386		212,139
Halliburton Co.	18,103		739,145
Helmerich & Payne, Inc.	2,103		101,953
Nabors Industries Ltd.*	5,670		133,018
National Oilwell Varco, Inc.	8,328		560,058
Rowan Co.’s, Inc.*	2,619		91,429
Schlumberger Ltd.	27,155		2,267,444
			4,931,647

Food & Staples Retailing - 2.3%
Costco Wholesale Corp.	8,606		621,439
CVS Caremark Corp.	26,985		938,268
Kroger Co.	12,761		285,336
Safeway, Inc.	7,584		170,564
SUPERVALU, Inc.	4,582		44,125
Sysco Corp.	11,694		343,804
Walgreen Co.	18,428		717,955
Wal-Mart Stores, Inc.	38,998		2,103,162
Whole Foods Market, Inc.*	2,904		146,913
			5,371,566

EQUITY SECURITIES - CONT’D	shares		value
Food Products - 1.7%
Archer-Daniels-Midland Co.	12,709	$	382,287
Campbell Soup Co.	3,877		134,726
ConAgra Foods, Inc.	8,738		197,304
Dean Foods Co.*	3,917		34,626
General Mills, Inc.	12,764		454,271
H.J. Heinz Co.	6,330		313,082
Hershey Co.	3,071		144,798
Hormel Foods Corp.	1,377		70,585
J.M. Smucker Co.	2,375		155,919
Kellogg Co.	5,182		264,696
Kraft Foods, Inc.	34,665		1,092,294
McCormick & Co., Inc.	2,648		123,211
Mead Johnson Nutrition Co.	4,066		253,108
Sara Lee Corp.	12,725		222,815
Tyson Foods, Inc.	5,927		102,063
			3,945,785

Gas Utilities - 0.1%
Nicor, Inc.	945		47,174
Oneok, Inc.	2,115		117,319
			164,493

Health Care Equipment & Supplies - 1.5%
Baxter International, Inc.	11,617		588,053
Becton Dickinson & Co.	4,613		389,891
Boston Scientific Corp.*	30,170		228,387
C.R. Bard, Inc.	1,862		170,876
CareFusion Corp.*	4,579		117,667
DENTSPLY International, Inc.	2,966		101,348
Intuitive Surgical, Inc.*	783		201,818
Medtronic, Inc.	21,468		796,248
St. Jude Medical, Inc.*	6,776		289,674
Stryker Corp.	6,787		364,462
Varian Medical Systems, Inc.*	2,418		167,519
Zimmer Holdings, Inc.*	3,994		214,398
			3,630,341

Health Care Providers & Services - 1.9%
Aetna, Inc.	7,964		242,982
AmerisourceBergen Corp.	5,540		189,025
Cardinal Health, Inc.	6,979		267,366
CIGNA Corp.	5,411		198,367
Coventry Health Care, Inc.*	2,948		77,827
DaVita, Inc.*	1,932		134,255
Express Scripts, Inc.*	10,491		567,039
Humana, Inc.*	3,363		184,091
Laboratory Corp. of America Holdings*	2,044		179,708
McKesson Corp.	5,037		354,504
Medco Health Solutions, Inc.*	8,448		517,609
Patterson Co.’s, Inc.	1,980		60,647
Quest Diagnostics, Inc.	2,924		157,808
Tenet Healthcare Corp.*	10,103		67,589

EQUITY SECURITIES - CONT’D	shares		value
Health Care Providers & Services - Cont’d
UnitedHealth Group, Inc.	21,895	$	790,628
WellPoint, Inc.*	7,944		451,696
			4,441,141

Health Care Technology - 0.1%
Cerner Corp.*	1,413		133,868

Hotels, Restaurants & Leisure - 1.7%
Carnival Corp.	8,637		398,252
Darden Restaurants, Inc.	2,753		127,849
International Game Technology	5,925		104,813
Marriott International, Inc.	5,698		236,691
McDonald’s Corp.	21,031		1,614,340
Starbucks Corp.	14,705		472,472
Starwood Hotels & Resorts Worldwide, Inc.	3,779		229,688
Wyndham Worldwide Corp.	3,553		106,448
Wynn Resorts Ltd.	1,498		155,552
Yum! Brands, Inc.	9,281		455,233
			3,901,338

Household Durables - 0.4%
D.R. Horton, Inc.	5,562		66,355
Fortune Brands, Inc.	3,029		182,497
Harman International Industries, Inc.*	1,447		66,996
Leggett & Platt, Inc.	2,911		66,254
Lennar Corp.	3,161		59,269
Newell Rubbermaid, Inc.	5,761		104,735
Pulte Group, Inc.*	6,859		51,581
Stanley Black & Decker, Inc.	3,293		220,203
Whirlpool Corp.	1,510		134,133
			952,023

Household Products - 2.1%
Clorox Co.	2,762		174,779
Colgate-Palmolive Co.	9,658		776,214
Kimberly-Clark Corp.	8,135		512,830
Procter & Gamble Co.	55,721		3,584,532
			5,048,355

Independent Power Producers & Energy Traders - 0.2%
AES Corp.*	13,259		161,495
Constellation Energy Group, Inc.	4,014		122,949
NRG Energy, Inc.*	5,032		98,325
			382,769

EQUITY SECURITIES - CONT’D	shares		value
Industrial Conglomerates - 2.4%
3M Co.	14,169	$	1,222,785
General Electric Co.	212,477		3,886,204
Textron, Inc.	5,452		128,885
Tyco International Ltd.	9,892		409,925
			5,647,799

Insurance - 3.8%
ACE Ltd.	6,735		419,254
Aflac, Inc.	9,358		528,072
Allstate Corp.	10,694		340,925
American International Group, Inc.*	2,684		154,652
AON Corp.	6,523		300,123
Assurant, Inc.	2,117		81,547
Berkshire Hathaway, Inc., Class B*	34,380		2,754,182
Chubb Corp.	6,070		362,015
Cincinnati Financial Corp.	3,233		102,454
Genworth Financial, Inc.*	9,721		127,734
Hartford Financial Services Group, Inc.	8,831		233,933
Lincoln National Corp.	6,298		175,147
Loews Corp.	6,320		245,911
Marsh & McLennan Co.’s, Inc.	10,782		294,780
MetLife, Inc.	18,006		800,186
Principal Financial Group, Inc.	6,369		207,375
Progressive Corp.	13,269		263,655
Prudential Financial, Inc.	9,661		567,197
Torchmark Corp.	1,607		96,002
Travelers Co.’s, Inc.	9,138		509,078
Unum Group	6,495		157,309
XL Group plc	6,424		140,172
			8,861,703

Internet & Catalog Retail - 0.8%
Amazon.com, Inc.*	7,029		1,265,220
Expedia, Inc.	4,128		103,572
Netflix, Inc.*	863		151,629
priceline.com, Inc.*	962		384,367
			1,904,788

Internet Software & Services - 1.9%
Akamai Technologies, Inc.*	3,609		169,803
eBay, Inc.*	22,949		638,671
Google, Inc.*	4,965		2,949,061
Monster Worldwide, Inc.*	2,716		64,179
VeriSign, Inc.	3,460		113,038
Yahoo!, Inc.*	25,947		431,499
			4,366,251

IT Services - 2.9%
Automatic Data Processing, Inc.	9,779		452,572
Cognizant Technology Solutions Corp.*	5,979		438,201
Computer Sciences Corp.	3,068		152,173
Fidelity National Information Services, Inc.	5,294		145,003

EQUITY SECURITIES - CONT’D	shares		value
IT Services - Cont’d
Fiserv, Inc.*	2,984	$	174,743
International Business Machines Corp.	24,730		3,629,375
MasterCard, Inc.	1,925		431,412
Paychex, Inc.	6,394		197,639
SAIC, Inc.*	6,061		96,127
Teradata Corp.*	3,325		136,857
Total System Services, Inc.	3,443		52,953
Visa, Inc.	9,700		682,686
Western Union Co.	13,120		243,638
			6,833,379

Leisure Equipment & Products - 0.1%
Hasbro, Inc.	2,824		133,237
Mattel, Inc.	7,147		181,748
			314,985

Life Sciences - Tools & Services - 0.5%
Agilent Technologies, Inc.*	6,884		285,204
Life Technologies Corp.*	3,644		202,242
PerkinElmer, Inc.	2,449		63,233
Thermo Fisher Scientific, Inc.*	7,912		438,009
Waters Corp.*	1,830		142,209
			1,130,897

Machinery - 2.2%
Caterpillar, Inc.	12,634		1,183,300
Cummins, Inc.	3,951		434,650
Danaher Corp.	10,634		501,606
Deere & Co.	8,427		699,862
Dover Corp.	3,710		216,849
Eaton Corp.	3,335		338,536
Flowserve Corp.	1,112		132,573
Illinois Tool Works, Inc.	10,009		534,481
Ingersoll-Rand plc	6,400		301,376
PACCAR, Inc.	7,248		416,180
Pall Corp.	2,319		114,976
Parker Hannifin Corp.	3,204		276,505
Snap-on, Inc.	1,212		68,575
			5,219,469

Media - 3.0%
Cablevision Systems Corp.	4,778		161,687
CBS Corp., Class B	13,536		257,861
Comcast Corp.	55,778		1,225,443
DIRECTV*	16,596		662,678
Discovery Communications, Inc.*	5,657		235,897
Gannett Co., Inc.	4,742		71,557
McGraw-Hill Co.’s, Inc.	6,144		223,703
Meredith Corp.	736		25,502
News Corp.	45,289		659,408
Omnicom Group, Inc.	5,990		274,342
Scripps Networks Interactive, Inc.	1,861		96,307

EQUITY SECURITIES - CONT’D	shares		value
Media - Cont’d
The Interpublic Group of Co.’s, Inc.*	9,715	$	103,173
Time Warner Cable, Inc.	7,062		466,304
Time Warner, Inc.	22,082		710,378
Viacom, Inc., Class B	12,090		478,885
Walt Disney Co.	37,694		1,413,902
Washington Post Co., Class B	111		48,784
			7,115,811

Metals & Mining - 1.2%
AK Steel Holding Corp.	2,376		38,895
Alcoa, Inc.	20,311		312,586
Allegheny Technologies, Inc.	1,960		108,153
Cliffs Natural Resources, Inc.	2,691		209,925
Freeport-McMoRan Copper & Gold, Inc.	9,352		1,123,082
Newmont Mining Corp.	9,784		601,031
Nucor Corp.	6,272		274,839
Titanium Metals Corp.*	1,566		26,904
United States Steel Corp.	2,854		166,731
			2,862,146

Multiline Retail - 0.8%
Big Lots, Inc.*	1,502		45,751
Family Dollar Stores, Inc.	2,503		124,424
J.C. Penney Co., Inc.	4,700		151,857
Kohl’s Corp.*	5,821		316,313
Macy’s, Inc.	8,397		212,444
Nordstrom, Inc.	3,355		142,185
Sears Holdings Corp.*	919		67,776
Target Corp.	14,095		847,533
			1,908,283

Multi-Utilities - 1.2%
Ameren Corp.	4,755		134,044
Centerpoint Energy, Inc.	8,626		135,601
CMS Energy Corp.	4,964		92,330
Consolidated Edison, Inc.	5,783		286,663
Dominion Resources, Inc.	11,712		500,337
DTE Energy Co.	3,357		152,139
Integrys Energy Group, Inc.	1,595		77,374
NiSource, Inc.	5,527		97,386
PG&E Corp.	7,766		371,525
Public Service Enterprise Group, Inc.	10,056		319,881
SCANA Corp.	2,240		90,944
Sempra Energy	4,779		250,802
TECO Energy, Inc.	4,265		75,917
Wisconsin Energy Corp.	2,324		136,791
Xcel Energy, Inc.	9,135		215,129
			2,936,863

Office Electronics - 0.1%
Xerox Corp.	27,487		316,651

EQUITY SECURITIES - CONT’D	shares		value
Oil, Gas & Consumable Fuels - 9.5%
Anadarko Petroleum Corp.	9,835	$	749,034
Apache Corp.	7,589		904,836
Cabot Oil & Gas Corp.	2,153		81,491
Chesapeake Energy Corp.	13,011		337,115
Chevron Corp	40,059		3,655,384
ConocoPhillips	29,246		1,991,653
Consol Energy, Inc.	4,488		218,745
Denbury Resources, Inc.*	7,944		151,651
Devon Energy Corp.	8,646		678,797
El Paso Corp.	13,992		192,530
EOG Resources, Inc.	5,038		460,524
EQT Corp.	2,966		132,995
Exxon Mobil Corp.	100,377		7,339,566
Hess Corp.	5,960		456,178
Marathon Oil Corp.	14,104		522,271
Massey Energy Co.	2,030		108,910
Murphy Oil Corp.	3,813		284,259
Newfield Exploration Co.*	2,665		192,173
Noble Energy, Inc.	3,474		299,042
Occidental Petroleum Corp.	16,145		1,583,826
Peabody Energy Corp.	5,350		342,293
Pioneer Natural Resources Co.	2,306		200,207
QEP Resources, Inc.	3,484		126,504
Range Resources Corp.	3,181		143,081
Southwestern Energy Co.*	6,879		257,481
Spectra Energy Corp.	12,879		321,846
Sunoco, Inc.	2,397		96,623
Tesoro Corp.*	2,957		54,823
Valero Energy Corp.	11,257		260,262
Williams Co.’s, Inc.	11,620		287,246
			22,431,346

Paper & Forest Products - 0.1%
International Paper Co.	8,686		236,607
MeadWestvaco Corp.	3,395		88,813
			325,420

Personal Products - 0.2%
Avon Products, Inc.	8,528		247,824
Estee Lauder Co.’s, Inc.	2,269		183,108
			430,932

Pharmaceuticals - 5.3%
Abbott Laboratories, Inc.	30,691		1,470,406
Allergan, Inc.	6,113		419,780
Bristol-Myers Squibb Co.	34,081		902,465
Eli Lilly & Co.	20,174		706,897
Forest Laboratories, Inc.*	5,674		181,454
Hospira, Inc.*	3,326		185,225
Johnson & Johnson	54,751		3,386,349
Merck & Co., Inc.	61,164		2,204,351

EQUITY SECURITIES - CONT’D	shares		value
Pharmaceuticals - Cont’d
Mylan, Inc.*	8,679	$	183,387
Pfizer, Inc.	159,849		2,798,956
Watson Pharmaceuticals, Inc.*	2,483		128,247
			12,567,517

Professional Services - 0.1%
Dun & Bradstreet Corp.	995		81,680
Equifax, Inc.	2,485		88,466
Robert Half International, Inc.	2,935		89,811
			259,957

Real Estate Investment Trusts - 1.4%
Apartment Investment & Management Co	2,364		61,086
AvalonBay Communities, Inc.	1,692		190,435
Boston Properties, Inc.	2,769		238,411
Equity Residential	5,633		292,634
HCP, Inc.	7,266		267,316
Health Care REIT, Inc.	2,889		137,632
Host Hotels & Resorts, Inc.	13,081		233,757
Kimco Realty Corp.	8,066		145,511
Plum Creek Timber Co., Inc.	3,213		120,327
ProLogis	11,066		159,793
Public Storage	2,773		281,238
Simon Property Group, Inc.	5,817		578,733
Ventas, Inc.	3,122		163,842
Vornado Realty Trust	3,225		268,739
Weyerhaeuser Co.	10,646		201,529
			3,340,983

Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc.*	5,844		119,685

Road & Rail - 0.8%
CSX Corp.	7,546		487,547
Norfolk Southern Corp.	7,326		460,219
Ryder System, Inc.	1,042		54,851
Union Pacific Corp.	9,890		916,408
			1,919,025

Semiconductors & Semiconductor Equipment - 2.4%
Advanced Micro Devices, Inc.*	11,262		92,123
Altera Corp.	6,105		217,216
Analog Devices, Inc.	5,925		223,195
Applied Materials, Inc.	26,553		373,070
Broadcom Corp.	9,065		394,781
First Solar, Inc.*	1,072		139,510
Intel Corp.	111,036		2,335,087
KLA-Tencor Corp.	3,335		128,864
Linear Technology Corp.	4,461		154,306
LSI Corp.*	12,756		76,408
MEMC Electronic Materials, Inc.*	4,520		50,895
Microchip Technology, Inc.	3,697		126,474

EQUITY SECURITIES - CONT’D	shares		value
Semiconductors & Semiconductor Equipment - Cont’d
Micron Technology, Inc.*	16,992	$	136,276
National Semiconductor Corp.	4,761		65,511
Novellus Systems, Inc.*	1,827		59,049
NVIDIA Corp.*	11,408		175,683
Teradyne, Inc.*	3,535		49,631
Texas Instruments, Inc.	23,373		759,623
Xilinx, Inc.	5,143		149,044
			5,706,746

Software - 3.8%
Adobe Systems, Inc.*	10,127		311,709
Autodesk, Inc.*	4,518		172,588
BMC Software, Inc.*	3,550		167,347
CA, Inc.	7,695		188,066
Citrix Systems, Inc.*	3,716		254,212
Compuware Corp.*	4,553		53,133
Electronic Arts, Inc.*	6,563		107,502
Intuit, Inc.*	5,620		277,066
McAfee, Inc.*	3,023		139,995
Microsoft Corp.	149,869		4,184,342
Novell, Inc.*	7,081		41,920
Oracle Corp.	76,917		2,407,502
Red Hat, Inc.*	3,761		171,690
Salesforce.com, Inc.*	2,326		307,032
Symantec Corp.*	15,679		262,466
			9,046,570

Specialty Retail - 1.9%
Abercrombie & Fitch Co.	1,755		101,141
AutoNation, Inc.*	1,329		37,478
AutoZone, Inc.*	542		147,744
Bed Bath & Beyond, Inc.*	5,244		257,743
Best Buy Co., Inc.	6,573		225,388
CarMax, Inc.*	4,447		141,770
GameStop Corp.*	3,166		72,438
Home Depot, Inc.	32,622		1,143,727
Limited Brands, Inc.	5,261		161,670
Lowe’s Co.’s, Inc.	27,470		688,948
O’Reilly Automotive, Inc.*	2,758		166,638
RadioShack Corp.	2,369		43,803
Ross Stores, Inc.	2,391		151,231
Staples, Inc.	14,511		330,415
The Gap, Inc.	8,737		193,437
Tiffany & Co.	2,511		156,360
TJX Co.’s, Inc.	7,965		353,566
Urban Outfitters, Inc.*	2,560		91,674
			4,465,171

Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc.	5,911		326,937
Nike, Inc., Class B	7,678		655,855

EQUITY SECURITIES - CONT’D		shares		value
Textiles, Apparel & Luxury Goods - Cont’d
Polo Ralph Lauren Corp.		1,296	$	143,752
VF Corp.		1,718		148,057
				1,274,601

Thrifts & Mortgage Finance - 0.1%
Hudson City Bancorp, Inc.		10,462		133,286
People’s United Financial, Inc.		7,377		103,352
				236,638

Tobacco - 1.5%
Altria Group, Inc.		41,417		1,019,686
Lorillard, Inc.		3,016		247,493
Philip Morris International, Inc.		36,117		2,113,928
Reynolds American, Inc.		6,719		219,174
				3,600,281

Trading Companies & Distributors - 0.1%
Fastenal Co.		2,931		175,596
W.W. Grainger, Inc.		1,185		163,660
				339,256

Wireless Telecommunication Services - 0.3%
American Tower Corp.*		7,973		411,726
MetroPCS Communications, Inc.*		5,205		65,739
Sprint Nextel Corp.*		59,163		250,259
				727,724

Total Equity Securities (Cost $196,422,622)				227,583,667

exchange traded funds - 1.4%
SPDR Trust Series 1		26,000		3,270,280

Total Exchange Traded Funds (Cost $2,881,544)				3,270,280

		Principal
u.s. treasury - 0.4%		Amount
United States Treasury Bills, 3/10/11^	$	1,000,000		999,773

Total U.S. Treasury (Cost $999,773)				999,773

u.s. government agencIes and InstrumentalItIes - 1.9%
Federal Home Loan Bank Discount Notes, 1/3/11		4,500,000		4,500,000

Total U.S. Government Agencies And Instrumentalities (Cost $4,500,000)				4,500,000

TOTAL INVESTMENTS (Cost $204,803,939) - 100.1%				236,353,720
Other assets and liabilities, net - (0.1%)				(267,821	)
net assets - 100%			$	236,085,899

net assets consIst of:
Paid-in capital applicable to 2,997,305 shares of common stock outstanding;
$0.10 par value, 30,000,000 shares authorized					$	217,427,440
Undistributed net investment income						969,025
Accumulated net realized gain (loss) on investments						(13,933,412	)
Net unrealized appreciation (depreciation) on investments						31,622,846


net assets					$	236,085,899

net asset value Per share					$	78.77


				UNDERLYING		UNREALIZED
	NUMBER OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
E-Mini S&P 500 Index^	32	3/11	$	2,004,800	$	26,128
S&P 500 Index^	11	3/11		3,445,750		46,937
Total Purchased					$	73,065

^ Futures collateralized by 1,000,000 units of U.S. Treasury Bills.

* Non-income producing security.

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010

net Investment Income
Investment Income:
Dividend income	$	4,693,049
Interest income		3,227
Total investment income		4,696,276

Expenses:
Investment advisory fee		572,279
Transfer agency fees and expenses		1,989
Accounting fees		35,694
Directors’ fees and expenses		28,997
Administrative fees		228,912
Contract services		48,672
Custodian fees		54,268
Reports to shareholders		34,325
Professional fees		40,989
Miscellaneous		4,924
Total expenses		1,051,049
Reimbursement from Advisor		(180,646	)
Fees paid indirectly		(539	)
Net expenses		869,864


net Investment Income		3,826,412


realIzed and unrealIzed gaIn (loss)
Net realized gain (loss) on:
Investments		4,401,099
Futures		(141,941	)
		4,259,158

Change in unrealized appreciation (depreciation) on:
Investments		23,227,261
Futures		(39,336	)
		23,187,925


net realIzed and unrealIzed
gaIn (loss)		27,447,083

Increase (decrease) In net assets
resultIng from oPeratIons	$	31,273,495

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	3,826,412		$	4,258,478
Net realized gain (loss)		4,259,158			9,875,911
Change in unrealized appreciation (depreciation)		23,187,925			37,336,063

Increase (decrease) In net assets
resultIng from oPeratIons		31,273,495			51,470,452

Distributions to shareholders from:
Net investment income		(3,260,092	)		(4,209,282	)
Net realized gain		(6,140,094	)		(2,915,695	)
Total distributions		(9,400,186	)		(7,124,977	)

Capital share transactions:
Shares sold		11,711,152			21,427,150
Reinvestment of distributions		9,400,179			7,124,975
Shares redeemed		(44,975,898	)		(48,444,184	)
Total capital share transactions		(23,864,567	)		(19,892,059	)


total Increase (decrease) In net assets		(1,991,258	)		24,453,416


net assets
Beginning of year		238,077,157			213,623,741
End of year (including undistributed net investment
income of $969,025 and $449,700, respectively)	$	236,085,899		$	238,077,157



caPItal share actIvIty
Shares sold		159,011			356,748
Reinvestment of distributions		119,322			98,615
Shares redeemed		(609,778	)		(781,868	)
Total capital share activity		(331,445	)		(326,505	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

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

These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

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

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon InPuts
Investments In securItIes		level 1		level 2	level 3		total
Equity securities*	$	227,583,667		—	—	$	227,583,667
U.S. government obligations		—	$	5,499,773	—		5,499,773
Exchange traded funds		3,270,280		—	—		3,270,280
TOTAL	$	230,853,947	$	5,499,773	—	$	236,353,720

Other financial instruments**	$	73,065		—	—	$	73,065

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

Futures Contracts: The Portfolio may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Portfolio may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, market index futures contracts. The Portfolio is subject to market risk in the normal course of pursuing its investment objectives. The Portfolio may use futures contracts to hedge against changes in the value of securities. The Portfolio may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Portfolio’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used for cash equitization.

Foreign Currency Transactions: The Portfolio’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included with the net realized and unrealized gain or loss on investments and foreign currencies.

New Accounting Pronouncements: In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 requires reporting entities to make new disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measures. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2010. At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (“the Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .25% of the Portfolio’s average daily net assets. Under the terms of the agreement, $49,642 was payable at year end. In addition, $17,673 was payable at year end for operating expenses paid by the Advisor during December 2010.

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

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $92 for the year ended December 31, 2010. Under the terms of the agreement, $8 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $19,981,125 and $44,975,290, respectively.

CAPITAL LOSS CARRYFORWARDS

Expiration Date
31-Dec-11	($ 960,576	)
31-Dec-12	(2,529,937	)
31-Dec-13	(1,687,669	)
31-Dec-15	(2,330,473	)
31-Dec-16	(280,386	)
31-Dec-17	(2,509,534	)
31-Dec-18	(2,611,900	)

The Portfolio’s use of capital loss carryforwards may be limited under certain tax provisions.

Capital losses may be used to offset future taxable capital gains until expiration. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolio will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	3,260,092	$	4,209,282
Long term capital gain		6,140,094		2,915,695
Total	$	9,400,186	$	7,124,977

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	59,007,246
Unrealized (depreciation)		(36,746,475	)
Net unrealized appreciation/(depreciation)	$	22,260,771

Undistributed ordinary income	$	1,120,535
Undistributed long term capital gain	$	8,187,629
Capital loss carryforward	($	12,910,475	)

Federal income tax cost of investments	$	214,092,949

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

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


Undistributed net investment income	($	46,995	)
Accumulated net realized gain (loss)		2,157,075
Paid-in capital		(2,110,080	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LI-BOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had an outstanding loan balance of $315,580 at the rate of 1.50% at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:


	weIghted		month of
average	average	maxImum	maxImum
daIly	Interest	amount	amount
Balance	rate	Borrowed	Borrowed
$94,805	1.51%	$5,019,937	December 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates $6,140,094 of the long term capital gain distributions paid during the year or the maximum amount allowable but not less than the aforementioned amount as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.


FINANCIAL HIGHLIGHTS
		years ended
		December 31,			December 31,			December 31,
		2010			2009			2008
Net asset value, beginning	$	71.52		$	58.44		$	97.44
Income from investment operations:
Net investment income		1.33			1.33			1.44
Net realized and unrealized gain (loss)		9.18			13.95			(36.76	)
Total from investment operations		10.51			15.28			(35.32	)
Distributions from:
Net investment income		(1.13	)		(1.30	)		(2.60	)
Net realized gain		(2.13	)		(.90	)		(1.08	)
Total distributions		(3.26	)		(2.20	)		(3.68	)
Total increase (decrease) in net asset value		7.25			13.08			(39.00	)
Net asset value, ending	$	78.77		$	71.52		$	58.44

Total return*		14.69	%		26.11	%		(37.10	%)
Ratios to average net assets: A
Net investment income		1.67	%		1.98	%		2.00	%
Total expenses		.46	%		.46	%		.47	%
Expenses before offsets		.38	%		.38	%		.39	%
Net expenses		.38	%		.38	%		.39	%
Portfolio turnover		9	%		9	%		7	%
Net assets, ending (in thousands)	$	236,086		$	238,077		$	213,624

					years ended
					December 31,			December 31,
					2007			2006
Net asset value, beginning				$	94.19		$	82.85
Income from investment operations:
Net investment income					1.52			1.40
Net realized and unrealized gain (loss)					3.31			11.19
Total from investment operations					4.83			12.59
Distributions from:
Net investment income					(1.42	)		(1.25	)
Net realized gain					(.16	)		—
Total distributions					(1.58	)		(1.25	)
Total increase (decrease) in net asset value					3.25			11.34
Net asset value, ending				$	97.44		$	94.19

Total return*					5.16	%		15.36	%
Ratios to average net assets: A
Net investment income					1.59	%		1.56	%
Total expenses					.45	%		.43	%
Expenses before offsets					.39	%		.39	%
Net expenses					.39	%		.39	%
Portfolio turnover					3	%		3	%
Net assets, ending (in thousands)				$	302,821		$	309,019

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

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

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer group for the one- and five-year periods ended June 30, 2010 and at the median of its peer group for the three-year period ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the three-year period ended June 30, 2010 and under-performed its Lipper index for the one- and five-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of differing fees and expenses among the funds in the peer group on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

of scale if assets increased proportionally more than certain other expenses. The Board also noted that given the Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

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

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one, three-and five-year periods ended June 30, 2010 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

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

CONCLUSIONS

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

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President ��	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP S&P MidCap
400 Index Portfolio

(formerly, Summit S&P MidCap 400 Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

6 Shareholder Expense Example

7 Report of Independent Registered Public Accounting Firm

8 Statement of Net Assets

20 Statement of Operations

21 Statements of Changes in Net Assets

22 Notes to Financial Statements

29 Financial Highlights

32 Explanation of Financial Tables

33 Proxy Voting and Availability of Quarterly Portfolio Holdings

34 Basis for Board’s Approval of Investment Advisory Contracts

37 Director and Officer Information Table

calvert vp S&P Midcap 400 Index Portfolio

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP S&P MidCap 400 Index Portfolio (Class I) returned a solid 25.98%. Its benchmark, the Standard & Poor’s (S&P) MidCap 400 Index, returned 26.64% for the period. The portfolio’s relative underperformance was largely attributable to operating expenses.

Investment Climate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about European financial market stability intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Portfolio Strategy

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

Calvert VP S&P MidCap 400 Index Portfolio*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)

	Class I	Class F
One year	25.98%	25.70%
Five year	5.11%	4.90%
Ten year	6.51%	6.24%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

$2.5 billion. This is significantly smaller than the $20 billion average market capitalization of the companies in the Standard & Poor’s 500 Index. The S&P MidCap 400 Index delivered strong returns for the year, both in absolute terms and relative to the S&P 500 Index.

Over the full year, the top-performing sectors of the S&P MidCap 400 Index, including dividend reinvestment, were Information Technology (up 32.7%), Consumer Discretionary (32.1%), and Energy (30.8%). The worst-performing sectors included Telecommunication Services (up 14.0%), Utilities (14.3%), and Financials (19.7%).

At year-end, the Index was most heavily invested in Financial (19.6%) and Industrial (16.3%) companies. Other sectors of significant weight included Information Technology (16.0%), Consumer Discretionary (14.0%), and Healthcare (11.1%). The portfolio had the lowest exposure to companies in the Telecommunication Services (0.7%) and Consumer Staples (3.6%) sectors.

During 2010, Portfolio continued to meet its investment objective of closely tracking the total return of the S&P MidCap 400 Index. The Portfolio fully replicates the S&P MidCap 400 Index, which means that it holds all of the stocks in the index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the index. The S&P MidCap 400 Index is not a mutual fund and direct investment in it is not possible. Unlike the index, the Portfolio incurs operating expenses. During 2010, the Portfolio’s slight underperformance was largely attributable to these expenses.

Outlook

During 2011, we expect to see increased growth in the U.S. and in global economies. We also anticipate that corporate earnings generally will improve. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends. Merger and acquisition (M&A) activity will likely increase during 2011, as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

January 2011

		% of Total
Economic Sectors		Investments

Consumer Discretionary		13.7%
Consumer Staples		3.5%
Energy		5.7%
Exchange Traded Funds		2.6%
Financials		19.0%
Government		1.2%
Health Care		10.3%
Industrials		15.6%
Information Technology		15.5%
Materials		6.6%
Telecommunication Services		0.7%
Utilities		5.6%

Total		100%

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/1/10	12/31/10	7/1/10 - 12/31/10

Class I
Actual	$1,000.00	$1,281.10	$3.16

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

Class F
Actual	$1,000.00	$1,279.70	$4.54

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP S&P MidCap 400 Index Portfolio (formerly, the Summit S&P Mid Cap 400 Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP S&P MidCap 400 Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011

STATEMENT OF NET ASSETS
DECEMBER 31, 2010

Equity Securities - 96.1%	Shares	Value
Aerospace & Defense - 0.5%
Alliant Techsystems, Inc.*	5,182	$385,696
BE Aerospace, Inc.*	15,738	582,778
		968,474

Airlines - 0.4%
Airtran Holdings, Inc.*	20,826	153,904
Alaska Air Group, Inc.*	5,730	324,834
JetBlue Airways Corp.*	30,811	203,661
		682,399

Auto Components - 1.1%
BorgWarner, Inc.*	17,703	1,280,989
Gentex Corp.	21,843	645,679
		1,926,668

Automobiles - 0.1%
Thor Industries, Inc.	6,445	218,872
TravelCenters of America LLC (b)*	60,000	10
		218,882

Beverages - 0.3%
Hansen Natural Corp.*	10,752	562,115

Biotechnology - 0.9%
United Therapeutics Corp.*	7,795	492,800
Vertex Pharmaceuticals, Inc.*	31,621	1,107,684
		1,600,484

Building Products - 0.2%
Lennox International, Inc.	6,994	330,746

Capital Markets - 2.2%
Affiliated Managers Group, Inc.*	8,026	796,340
Apollo Investment Corp.	29,847	330,406
Eaton Vance Corp.	18,414	556,655
Greenhill & Co., Inc.	3,877	316,673
Jefferies Group, Inc.	19,253	512,707
Raymond James Financial, Inc.	15,554	508,616
SEI Investments Co.	22,487	534,966
Waddell & Reed Financial, Inc.	13,288	468,934
		4,025,297

Chemicals - 3.2%
Albemarle Corp.	14,250	794,865
Ashland, Inc.	12,271	624,103
Cabot Corp.	10,065	378,947
Cytec Industries, Inc.	7,685	407,766
Intrepid Potash, Inc.*	6,777	252,714

EQUITY SECURITIES - CONT’D	shares		value
Chemicals - Cont’d
Lubrizol Corp.	10,215	$	1,091,779
Minerals Technologies, Inc.	2,806		183,541
NewMarket Corp.	1,519		187,399
Olin Corp.	12,143		249,175
RPM International, Inc.	19,961		441,138
Scotts Miracle-Gro Co.	7,151		363,056
Sensient Technologies Corp.	7,624		280,030
Valspar Corp.	15,284		526,992
			5,781,505

Commercial Banks - 3.5%
Associated Banc-Corp.	26,625		403,369
BancorpSouth, Inc.	11,311		180,410
Bank of Hawaii Corp.	7,397		349,212
Cathay General Bancorp	12,089		201,886
City National Corp.	7,218		442,896
Commerce Bancshares, Inc.	12,068		479,480
Cullen/Frost Bankers, Inc.	9,483		579,601
East West Bancorp, Inc.	23,032		450,276
FirstMerit Corp.	16,593		328,375
Fulton Financial Corp.	30,547		315,856
International Bancshares Corp.	8,097		162,183
PacWest Bancorp	4,810		102,838
Prosperity Bancshares, Inc.	7,178		281,952
SVB Financial Group*	6,427		340,952
Synovus Financial Corp.	120,575		318,318
TCF Financial Corp.	19,381		287,033
Trustmark Corp.	8,752		217,400
Valley National Bancorp	24,784		354,411
Webster Financial Corp.	11,371		224,009
Westamerica Bancorporation	4,515		250,447
			6,270,904

Commercial Services & Supplies - 1.5%
Brink’s Co.	7,171		192,757
Clean Harbors, Inc.*	3,520		295,962
Copart, Inc.*	10,964		409,505
Corrections Corp. of America*	16,898		423,464
Deluxe Corp.	7,906		181,996
Herman Miller, Inc.	8,770		221,881
HNI Corp.	6,972		217,526
Mine Safety Appliances Co.	4,716		146,809
Rollins, Inc.	9,723		192,029
Waste Connections, Inc.	17,733		488,190
			2,770,119

Communications Equipment - 1.5%
Adtran, Inc.	9,818		355,510
Ciena Corp.*	14,239		299,731
CommScope, Inc.*	14,792		461,806
Plantronics, Inc.	7,291		271,371
Polycom, Inc.*	13,119		511,379
Riverbed Technology, Inc.*	22,876		804,549
			2,704,346

EQUITY SECURITIES - CONT’D	shares		value
Computers & Peripherals - 0.4%
Diebold, Inc.	10,154	$	325,436
NCR Corp.*	24,682		379,362
			704,798

Construction & Engineering - 1.3%
AECOM Technology Corp.*	18,447		515,963
Granite Construction, Inc.	5,310		145,653
KBR, Inc.	23,496		715,923
Shaw Group, Inc.*	13,222		452,589
URS Corp.*	12,751		530,569
			2,360,697

Construction Materials - 0.4%
Martin Marietta Materials, Inc.	7,085		653,520

Containers & Packaging - 1.5%
AptarGroup, Inc.	10,318		490,827
Greif, Inc.	4,757		294,458
Packaging Corp. of America	15,884		410,443
Rock-Tenn Co.	5,996		323,484
Silgan Holdings, Inc.	7,816		279,891
Sonoco Products Co.	16,014		539,192
Temple-Inland, Inc.	16,564		351,819
			2,690,114

Distributors - 0.3%
LKQ Corp.*	22,475		510,632

Diversified Consumer Services - 1.1%
Career Education Corp.*	10,211		211,674
ITT Educational Services, Inc.*	4,074		259,473
Matthews International Corp.	4,546		159,019
Regis Corp.	8,803		146,130
Service Corp. International	37,750		311,438
Sotheby’s	10,321		464,445
Strayer Education, Inc.	2,142		326,055
			1,878,234

Diversified Financial Services - 0.4%
MSCI, Inc.*	18,484		720,137

Diversified Telecommunication Services - 0.3%
Cincinnati Bell, Inc.*	30,242		84,678
tw telecom, Inc.*	23,358		398,254
			482,932

Electric Utilities - 1.6%
Cleco Corp.	9,344		287,422
DPL, Inc.	18,314		470,853
Great Plains Energy, Inc.	20,870		404,669
Hawaiian Electric Industries, Inc.	14,346		326,945
IDACORP, Inc.	7,643		282,638
NV Energy, Inc.	36,174		508,245


EQUITY SECURITIES - CONT’D	shares		value
Electric Utilities - Cont’d
PNM Resources, Inc.	13,056	$	169,989
Westar Energy, Inc.	17,335		436,149
			2,886,910

Electrical Equipment - 2.0%
Acuity Brands, Inc.	6,700		386,389
AMETEK, Inc.	24,908		977,619
Baldor Electric Co.	7,340		462,714
Hubbell, Inc., Class B	9,240		555,601
Regal-Beloit Corp.	5,928		395,753
Thomas & Betts Corp.*	7,994		386,110
Woodward Governor Co.	9,224		346,454
			3,510,640

Electronic Equipment & Instruments - 2.2%
Arrow Electronics, Inc.*	18,020		617,185
Avnet, Inc.*	23,648		781,094
Ingram Micro, Inc.*	24,116		460,374
Itron, Inc.*	6,205		344,067
National Instruments Corp.	8,991		338,421
Tech Data Corp.*	7,158		315,095
Trimble Navigation Ltd.*	18,688		746,212
Vishay Intertechnology, Inc.*	25,238		370,494
			3,972,942

Energy Equipment & Services - 2.4%
Atwood Oceanics, Inc.*	8,730		326,240
Dril-Quip, Inc.*	5,260		408,807
Exterran Holdings, Inc.*	9,721		232,818
Helix Energy Solutions Group, Inc.*	16,128		195,794
Oceaneering International, Inc.*	8,421		620,038
Patterson-UTI Energy, Inc.	23,690		510,520
Pride International, Inc.*	27,346		902,418
Superior Energy Services, Inc.*	12,099		423,344
Tidewater, Inc.	7,862		423,290
Unit Corp.*	6,073		282,273
			4,325,542

Food & Staples Retailing - 0.4%
BJ’s Wholesale Club, Inc.*	8,497		407,006
Ruddick Corp.	6,501		239,497
			646,503

Food Products - 1.6%
Corn Products International, Inc.	11,767		541,282
Flowers Foods, Inc.	11,668		313,986
Green Mountain Coffee Roasters, Inc.*	18,039		592,762
Lancaster Colony Corp.	2,905		166,166
Ralcorp Holdings, Inc.*	8,452		549,464
Smithfield Foods, Inc.*	25,835		532,976
Tootsie Roll Industries, Inc.	3,745		108,493
			2,805,129


EQUITY SECURITIES - CONT’D	shares		value
Gas Utilities - 2.0%
AGL Resources, Inc.	11,987	$	429,734
Atmos Energy Corp.	14,071		439,015
Energen Corp.	11,068		534,142
National Fuel Gas Co.	12,791		839,345
Questar Corp.	26,850		467,459
UGI Corp.	17,191		542,892
WGL Holdings, Inc	7,798		278,934
			3,531,521


Health Care Equipment & Supplies - 3.9%
Beckman Coulter, Inc.	10,776		810,678
Edwards Lifesciences Corp.*	17,768		1,436,365
Gen-Probe, Inc.*	7,445		434,416
Hill-Rom Holdings, Inc.	9,718		382,598
Hologic, Inc.*	40,444		761,156
IDEXX Laboratories, Inc.*	8,877		614,466
Immucor, Inc.*	10,703		212,240
Kinetic Concepts, Inc.*	9,604		402,216
Masimo Corp.	8,997		261,543
ResMed, Inc.*	23,528		815,010
STERIS Corp.	9,125		332,697
Teleflex, Inc.	6,146		330,716
Thoratec Corp.*	9,099		257,684
			7,051,785

Health Care Providers & Services - 3.0%
Community Health Systems, Inc.*	14,438		539,548
Health Management Associates, Inc.*	38,545		367,719
Health Net, Inc.*	14,901		406,648
Henry Schein, Inc.*	14,359		881,499
Kindred Healthcare, Inc.*	5,848		107,428
LifePoint Hospitals, Inc.*	8,294		304,806
Lincare Holdings, Inc.	15,002		402,504
Mednax, Inc.*	7,421		499,359
Omnicare, Inc.	18,073		458,873
Owens & Minor, Inc.	9,715		285,912
Universal Health Services, Inc., Class B	15,136		657,205
VCA Antech, Inc.*	13,236		308,266
WellCare Health Plans, Inc.*	6,500		196,430
			5,416,197

Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc.*	29,279		564,206

Hotels, Restaurants & Leisure - 2.1%
Bally Technologies, Inc.*	8,250		348,067
Bob Evans Farms, Inc.	4,587		151,187
Boyd Gaming Corp.*	8,524		90,354
Brinker International, Inc.	14,195		296,392
Cheesecake Factory, Inc.*	9,099		278,975
Chipotle Mexican Grill, Inc.*	4,816		1,024,171
International Speedway Corp.	4,598		120,330
Life Time Fitness, Inc.*	6,429		263,525
Panera Bread Co.*	4,759		481,658
Scientific Games Corp.*	10,046		100,058


EQUITY SECURITIES - CONT’D	shares		value
Hotels, Restaurants & Leisure - Cont’d
Wendy’s/Arby’s Group, Inc.	49,261	$	227,586
WMS Industries, Inc.*	8,886		402,003
			3,784,306

Household Durables - 1.4%
American Greetings Corp.	6,107		135,331
KB Home	11,146		150,360
MDC Holdings, Inc.	5,629		161,946
Mohawk Industries, Inc.*	8,658		491,428
NVR, Inc.*	878		606,716
Ryland Group, Inc.	6,773		115,344
Toll Brothers, Inc.*	22,458		426,702
Tupperware Brands Corp.	9,728		463,734
			2,551,561

Household Products - 0.9%
Church & Dwight Co., Inc.	11,070		764,051
Energizer Holdings, Inc.*	10,984		800,734
			1,564,785

Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc.*	15,171		85,261

Industrial Conglomerates - 0.2%
Carlisle Co.’s, Inc.	9,371		372,404

Insurance - 3.8%
American Financial Group, Inc.	12,103		390,806
Arthur J. Gallagher & Co.	16,497		479,733
Brown & Brown, Inc.	18,203		435,780
Everest Re Group Ltd.	8,515		722,242
Fidelity National Financial, Inc.	34,839		476,597
First American Financial Corp.	15,935		238,069
Hanover Insurance Group, Inc.	6,905		322,602
HCC Insurance Holdings, Inc.	17,707		512,441
Mercury General Corp.	5,447		234,275
Old Republic International Corp.	39,962		544,682
Protective Life Corp.	13,180		351,115
Reinsurance Group of America, Inc.	11,395		612,025
StanCorp Financial Group, Inc.	7,147		322,616
Transatlantic Holdings, Inc.	9,750		503,295
Unitrin, Inc.	7,672		188,271
WR Berkley Corp.	18,616		509,706
			6,844,255

Internet Software & Services - 1.0%
AOL, Inc.*	16,432		389,603
Digital River, Inc.*	6,101		209,996
Equinix, Inc.*	7,158		581,659
Rackspace Hosting, Inc.*	14,950		469,580
ValueClick, Inc.*	12,711		203,757
			1,854,595


EQUITY SECURITIES - CONT’D	shares		value
IT Services - 2.4%
Acxiom Corp.*	12,269	$	210,413
Alliance Data Systems Corp.*	8,050		571,791
Broadridge Financial Solutions, Inc.	19,529		428,271
Convergys Corp.*	18,977		249,927
CoreLogic, Inc.	16,025		296,783
DST Systems, Inc.	5,505		244,147
Gartner, Inc.*	11,368		377,418
Global Payments, Inc	12,399		572,958
Jack Henry & Associates, Inc.	13,138		382,973
Lender Processing Services, Inc.	14,236		420,247
Mantech International Corp.*	3,454		142,754
NeuStar, Inc.*	11,544		300,721
SRA International, Inc.*	6,610		135,174
			4,333,577

Leisure Equipment & Products - 0.4%
Eastman Kodak Co.*	41,842		224,273
Polaris Industries, Inc.	5,274		411,478
			635,751

Life Sciences - Tools & Services - 1.6%
Bio-Rad Laboratories, Inc.*	2,975		308,954
Charles River Laboratories International, Inc.*	8,892		316,022
Covance, Inc.*	9,958		511,941
Mettler-Toledo International, Inc.*	5,110		772,683
Pharmaceutical Product Development, Inc.	18,249		495,278
Techne Corp.	5,741		377,011
			2,781,889

Machinery - 6.2%
AGCO Corp.*	14,480		733,557
Bucyrus International, Inc.	12,607		1,127,066
Crane Co.	7,112		292,090
Donaldson Co., Inc.	11,905		693,823
Gardner Denver, Inc.	8,167		562,053
Graco, Inc.	9,331		368,108
Harsco Corp.	12,397		351,083
IDEX Corp.	12,743		498,506
Joy Global, Inc.	16,072		1,394,246
Kennametal, Inc.	12,775		504,102
Lincoln Electric Holdings, Inc.	6,557		427,975
Nordson Corp.	5,254		482,738
Oshkosh Corp.*	14,117		497,483
Pentair, Inc.	15,190		554,587
SPX Corp.	7,812		558,480
Terex Corp.*	16,737		519,516
Timken Co.	12,541		598,582
Trinity Industries, Inc.	12,205		324,775
Valmont Industries, Inc.	3,263		289,526
Wabtec Corp.	7,387		390,698
			11,168,994


EQUITY SECURITIES - CONT’D	shares		value
Marine - 0.3%
Alexander & Baldwin, Inc.	6,298	$	252,109
Kirby Corp.*	8,320		366,496
			618,605

Media - 0.8%
DreamWorks Animation SKG, Inc.*	10,953		322,785
Harte-Hanks, Inc.	5,900		75,343
John Wiley & Sons, Inc.	7,070		319,847
Lamar Advertising Co.*	8,751		348,640
New York Times Co.*	18,392		180,242
Scholastic Corp.	3,647		107,732
			1,354,589

Metals & Mining - 1.3%
Carpenter Technology Corp.	6,771		272,465
Commercial Metals Co.	17,582		291,685
Compass Minerals International, Inc.	5,030		449,028
Reliance Steel & Aluminum Co.	11,610		593,271
Steel Dynamics, Inc.	33,777		618,119
Worthington Industries, Inc.	8,766		161,295
			2,385,863

Multiline Retail - 0.8%
99¢ Only Stores*	6,990		111,421
Dollar Tree, Inc.*	19,418		1,088,961
Saks, Inc.*	24,778		265,125
			1,465,507

Multi-Utilities - 1.7%
Alliant Energy Corp.	17,251		634,319
Black Hills Corp.	5,996		179,880
MDU Resources Group, Inc.	28,967		587,161
NSTAR	16,120		680,103
OGE Energy Corp.	15,169		690,796
Vectren Corp.	12,501		317,276
			3,089,535

Office Electronics - 0.2%
Zebra Technologies Corp.*	8,768		333,096

Oil, Gas & Consumable Fuels - 3.3%
Arch Coal, Inc.	25,285		886,492
Bill Barrett Corp.*	7,222		297,041
Cimarex Energy Co.	13,181		1,166,914
Comstock Resources, Inc.*	7,274		178,649
Forest Oil Corp.*	17,645		669,981
Frontier Oil Corp.*	16,290		293,383
Overseas Shipholding Group, Inc.	4,095		145,045
Patriot Coal Corp.*	12,245		237,186
Plains Exploration & Production Co.*	21,572		693,324
Quicksilver Resources, Inc.*	18,353		270,523
SM Energy Co.	9,813		578,280
Southern Union Co.	19,166		461,325
			5,878,143


EQUITY SECURITIES - CONT’D	shares		value
Paper & Forest Products - 0.1%
Louisiana-Pacific Corp.*	20,535	$	194,261

Personal Products - 0.3%
Alberto-Culver Co.	13,195		488,743

Pharmaceuticals - 1.0%
Endo Pharmaceuticals Holdings, Inc.*	17,988		642,351
Medicis Pharmaceutical Corp.	9,203		246,548
Perrigo Co.	12,918		818,097
			1,706,996

Professional Services - 1.0%
Corporate Executive Board Co.	5,338		200,442
FTI Consulting, Inc.*	7,232		269,609
Korn/Ferry International*	7,203		166,461
Manpower, Inc.	12,607		791,215
Navigant Consulting, Inc.*	7,492		68,926
Towers Watson & Co.	6,923		360,411
			1,857,064

Real Estate Investment Trusts - 7.3%
Alexandria Real Estate Equities, Inc.	8,612		630,915
AMB Property Corp.	26,204		830,929
BRE Properties, Inc.	9,974		433,869
Camden Property Trust	10,687		576,884
Corporate Office Properties Trust	10,410		363,829
Cousins Properties, Inc.	15,567		129,829
Duke Realty Corp.	39,235		488,868
Equity One, Inc.	6,926		125,915
Essex Property Trust, Inc.	4,876		556,937
Federal Realty Investment Trust	9,574		746,102
Highwoods Properties, Inc.	11,023		351,082
Hospitality Properties Trust	18,999		437,737
Liberty Property Trust	17,773		567,314
Macerich Co.	20,248		959,148
Mack-Cali Realty Corp.	12,209		403,629
Nationwide Health Properties, Inc.	19,647		714,758
Omega Healthcare Investors, Inc.	15,327		343,938
Potlatch Corp.	6,152		200,248
Rayonier, Inc.	12,537		658,443
Realty Income Corp.	18,223		623,227
Regency Centers Corp.	12,594		531,970
Senior Housing Properties Trust	21,467		470,986
SL Green Realty Corp.	12,179		822,204
UDR, Inc.	28,344		666,651
Weingarten Realty Investors	18,739		445,239
			13,080,651

Real Estate Management & Development - 0.3%
Jones Lang LaSalle, Inc.	6,637		556,977


EQUITY SECURITIES - CONT’D	shares		value
Road & Rail - 1.2%
Con-way, Inc.	8,522	$	311,649
JB Hunt Transport Services, Inc.	13,812		563,668
Kansas City Southern*	15,968		764,228
Landstar System, Inc.	7,582		310,407
Werner Enterprises, Inc.	6,776		153,138
			2,103,090

Semiconductors & Semiconductor Equipment - 3.2%
Atmel Corp.*	70,935		873,919
Cree, Inc.*	16,878		1,112,091
Fairchild Semiconductor International, Inc.*	19,340		301,897
Integrated Device Technology, Inc.*	24,253		161,525
International Rectifier Corp.*	10,572		313,883
Intersil Corp.	19,046		290,832
Lam Research Corp.*	19,138		990,966
RF Micro Devices, Inc.*	42,770		314,360
Semtech Corp.*	9,499		215,057
Silicon Laboratories, Inc.*	6,826		314,133
Skyworks Solutions, Inc.*	28,523		816,613
			5,705,276

Software - 4.1%
ACI Worldwide, Inc.*	5,262		141,390
Advent Software, Inc.*	2,405		139,298
ANSYS, Inc.*	14,161		737,363
Cadence Design Systems, Inc.*	41,583		343,476
Concur Technologies, Inc.*	7,095		368,443
FactSet Research Systems, Inc.	7,215		676,478
Fair Isaac Corp.	6,381		149,124
Informatica Corp.*	14,604		643,014
Mentor Graphics Corp.*	17,067		204,804
MICROS Systems, Inc.*	12,540		550,004
Parametric Technology Corp.*	18,341		413,223
Quest Software, Inc.*	9,505		263,669
Rovi Corp.*	16,366		1,014,856
Solera Holdings, Inc.	10,932		561,030
Synopsys, Inc.*	23,119		622,132
TIBCO Software, Inc.*	25,984		512,145
			7,340,449

Specialty Retail - 4.1%
Aaron’s, Inc.	11,151		227,369
Advance Auto Parts, Inc.	13,080		865,242
Aeropostale, Inc.*	14,382		354,372
American Eagle Outfitters, Inc.	30,087		440,173
AnnTaylor Stores Corp.*	9,030		247,332
Ascena Retail Group, Inc.*	10,572		279,312
Barnes & Noble, Inc.	5,717		80,896
Chico’s FAS, Inc.	27,517		331,030
Collective Brands, Inc.*	9,990		210,789
Dick’s Sporting Goods, Inc.*	13,793		517,237
Foot Locker, Inc.	24,112		473,077
Guess?, Inc.	9,838		465,534
J Crew Group, Inc.*	9,950		429,243


EQUITY SECURITIES - CONT’D	shares		value
Specialty Retail - Cont’d
Office Depot, Inc.*	43,117	$	232,832
PetSmart, Inc.	18,197		724,605
Rent-A-Center, Inc.	10,132		327,061
Tractor Supply Co.	11,347		550,216
Williams-Sonoma, Inc.	16,545		590,491
			7,346,811

Textiles, Apparel & Luxury Goods - 1.6%
Deckers Outdoor Corp.*	5,998		478,280
Fossil, Inc.*	7,998		563,699
Hanesbrands, Inc.*	14,719		373,863
Phillips-Van Heusen Corp.	10,329		650,830
Timberland Co.*	6,157		151,401
Under Armour, Inc.*	5,372		294,600
Warnaco Group, Inc.*	6,926		381,415
			2,894,088

Thrifts & Mortgage Finance - 1.4%
Astoria Financial Corp.	12,609		175,391
First Niagara Financial Group, Inc.	32,184		449,932
New York Community Bancorp, Inc.	67,790		1,277,842
NewAlliance Bancshares, Inc.	16,352		244,953
Washington Federal, Inc.	17,318		293,021
			2,441,139

Tobacco - 0.1%
Universal Corp.	3,674		149,532

Trading Companies & Distributors - 0.7%
GATX Corp.	7,127		251,441
MSC Industrial Direct Co.	6,935		448,625
United Rentals, Inc.*	9,300		211,575
Watsco, Inc.	4,280		269,982
			1,181,623

Water Utilities - 0.3%
Aqua America, Inc.	21,404		481,162

Wireless Telecommunication Services - 0.5%
Syniverse Holdings, Inc.*	10,735		331,175
Telephone & Data Systems, Inc.	14,143		516,926
			848,101

Total Equity Securities (Cost $143,049,722)			172,033,057

exchange traded funds - 2.6%
SPDR S&P MidCap 400 Trust	28,000		4,611,040

Total Exchange Traded Funds (Cost $3,738,363)			4,611,040


				Principal
U.S. TREASURY - 0.3%				amount		value
United States Treasury Bills, 3/10/11^			$	600,000	$	599,864

Total U.S. Treasury (Cost $599,865)						599,864

u.s. government agencIes and InstrumentalItIes - 0.9%
Federal Home Loan Bank Discount Notes, 1/3/11				1,600,000		1,600,000

Total U.S. Government Agencies And Instrumentalities (Cost $1,600,000)						1,600,000


TOTAL INVESTMENTS (Cost $148,987,950) - 99.9%						178,843,961
Other assets and liabilities, net - 0.1%						157,590
net assets - 100%					$	179,001,551



net assets consIst of:
Paid-in capital applicable to the following shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized:
Class I: 2,600,174 shares outstanding					$	163,992,525
Class F: 17,145 shares outstanding						912,340
Undistributed net investment income						308,470
Accumulated net realized gain (loss) on investments						(16,086,859	)
Net unrealized appreciation (depreciation) on investments						29,875,075

net assets					$	179,001,551


net asset value Per share
Class I (based on net assets of $177,818,505)					$	68.39
Class F (based on net assets of $1,183,046)					$	69.00


				underlyIng		unrealIzed
	Number of	ExpiratIon		Face Amount		ApprecIatIon
futures	contracts	Date		At value		(DeprecIatIon)
Purchased:
E-Mini S&P 400 Index^	31	3/11	$	2,806,430	$	19,064

(b)	This security was valued by the Board of Directors. See Note A.
^	Futures collateralized by 600,000 units of U.S. Treasury Bills.
*	Non-income producing security.

Abbreviations:
LLC: Limited Liability Corporation

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


Net Investment Income
Investment Income:
Dividend income	$	2,196,880
Interest income		3,565
Total investment income		2,200,445

Expenses:
Investment advisory fee		425,438
Transfer agency fees and expenses		4,492
Administrative fees		141,812
Distribution Plan expenses:
Class F		1,493
Directors’ fees and expenses		18,574
Custodian fees		44,809
Reports to shareholders		81,879
Professional fees		43,464
Accounting fees		23,067
Contract services		45,131
Miscellaneous		4,890
Total expenses		835,049
Reimbursement from Advisor:
Class I		(50,896	)
Class F		(1,747	)
Fees paid indirectly		(645	)
Net expenses		781,761

net Investment Income		1,418,684



realIzed and unrealIzed gaIn (loss)
Net realized gain (loss) on:
Investments		5,815,898
Futures		673,391
		6,489,289

Change in unrealized appreciation (depreciation) on:
Investments		24,483,785
Futures		(120,468	)
		24,363,317


net realIzed and unrealIzed gaIn
(loss)		30,852,606

Increase (decrease) In net assets
resultIng from oPeratIons	$	32,271,290

See notes to financial statements.


STATEMENTS OF CHANGES IN NET ASSETS

		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	1,418,684		$	1,132,265
Net realized gain (loss)		6,489,289			684,937
Change in unrealized appreciation (depreciation)		24,363,317			27,505,346

Increase (decrease) In net assets
resultIng from oPeratIons		32,271,290			29,322,548

Distributions to shareholders from:
Net investment income:
Class I shares		(1,228,433	)		(808,995	)
Class F shares		(4,451	)		(2,174	)
Total distributions		(1,232,884	)		(811,169	)

Capital share transactions:
Shares sold:
Class I shares		26,187,479			10,586,679
Class F shares		681,679			440,988
Shares issued from merger (See Note F):
Class I shares		40,248,159			—
Reinvestment of distributions:
Class I shares		1,228,420			808,993
Class F shares		4,451			2,174
Shares redeemed:
Class I shares		(24,522,456	)		(20,604,871	)
Class F shares		(212,413	)		(166,966	)
Total capital share transactions		43,615,319			(8,933,003	)

total Increase (decrease) In net assets		74,653,725			19,578,376


net assets
Beginning of year		104,347,826			84,769,450
End of year (including undistributed net investment income
of $308,470 and $311,012, respectively)	$	179,001,551		$	104,347,826



caPItal share actIvIty
Shares sold:
Class I shares		1,096,981			241,201
Class F shares		11,199			10,071
Shares issued from merger (See Note F):
Class I shares		648,641			—
Reinvestment of distributions:
Class I shares		17,845			14,611
Class F shares		64			39
Shares redeemed:
Class I shares		(414,094	)		(452,512	)
Class F shares		(3,613	)		(3,176	)
Total capital share activity		1,357,023			(189,766	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP S&P MidCap 400 Index Portfolio (the “Portfolio”), formerly known as Summit S&P MidCap 400 Index Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class-specific expenses, (b) exchange privileges; and (c) class-specific voting rights.

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. At December 31, 2010, securities valued at $10, or 0.0% of net assets were fair valued under the direction of the Board of Directors.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon InPuts
Investments In securItIes		Level 1		Level 2		Level 3			Total
Equity securities**	$	172,033,047		—	$	10		$	172,033,057
Exchange traded funds		4,611,040		—		—			4,611,040
U.S. government obligations		—	$	2,199,864		—			2,199,864
TOTAL	$	176,644,087	$	2,199,864	$	10	*	$	178,843,961

Other financial instruments***	$	19,064		—		—		$	19,064

* Level 3 securities represent 0.0% of net assets.

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

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

Futures Contracts: The Portfolio may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Portfolio may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, market index futures contracts. The Portfolio is subject to market risk in the normal course of pursuing its investment objectives. The Portfolio may use futures contracts to hedge against changes in the value of securities. The Portfolio may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Portfolio’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying finan-cial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used for cash equitization.

Security Transactions and Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .30% of the Portfolio’s average daily net assets. Under the terms of the agreement, $45,327 was payable at year end. In addition, $14,485 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is .55% and .79% for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay the distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed 0.20% annually of average daily net assets of Class F. Under the terms of the agreement, $192 was payable at year end.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $222 for the year ended December 31, 2010. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent. Under terms of the agreement, $20 was payable at year end.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $29,554,662 and $23,037,165, respectively.

CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-15	($	9,272,556	)
31-Dec-16		(6,402,474	)

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

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	1,232,884	$	811,169
Total	$	1,232,884	$	811,169

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	37,824,785
Unrealized (depreciation)		(8,361,539	)
Net unrealized appreciation/(depreciation)	$	29,463,246

Undistributed ordinary income	$	308,470
Capital loss carryforward	($	15,675,030	)
Federal income tax cost of investments	$	149,380,715

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


Undistributed net investment income	($	188,342	)
Accumulated net realized gain (loss)		188,342

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:


	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$30,916	1.50%	$913,129	December 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements presented.

NOTE F — REORGANIZATION

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

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

Merged PortfolIo	shares	AcquIrIng PortfolIo	shares		value
AMERITAS MIDCAP	1,607,954	S&P MIDCAP 400	648,641	$	40,248,159

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

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


				UnrealIzed
Merged		Net		ApprecIatIon	Acquiring		Net
PortfolIo		Assets		(depreciation)	Portfolio		Assets
AMERITAS MIDCAP	$	40,248,159	$	5,524,697	S&P MIDCAP 400	$	117,174,063

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


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

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

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

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

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 100% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
Class I Shares	2010 (z)	2009	2008 (z)
Net asset value, beginning	$54.66	$40.39	$70.69
Income from investment operations:
Net investment income	.59	.60	.72
Net realized and unrealized gain (loss)	13.61	14.10	(24.89)
Total from investment operations	14.20	14.70	(24.17)
Distributions from:
Net investment income	(.47)	(.43)	(1.26)
Net realized gain	—	—	(4.87)
Total distributions	(.47)	(.43)	(6.13)
Total increase (decrease) in net asset value	13.73	14.27	(30.30)
Net asset value, ending	$68.39	$54.66	$40.39

Total return*	25.98%	36.38%	(36.63%)
Ratios to average net assets: A
Net investment income	1.00%	1.25%	1.27%
Total expenses	.59%	.57%	.55%
Expenses before offsets	.55%	.55%	.55%
Net expenses	.55%	.55%	.55%
Portfolio turnover	17%	16%	22%
Net assets, ending (in thousands)	$177,819	$103,825	$84,665

	Years Ended
	December 31,	December 31,
Class I Shares	2007	2006
Net asset value, beginning	$69.23	$66.08
Income from investment operations:
Net investment income	.67	.67
Net realized and unrealized gain (loss)	4.44	5.64
Total from investment operations	5.11	6.31
Distributions from:
Net investment income	(.66)	(.59)
Net realized gain	(2.99)	(2.57)
Total distributions	(3.65)	(3.16)
Total increase (decrease) in net asset value	1.46	3.15
Net asset value, ending	$70.69	$69.23

Total return*	7.38%	9.72%
Ratios to average net assets: A
Net investment income	1.11%	1.15%
Total expenses	.52%	.52%
Expenses before offsets	.52%	.52%
Net expenses	.52%	.52%
Portfolio turnover	23%	14%
Net assets, ending (in thousands)	$172,221	$144,136

See notes to financial highlights.

Financial Highlights

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

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


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

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

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2010. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

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

Portfolio by the Subadvisor under the Investment Subadvisory Agreement.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2010 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

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

CONCLUSIONS

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP

Balanced Index Portfolio

(formerly, Summit Balanced Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

6 Shareholder Expense Example

7 Report of Independent Registered Public Accounting Firm

8 Statement of Net Assets

24 Statement of Operations

25 Statements of Changes in Net Assets

26 Notes to Financial Statements

31 Financial Highlights

33 Explanation of Financial Tables

34 Proxy Voting

35 Availability of Quarterly Portfolio Holdings

35 Basis for Board’s Approval of Investment Advisory Contracts

39 Director and Officer Information Table

CALVERT VP BALANCED INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

PERFORMANCE

For the year ended December 31, 2010, Calvert VP Balanced Index Portfolio returned 11.84%. Its benchmark, the Standard & Poor’s (S&P) 500 Index, returned 15.06% for the period. The portfolio underperformed its benchmark because the benchmark does not include bonds, while the portfolio invests approximately 40% of its assets in bonds. When the portfolio’s performance is compared to a composite index comprised of 60% S&P 500 Index and 40% Barclays Capital Aggregate Bond Index, it outperformed. The composite index returned 11.65% for the period.

PROPOSED MERGER

The Directors of the Calvert Variable Products, Inc. have approved Calvert’s recommendation to solicit a shareholder vote for the merger of Calvert VP Balanced Index Portfolio into Calvert VP SRI Balanced Portfolio. Shareholders of Calvert VP Balanced Index Portfolio will be asked to vote on the merger and must approve it before any change may take place. Proxy materials, including the proposed Agreement and Plan of Reorganization and a further explanation of the proposed changes, will be sent to shareholders.

CALVERT VP BALANCED INDEX PORTFOLIO*

Comparison of change in value of a hypothetical $10,000 investment.

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.10)

One year	11.84%
Five year	4.30%
Ten year	3.17%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Investment clImate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about European financial market stability intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve (Fed) announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth

	% of Total Investments
Asset Allocation	(at 12.31.10)
Equity Investments	59%
Fixed Income Investments	41%
Total	100%

appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Fixed-income markets also performed well in 2010, with a little help from the Federal Reserve. The Fed purchased Treasuries and mortgage-backed securities early in 2010 in an effort to drive down intermediate interest rates. Shortly after the Fed’s stated quantitative easing program was completed, speculation began about a second round of easing which began in the fall. Initially, the Fed’s objective of reducing interest rates was accomplished, as rates on bonds in the two- to 10-year maturity range declined by 50 to 70 basis points.1

That changed in early December, when markets were surprised by a sizable round of fiscal stimulus. This monetary and fiscal support quickly created expectations for improved economic growth and a larger federal deficit (financed by Treasury debt) in 2011. In response, bond yields surged during the fourth quarter. Most major sectors of the bond market, including Treasuries and investment-grade corporate bonds, posted losses for the quarter.2

Over the full year, all major taxable bond market sectors posted positive returns, as yields finished mostly lower. The yield on 10-year Treasuries, for example, fell by 55 basis points. Three-month Treasury bills yielded 0.12% at the end of the year, and money-market rates remained near zero as the Fed kept the target federal funds rate at that level.

PortfolIo strategy

The objective of the portfolio is to match as closely as possible, before fees and expenses, the performance of a portfolio comprised of 60% S&P 500 Index and 40% Barclays Capital Aggregate Bond Index. In pursuit of this objective, the portfolio employs a passive management approach and uses sampling techniques to reduce transaction costs. When the portfolio’s weighting changes significantly from the target, the portfolio is rebalanced.

The portfolio relies on full replication to track the performance of the S&P 500 Index, although market shifts and portfolio cash flows may cause it to have slightly different weighting than the index. Full replication of the Barclays Capital Aggregate Bond Index is not feasible, as the index includes roughly 8,000 securities. Therefore, the portfolio employs stratified sampling to track performance of the index. Stratified sampling requires the portfolio manager to select securities in each sector of the marketplace to represent those included in the index.

outlook

During 2011, we expect to see increased growth in the U.S. and global economies. We also anticipate that corporate earnings will improve, in general. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends by mid-year. Merger and acquisition (M&A) activity will likely increase during 2011 as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

The equity market will face challenges during the year. Weakness in Europe is likely to persist into 2011, which may negatively affect companies that depend on European markets. Chronically high unemployment in the United States, as well as growing budget deficits at federal, state, and local levels may limit domestic economic growth. Finally, the possibility of rising interest rates may negatively affect price-to-earnings multiples in the equity markets.

January 2011

¹A basis point is 0.01 percentage points.
²Barclays Capital fixed-income indices.

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BegInnIng		Ending		Expenses Paid
		Account value		Account value		During Period*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,138.20	$	3.23

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,022.18	$	3.06

* Expenses are equal to the Fund’s annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP Balanced Index Portfolio (formerly, the Summit Balanced Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Balanced Index as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010

EQUITY SECURITIES - 57.6%	shares		value
Aerospace & Defense - 1.5%
General Dynamics Corp.	305	$	21,643
Goodrich Corp.	106		9,335
Honeywell International, Inc.	629		33,438
ITT Corp.	144		7,504
L-3 Communications Holdings, Inc.	99		6,979
Lockheed Martin Corp.	239		16,708
Northrop Grumman Corp.	236		15,288
Precision Castparts Corp.	116		16,148
Raytheon Co.	294		13,624
Rockwell Collins, Inc.	133		7,749
The Boeing Co.	592		38,634
United Technologies Corp.	745		58,646
			245,696

Air Freight & Logistics - 0.6%
C.H. Robinson Worldwide, Inc.	134		10,745
Expeditors International of Washington, Inc.	172		9,391
FedEx Corp.	254		23,625
United Parcel Service, Inc., Class B	798		57,919
			101,680

Airlines - 0.1%
Southwest Airlines Co.	584		7,580

Auto Components - 0.1%
Goodyear Tire & Rubber Co.*	191		2,263
Johnson Controls, Inc.	544		20,781
			23,044

Automobiles - 0.4%
Ford Motor Co.*	3,020		50,706
Harley-Davidson, Inc.	190		6,587
			57,293

Beverages - 1.5%
Brown-Forman Corp., Class B	84		5,848
Coca-Cola Co.	1,872		123,121
Coca-Cola Enterprises, Inc.	287		7,184
Constellation Brands, Inc.*	157		3,477
Dr Pepper Snapple Group, Inc.	200		7,032
Molson Coors Brewing Co., Class B	125		6,274
PepsiCo, Inc.	1,278		83,492
			236,428


EQUITY SECURITIES - CONT’D	shares		value
Biotechnology - 0.7%
Amgen, Inc.*	762	$	41,834
Biogen Idec, Inc.*	193		12,941
Celgene Corp.*	380		22,473
Cephalon, Inc.*	64		3,950
Genzyme Corp.*	209		14,881
Gilead Sciences, Inc.*	655		23,737
			119,816

Building Products - 0.0%
Masco Corp.	325		4,115

Capital Markets - 1.5%
Ameriprise Financial, Inc.	200		11,510
Bank of New York Mellon Corp.	1,001		30,230
Charles Schwab Corp.	805		13,773
ETrade Financial Corp.	140		2,240
Federated Investors, Inc., Class B	74		1,937
Franklin Resources, Inc.	117		13,012
Goldman Sachs Group, Inc.	413		69,450
Invesco Ltd.	398		9,576
Janus Capital Group, Inc.	163		2,114
Legg Mason, Inc.	133		4,824
Morgan Stanley	1,220		33,196
Northern Trust Corp.	190		10,528
State Street Corp.	405		18,768
T. Rowe Price Group, Inc.	204		13,166
			234,324

Chemicals - 1.2%
Air Products & Chemicals, Inc.	173		15,734
Airgas, Inc.	65		4,060
CF Industries Holdings, Inc.	58		7,839
Dow Chemical Co.	936		31,955
Eastman Chemical Co.	58		4,877
Ecolab, Inc.	186		9,378
EI Du Pont de Nemours & Co.	736		36,712
FMC Corp.	57		4,554
International Flavors & Fragrances, Inc.	67		3,724
Monsanto Co.	433		30,154
PPG Industries, Inc.	131		11,013
Praxair, Inc.	247		23,581
Sherwin-Williams Co.	79		6,616
Sigma-Aldrich Corp.	96		6,390
			196,587

Commercial Banks - 1.7%
BB&T Corp.	560		14,722
Comerica, Inc.	137		5,787
Fifth Third Bancorp	672		9,865
First Horizon National Corp.*	211		2,483
Huntington Bancshares, Inc.	638		4,383
KeyCorp	710		6,284


EQUITY SECURITIES - CONT’D	shares		value
Commercial Banks - Cont’d
M&T Bank Corp.	103	$	8,966
Marshall & Ilsley Corp.	470		3,252
PNC Financial Services Group, Inc.	424		25,745
Regions Financial Corp.	1,004		7,028
SunTrust Banks, Inc.	404		11,922
US Bancorp	1,547		41,723
Wells Fargo & Co.	4,233		131,181
Zions Bancorporation	115		2,786
			276,127

Commercial Services & Supplies - 0.3%
Avery Dennison Corp.	102		4,319
Cintas Corp.	104		2,908
Iron Mountain, Inc.	163		4,077
Pitney Bowes, Inc.	163		3,941
Republic Services, Inc.	255		7,614
RR Donnelley & Sons Co.	167		2,918
Stericycle, Inc.*	69		5,583
Waste Management, Inc.	381		14,047
			45,407

Communications Equipment - 1.3%
Cisco Systems, Inc.*	4,470		90,428
F5 Networks, Inc.*	69		8,981
Harris Corp.	103		4,666
JDS Uniphase Corp.*	189		2,737
Juniper Networks, Inc.*	422		15,580
Motorola, Inc.*	1,894		17,179
QUALCOMM, Inc.	1,305		64,584
Tellabs, Inc.	298		2,020
			206,175

Computers & Peripherals - 2.5%
Apple, Inc.*	740		238,694
Dell, Inc.*	1,355		18,360
EMC Corp.*	1,662		38,060
Hewlett-Packard Co.	1,829		77,001
Lexmark International, Inc.*	66		2,298
NetApp, Inc.*	292		16,048
QLogic Corp.*	90		1,532
SanDisk Corp.*	180		8,975
Western Digital Corp.*	203		6,882
			407,850

Construction & Engineering - 0.1%
Fluor Corp.	152		10,072
Jacobs Engineering Group, Inc.*	98		4,493
Quanta Services, Inc.*	166		3,307
			17,872

Construction Materials - 0.0%
Vulcan Materials Co.	113		5,013


EQUITY SECURITIES - CONT’D	shares		value
Consumer Finance - 0.4%
American Express Co.	845	$	36,267
Capital One Financial Corp.	369		15,705
Discover Financial Services	428		7,931
SLM Corp.*	381		4,797
			64,700

Containers & Packaging - 0.1%
Ball Corp.	74		5,036
Bemis Co., Inc.	86		2,809
Owens-Illinois, Inc.*	132		4,052
Sealed Air Corp.	129		3,283
			15,180

Distributors - 0.0%
Genuine Parts Co.	125		6,418

Diversified Consumer Services - 0.1%
Apollo Group, Inc.*	111		4,384
DeVry, Inc.	53		2,543
H&R Block, Inc.	264		3,144
			10,071

Diversified Financial Services - 2.5%
Bank of America Corp.	8,131		108,468
Citigroup, Inc.*	23,370		110,540
CME Group, Inc.	54		17,374
Intercontinental Exchange, Inc.*	62		7,387
JPMorgan Chase & Co.	3,152		133,708
Leucadia National Corp.	149		4,348
Moody’s Corp.	165		4,379
NYSE Euronext	211		6,326
The NASDAQ OMX Group, Inc.*	114		2,703
			395,233

Diversified Telecommunication Services - 1.6%
AAT&T, Inc.	4,763		139,937
CenturyLink, Inc.	252		11,635
Frontier Communications Corp.	802		7,803
Qwest Communications International, Inc.	1,474		11,217
Verizon Communications, Inc.	2,279		81,543
Windstream Corp.	428		5,966
			258,101

Electric Utilities - 1.0%
Allegheny Energy, Inc.	138		3,345
American Electric Power Co., Inc.	388		13,960
Duke Energy Corp.	1,068		19,021
Edison International	256		9,881
Entergy Corp.	146		10,341
Exelon Corp.	534		22,236
FirstEnergy Corp.	240		8,885


EQUITY SECURITIES - CONT’D	shares		value
Electric Utilities - Cont’d
NextEra Energy, Inc.	336	$	17,469
Northeast Utilities	143		4,559
Pepco Holdings, Inc.	200		3,650
Pinnacle West Capital Corp.	92		3,813
PPL Corp.	397		10,449
Progress Energy, Inc.	248		10,783
Southern Co.	677		25,882
			164,274

Electrical Equipment - 0.3%
Emerson Electric Co.	607		34,702
Rockwell Automation, Inc.	121		8,677
Roper Industries, Inc.	77		5,885
			49,264

Electronic Equipment & Instruments - 0.3%
Amphenol Corp.	145		7,653
Corning, Inc.	1,260		24,343
FLIR Systems, Inc.*	128		3,808
Jabil Circuit, Inc.	159		3,194
Molex, Inc.	134		3,045
			42,043

Energy Equipment & Services - 1.3%
Baker Hughes, Inc.	348		19,895
Cameron International Corp.*	193		9,791
Diamond Offshore Drilling, Inc.	63		4,213
FMC Technologies, Inc.*	97		8,624
Halliburton Co.	734		29,969
Helmerich & Payne, Inc.	86		4,170
Nabors Industries Ltd.*	257		6,029
National Oilwell Varco, Inc.	339		22,798
Rowan Co.’s, Inc.*	90		3,142
Schlumberger Ltd.	1,100		91,850
			200,481

Food & Staples Retailing - 1.4%
Costco Wholesale Corp.	349		25,201
CVS Caremark Corp.	1,096		38,108
Kroger Co.	511		11,426
Safeway, Inc.	306		6,882
SUPERVALU, Inc.	225		2,167
Sysco Corp.	472		13,877
Walgreen Co.	747		29,103
Wal-Mart Stores, Inc.	1,580		85,209
Whole Foods Market, Inc.*	124		6,273
			218,246


EQUITY SECURITIES - CONT’D	shares		value
Food Products - 1.0%
Archer-Daniels-Midland Co.	516	$	15,521
Campbell Soup Co.	149		5,178
ConAgra Foods, Inc.	375		8,469
Dean Foods Co.*	185		1,635
General Mills, Inc.	517		18,400
H.J. Heinz Co.	270		13,354
Hershey Co.	131		6,177
Hormel Foods Corp.	59		3,024
J.M. Smucker Co.	94		6,171
Kellogg Co.	205		10,471
Kraft Foods, Inc.	1,409		44,398
McCormick & Co., Inc.	108		5,025
Mead Johnson Nutrition Co.	161		10,022
Sara Lee Corp.	548		9,595
Tyson Foods, Inc.	240		4,133
			161,573

Gas Utilities - 0.0%
Nicor, Inc.	48		2,396
Oneok, Inc.	86		4,771
			7,167

Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.	470		23,791
Becton Dickinson & Co.	186		15,721
Boston Scientific Corp.*	1,188		8,993
C.R. Bard, Inc.	76		6,975
CareFusion Corp.*	190		4,883
DENTSPLY International, Inc.	116		3,964
Intuitive Surgical, Inc.*	31		7,990
Medtronic, Inc.	871		32,305
St. Jude Medical, Inc.*	286		12,227
Stryker Corp.	276		14,821
Varian Medical Systems, Inc.*	96		6,651
Zimmer Holdings, Inc.*	168		9,018
			147,339

Health Care Providers & Services - 1.1%
Aetna, Inc.	339		10,343
AmerisourceBergen Corp.	223		7,609
Cardinal Health, Inc.	284		10,880
CIGNA Corp.	231		8,468
Coventry Health Care, Inc.*	117		3,089
DaVita, Inc.*	82		5,698
Express Scripts, Inc.*	425		22,971
Humana, Inc.*	144		7,883
Laboratory Corp. of America Holdings*	82		7,209
McKesson Corp.	205		14,428
Medco Health Solutions, Inc.*	342		20,954
Patterson Co.’s, Inc.	92		2,818
Quest Diagnostics, Inc.	115		6,207


EQUITY SECURITIES - CONT’D	shares		value
Health Care Providers & Services - Cont’d
Tenet Healthcare Corp.*	425	$	2,843
UnitedHealth Group, Inc.	887		32,030
WellPoint, Inc.*	318		18,081
			181,511

Health Care Technology - 0.0%
Cerner Corp.*	60		5,684

Hotels, Restaurants & Leisure - 1.0%
Carnival Corp.	348		16,046
Darden Restaurants, Inc.	110		5,108
International Game Technology	234		4,140
Marriott International, Inc.	243		10,094
McDonald’s Corp.	852		65,400
Starbucks Corp.	598		19,214
Starwood Hotels & Resorts Worldwide, Inc.	158		9,603
Wyndham Worldwide Corp.	141		4,224
Wynn Resorts Ltd.	64		6,646
Yum! Brands, Inc.	378		18,541
			159,016

Household Durables - 0.2%
D.R. Horton, Inc.	271		3,233
Fortune Brands, Inc.	124		7,471
Harman International Industries, Inc.*	55		2,547
Leggett & Platt, Inc.	117		2,663
Lennar Corp.	129		2,419
Newell Rubbermaid, Inc.	235		4,272
Pulte Group, Inc.*	310		2,331
Stanley Black & Decker, Inc.	133		8,894
Whirlpool Corp.	63		5,596
			39,426

Household Products - 1.3%
Clorox Co.	119		7,531
Colgate-Palmolive Co.	390		31,344
Kimberly-Clark Corp.	329		20,740
Procter & Gamble Co.	2,257		145,193
			204,808

Independent Power Producers & Energy Traders - 0.1%
AES Corp.*	534		6,504
Constellation Energy Group, Inc.	158		4,840
NRG Energy, Inc.*	230		4,494
			15,838


EQUITY SECURITIES - CONT’D	shares		value
Industrial Conglomerates - 1.4%
3M Co.	577	$	49,795
General Electric Co.	8,590		157,111
Textron, Inc.	215		5,083
Tyco International Ltd.	395		16,369
			228,358

Insurance - 2.2%
ACE Ltd.	274		17,057
Aflac, Inc.	380		21,443
Allstate Corp.	434		13,836
American International Group, Inc.*	106		6,108
AON Corp.	266		12,239
Assurant, Inc.	90		3,467
Berkshire Hathaway, Inc., Class B*	1,396		111,834
Chubb Corp.	246		14,671
Cincinnati Financial Corp.	132		4,183
Genworth Financial, Inc.*	413		5,427
Hartford Financial Services Group, Inc.	349		9,245
Lincoln National Corp.	262		7,286
Loews Corp.	256		9,961
Marsh & McLennan Co.’s, Inc.	460		12,576
MetLife, Inc.	731		32,486
Principal Financial Group, Inc.	259		8,433
Progressive Corp.	528		10,491
Prudential Financial, Inc.	397		23,308
Torchmark Corp.	65		3,883
Travelers Co.’s, Inc.	371		20,668
Unum Group	256		6,200
XL Group plc	269		5,870
			360,672

Internet & Catalog Retail - 0.5%
Amazon.com, Inc.*	286		51,480
Expedia, Inc.	172		4,315
Netflix, Inc.*	37		6,501
priceline.com, Inc.*	40		15,982
			78,278

Internet Software & Services - 1.1%
Akamai Technologies, Inc.*	156		7,340
eBay, Inc.*	925		25,743
Google, Inc.*	202		119,982
Monster Worldwide, Inc.*	111		2,623
VeriSign, Inc.	145		4,737
Yahoo!, Inc.*	1,051		17,478
			177,903

IT Services - 1.7%
Automatic Data Processing, Inc.	398		18,419
Cognizant Technology Solutions Corp.*	245		17,956


EQUITY SECURITIES - CONT’D	shares		value
IT Services - Cont’d
Computer Sciences Corp.	129	$	6,398
Fidelity National Information Services, Inc.	210		5,752
Fiserv, Inc.*	130		7,613
International Business Machines Corp.	1,002		147,054
MasterCard, Inc.	79		17,705
Paychex, Inc.	272		8,408
SAIC, Inc.*	237		3,759
Teradata Corp.*	144		5,927
Total System Services, Inc.	132		2,030
Visa, Inc.	393		27,659
Western Union Co.	537		9,972
			278,652

Leisure Equipment & Products - 0.1%
Hasbro, Inc.	117		5,520
Mattel, Inc.	290		7,375
			12,895

Life Sciences - Tools & Services - 0.3%
Agilent Technologies, Inc.*	292		12,098
Life Technologies Corp.*	151		8,394
PerkinElmer, Inc	96		2,479
Thermo Fisher Scientific, Inc.*	321		17,770
Waters Corp.*	74		5,750
			46,491

Machinery - 1.3%
Caterpillar, Inc.	512		47,954
Cummins, Inc.	160		17,602
Danaher Corp.	433		20,425
Deere & Co.	342		28,403
Dover Corp.	158		9,235
Eaton Corp.	136		13,805
Flowserve Corp.	51		6,080
Illinois Tool Works, Inc.	400		21,360
Ingersoll-Rand plc	270		12,714
PACCAR, Inc.	295		16,939
Pall Corp.	93		4,611
Parker Hannifin Corp.	136		11,737
Snap-on, Inc.	47		2,659
			213,524

Media - 1.8%
Cablevision Systems Corp.	204		6,903
CBS Corp., Class B	573		10,916
Comcast Corp.	2,251		49,454
DIRECTV*	673		26,873
Discovery Communications, Inc.*	223		9,299
Gannett Co., Inc.	212		3,199
McGraw-Hill Co.’s, Inc.	248		9,030
Meredith Corp.	41		1,421
News Corp.	1,842		26,819


EQUITY SECURITIES - CONT’D	shares		value
Media - Cont’d
Omnicom Group, Inc.	244	$	11,175
Scripps Networks Interactive, Inc.	71		3,674
The Interpublic Group of Co.’s, Inc.*	411		4,365
Time Warner Cable, Inc.	287		18,951
Time Warner, Inc.	895		28,792
Viacom, Inc., Class B	488		19,330
Walt Disney Co.	1,527		57,278
Washington Post Co., Class B	6		2,637
			290,116

Metals & Mining - 0.7%
AK Steel Holding Corp.	120		1,965
Alcoa, Inc.	824		12,681
Allegheny Technologies, Inc.	83		4,580
Cliffs Natural Resources, Inc.	110		8,581
Freeport-McMoRan Copper & Gold, Inc.	380		45,634
Newmont Mining Corp.	398		24,449
Nucor Corp.	248		10,867
Titanium Metals Corp.*	100		1,718
United States Steel Corp.	126		7,361
			117,836

Multiline Retail - 0.5%
Big Lots, Inc.*	61		1,858
Family Dollar Stores, Inc.	109		5,418
J.C. Penney Co., Inc.	186		6,010
Kohl’s Corp.*	249		13,531
Macy’s, Inc.	356		9,007
Nordstrom, Inc.	130		5,509
Sears Holdings Corp.*	39		2,876
Target Corp.	571		34,334
			78,543

Multi-Utilities - 0.7%
Ameren Corp.	187		5,272
Centerpoint Energy, Inc.	309		4,857
CMS Energy Corp.	194		3,608
Consolidated Edison, Inc.	247		12,244
Dominion Resources, Inc.	468		19,993
DTE Energy Co.	130		5,892
Integrys Energy Group, Inc.	61		2,959
NiSource, Inc.	225		3,966
PG&E Corp.	317		15,165
Public Service Enterprise Group, Inc.	408		12,978
SCANA Corp.	92		3,735
Sempra Energy	195		10,234
TECO Energy, Inc.	168		2,990
Wisconsin Energy Corp.	92		5,415
Xcel Energy, Inc.	386		9,090
			118,398


EQUITY SECURITIES - CONT’D	shares		value
Office Electronics - 0.1%
Xerox Corp.	1,143	$	13,165

Oil, Gas & Consumable Fuels - 5.7%
Anadarko Petroleum Corp.	400		30,464
Apache Corp.	309		36,842
Cabot Oil & Gas Corp.	84		3,179
Chesapeake Energy Corp.	528		13,680
Chevron Corp.	1,623		148,099
ConocoPhillips	1,185		80,698
Consol Energy, Inc.	194		9,456
Denbury Resources, Inc.*	353		6,739
Devon Energy Corp.	349		27,400
El Paso Corp.	568		7,816
EOG Resources, Inc.	205		18,739
EQT Corp.	129		5,784
Exxon Mobil Corp.	4,066		297,306
Hess Corp.	248		18,982
Marathon Oil Corp.	573		21,218
Massey Energy Co.	87		4,668
Murphy Oil Corp.	151		11,257
Newfield Exploration Co.*	114		8,221
Noble Energy, Inc.	138		11,879
Occidental Petroleum Corp.	655		64,256
Peabody Energy Corp.	218		13,948
Pioneer Natural Resources Co.	98		8,508
QEP Resources, Inc.	140		5,083
Range Resources Corp.	142		6,387
Southwestern Energy Co.*	272		10,181
Spectra Energy Corp.	523		13,070
Sunoco, Inc.	98		3,950
Tesoro Corp.*	116		2,151
Valero Energy Corp.	444		10,265
Williams Co.’s, Inc.	459		11,346
			911,572

Paper & Forest Products - 0.1%
International Paper Co.	366		9,970
MeadWestvaco Corp.	136		3,558
			13,528

Personal Products - 0.1%
Avon Products, Inc.	336		9,764
Estee Lauder Co.’s, Inc.	92		7,425
			17,189

Pharmaceuticals - 3.2%
Abbott Laboratories, Inc.	1,247		59,744
Allergan, Inc.	248		17,030
Bristol-Myers Squibb Co.	1,380		36,542
Eli Lilly & Co.	819		28,698
Forest Laboratories, Inc.*	243		7,771
Hospira, Inc.*	135		7,518


EQUITY SECURITIES - CONT’D	shares		value
Pharmaceuticals - Cont’d
Johnson & Johnson	2,215	$	136,998
Merck & Co., Inc.	2,484		89,523
Mylan, Inc.*	366		7,734
Pfizer, Inc.	6,458		113,080
Watson Pharmaceuticals, Inc.*	96		4,958
			509,596

Professional Services - 0.1%
Dun & Bradstreet Corp.	41		3,366
Equifax, Inc.	100		3,560
Robert Half International, Inc.	119		3,641
			10,567

Real Estate Investment Trusts - 0.9%
Apartment Investment & Management Co.	114		2,946
AvalonBay Communities, Inc.	73		8,216
Boston Properties, Inc.	110		9,471
Equity Residential	230		11,948
HCP, Inc.	296		10,890
Health Care REIT, Inc.	109		5,193
Host Hotels & Resorts, Inc.	526		9,400
Kimco Realty Corp.	328		5,917
Plum Creek Timber Co., Inc.	128		4,794
ProLogis	470		6,787
Public Storage	115		11,663
Simon Property Group, Inc.	237		23,579
Ventas, Inc.	124		6,507
Vornado Realty Trust	133		11,083
Weyerhaeuser Co.	451		8,537
			136,931

Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc.*	250		5,120

Road & Rail - 0.5%
CSX Corp.	302		19,512
Norfolk Southern Corp.	293		18,406
Ryder System, Inc.	42		2,211
Union Pacific Corp.	398		36,879
			77,008

Semiconductors & Semiconductor Equipment - 1.5%
Advanced Micro Devices, Inc.*	511		4,180
Altera Corp.	266		9,464
Analog Devices, Inc.	241		9,079
Applied Materials, Inc.	1,078		15,146
Broadcom Corp.	368		16,026
First Solar, Inc.*	46		5,986
Intel Corp.	4,496		94,551
KLA-Tencor Corp.	136		5,255
Linear Technology Corp.	176		6,088
LSI Corp.*	498		2,983


EQUITY SECURITIES - CONT’D	shares		value
Semiconductors & Semiconductor Equipment - Cont’d
MEMC Electronic Materials, Inc.*	184	$	2,072
Microchip Technology, Inc.	166		5,679
Micron Technology, Inc.*	669		5,365
National Semiconductor Corp.	194		2,669
Novellus Systems, Inc.*	73		2,359
NVIDIA Corp.*	495		7,623
Teradyne, Inc.*	158		2,218
Texas Instruments, Inc.	947		30,779
Xilinx, Inc.	218		6,318
			233,840

Software - 2.3%
Adobe Systems, Inc.*	411		12,651
Autodesk, Inc.*	184		7,029
BMC Software, Inc.*	155		7,307
CA, Inc.	311		7,601
Citrix Systems, Inc.*	155		10,603
Compuware Corp.*	177		2,066
Electronic Arts, Inc.*	275		4,504
Intuit, Inc.*	226		11,142
McAfee, Inc.*	125		5,789
Microsoft Corp.	6,069		169,446
Novell, Inc.*	284		1,681
Oracle Corp.	3,121		97,687
Red Hat, Inc .*	149		6,802
Salesforce.com, Inc.*	96		12,672
Symantec Corp.*	634		10,613
			367,593

Specialty Retail - 1.1%
Abercrombie & Fitch Co.	70		4,034
AutoNation, Inc.*	71		2,002
AutoZone, Inc.*	22		5,997
Bed Bath & Beyond, Inc.*	206		10,125
Best Buy Co., Inc.	270		9,258
CarMax, Inc.*	185		5,898
GameStop Corp.*	119		2,723
Home Depot, Inc.	1,321		46,314
Limited Brands, Inc.	211		6,484
Lowe’s Co.’s, Inc.	1,113		27,914
O’Reilly Automotive, Inc.*	109		6,586
RadioShack Corp.	123		2,274
Ross Stores, Inc.	98		6,199
Staples, Inc.	584		13,298
The Gap, Inc.	374		8,280
Tiffany & Co.	98		6,102
TJX Co.’s, Inc.	330		14,649
Urban Outfitters, Inc.*	120		4,297
			182,434

Textiles, Apparel & Luxury Goods - 0.3%
Coach, Inc.	248		13,717
Nike, Inc., Class B	309		26,395


EQUITY SECURITIES - CONT’D		shares		value
Textiles, Apparel & Luxury Goods - Cont’d
Polo Ralph Lauren Corp.		49	$	5,435
VF Corp.		75		6,463
				52,010

Thrifts & Mortgage Finance - 0.1%
Hudson City Bancorp, Inc.		373		4,752
People’s United Financial, Inc.		292		4,091
				8,843
Tobacco - 0.9%
Altria Group, Inc.		1,684		41,460
Lorillard, Inc.		122		10,011
Philip Morris International, Inc.		1,463		85,629
Reynolds American, Inc.		266		8,677
				145,777

Trading Companies & Distributors - 0.1%
Fastenal Co.		125		7,489
W.W. Grainger, Inc.		47		6,491
				13,980

Wireless Telecommunication Services - 0.2%
American Tower Corp.*		322		16,628
MetroPCS Communications, Inc.*		223		2,816
Sprint Nextel Corp.*		2,339		9,894
				29,338


Total Equity Securities (Cost $7,403,002)				9,261,537

exchange traded funds - 1.6%
iShares Barclays Aggregate Bond Fund		2,400		253,800

Total Exchange Traded Funds (Cost $253,497)				253,800

		PrIncipal
commercIal mortgage-Backed securItIes - 1.9%		amount
Wachovia Bank Commercial Mortgage Trust, 4.964%, 11/15/35 (r)	$	285,000		303,891

Total Commercial Mortgage-Backed Securities (Cost $206,474)				303,891

corPorate Bonds – 7.1%
Apache Corp., 5.625%, 1/15/17		100,000		114,053
CBS Corp., 5.75%, 4/15/20		200,000		212,122
Goldman Sachs Group, Inc., 5.35%, 1/15/16		100,000		107,440
Hospira, Inc., 6.40%, 5/15/15		100,000		113,101
Shell International Finance BV, 4.00%, 3/21/14		100,000		106,382
Time Warner, Inc., 4.875%, 3/15/20		100,000		103,883
United Parcel Service, Inc., 3.125%, 1/15/21		150,000		139,350
US Bank NA, 4.95%, 10/30/14		100,000		108,756


		PrIncipal
CORPORATE BONDS - CONT’D		amount		value
Wells Fargo & Co., 4.375%, 1/31/13	$	125,000	$	132,340

Total Corporate Bonds (Cost $1,061,735)				1,137,427


u.s. government agencIes and InstrumentalItIes - 4.6%
Federal Home Loan Bank, 3.625%, 10/18/13		320,000		342,119
Freddie Mac:
5.50%, 7/18/16		300,000		346,036
3.75%, 3/27/19		50,000		51,729

Total U.S. Government Agencies and Instrumentalities (Cost $713,110)				739,884

u.s. government agency mortgage-Backed securItIes - 11.6%
Fannie Mae:
7.00%, 7/1/29		42,278		47,706
6.50%, 8/1/32		41,101		46,070
5.50%, 7/1/33		137,329		148,027
6.00%, 8/1/33		88,286		97,256
5.50%, 11/1/33		205,142		221,123
7.50%, 11/1/36		48,083		54,249
Freddie Mac:
5.00%, 5/1/18		226,248		241,272
4.50%, 9/1/18		59,960		63,296
6.00%, 8/1/36		239,661		260,465
Ginnie Mae, 5.50%, 7/20/34		278,379		301,072
Ginnie Mae I pool, 5.00%, 10/15/39		366,956		390,418

Total U.S. Government Agency Mortgage-Backed Securities (Cost $1,780,583)				1,870,954

u.s. treasury - 13.3%
United States Treasury Bills, 3/10/11^		50,000		49,989
United States Treasury Bonds:
5.25%, 11/15/28		100,000		114,547
3.875%, 8/15/40		100,000		92,078
United States Treasury Notes:
1.50%, 12/31/13		125,000		126,758
2.375%, 8/31/14		50,000		51,773
2.25%, 1/31/15		125,000		128,242
5.125%, 5/15/16		250,000		287,891
3.00%, 9/30/16		200,000		207,250
3.875%, 5/15/18		500,000		537,500
3.625%, 8/15/19		160,000		167,050
3.375%, 11/15/19		250,000		255,117
2.625%, 11/15/20		140,000		132,016

Total U.S. Treasury (Cost $2,069,957)				2,150,211


TOTAL INVESTMENTS (Cost $13,488,358) - 97.7%					$	15,717,704
Other assets and liabilities, net - 2.3%						366,932
net assets - 100%					$	16,084,636


net assets consIst of:
Paid-in capital applicable to 324,057 shares of common stock outstanding;$0.10 par value, 20,000,000 shares authorized					$	13,972,441
Undistributed net investment income						88,524
Accumulated net realized gain (loss) on investments						(207,837	)
Net unrealized appreciation (depreciation) on investments						2,231,508


net assets					$	16,084,636

net asset value Per share					$	49.64


				UNDERLYING		UNREALIZED
	NUMBER OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
E-Mini S&P 500 Index^	6	3/11	$	375,900	$	2,162

*	Non-income producing security.
(r)	The coupon rate shown on floating or adjustable rate securities represent the rate at period end.
^	Futures collateralized by 50,000 units of U.S. Treasury Bills.

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010

net Investment Income
Investment Income:
Interest income	$	230,635
Dividend income (net of foreign taxes withheld of $7 )		198,058
Total investment income		428,693

Expenses:
Investment advisory fee		46,397
Administrative fees		15,465
Transfer agency fees and expenses		1,649
Directors’ fees and expenses		1,953
Custodian fees		31,951
Accounting fees		2,458
Contract services		15,638
Reports to shareholders		3,794
Professional fees		21,050
Miscellaneous		337
Total expenses		140,692
Reimbursement from Advisor		(47,417	)
Fees paid indirectly		(482	)
Net expenses		92,793

net Investment Income		335,900


realIzed and unrealIzed gaIn (loss)
Net realized gain (loss) on:
Investments		313,017
Futures		63,308
		376,325

Change in unrealized appreciation (depreciation) on:
Investments		1,025,429
Futures		(2,521	)
		1,022,908

net realIzed and unrealIzed gaIn
(loss)		1,399,233

Increase (decrease) In net assets
resultIng from oPeratIons	$	1,735,133


STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	335,900		$	381,184
Net realized gain (loss)		376,325			122,406
Change in unrealized appreciation (depreciation)		1,022,908			2,095,376

Increase (decrease) In net assets
resultIng from oPeratIons		1,735,133			2,598,966

Distributions to shareholders from:
Net investment income		(365,516	)		(348,198	)
Total distributions		(365,516	)		(348,198	)

Capital share transactions:
Shares sold		1,244,873			1,518,492
Reinvestment of distributions		365,516			348,196
Shares redeemed		(2,815,166	)		(4,041,694	)
Total capital share transactions		(1,204,777	)		(2,175,006	)

total Increase (decrease) In net assets		164,840			75,762


net assets
Beginning of year		15,919,796			15,844,034
End of year (including undistributed net investment income of $88,524 and $111,995, respectively)	$	16,084,636		$	15,919,796


caPItal share actIvIty
Shares sold		26,265			36,816
Reinvestment of distributions		7,371			7,612
Shares redeemed		(60,071	)		(98,053	)
Total capital share activity		(26,435	)		(53,625	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Municipal securities are valued utilizing the average bid prices or at bid prices based on a matrix system (which considers such factors as security prices, yields, maturities and ratings) furnished by dealers through an independent pricing service. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. The Portfolio may invest in securities whose resale is subject to restrictions. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon Inputs
Investments In securItIes		level 1		level 2	level 3		total
Commercial Mortgage-Backed Securities		—	$	303,891	—	$	303,891
Corporate Bonds		—		1,137,427	—		1,137,427
Equity Securities*	$	9,261,537		—	—		9,261,537
Exchanged Traded Funds		253,800		—	—		253,800
U.S. Government Obligations		—		4,761,049	—		4,761,049
TOTAL	$	9,515,337	$	6,202,367	—	$	15,717,704

other fInancIal Instruments**	$	2,162		—	—	$	2,162

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

Futures Contracts: The Portfolio may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Portfolio may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, market index futures contracts. The Portfolio is subject to market risk in the normal course of pursuing its investment objectives. The Portfolio may use futures contracts to hedge against changes in the value of securities. The Portfolio may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Portfolio’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used for cash equitization.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company (“UNIFI”). The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .30% of the Portfolio’s average daily net assets. Under the terms of the agreement, $4,060 was payable at year end. In addition, $4,178 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is .60%. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $60 for the year ended December 31, 2010. Under the terms of the agreement, $5 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. Government securities, were $5,154,735 and $5,728,929, respectively. U.S. Government security purchases and sales were $1,792,414 and $1,674,368, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:	2010	2009
Ordinary income	$365,516	$348,198
Total	$365,516	$348,198

As of December 31, 2010, the components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	2,872,041
Unrealized (depreciation)		(936,482	)
Net unrealized appreciation/(depreciation)	$	1,935,559

Undistributed ordinary income	$	88,524
Undistributed long term capital gain	$	88,112
Federal income tax cost of investments	$	13,782,145


Undistributed net investment income	$6,145
Accumulated net realized gain (loss)	(6,145	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:

	WeIghted		month of
average	average	maxImum	maxImum
daIly	Interest	amount	amount
Balance	rate	BorroWed	Borrowed
$190	1.52%	$17,294	April 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

On December 9, 2010, the Board of Directors approved a resolution to reorganize the Calvert VP Balanced Index Portfolio into the Calvert VP SRI Balanced Portfolio. Shareholders of Calvert VP Balanced Index Portfolio will be asked to vote on the reorganization and must approve it before any change may take place.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolio will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Also, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Fund designates 50.7% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
	2010	2009	2008
Net asset value, beginning	$45.42	$39.21	$51.62
Income from investment operations:
Net investment income	1.09	1.14	1.48
Net realized and unrealized gain (loss)	4.28	6.09	(12.45)
Total from investment operations	5.37	7.23	(10.97)
Distributions from:
Net investment income	(1.15)	(1.02)	(1.44)
Total distributions	(1.15)	(1.02)	(1.44)
Total increase (decrease) in net asset value	4.22	6.21	(12.41)
Net asset value, ending	$49.64	$45.42	$39.21

Total return*	11.84%	18.41%	(21.55%)
Ratios to average net assets: ^A
Net investment income	2.17%	2.49%	3.08%
Total expenses	.91%	.92%	.86%
Expenses before offsets	.60%	.60%	.60%
Net expenses	.60%	.60%	.60%
Portfolio turnover	47%	53%	26%
Net assets, ending (in thousands)	$16,085	$15,920	$15,844

	Years Ended
	December 31,	December 31,
	2007	2006
Net asset value, beginning	$49.58	$45.74
Income from investment operations:
Net investment income	1.33	1.16
Net realized and unrealized gain (loss)	2.12	3.80
Total from investment operations	3.45	4.96
Distributions from:
Net investment income	(1.41)	(1.12)
Total distributions	(1.41)	(1.12)
Total increase (decrease) in net asset value	2.04	3.84
Net asset value, ending	$51.62	$49.58

Total return*	7.02%	11.02%
Ratios to average net assets: ^A
Net investment income	2.47%	2.36%
Total expenses	.69%	.69%
Expenses before offsets	.60%	.60%
Net expenses	.60%	.60%
Portfolio turnover	15%	21%
Net assets, ending (in thousands)	$25,993	$28,784

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the three- and five-year periods ended June 30, 2010 and underperformed its Lipper index for the one-year period ended June 30, 2010. The Board took into account management’s plans with respect to the Portfolio. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

The Board considered the effect of the Portfolio’s current size and potential growth on its performance and fees. The Board noted that the Portfolio’s assets had not increased significantly over time. The Board took into account management’s plans with respect to the Portfolio and concluded that appropriate action was being taken with respect to the Portfolio.

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

CONCLUSIONS

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

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP

Nasdaq 100 Index Portfolio

(formerly, Summit Nasdaq-100 Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS


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

calvert vp nasdaq 100 Index Portfolio

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Nasdaq 100 Index Portfolio returned a solid 19.61%. Its benchmark, the Nasdaq 100 Index (TR), returned 20.14% for the period. The portfolio’s relative underperformance was largely attributable to the fund’s fees and operating expenses.

Investment Climate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bailout for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about European financial market stability intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Portfolio Strategy

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the Nasdaq 100 Index. The index includes 100 of the largest and most actively traded non-financial domestic and international companies. The average market capitalization of the companies in the Index is roughly $40 billion, which is significantly larger than the $20 billion average market capitalization of companies in the Standard & Poor’s 500 Index. These companies delivered strong returns for the year, both in absolute terms and relative to the S&P 500 Index.

Over the full year, the top-performing sectors of the Nasdaq 100 Index, including dividend reinvestment, were Materials (up 40.5%), Utilities (up 33.0%), and Producer Durables (up 32.6%). The worst-performing sectors included Energy (down 3.9%), Consumer Staples (down 0.1%), and Healthcare (up 7.8%).

Calvert VP Nasdaq 100 Index Portfolio*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)

One year	19.61%
Five year	6.16%
Ten year	-0.68%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

At year-end, the Nasdaq 100 Index was most heavily invested in Information Technology (64.9%), Consumer Discretionary (15.7%), and Healthcare (12.7%) companies. The portfolio had the lowest exposure to companies in the Materials (0.4%) and Consumer Staples (1.2%) sectors.

The portfolio continued to meet its investment objective of closely tracking the total return of the Nasdaq 100 Index. The portfolio fully replicates the Index, which means that it holds all of the stocks in the Index. Market fluctuation, cash flows, and corporate actions may cause the portfolio to hold a slightly different weighting than the index. The Nasdaq 100 Index is not a mutual fund and direct investment in the index is not possible. Unlike the index, the portfolio incurs operating expenses. During 2010, the portfolio’s slight underperformance was largely attributable to these expenses.

Outlook

January 2011

		% of Total
Economic Sectors		Investments
Consumer Discretionary		15.4%
Consumer Staples		1.2%
Exchange Traded Funds		2.5%
Government		0.4%
Health Care		12.4%
Industrials		3.9%
Information Technology		62.1%
Materials		0.4%
Telecommunication Services		1.7%
Total		100%

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BeginnIng		Ending		Expenses Paid
		Account value		Account value		During Period*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,276.70	$	3.73

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.93	$	3.31

* Expenses are equal to the Fund’s annualized expense ratio of .65%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP Nasdaq 100-Index Portfolio (formerly, the Summit Nasdaq-100 Index Portfolio) (the Portfolio), a series of Summit Mutual Funds, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Nasdaq 100-Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011

STATEMENT OF NET ASSETS
DECEMBER 31, 2010


EQUITY SECURITIES - 96.2%	shares		value
Air Freight & Logistics - 1.1%
C.H. Robinson Worldwide, Inc	4,636	$	371,761
Expeditors International of Washington, Inc.	5,891		321,648
			693,409

Biotechnology - 6.2%
Amgen, Inc.*	12,445		683,230
Biogen Idec, Inc.*	7,317		490,605
Celgene Corp.*	13,184		779,702
Cephalon, Inc.*	2,089		128,933
Genzyme Corp.*	9,154		651,765
Gilead Sciences, Inc.*	22,584		818,444
Vertex Pharmaceuticals, Inc.*	6,033		211,336
			3,764,015

Chemicals - 0.4%
Sigma-Aldrich Corp.	3,325		221,312

Commercial Services & Supplies - 0.3%
Stericycle, Inc.*	2,567		207,722

Communications Equipment - 8.3%
Cisco Systems, Inc.*	55,948		1,131,828
F5 Networks, Inc.*	2,193		285,441
QUALCOMM, Inc.	55,124		2,728,087
Research In Motion Ltd.*	14,777		858,987
			5,004,343

Computers & Peripherals - 21.6%
Apple, Inc.*	36,167		11,666,027
Dell, Inc.*	20,212		273,873
NetApp, Inc.*	10,548		579,718
SanDisk Corp.*	6,786		338,350
Seagate Technology plc*	13,467		202,409
			13,060,377

Diversified Consumer Services - 0.3%
Apollo Group, Inc.*	4,274		168,780

Electronic Equipment & Instruments - 0.5%
Flextronics International Ltd.*	23,470		184,239
FLIR Systems, Inc.*	4,737		140,926
			325,165

Food & Staples Retailing - 1.2%
Costco Wholesale Corp	6,434		464,599
Whole Foods Market, Inc.*	5,122		259,122
			723,721


EQUITY SECURITIES - CONT’D	shares		value
Health Care Equipment & Supplies - 0.7%
DENTSPLY International, Inc.	3,929	$	134,254
Intuitive Surgical, Inc.*	1,109		285,845
			420,099

Health Care Providers & Services - 1.5%
Express Scripts, Inc.*	13,267		717,082
Henry Schein, Inc.*	2,598		159,491
			876,573

Health Care Technology - 0.4%
Cerner Corp.*	2,336		221,313

Hotels, Restaurants & Leisure - 2.5%
Ctrip.com International Ltd. (ADR)*	4,319		174,703
Starbucks Corp.	29,113		935,401
Wynn Resorts Ltd	3,818		396,461
			1,506,565

Household Durables - 0.3%
Garmin Ltd	5,069		157,088

Internet & Catalog Retail - 4.6%
Amazon.com, Inc.*	8,420		1,515,600
Expedia, Inc.	7,672		192,490
Liberty Media Corp. - Interactive*	15,622		246,359
Netflix, Inc.*	1,407		247,210
priceline.com, Inc.*	1,465		585,341
			2,787,000

Internet Software & Services - 7.8%
Akamai Technologies, Inc.*	5,150		242,307
Baidu, Inc. (ADR)*	7,746		747,721
eBay, Inc.*	27,472		764,546
Google, Inc.*	4,270		2,536,252
VeriSign, Inc	4,583		149,727
Yahoo!, Inc.*	17,693		294,235
			4,734,788

IT Services - 3.2%
Automatic Data Processing, Inc.	9,848		455,765
Cognizant Technology Solutions Corp.*	8,355		612,338
Fiserv, Inc.*	5,257		307,850
Infosys Technologies Ltd. (ADR)	3,173		241,402
Paychex, Inc	9,786		302,485
			1,919,840

Leisure Equipment & Products - 0.5%
Mattel, Inc.	11,597		294,912

Life Sciences - Tools & Services - 1.1%
Illumina, Inc.*	3,494		221,310
Life Technologies Corp.*	5,315		294,982
QIAGEN NV*	6,709		131,161
			647,453


EQUITY SECURITIES - CONT’D	shares		value
Machinery - 1.5%
Joy Global, Inc	2,881	$	249,927
PACCAR, Inc.	11,551		663,258
			913,185

Media - 4.0%
Comcast Corp	40,956		899,803
DIRECTV*	17,148		684,720
News Corp	40,368		587,758
Virgin Media, Inc.	9,325		254,013
			2,426,294

Multiline Retail - 0.7%
Dollar Tree, Inc.*	3,727		209,010
Sears Holdings Corp.*	3,251		239,761
			448,771

Pharmaceuticals - 2.5%
Mylan, Inc.*	12,493		263,977
Teva Pharmaceutical Industries Ltd. (ADR)	20,470		1,067,101
Warner Chilcott plc	7,168		161,710
			1,492,788

Semiconductors & Semiconductor Equipment - 7.9%
Altera Corp.	12,379		440,445
Applied Materials, Inc	19,528		274,368
Broadcom Corp.	11,714		510,145
First Solar, Inc.*	2,121		276,027
Intel Corp.	55,186		1,160,562
KLA-Tencor Corp.	5,719		220,982
Lam Research Corp.*	3,588		185,787
Linear Technology Corp.	8,549		295,710
Marvell Technology Group Ltd.*	17,538		325,330
Maxim Integrated Products, Inc	8,232		194,440
Microchip Technology, Inc	4,371		149,532
Micron Technology, Inc.*	28,825		231,177
NVIDIA Corp.*	16,031		246,877
Xilinx, Inc.	9,716		281,570
			4,792,952

Software - 12.7%
Activision Blizzard, Inc.	30,426		378,500
Adobe Systems, Inc.*	14,082		433,444
Autodesk, Inc.*	6,688		255,482
BMC Software, Inc.*	5,837		275,156
CA, Inc.	13,884		339,325
Check Point Software Technologies Ltd.*	5,851		270,667
Citrix Systems, Inc.*	6,303		431,188
Electronic Arts, Inc.*	9,488		155,413
Intuit, Inc.*	11,143		549,350
Microsoft Corp.	83,209		2,323,195
Oracle Corp.	59,232		1,853,962
Symantec Corp.*	22,920		383,681
			7,649,363


EQUITY SECURITIES - CONT’D		shares		value
Specialty Retail - 2.3%
Bed Bath & Beyond, Inc.*		9,845	$	483,882
O’Reilly Automotive, Inc.*		3,927		237,269
Ross Stores, Inc		3,445		217,896
Staples, Inc		13,725		312,518
Urban Outfitters, Inc.*		4,582		164,082
				1,415,647

Trading Companies & Distributors - 0.4%
Fastenal Co.		4,021		240,898

Wireless Telecommunication Services - 1.7%
Millicom International Cellular SA		2,950		282,020
NII Holdings, Inc.*		4,687		209,321
Vodafone Group plc (ADR)		20,621		545,013
				1,036,354


Total Equity Securities (Cost $40,247,323)				58,150,727


exchange traded funds - 2.6%
Powershares QQQ		28,100		1,530,607

Total Exchange Traded Funds (Cost $1,307,164)				1,530,607


		Principal
u.s. treasury - 0.4%		Amount
United States Treasury Bills, 3/10/11^	$	250,000		249,943

Total U.S. Treasury (Cost $249,943)				249,943


TOTAL INVESTMENTS (Cost $41,804,430) - 99.2%		59,931,277
Other assets and liabilities, net - 0.8%		504,101
net assets - 100%	$	60,435,378


net assets consIst of:
Paid-in capital applicable to 1,983,995 shares of common stock outstanding; $0.10 par value, 20,000,000 shares authorized					$	48,433,849
Undistributed net investment income						33,538
Accumulated net realized gain (loss) on investments						(6,157,470	)
Net unrealized appreciation (depreciation) on investments						18,125,461

net assets					$	60,435,378

net asset value Per share					$	30.46


				UNDERLYING		UNREALIZED
	NUMBER OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
E-Mini NASDAQ 100 Index^	21	3/11	$	930,720	($	1,386	)

^ Futures collateralized by 250,000 units of U.S. Treasury Bills.

* Non-income producing security.

Abbreviations:
ADR: American Depositary Receipt

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010

net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $2,738)	$	401,764
Interest income		659
Total investment income		402,423

Expenses:
Investment advisory fee		144,355
Transfer agency fees and expenses		1,958
Accounting fees		6,682
Directors’ fees and expenses		5,820
Administrative fees		41,244
Custodian fees		18,961
Reports to shareholders		21,848
Professional fees		23,146
Contract services		14,671
Miscellaneous		652
Total expenses		279,337
Reimbursement from Advisor		(10,475	)
Fees paid indirectly		(775	)
Net expenses		268,087


net Investment Income		134,336


realIzed and unrealIzed gaIn (loss)
Net realized gain (loss) on:
Investments		943,168
Futures		20,709
		963,877


Change in unrealized appreciation (depreciation) on:
Investments		8,982,516
Futures		(13,926	)
		8,968,590


net realIzed and unrealIzed gaIn
(loss)		9,932,467

Increase (decrease) In net assets
resultIng from oPeratIons	$	10,066,803

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	134,336		$	19,540
Net realized gain (loss)		963,877			134,026
Change in unrealized appreciation (depreciation)		8,968,590			8,810,422

Increase (decrease) In net assets
resultIng from oPeratIons		10,066,803			8,963,988

Distributions to shareholders from:
Net investment income		(104,669	)		(18,834	)
Total distributions		(104,669	)		(18,834	)

Capital share transactions:
Shares sold		30,807,332			4,370,242
Reinvestment of distributions		104,679			18,834
Shares redeemed		(6,076,254	)		(4,886,008	)
Total capital share transactions		24,835,757			(496,932	)

total Increase (decrease) In net assets		34,797,891			8,448,222



net assets
Beginning of year		25,637,487			17,189,265
End of year (including undistributed net investment income
of $33,538 and $3,871, respectively)	$	60,435,378		$	25,637,487


caPItal share actIvIty
Shares sold		1,203,922			219,980
Reinvestment of distributions		3,424			731
Shares redeemed		(228,213	)		(249,786	)
Total capital share activity		979,133			(29,075	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. The Portfolio may invest in securities whose resale is subject to restrictions. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon Inputs
Investments In securItIes		level 1			level 2	level 3		total
Equity Securities*	$	58,150,727			—	—	$	58,150,727
Exchange Traded Funds		1,530,607			—	—		1,530,607
U.S. Government Obligations		—		$	249,943	—		249,943
TOTAL	$	59,681,334		$	249,943	—	$	59,931,277

Other financial instruments**	($	1,386	)		—	—	($	1,386	)

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

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

rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities is included with the net realized and unrealized gain or loss on investments.

NOTE B — RELATED PARTY TRANSACTIONS

the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $17,955 was payable at year end. In addition, $8,291 was payable at year end for operating expenses paid by the Advisor during December 2010.

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

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $72 for the year ended December 31, 2010. Under terms of the agreement, $6 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $34,615,479 and $10,199,222, respectively.

CAPITAL LOSS CARRYFORWARD

expiration date
31-Dec-11	($231,064	)
31-Dec-12	(139,726	)
31-Dec-13	(1,358,042	)
31-Dec-14	(708,047	)
31-Dec-15	(697,707	)
31-Dec-16	(2,318,532	)

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	104,669	$	18,834
Total	$	104,669	$	18,834

As of December 31, 2010 the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	18,235,136
Unrealized (depreciation)		(814,027	)
Net unrealized appreciation/(depreciation)	$	17,421,109

Undistributed ordinary income	$	33,538
Capital loss carryforward	($	5,453,118	)
Federal income tax cost of investments	$	42,510,168


Accumulated net realized gain (loss)	$ 2,617,490
Paid-in capital	(2,617,490	)

NOTE D — LINE OF CREDIT


	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$5,156	1.51%	$596,383	September 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTICE TO SHAREHOLDERS (UNAUDITED)


FINANCIAL HIGHLIGHTS

		years ended
		December 31,			December 31,			December 31,
		2010			2009			2008
Net asset value, beginning	$	25.51		$	16.63		$	28.64
Income from investment operations:
Net investment income		.06			.02			.03
Net realized and unrealized gain (loss)		4.94			8.88			(12.01	)
Total from investment operations		5.00			8.90			(11.98	)
Distributions from:
Net investment income		(.05	)		(.02	)		(.03	)
Total distributions		(.05	)		(.02	)		(.03	)
Total increase (decrease) in net asset value		4.95			8.88			(12.01	)
Net asset value, ending	$	30.46		$	25.51		$	16.63

Total return*		19.61	%		53.51	%		(41.81	%)
Ratios to average net assets: A
Net investment income		.33	%		.09	%		.06	%
Total expenses		.68	%		.74	%		.80	%
Expenses before offsets		.65	%		.65	%		.65	%
Net expenses		.65	%		.65	%		.65	%
Portfolio turnover		26	%		10	%		12	%
Net assets, ending (in thousands)	$	60,435		$	25,637		$	17,189


					years ended
					December 31,			December 31,
					2007			2006
Net asset value, beginning				$	24.47		$	22.97
Income from investment operations:
Net investment income (loss)					(.01	)		.02
Net realized and unrealized gain (loss)					4.49			1.51
Total from investment operations					4.48			1.53
Distributions from:
Net investment income					***			(.03	)
Return of capital					(.31	)		—
Total distributions					(.31	)		(.03	)
Total increase (decrease) in net asset value					4.17			1.50
Net asset value, ending				$	28.64		$	24.47

Total return*					18.50	%		6.67	%
Ratios to average net assets: A
Net investment income (loss)					(.01	%)		.05	%
Total expenses					.71	%		.76	%
Expenses before offsets					.65	%		.65	%
Net expenses					.65	%		.65	%
Portfolio turnover					13	%		8	%
Net assets, ending (in thousands)				$	32,822		$	26,108

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by

the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2010. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

breakpoint in the advisory fee at this time.

Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

CONCLUSIONS

investment strategies consistently over time; (e) the performance of the Portfolio is satisfactory in relation to the performance of funds with similar investment objectives and to relevant indices; and (f) the Portfolio’s advisory and subadvisory fees are reasonable in relation to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Russell 2000 Small Cap

Index Portfolio

(formerly, Summit Russell 2000 Small Cap Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4		Portfolio Manager Remarks
6		Shareholder Expense Example
7		Report of Independent Registered Public Accounting Firm
8		Statement of Net Assets
52		Statement of Operations
53		Statements of Changes in Net Assets
54		Notes to Financial Statements
61		Financial Highlights
64		Explanation of Financial Tables
65		Proxy Voting
66		Availability of Quarterly Portfolio Holdings
66		Basis for Board’s Approval of Investment Advisory Contracts
70		Director and Officer Information Table

CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Russell 2000 Small Cap Index Portfolio returned a solid 26.08% (Class I). Its benchmark, the Russell 2000 Index, returned 26.85% for the period. The portfolio’s relative underperformance was largely attributable to its operating expenses.

Investment clImate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about the stability European financial markets intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO*

Comparison of change in value of a hypothetical $10,000 investment.


AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.10)
	Class I	Class F
One year	26.08%	25.83	%
Five year	3.86%	3.66	%
Ten year	5.66%	5.44	%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

PortfolIo strategy

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the Russell 2000 Index. The index includes approximately 2,000 small companies that have an average market capitalization of approximately $700 million. This is significantly smaller than the $20 billion average equity market capitalization of companies in the Standard & Poor’s (S&P) 500 Index. The Russell 2000 Index delivered strong returns for the year,

		% of Total
Economic Sectors		Investments

Consumer Discretionary		13.7%
Consumer Staples		2.9%
Energy		6.2%
Exchange Traded Funds		1.4%
Financials		19.9%
Government		1.4%
Health Care		11.8%
Industrials		15.3%
Information Technology		18.1%
Materials		5.5%
Telecommunications Services		0.9%
Utilities		2.9%
Total		100%

both in absolute terms and relative to the S&P 500 Index.

Over the full year, the top-performing sectors of the Russell 2000 Index, including dividend reinvestment, were Information Technology (up 37.4%), Materials (up 33.5%), and Energy (up 33.0%). The worst-performing sectors included Utilities (up 15.2%), Consumer Staples (up 17.8%), and Financials (up 20.7%).

At year-end, the Russell 2000 Index was most heavily invested in Financial (20.4%) and Information Technology (19.0%) companies. Other sectors of significant weight included Industrials (15.8%), Consumer Discretionary (13.4%), and Healthcare (12.5%). The portfolio had the lowest exposure to companies in the Telecommunication Services (1.0%) and Consumer Staples (2.9%) sectors.

The portfolio continued to meet its investment objective of closely tracking the total return of the Russell 2000 Index. The portfolio fully replicates the Russell 2000 Index, which means that it holds all of the stocks in the index. Market fluctuation, cash flows, and corporate actions may cause the portfolio to hold a slightly different weighting than the index. The Russell 2000 Index is not a mutual fund and direct investment in it is not possible. Unlike the index, the portfolio incurs operating expenses. During 2010, the portfolio’s slight underperformance was largely attributable to these expenses.

Outlook

During 2011, we expect to see increased growth in the U.S. and in global economies. We also anticipate that corporate earnings generally will improve. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends. Merger and acquisition (M&A) activity will likely increase during 2011, as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

January 2011

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		Beginning		Ending		Expenses Paid
		Account Value		Account Value		DurIng Period*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Class I
Actual	$	1,000.00	$	1,289.60	$	4.04

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.68	$	3.57

Class F
Actual	$	1,000.00	$	1,288.20	$	5.25

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,020.62	$	4.63

* Expenses are equal to the Fund’s annualized expense ratio of 0.70% and 0.91%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Russell 2000 Small Cap Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Russell 2000 Small Cap Index Portfolio (formerly, the Summit Russell 2000 Small Cap Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Russell 2000 Small Cap Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010

EQUITY SECURITIES - 96.8%	shares		value
Aerospace & Defense - 1.8%
AAR Corp.*	4,051	$	111,281
Aerovironment, Inc.*	1,717		46,067
American Science & Engineering, Inc.	934		79,605
Applied Energetics, Inc.*	7,194		6,121
Applied Signal Technology, Inc.	1,235		46,794
Astronics Corp.*	970		20,370
Ceradyne, Inc.*	2,640		83,239
Cubic Corp.	1,634		77,043
Curtiss-Wright Corp.	4,761		158,065
DigitalGlobe, Inc.*	2,863		90,786
Ducommun, Inc.	1,087		23,675
Esterline Technologies Corp.*	3,096		212,355
GenCorp, Inc.*	6,073		31,397
GeoEye, Inc.*	2,291		97,115
Global Defense Technology & Systems, Inc.*	320		5,395
HEICO Corp.	3,046		155,437
Herley Industries, Inc.*	1,409		24,404
Hexcel Corp.*	10,074		182,239
Keyw Holding Corp.*	1,077		15,800
Kratos Defense & Security Solutions, Inc.*	1,876		24,707
Ladish Co., Inc.*	1,630		79,234
LMI Aerospace, Inc.*	916		14,647
Moog, Inc.*	4,710		187,458
National Presto Industries, Inc.	497		64,615
Orbital Sciences Corp.*	5,982		102,472
Taser International, Inc.*	5,806		27,288
Teledyne Technologies, Inc.*	3,761		165,371
Triumph Group, Inc.	1,732		154,858
			2,287,838

Air Freight & Logistics - 0.4%
Air Transport Services Group, Inc.*	5,621		44,406
Atlas Air Worldwide Holdings, Inc.*	2,681		149,680
Dynamex, Inc.*	1,010		25,008
Forward Air Corp.	3,008		85,367
HUB Group, Inc.*	3,878		136,273
Pacer International, Inc.*	3,629		24,822
Park-Ohio Holdings Corp.*	726		15,181
			480,737

Airlines - 0.7%
Airtran Holdings, Inc.*	14,043		103,778
Alaska Air Group, Inc.*	3,713		210,490
Allegiant Travel Co.	1,577		77,651
Hawaiian Holdings, Inc.*	5,374		42,132
JetBlue Airways Corp.*	25,331		167,438
Pinnacle Airlines Corp.*	1,723		13,612


EQUITY SECURITIES - CONT’D	shares		value
Airlines - Cont’d
Republic Airways Holdings, Inc.*	4,602	$	33,687
Skywest, Inc.	5,807		90,705
US Airways Group, Inc.*	16,745		167,617
			907,110

Auto Components - 0.9%
American Axle & Manufacturing Holdings, Inc.*	6,230		80,118
Amerigon, Inc.*	2,243		24,404
Cooper Tire & Rubber Co.	6,357		149,898
Dana Holding Corp.*	14,533		250,113
Dorman Products, Inc.*	1,175		42,582
Drew Industries, Inc.	1,976		44,895
Exide Technologies*	7,847		73,840
Fuel Systems Solutions, Inc.*	1,481		43,512
Modine Manufacturing Co.*	4,803		74,446
Shiloh Industries, Inc.	483		5,772
Spartan Motors, Inc.	3,414		20,791
Standard Motor Products, Inc	1,820		24,934
Stoneridge, Inc.*	1,588		25,075
Superior Industries International, Inc.	2,400		50,928
Tenneco, Inc.*	6,201		255,233
Tower International, Inc.*	681		12,047
			1,178,588

Automobiles - 0.0%
Winnebago Industries, Inc.*	3,020		45,904

Beverages - 0.2%
Boston Beer Co., Inc.*	897		85,296
Coca Cola Bottling Co. Consolidated	436		24,233
Heckmann Corp.*	9,213		46,341
MGP Ingredients, Inc.	1,018		11,239
National Beverage Corp.	1,154		15,164
Primo Water Corp.*	983		13,968
			196,241

Biotechnology - 3.2%
Acorda Therapeutics, Inc.*	4,020		109,585
Affymax, Inc.*	2,134		14,191
Alkermes, Inc.*	9,850		120,958
Allos Therapeutics, Inc.*	8,161		37,622
Alnylam Pharmaceuticals, Inc.*	3,781		37,281
AMAG Pharmaceuticals, Inc.*	2,181		39,476
Anacor Pharmaceuticals, Inc.*	1,231		6,610
Anthera Pharmaceuticals, Inc.*	532		2,596
Arena Pharmaceuticals, Inc.*	11,560		19,883
Ariad Pharmaceuticals, Inc.*	13,120		66,912
Arqule, Inc.*	4,310		25,300
Array Biopharma, Inc.*	5,513		16,484
AspenBio Pharma, Inc.*	3,313		1,999
AVEO Pharmaceuticals, Inc.*	860		12,573
AVI BioPharma, Inc.*	10,243		21,715


EQUITY SECURITIES - CONT’D	shares		value
Biotechnology - Cont’d
BioCryst Pharmaceuticals, Inc.*	2,679	$	13,850
Biosante Pharmaceuticals, Inc.*	5,908		9,689
Biospecifics Technologies Corp.*	285		7,296
Biotime, Inc.*	1,975		16,452
Celera Corp.*	8,512		53,626
Celldex Therapeutics, Inc.*	2,949		12,150
Cepheid, Inc.*	6,168		140,322
Chelsea Therapeutics International Ltd.*	3,272		24,540
Clinical Data, Inc.*	1,024		16,292
Codexis, Inc.*	1,105		11,715
Cubist Pharmaceuticals, Inc.*	6,063		129,748
Curis, Inc.*	7,891		15,624
Cytokinetics, Inc.*	4,820		10,074
Cytori Therapeutics, Inc.*	4,706		24,424
CytRx Corp.*	10,126		10,227
Dyax Corp.*	9,064		19,397
Dynavax Technologies Corp.*	9,092		29,094
Emergent Biosolutions, Inc.*	1,965		46,099
Enzon Pharmaceuticals, Inc.*	5,142		62,578
Exact Sciences Corp.*	4,370		26,133
Exelixis, Inc.*	11,273		92,551
Genomic Health, Inc.*	1,298		27,764
Geron Corp.*	12,593		65,106
Halozyme Therapeutics, Inc.*	7,451		59,012
Idenix Pharmaceuticals, Inc.*	3,312		16,693
Immunogen, Inc.*	7,035		65,144
Immunomedics, Inc.*	6,814		24,394
Incyte Corp. Ltd.*	9,130		151,193
Infinity Pharmaceuticals, Inc.*	1,415		8,391
Inhibitex, Inc.*	4,564		11,866
Inovio Pharmaceuticals, Inc.*	7,441		8,557
InterMune, Inc.*	4,719		171,772
Ironwood Pharmaceuticals, Inc.*	1,791		18,537
Isis Pharmaceuticals, Inc.*	9,773		98,903
Keryx Biopharmaceuticals, Inc.*	4,735		21,686
Lexicon Pharmaceuticals, Inc.*	18,346		26,418
Ligand Pharmaceuticals, Inc., Class B*	2,034		18,143
MannKind Corp.*	6,396		51,552
Martek Biosciences Corp.*	3,458		108,235
Maxygen, Inc.	2,883		11,330
Medivation, Inc.*	3,530		53,550
Metabolix, Inc.*	2,775		33,772
Micromet, Inc.*	9,399		76,320
Momenta Pharmaceuticals, Inc.*	4,571		68,428
Nabi Biopharmaceuticals*	4,647		26,906
Nanosphere, Inc.*	1,028		4,482
Neuralstem, Inc.*	3,920		8,310
Neurocrine Biosciences, Inc.*	4,548		34,747
NeurogesX, Inc.*	816		5,190
Novavax, Inc.*	7,851		19,078
NPS Pharmaceuticals, Inc.*	6,929		54,739
Nymox Pharmaceutical Corp.*	1,718		12,095


EQUITY SECURITIES - CONT’D	shares		value
Biotechnology - Cont’d
Omeros Corp.*	1,739	$	14,329
Onyx Pharmaceuticals, Inc.*	6,503		239,766
Opko Health, Inc.*	8,218		30,160
Orexigen Therapeutics, Inc.*	3,152		25,468
Osiris Therapeutics, Inc.*	1,745		13,594
PDL BioPharma, Inc.	14,375		89,556
Peregrine Pharmaceuticals, Inc.*	4,774		10,980
Pharmacyclics, Inc.*	4,424		26,898
Pharmasset, Inc.*	3,043		132,097
Progenics Pharmaceuticals, Inc.*	2,933		16,014
Rigel Pharmaceuticals, Inc.*	5,395		40,624
Sangamo Biosciences, Inc.*	4,682		31,089
Savient Pharmaceuticals, Inc.*	7,009		78,080
Sciclone Pharmaceuticals, Inc.*	3,868		16,168
Seattle Genetics, Inc.*	8,679		129,751
SIGA Technologies, Inc.*	3,504		49,056
Spectrum Pharmaceuticals, Inc.*	4,593		31,554
StemCells, Inc.*	12,425		13,419
Synta Pharmaceuticals Corp.*	1,334		8,164
Targacept, Inc.*	2,475		65,589
Theravance, Inc.*	6,487		162,629
Transcept Pharmaceuticals, Inc.*	497		3,678
Vanda Pharmaceuticals, Inc.*	2,587		24,473
Vical, Inc.*	7,213		14,570
Zalicus, Inc.*	6,101		9,640
ZIOPHARM Oncology, Inc.*	4,532		21,119
Zogenix, Inc.*	704		3,992
			3,969,836

Building Products - 0.6%
A.O. Smith Corp.	3,772		143,638
AAON, Inc.	1,283		36,194
Ameresco, Inc.*	926		13,297
American Woodmark Corp.	938		23,019
Ameron International Corp.	957		73,086
Apogee Enterprises, Inc.	2,915		39,265
Builders FirstSource, Inc.*	4,708		9,275
Gibraltar Industries, Inc.*	3,141		42,623
Griffon Corp.*	4,649		59,228
Insteel Industries, Inc.	1,631		20,371
NCI Building Systems, Inc.*	1,877		26,259
PGT, Inc.*	1,782		4,366
Quanex Building Products Corp.	3,930		74,552
Simpson Manufacturing Co., Inc.	4,087		126,329
Trex Co., Inc.*	1,604		38,432
Universal Forest Products, Inc.	2,010		78,189
			808,123

Capital Markets - 2.1%
American Capital Ltd.*	35,263		266,588
Apollo Investment Corp.	20,126		222,795
Arlington Asset Investment Corp.	625		14,994


EQUITY SECURITIES - CONT’D	shares		value
Capital Markets - Cont’d
Artio Global Investors, Inc.	2,882	$	42,509
BGC Partners, Inc.	5,291		43,968
BlackRock Kelso Capital Corp.	7,341		81,191
Calamos Asset Management, Inc.	1,999		27,986
Capital Southwest Corp.	264		27,403
Cohen & Steers, Inc.	1,812		47,293
Cowen Group, Inc.*	3,360		15,658
Diamond Hill Investment Group, Inc.	250		18,085
Duff & Phelps Corp.	2,831		47,731
ETrade Financial Corp.	0		6
Epoch Holding Corp.	1,224		19,009
Evercore Partners, Inc.	1,625		55,250
FBR Capital Markets Corp.*	4,878		18,634
Fifth Street Finance Corp.	5,601		67,996
Financial Engines, Inc.*	1,197		23,736
GAMCO Investors, Inc.	719		34,519
GFI Group, Inc.	6,892		32,323
Gladstone Capital Corp.	2,184		25,160
Gladstone Investment Corp.	2,292		17,534
Gleacher & Co., Inc.*	7,221		17,114
Golub Capital BDC, Inc.	687		11,761
Harris & Harris Group, Inc.*	3,204		14,033
Hercules Technology Growth Capital, Inc.	3,763		38,985
HFF, Inc.*	1,769		17,088
International Assets Holding Corp.*	1,181		27,872
Internet Capital Group, Inc.*	3,783		53,794
Investment Technology Group, Inc.*	4,524		74,058
JMP Group, Inc.	1,155		8,813
Kayne Anderson Energy Development Co.	1,060		19,091
KBW, Inc.	3,682		102,801
Knight Capital Group, Inc.*	9,812		135,307
LaBranche & Co., Inc.*	3,286		11,830
Ladenburg Thalmann Financial Services, Inc.*	8,462		9,900
Main Street Capital Corp.	1,524		27,722
MCG Capital Corp.	7,948		55,398
Medallion Financial Corp.	1,184		9,709
MF Global Holdings Ltd.*	11,860		99,150
MVC Capital, Inc.	2,522		36,821
NGP Capital Resources Co.	2,245		20,654
Oppenheimer Holdings, Inc.	932		24,428
optionsXpress Holdings, Inc.	4,385		68,713
PennantPark Investment Corp.	3,276		40,098
Penson Worldwide, Inc.*	2,122		10,377
Piper Jaffray Co.’s*	1,598		55,946
Prospect Capital Corp.	8,150		88,020
Pzena Investment Management, Inc.	491		3,609
Rodman & Renshaw Capital Group, Inc.*	1,479		3,964
Safeguard Scientifics, Inc.*	1,902		32,486
Sanders Morris Harris Group, Inc.	2,158		15,645
Solar Capital Ltd.	596		14,769
Stifel Financial Corp.*	3,542		219,746


EQUITY SECURITIES - CONT’D	shares		value
Capital Markets - Cont’d
SWS Group, Inc.	2,652	$	13,393
THL Credit, Inc.	836		10,876
TICC Capital Corp.	2,790		31,276
TradeStation Group, Inc.*	3,790	��	25,582
Triangle Capital Corp.	1,246		23,674
Virtus Investment Partners, Inc.*	434		19,691
Westwood Holdings Group, Inc.	603		24,096
			2,668,658

Chemicals - 2.4%
American Vanguard Corp.	2,111		18,028
Arch Chemicals, Inc.	2,346		88,984
Balchem Corp.	2,927		98,962
Calgon Carbon Corp.*	5,832		88,180
Ferro Corp.*	8,942		130,911
Georgia Gulf Corp.*	3,501		84,234
H.B. Fuller Co.	5,078		104,200
Hawkins, Inc.	899		39,916
Innophos Holdings, Inc.	2,223		80,206
KMG Chemicals, Inc.	568		9,412
Koppers Holdings, Inc.	2,133		76,319
Kraton Performance Polymers, Inc.*	1,042		32,250
Landec Corp.*	2,742		16,397
LSB Industries, Inc.*	1,588		38,525
Minerals Technologies, Inc.	1,951		127,615
NewMarket Corp.	1,072		132,253
NL Industries, Inc.	532		5,937
Olin Corp.	8,188		168,018
OM Group, Inc.*	3,204		123,386
Omnova Solutions, Inc.*	4,634		38,740
PolyOne Corp.*	9,630		120,279
Quaker Chemical Corp.	1,157		48,212
Rockwood Holdings, Inc.*	5,410		211,639
Schulman A, Inc.	3,269		74,827
Senomyx, Inc.*	3,582		25,540
Sensient Technologies Corp	5,140		188,792
Solutia, Inc.*	12,599		290,785
Spartech Corp.*	3,208		30,027
Stepan Co.	809		61,702
STR Holdings, Inc.*	2,945		58,900
TPC Group, Inc.*	733		22,224
Westlake Chemical Corp.	2,040		88,679
WR Grace & Co.*	7,546		265,091
Zep, Inc.	2,252		44,770
Zoltek Co.’s, Inc.*	2,577		29,764
			3,063,704

Commercial Banks - 5.5%
1st Source Corp.	1,417		28,680
1st United Bancorp, Inc.*	2,033		14,048
Alliance Financial Corp.	484		15,657


EQUITY SECURITIES - CONT’D	shares		value
Commercial Banks - Cont’d
American National Bankshares, Inc.	635	$	14,954
Ameris Bancorp*	2,453		25,855
Ames National Corp.	756		16,383
Arrow Financial Corp.	902		24,814
Bancfirst Corp.	651		26,815
Banco Latinoamericano de Exportaciones SA	2,860		52,796
Bancorp Rhode Island, Inc	288		8,378
Bancorp, Inc.*	2,092		21,276
Bank of Marin Bancorp	545		19,075
Bank of the Ozarks, Inc.	1,356		58,783
Boston Private Financial Holdings, Inc.	7,188		47,081
Bridge Bancorp, Inc.	653		16,096
Bryn Mawr Bank Corp.	1,004		17,520
Camden National Corp.	710		25,723
Capital City Bank Group, Inc.	1,232		15,523
Cardinal Financial Corp.	2,982		34,681
Cathay General Bancorp	8,151		136,122
Center Financial Corp.*	3,295		24,976
Centerstate Banks of Florida, Inc.	2,552		20,212
Century Bancorp, Inc.	277		7,421
Chemical Financial Corp.	2,535		56,150
Citizens & Northern Corp.	1,125		16,719
Citizens Republic Bancorp, Inc.*	40,948		25,183
City Holding Co.	1,638		59,345
CNB Financial Corp.	1,282		18,986
CoBiz Financial, Inc.	2,995		18,210
Columbia Banking System, Inc.	4,078		85,883
Community Bank System, Inc.	3,439		95,501
Community Trust Bancorp, Inc.	1,419		41,094
CVB Financial Corp.	9,325		80,848
Danvers Bancorp, Inc.	1,956		34,563
Eagle Bancorp, Inc.*	1,706		24,618
Encore Bancshares, Inc.*	745		7,644
Enterprise Financial Services Corp.	1,378		14,414
Financial Institutions, Inc.	1,134		21,512
First Bancorp (North Carolina)	1,553		23,776
First Bancorp (Puerto Rico)*	31,345		14,419
First Bancorp, Inc. (Maine)	691		10,911
First Busey Corp.	4,852		22,804
First Commonwealth Financial Corp.	10,751		76,117
First Community Bancshares, Inc.	1,464		21,872
First Financial Bancorp	6,006		110,991
First Financial Bankshares, Inc.	2,164		110,754
First Financial Corp.	1,151		40,446
First Interstate Bancsystem, Inc.	1,151		17,541
First Merchants Corp.	2,368		20,980
First Midwest Bancorp, Inc.	7,688		88,566
First of Long Island Corp.	601		17,375
First South Bancorp, Inc.	641		4,147
FirstMerit Corp.	11,188		221,411
FNB Corp.	11,878		116,642
German American Bancorp, Inc.	1,152		21,214


EQUITY SECURITIES - CONT’D	shares		value
Commercial Banks - Cont’d
Glacier Bancorp, Inc.	7,466	$	112,811
Great Southern Bancorp, Inc.	940		22,175
Green Bankshares, Inc.*	1,097		3,510
Hancock Holding Co.	3,028		105,556
Hanmi Financial Corp.*	9,549		10,981
Heartland Financial USA, Inc	1,357		23,693
Heritage Financial Corp.*	1,020		14,198
Home Bancorp, Inc.*	705		9,743
Home Bancshares, Inc.	2,279		50,206
Hudson Valley Holding Corp.	1,215		30,083
IBERIABANK Corp.	2,777		164,204
Independent Bank Corp.	2,199		59,483
International Bancshares Corp.	5,508		110,325
Investors Bancorp, Inc.*	4,986		65,416
Lakeland Bancorp, Inc.	2,133		23,399
Lakeland Financial Corp.	1,672		35,881
MainSource Financial Group, Inc.	2,090		21,757
MB Financial, Inc.	5,497		95,208
Merchants Bancshares, Inc.	377		10,390
Metro Bancorp, Inc.*	1,253		13,796
Midsouth Bancorp, Inc.	777		11,935
MidWestOne Financial Group, Inc.	640		9,670
Nara Bancorp, Inc.*	3,522		34,586
National Bankshares, Inc.	719		22,641
National Penn Bancshares, Inc.:
Common Stock	13,084		105,065
Fractional Shares (b)*	25,000		5
NBT Bancorp, Inc.	3,577		86,385
Northfield Bancorp, Inc.	1,864		24,828
Old National Bancorp	9,049		107,593
OmniAmerican Bancorp, Inc.*	1,235		16,734
Oriental Financial Group, Inc.	5,030		62,825
Orrstown Financial Services, Inc.	623		17,076
Pacific Continental Corp.	1,909		19,205
PacWest Bancorp	3,189		68,181
Park National Corp.	1,296		94,180
Peapack Gladstone Financial Corp.	695		9,070
Penns Woods Bancorp, Inc.	303		12,059
Peoples Bancorp, Inc.	1,091		17,074
Pinnacle Financial Partners, Inc.*	3,463		47,028
Porter Bancorp, Inc.	232		2,392
PrivateBancorp, Inc.	5,399		77,638
Prosperity Bancshares, Inc.	4,840		190,115
Renasant Corp.	2,564		43,357
Republic Bancorp, Inc.	1,015		24,106
S&T Bancorp, Inc.	2,570		58,056
Sandy Spring Bancorp, Inc.	2,490		45,891
SCBT Financial Corp.	1,325		43,394
Sierra Bancorp	987		10,591
Signature Bank*	4,245		212,250
Simmons First National Corp.	1,784		50,844
Southside Bancshares, Inc.	1,639		34,541


EQUITY SECURITIES - CONT’D	shares		value
Commercial Banks - Cont’d
Southwest Bancorp, Inc.*	2,012	$	24,949
State Bancorp, Inc.	1,725		15,956
StellarOne Corp.	2,371		34,474
Sterling BanCorp.	2,786		29,169
Sterling Bancshares, Inc.	9,519		66,823
Suffolk Bancorp	896		22,113
Susquehanna Bancshares, Inc.	13,460		130,293
SVB Financial Group*	4,333		229,866
SY Bancorp, Inc.	1,229		30,172
Taylor Capital Group, Inc.*	889		11,690
Texas Capital Bancshares, Inc.*	3,793		80,677
Tompkins Financial Corp.	820		32,111
Tower Bancorp, Inc.	521		11,483
TowneBank	2,439		38,756
TriCo Bancshares	1,295		20,914
Trustmark Corp.	6,631		164,714
UMB Financial Corp.	3,293		136,396
Umpqua Holdings Corp.	11,889		144,808
Union First Market Bankshares Corp.	1,985		29,338
United Bankshares, Inc.	4,030		117,676
United Community Banks, Inc.*	9,783		19,077
Univest Corp. of Pennsylvania	1,722		33,011
Virginia Commerce Bancorp, Inc.*	1,862		11,507
Washington Banking Co.	1,588		21,771
Washington Trust Bancorp, Inc.	1,465		32,054
Webster Financial Corp.	6,779		133,546
WesBanco, Inc.	2,394		45,390
West Bancorporation, Inc.	1,387		10,805
West Coast Bancorp*	8,697		24,526
Westamerica Bancorporation	3,044		168,851
Western Alliance Bancorp*	6,105		44,933
Whitney Holding Corp.	10,015		141,712
Wilshire Bancorp, Inc.	2,023		15,415
Wintrust Financial Corp.	3,553		117,356
			6,947,967

Commercial Services & Supplies - 2.4%
ABM Industries, Inc.	5,390		141,757
ACCO Brands Corp.*	5,689		48,470
American Reprographics Co.*	3,819		28,986
APAC Customer Services, Inc.*	2,952		17,919
Brink’s Co.	4,973		133,674
Casella Waste Systems, Inc.*	2,315		16,413
Cenveo, Inc.*	5,712		30,502
Clean Harbors, Inc.*	2,395		201,372
Compx International, Inc.	107		1,231
Consolidated Graphics, Inc.*	967		46,832
Courier Corp.	1,060		16,451
Deluxe Corp.	5,330		122,697
EnergySolutions, Inc.	9,188		51,177
EnerNOC, Inc.*	2,044		48,872
Ennis, Inc.	2,688		45,965


EQUITY SECURITIES - CONT’D	shares		value
Commercial Services & Supplies - Cont’d
Fuel Tech, Inc.*	1,855	$	18,012
G&K Services, Inc.	1,927		59,564
GEO Group, Inc.:
Common Stock*	6,297		155,284
Escrow (b)*	100,000		12
Healthcare Services Group, Inc.	6,817		110,913
Herman Miller, Inc.	5,913		149,599
Higher One Holdings, Inc.*	1,102		22,293
HNI Corp.	4,694		146,453
Innerworkings, Inc.*	2,465		16,146
Interface, Inc.	5,240		82,006
Kimball International, Inc., Class B	3,252		22,439
Knoll, Inc.	4,879		81,626
M&F Worldwide Corp.*	1,102		25,456
Mcgrath Rentcorp	2,483		65,104
Metalico, Inc.*	3,896		22,908
Mine Safety Appliances Co.	2,755		85,763
Mobile Mini, Inc.*	3,776		74,349
Multi-Color Corp.	1,079		20,997
Rollins, Inc.	6,683		131,979
Schawk, Inc.	1,200		24,696
Standard Parking Corp.*	1,439		27,183
Standard Register Co.	1,196		4,078
Steelcase, Inc.	7,952		84,053
SYKES Enterprises, Inc.*	4,285		86,814
Team, Inc.*	1,759		42,568
Tetra Tech, Inc.*	6,407		160,559
Unifirst Corp.	1,463		80,538
United Stationers, Inc.*	2,512		160,291
US Ecology, Inc.	1,699		29,529
Viad Corp.	2,132		54,302
			2,997,832

Communications Equipment - 2.9%
Acme Packet, Inc.*	4,545		241,612
Adtran, Inc.	6,453		233,663
Anaren, Inc.*	1,364		28,439
Arris Group, Inc.*	13,166		147,723
Aruba Networks, Inc.*	7,994		166,915
Aviat Networks, Inc.*	5,538		28,078
Bel Fuse, Inc., Class B	968		23,135
BigBand Networks, Inc.*	4,631		12,967
Black Box Corp.	1,822		69,764
Blue Coat Systems, Inc.*	4,320		129,038
Calix, Inc.*	689		11,644
Comtech Telecommunications Corp.	2,960		82,081
DG FastChannel, Inc.*	2,600		75,088
Digi International, Inc.*	2,313		25,674
EMS Technologies, Inc.*	1,420		28,088
Emulex Corp.*	8,921		104,019
Extreme Networks*	9,344		28,873
Finisar Corp.*	7,820		232,176


EQUITY SECURITIES - CONT’D	shares		value
Communications Equipment - Cont’d
Globecomm Systems, Inc.*	2,226	$	22,260
Harmonic, Inc.*	11,574		99,189
Infinera Corp.*	9,129		94,303
InterDigital, Inc.*	4,565		190,087
Ixia*	3,392		56,918
KVH Industries, Inc.*	1,491		17,817
Loral Space & Communications, Inc.*	1,120		85,680
Meru Networks, Inc.*	500		7,710
Netgear, Inc.*	3,655		123,100
Network Engines, Inc.*	3,343		5,081
Network Equipment Technologies, Inc.*	3,119		14,441
Occam Networks, Inc.*	1,165		10,101
Oclaro, Inc.*	5,127		67,420
Oplink Communications, Inc.*	2,178		40,228
Opnext, Inc.*	4,498		7,916
PC-Tel, Inc.*	1,456		8,736
Plantronics, Inc.	5,010		186,472
Powerwave Technologies, Inc.*	13,780		35,001
Riverbed Technology, Inc.*	13,094		460,516
Seachange International, Inc.*	2,890		24,711
ShoreTel, Inc.*	4,177		32,622
Sonus Networks, Inc.*	21,614		57,709
Sycamore Networks, Inc.	2,004		41,262
Symmetricom, Inc.*	4,071		28,863
Tekelec*	7,093		84,478
Utstarcom, Inc.*	12,138		25,004
Viasat, Inc.*	3,444		152,948
			3,649,550

Computers & Peripherals - 0.7%
Avid Technology, Inc.*	3,016		52,659
Compellent Technologies, Inc.*	2,372		65,444
Cray, Inc.*	3,293		23,545
Electronics for Imaging, Inc.*	4,701		67,271
Hutchinson Technology, Inc.*	2,168		8,043
Hypercom Corp.*	4,276		35,790
Imation Corp.*	3,091		31,868
Immersion Corp.*	2,323		15,587
Intermec, Inc.*	5,073		64,224
Intevac, Inc.*	2,067		28,959
Novatel Wireless, Inc.*	2,900		27,695
Presstek, Inc.*	2,546		5,652
Quantum Corp.*	22,250		82,770
Rimage Corp.*	986		14,701
Silicon Graphics International Corp.*	3,184		28,752
STEC, Inc.*	4,229		74,642
Stratasys, Inc.*	2,129		69,491
Super Micro Computer, Inc.*	2,536		29,265
Synaptics, Inc.*	3,517		103,330
Xyratex Ltd.*	3,129		51,034
			880,722


EQUITY SECURITIES - CONT’D	shares		value
Construction & Engineering - 0.8%
Argan, Inc.*	585	$	5,423
Comfort Systems USA, Inc.	3,947		51,982
Dycom Industries, Inc.*	3,633		53,587
EMCOR Group, Inc.*	6,884		199,498
Furmanite Corp.*	3,814		26,355
Granite Construction, Inc.	3,621		99,324
Great Lakes Dredge & Dock Corp.	6,080		44,810
Insituform Technologies, Inc.*	4,073		107,975
Layne Christensen Co.*	2,030		69,872
MasTec, Inc.*	5,503		80,289
Michael Baker Corp.*	821		25,533
MYR Group, Inc.*	2,064		43,344
Northwest Pipe Co.*	959		23,045
Orion Marine Group, Inc.*	2,790		32,364
Pike Electric Corp.*	1,702		14,603
Primoris Services Corp.	1,880		17,935
Sterling Construction Co., Inc.*	1,494		19,482
Tutor Perini Corp.	2,770		59,306
			974,727

Construction Materials - 0.1%
Headwaters, Inc.*	6,267		28,703
Texas Industries, Inc.	2,159		98,839
United States Lime & Minerals, Inc.*	269		11,333
			138,875

Consumer Finance - 0.6%
Advance America Cash Advance Centers, Inc.	5,101		28,770
Cash America International, Inc.	3,067		113,264
CompuCredit Holdings Corp.*	1,284		8,962
Credit Acceptance Corp.*	580		36,407
Dollar Financial Corp.*	2,526		72,319
Ezcorp, Inc.*	4,793		130,034
First Cash Financial Services, Inc.*	3,127		96,906
First Marblehead Corp.*	5,748		12,473
Nelnet, Inc.	2,740		64,911
Netspend Holdings, Inc.*	3,113		39,909
Student Loan Corp.	371		12,035
World Acceptance Corp.*	1,704		89,971
			705,961

Containers & Packaging - 0.5%
AEP Industries, Inc.*	367		9,524
Boise, Inc.	7,277		57,707
Graham Packaging Co., Inc.*	1,590		20,733
Graphic Packaging Holding Co.*	11,654		45,334
Myers Industries, Inc.	3,665		35,697
Rock-Tenn Co.	4,043		218,120
Silgan Holdings, Inc.	5,603		200,643
			587,758


EQUITY SECURITIES - CONT’D	shares		value
Distributors - 0.1%
Audiovox Corp.*	1,390	$	11,996
Core-Mark Holding Co., Inc.*	1,111		39,541
Pool Corp.	5,143		115,923
Weyco Group, Inc.	737		18,049
			185,509

Diversified Consumer Services - 1.1%
American Public Education, Inc.*	1,908		71,054
Archipelago Learning, Inc.*	1,088		10,673
Bridgepoint Education, Inc.*	2,023		38,437
Cambium Learning Group, Inc.*	1,538		5,291
Capella Education Co.*	1,741		115,916
Coinstar, Inc.*	3,293		185,857
Corinthian Colleges, Inc.*	9,149		47,666
CPI Corp.	543		12,245
Grand Canyon Education, Inc.*	3,217		63,021
K12, Inc.*	2,607		74,717
Learning Tree International, Inc.	519		4,962
Lincoln Educational Services Corp.	1,706		26,460
Mac-Gray Corp.	1,212		18,119
Matthews International Corp.	3,136		109,697
National American University Holdings, Inc.	724		5,314
Pre-Paid Legal Services, Inc.*	779		46,935
Princeton Review, Inc.*	1,065		1,257
Regis Corp.	5,963		98,986
Sotheby’s	6,959		313,155
Steiner Leisure Ltd.*	1,539		71,871
Stewart Enterprises, Inc	8,450		56,530
Universal Technical Institute, Inc.	2,185		48,114
			1,426,277

Diversified Financial Services - 0.5%
Asset Acceptance Capital Corp.*	1,189		7,051
Asta Funding, Inc.	981		7,946
California First National Bancorp	145		2,092
Compass Diversified Holdings LLC	3,739		66,143
Encore Capital Group, Inc.*	1,293		30,321
Life Partners Holdings, Inc.	758		14,500
MarketAxess Holdings, Inc.	2,869		59,704
Marlin Business Services Corp.*	795		10,057
NewStar Financial, Inc.*	2,898		30,632
PHH Corp.*	5,754		133,205
Pico Holdings, Inc.*	2,346		74,603
Portfolio Recovery Associates, Inc.*	1,761		132,427
Primus Guaranty Ltd.*	1,277		6,487
			575,168

Diversified Telecommunication Services - 0.6%
AboveNet, Inc.	2,337		136,621
Alaska Communications Systems Group, Inc.	4,627		51,360
Atlantic Tele-Network, Inc.	967		37,075


EQUITY SECURITIES - CONT’D	shares		value
Diversified Telecommunication Services - Cont’d
Cbeyond, Inc.*	2,783	$	42,524
Cincinnati Bell, Inc.*	20,883		58,472
Cogent Communications Group, Inc.*	4,657		65,850
Consolidated Communications Holdings, Inc.	2,585		49,891
General Communication, Inc.*	4,242		53,704
Global Crossing Ltd.*	3,130		40,440
Globalstar, Inc.*	6,474		9,387
Hughes Communications, Inc.*	925		37,407
IDT Corp., Class B	1,313		33,678
Iridium Communications, Inc.*	3,537		29,180
Neutral Tandem, Inc.*	3,430		49,529
PAETEC Holding Corp.*	13,071		48,886
Premiere Global Services, Inc.*	6,232		42,378
Vonage Holdings Corp.*	9,764		21,871
			808,253

Electric Utilities - 1.2%
Allete, Inc.	3,228		120,275
Central Vermont Public Service Corp.	1,112		24,308
Cleco Corp.	6,300		193,788
El Paso Electric Co.*	4,543		125,069
Empire District Electric Co.	4,167		92,507
IDACORP, Inc.	4,993		184,641
MGE Energy, Inc.	2,399		102,581
Otter Tail Corp.	3,730		84,074
PNM Resources, Inc.	8,999		117,167
Portland General Electric Co.	7,815		169,587
UIL Holdings Corp.	5,188		155,432
Unisource Energy Corp.	3,745		134,221
Unitil Corp.	1,008		22,922
			1,526,572

Electrical Equipment - 2.0%
A123 Systems, Inc.*	7,540		71,932
Acuity Brands, Inc.	4,515		260,380
Advanced Battery Technologies, Inc.*	6,131		23,604
American Superconductor Corp.*	5,237		149,726
AZZ, Inc.	1,289		51,573
Baldor Electric Co.	4,861		306,438
Belden, Inc.	4,854		178,724
Brady Corp.	5,070		165,333
Broadwind Energy, Inc.*	8,589		19,841
Capstone Turbine Corp.*	22,313		21,416
Coleman Cable, Inc.*	735		4,616
Encore Wire Corp.	1,921		48,179
Ener1, Inc.*	5,656		21,436
EnerSys*	5,011		160,953
Franklin Electric Co., Inc.	2,414		93,953
FuelCell Energy, Inc.*	9,565		22,095
Generac Holdings, Inc.*	2,005		32,421
GrafTech International Ltd.*	12,501		248,020
Hoku Corp.*	1,588		4,192


EQUITY SECURITIES - CONT’D	shares		value
Electrical Equipment - Cont’d
II-VI, Inc.*	2,604	$	120,721
LaBarge, Inc.*	1,291		20,282
LSI Industries, Inc.	1,507		12,749
Polypore International, Inc.*	2,259		92,009
Powell Industries, Inc.*	917		30,151
PowerSecure International, Inc.*	1,894		14,735
Preformed Line Products Co.	155		9,071
SatCon Technology Corp.*	11,804		53,118
UQM Technologies, Inc.*	3,345		7,660
Vicor Corp.	2,025		33,210
Woodward Governor Co.	6,327		237,642
			2,516,180

Electronic Equipment & Instruments - 2.4%
Agilysys, Inc.*	1,841		10,365
Anixter International, Inc.	2,916		174,173
Benchmark Electronics, Inc.*	6,545		118,857
Brightpoint, Inc.*	7,314		63,851
Checkpoint Systems, Inc.*	4,099		84,234
Cognex Corp.	4,119		121,181
Coherent, Inc.*	2,623		118,402
Comverge, Inc.*	2,333		16,121
CPI International, Inc.*	771		14,919
CTS Corp.	3,528		39,020
Daktronics, Inc.	3,513		55,927
DDi Corp.	1,132		13,312
DTS, Inc.*	1,805		88,535
Echelon Corp.*	3,061		31,192
Electro Rent Corp.	1,712		27,666
Electro Scientific Industries, Inc.*	2,872		46,038
Fabrinet*	1,041		22,382
FARO Technologies, Inc.*	1,675		55,007
Gerber Scientific, Inc.*	2,334		18,369
Insight Enterprises, Inc.*	4,799		63,155
IPG Photonics Corp.*	2,696		85,248
L-1 Identity Solutions, Inc.*	7,974		94,970
Littelfuse, Inc.	2,275		107,061
Maxwell Technologies, Inc.*	2,742		51,796
Measurement Specialties, Inc.*	1,506		44,201
Mercury Computer Systems, Inc.*	2,458		45,178
Methode Electronics, Inc.	3,865		50,129
Microvision, Inc.*	8,234		15,315
MTS Systems Corp.	1,697		63,570
Multi-Fineline Electronix, Inc.*	971		25,722
Newport Corp.*	3,808		66,145
OSI Systems, Inc.*	1,682		61,158
Park Electrochemical Corp.	2,135		64,050
PC Connection, Inc.*	756		6,698
Plexus Corp.*	4,190		129,639
Power-One, Inc.*	7,145		72,879
Pulse Electronics Corp.	4,282		22,780
Radisys Corp.*	2,498		22,232


EQUITY SECURITIES - CONT’D	shares		value
Electronic Equipment & Instruments - Cont’d
Richardson Electronics Ltd.	1,342	$	15,688
Rofin-Sinar Technologies, Inc.*	2,917		103,378
Rogers Corp.*	1,638		62,653
Sanmina-SCI Corp.*	8,254		94,756
Scansource, Inc.*	2,787		88,905
Smart Modular Technologies WWH, Inc.*	5,455		31,421
Spectrum Control, Inc.*	1,321		19,802
SYNNEX Corp.*	2,330		72,696
Tessco Technologies, Inc.	465		7,417
TTM Technologies, Inc.*	8,309		123,887
Universal Display Corp.*	3,126		95,812
Viasystems Group, Inc.*	399		8,036
X-Rite, Inc.*	3,467		15,844
Zygo Corp.*	1,812		22,161
			2,973,933

Energy Equipment & Services - 2.1%
Allis-Chalmers Energy, Inc.*	4,233		30,012
Basic Energy Services, Inc.*	2,408		39,684
Bristow Group, Inc.*	3,731		176,663
Cal Dive International, Inc.*	9,780		55,453
CARBO Ceramics, Inc.	1,980		205,009
Complete Production Services, Inc.*	8,071		238,498
Dawson Geophysical Co.*	811		25,871
Dril-Quip, Inc.*	3,525		273,963
Global Geophysical Services, Inc.*	696		7,224
Global Industries Ltd.*	10,522		72,917
Gulf Island Fabrication, Inc.	1,328		37,423
Gulfmark Offshore, Inc.*	2,416		73,446
Helix Energy Solutions Group, Inc.*	10,856		131,792
Hercules Offshore, Inc.*	11,914		41,222
Hornbeck Offshore Services, Inc.*	2,413		50,383
ION Geophysical Corp.*	13,186		111,817
Key Energy Services, Inc.*	13,023		169,039
Lufkin Industries, Inc.	3,107		193,846
Matrix Service Co.*	2,442		29,744
Natural Gas Services Group, Inc.*	1,256		23,751
Newpark Resources, Inc.*	9,239		56,912
OYO Geospace Corp.*	423		41,924
Parker Drilling Co.*	12,044		55,041
PHI, Inc.*	1,229		23,154
Pioneer Drilling Co.*	5,618		49,495
RPC, Inc.	4,494		81,431
Seahawk Drilling, Inc.*	995		8,905
T-3 Energy Services, Inc.*	1,356		54,009
Tesco Corp.*	3,134		49,768
Tetra Technologies, Inc.*	7,857		93,263
Union Drilling, Inc.*	1,538		11,197
Vantage Drilling Co.*	15,538		31,542
Willbros Group, Inc.*	4,919		48,305
			2,592,703


EQUITY SECURITIES - CONT’D	shares		value
Food & Staples Retailing - 0.8%
Andersons, Inc.	1,910	$	69,428
Arden Group, Inc.	92		7,590
Casey’s General Stores, Inc.	3,886		165,194
Fresh Market, Inc.*	1,554		64,025
Ingles Markets, Inc.	1,303		25,018
Nash Finch Co.	1,304		55,433
Pantry, Inc.*	2,357		46,810
Pricesmart, Inc.	1,640		62,369
Rite Aid Corp.*	57,878		51,118
Ruddick Corp.	4,553		167,733
Spartan Stores, Inc.	2,337		39,612
Susser Holdings Corp.*	620		8,587
United Natural Foods, Inc.*	4,924		180,612
Village Super Market, Inc.	640		21,120
Weis Markets, Inc.	1,142		46,057
Winn-Dixie Stores, Inc.*	5,719		41,005
			1,051,711

Food Products - 1.2%
Alico, Inc.	267		6,365
B&G Foods, Inc.	4,944		67,881
Bridgford Foods Corp.	165		2,351
Calavo Growers, Inc.	1,019		23,488
Cal-Maine Foods, Inc.	1,461		46,138
Chiquita Brands International, Inc.*	4,659		65,319
Darling International, Inc.*	8,559		113,664
Diamond Foods, Inc.	2,264		120,400
Dole Food Co., Inc.*	3,728		50,365
Farmer Bros Co.	538		9,576
Fresh Del Monte Produce, Inc.	4,119		102,769
Griffin Land & Nurseries, Inc.	267		8,645
Hain Celestial Group, Inc.*	4,251		115,032
Harbinger Group, Inc.*	714		4,420
Imperial Sugar Co.	1,262		16,873
J&J Snack Foods Corp.	1,474		71,106
John B. Sanfilippo & Son, Inc.*	733		9,119
Lancaster Colony Corp.	2,009		114,915
Lifeway Foods, Inc.*	385		3,677
Limoneira Co.	753		21,611
Pilgrim’s Pride Corp.*	5,050		35,804
Sanderson Farms, Inc.	2,359		92,355
Seneca Foods Corp.*	794		21,422
Smart Balance, Inc.*	6,502		28,154
Snyders-Lance, Inc.	2,684		62,913
Tootsie Roll Industries, Inc.	2,495		72,280
TreeHouse Foods, Inc.*	3,609		184,384
			1,471,026

Gas Utilities - 1.1%
Chesapeake Utilities Corp.	982		40,773
Laclede Group, Inc.	2,313		84,517
New Jersey Resources Corp.	4,287		184,812


EQUITY SECURITIES - CONT’D	shares		value
Gas Utilities - Cont’d
Nicor, Inc.	4,700	$	234,624
Northwest Natural Gas Co.	2,758		128,164
Piedmont Natural Gas Co., Inc.	7,448		208,246
South Jersey Industries, Inc.	3,101		163,795
Southwest Gas Corp.	4,710		172,716
WGL Holdings, Inc.	5,258		188,079
			1,405,726

Health Care Equipment & Supplies - 3.1%
Abaxis, Inc.*	2,292		61,540
Abiomed, Inc.*	3,245		31,184
Accuray, Inc.*	5,306		35,815
Align Technology, Inc.*	6,152		120,210
Alimera Sciences, Inc.*	608		6,311
Alphatec Holdings, Inc.*	4,714		12,728
American Medical Systems Holdings, Inc.*	7,826		147,598
Analogic Corp.	1,338		66,244
Angiodynamics, Inc.*	2,567		39,455
Antares Pharma, Inc.*	6,536		11,111
ArthroCare Corp.*	2,798		86,906
Atrion Corp.	162		29,073
Cantel Medical Corp.	1,194		27,940
Cerus Corp.*	3,610		8,881
Conceptus, Inc.*	3,221		44,450
Conmed Corp.*	3,029		80,056
CryoLife, Inc.*	2,974		16,119
Cutera, Inc.*	1,050		8,705
Cyberonics, Inc.*	2,884		89,462
Cynosure, Inc.*	762		7,795
Delcath Systems, Inc.*	4,459		43,698
DexCom, Inc.*	5,963		81,395
DynaVox, Inc.*	869		4,458
Endologix, Inc.*	4,516		32,289
Exactech, Inc.*	863		16,242
Greatbatch, Inc.*	2,411		58,226
Haemonetics Corp.*	2,608		164,773
Hansen Medical, Inc.*	3,943		5,796
HeartWare International, Inc.*	971		85,030
ICU Medical, Inc.*	1,213		44,274
Immucor, Inc.*	7,255		143,867
Insulet Corp.*	4,439		68,804
Integra LifeSciences Holdings Corp.*	2,183		103,256
Invacare Corp.	3,019		91,053
IRIS International, Inc.*	1,685		17,238
Kensey Nash Corp.*	831		23,127
MAKO Surgical Corp.*	3,150		47,943
Masimo Corp.	5,388		156,629
Medical Action Industries, Inc.*	1,487		14,245
MELA Sciences, Inc.*	2,137		7,159
Meridian Bioscience, Inc.	4,218		97,689
Merit Medical Systems, Inc.*	2,926		46,319


EQUITY SECURITIES - CONT’D	shares		value
Health Care Equipment & Supplies - Cont’d
Natus Medical, Inc.*	2,957	$	41,930
Neogen Corp.*	2,342		96,092
NuVasive, Inc.*	4,064		104,242
NxStage Medical, Inc.*	2,578		64,141
OraSure Technologies, Inc.*	4,796		27,577
Orthofix International NV*	1,828		53,012
Orthovita, Inc.*	6,921		13,911
Palomar Medical Technologies, Inc.*	1,922		27,312
Quidel Corp.*	2,242		32,397
Rochester Medical Corp.*	1,124		12,274
RTI Biologics, Inc.*	5,680		15,166
Sirona Dental Systems, Inc.*	3,475		145,185
Solta Medical, Inc.*	5,509		16,802
SonoSite, Inc.*	1,514		47,842
Spectranetics Corp.*	3,435		17,725
St. Jude Medical, Inc.*	1		30
Staar Surgical Co.*	3,235		19,733
Stereotaxis, Inc.*	2,963		11,348
STERIS Corp.	6,152		224,302
SurModics, Inc.*	1,615		19,170
Symmetry Medical, Inc.*	3,733		34,530
Syneron Medical Ltd.*	3,694		37,642
Synovis Life Technologies, Inc.*	1,173		18,897
TomoTherapy, Inc.*	5,016		18,108
Unilife Corp.*	4,489		23,792
Vascular Solutions, Inc.*	1,737		20,358
Volcano Corp.*	5,219		142,531
West Pharmaceutical Services, Inc.	3,453		142,264
Wright Medical Group, Inc.*	4,032		62,617
Young Innovations, Inc.	583		18,662
Zoll Medical Corp.*	2,225		82,837
			3,877,522

Health Care Providers & Services - 2.9%
Accretive Health, Inc.*	1,078		17,518
Air Methods Corp.*	1,159		65,217
Alliance HealthCare Services, Inc.*	2,853		12,097
Allied Healthcare International, Inc.*	3,553		8,918
Almost Family, Inc.*	759		29,161
Amedisys, Inc.*	2,965		99,327
America Service Group, Inc.	932		14,110
American Dental Partners, Inc.*	1,459		19,711
AMERIGROUP Corp.*	5,368		235,763
AMN Healthcare Services, Inc.*	3,991		24,505
AmSurg Corp.*	3,210		67,249
Assisted Living Concepts, Inc.*	1,020		33,181
Bio-Reference Laboratories, Inc.*	2,487		55,162
BioScrip, Inc.*	3,630		18,985
Capital Senior Living Corp.*	2,806		18,800
CardioNet, Inc.*	1,876		8,780
Catalyst Health Solutions, Inc.*	3,942		183,264


EQUITY SECURITIES - CONT’D	shares		value
Health Care Providers & Services - Cont’d
Centene Corp.*	5,094	$	129,082
Chemed Corp.	2,370		150,519
Chindex International, Inc.*	1,272		20,975
Continucare Corp.*	2,312		10,820
Corvel Corp.*	646		31,234
Cross Country Healthcare, Inc.*	2,877		24,368
Emeritus Corp.*	2,072		40,839
Ensign Group, Inc.	1,328		33,027
ExamWorks Group, Inc.*	1,215		22,453
Five Star Quality Care, Inc.*	2,929		20,708
Genoptix, Inc.*	1,818		34,578
Gentiva Health Services, Inc.*	2,940		78,204
Hanger Orthopedic Group, Inc.*	2,705		57,319
Healthsouth Corp.*	9,716		201,218
HealthSpring, Inc.*	6,016		159,604
Healthways, Inc.*	3,541		39,518
HMS Holdings Corp.*	2,819		182,587
IPC The Hospitalist Co., Inc.*	1,684		65,693
Kindred Healthcare, Inc.*	4,099		75,299
Landauer, Inc.	974		58,411
LCA-Vision, Inc.*	1,937		11,138
LHC Group, Inc.*	1,622		48,660
Magellan Health Services, Inc.*	3,461		163,636
Medcath Corp.*	1,904		26,561
Metropolitan Health Networks, Inc.*	4,144		18,524
Molina Healthcare, Inc.*	1,592		44,337
MWI Veterinary Supply, Inc.*	1,274		80,453
National Healthcare Corp.	932		43,124
National Research Corp.	137		4,692
Owens & Minor, Inc.	6,551		192,796
PDI, Inc.*	823		8,674
PharMerica Corp.*	3,181		36,422
Providence Service Corp.*	1,199		19,268
PSS World Medical, Inc.*	5,935		134,131
RehabCare Group, Inc.*	2,577		61,075
Rural/Metro Corp.*	1,772		25,836
Select Medical Holdings Corp.*	5,216		38,129
Skilled Healthcare Group, Inc.*	1,394		12,518
Sun Healthcare Group, Inc.*	2,542		32,182
Sunrise Senior Living, Inc.*	5,182		28,242
Team Health Holdings, Inc.*	1,422		22,098
Triple-S Management Corp., Class B*	2,106		40,182
U.S. Physical Therapy, Inc.*	1,051		20,831
Universal American Corp	3,321		67,914
WellCare Health Plans, Inc.*	4,401		132,998
			3,662,625

Health Care Technology - 0.5%
athenahealth, Inc.*	3,436		140,807
Computer Programs & Systems, Inc.	1,017		47,636
MedAssets, Inc.*	4,468		90,209


EQUITY SECURITIES - CONT’D	shares		value
Health Care Technology - Cont’d
Medidata Solutions, Inc.*	1,952	$	46,614
MedQuist, Inc.	1,173		10,146
Merge Healthcare, Inc.*	4,792		17,874
Omnicell, Inc.*	3,377		48,798
Quality Systems, Inc.	1,958		136,708
Transcend Services, Inc.*	947		18,552
Vital Images, Inc.*	1,341		18,747
			576,091

Hotels, Restaurants & Leisure - 2.4%
AFC Enterprises, Inc.*	2,372		32,971
Ambassadors Group, Inc.	1,770		20,355
Ameristar Casinos, Inc.	2,746		42,920
Biglari Holdings, Inc.*	148		60,711
BJ’s Restaurants, Inc.*	2,333		82,658
Bluegreen Corp.*	1,023		3,294
Bob Evans Farms, Inc.	3,164		104,285
Boyd Gaming Corp.*	5,599		59,349
Bravo Brio Restaurant Group, Inc.*	1,180		22,621
Buffalo Wild Wings, Inc.*	1,884		82,613
California Pizza Kitchen, Inc.*	2,004		34,629
Caribou Coffee Co., Inc.*	540		5,443
Carrols Restaurant Group, Inc.*	890		6,604
CEC Entertainment, Inc.*	2,124		82,475
Cheesecake Factory, Inc.*	6,271		192,269
Churchill Downs, Inc.	1,180		51,212
Cracker Barrel Old Country Store, Inc.	2,473		135,446
Denny’s Corp.*	9,207		32,961
DineEquity, Inc.*	1,860		91,847
Domino’s Pizza, Inc.*	3,839		61,232
Einstein Noah Restaurant Group, Inc.*	351		4,932
Empire Resorts, Inc.*	2,353		2,424
Gaylord Entertainment Co.*	3,599		129,348
Interval Leisure Group, Inc.*	4,133		66,707
Isle of Capri Casinos, Inc.*	1,630		16,659
Jack in the Box, Inc.*	5,714		120,737
Jamba, Inc.*	5,515		12,519
Krispy Kreme Doughnuts, Inc.*	6,062		42,313
Life Time Fitness, Inc.*	4,335		177,692
Marcus Corp.	1,890		25,080
McCormick & Schmick’s Seafood Restaurants, Inc.*	1,172		10,653
Monarch Casino & Resort, Inc.*	917		11,462
Morgans Hotel Group Co.*	2,245		20,362
Multimedia Games, Inc.*	2,104		11,740
O’Charleys, Inc.*	1,444		10,397
Orient-Express Hotels Ltd.*	10,477		136,096
Papa John’s International, Inc.*	2,168		60,054
Peet’s Coffee & Tea, Inc.*	1,217		50,798
PF Chang’s China Bistro, Inc.	2,404		116,498
Pinnacle Entertainment, Inc.*	6,285		88,116
Red Lion Hotels Corp.*	1,051		8,387


EQUITY SECURITIES - CONT’D	shares		value
Hotels, Restaurants & Leisure - Cont’d
Red Robin Gourmet Burgers, Inc.*	1,619	$	34,760
Ruby Tuesday, Inc.*	6,696		87,450
Ruth’s Hospitality Group, Inc.*	3,111		14,404
Scientific Games Corp.*	6,751		67,240
Shuffle Master, Inc.*	5,563		63,696
Sonic Corp.*	6,350		64,262
Speedway Motorsports, Inc.	1,288		19,732
Texas Roadhouse, Inc.*	5,961		102,350
Vail Resorts, Inc.*	3,763		195,826
			2,978,589

Household Durables - 0.7%
American Greetings Corp.	4,104		90,945
Beazer Homes USA, Inc.*	7,754		41,794
Blyth, Inc.	596		20,550
Brookfield Homes Corp.*	809		7,605
Cavco Industries, Inc.*	679		31,702
CSS Industries, Inc.	772		15,911
Ethan Allen Interiors, Inc.	2,560		51,226
Furniture Brands International, Inc.*	4,497		23,114
Helen of Troy Ltd.*	3,182		94,633
Hooker Furniture Corp.	1,118		15,797
Hovnanian Enterprises, Inc.*	4,833		19,767
iRobot Corp.*	2,183		54,313
Kid Brands, Inc.*	1,165		9,961
La-Z-Boy, Inc.*	5,351		48,266
Libbey, Inc.*	2,000		30,940
Lifetime Brands, Inc.*	858		12,046
M/I Homes, Inc.*	1,923		29,576
Meritage Homes Corp.*	3,331		73,948
Ryland Group, Inc.	4,573		77,878
Sealy Corp.*	4,985		14,556
Skyline Corp.	711		18,543
Standard Pacific Corp.*	11,100		51,060
Universal Electronics, Inc.*	1,267		35,945
			870,076

Household Products - 0.2%
Central Garden and Pet Co.*	5,879		58,084
Oil-Dri Corp. of America	406		8,725
Spectrum Brands Holdings, Inc.*	1,888		58,849
WD-40 Co.	1,721		69,322
			194,980

Independent Power Producers & Energy Traders - 0.1%
American DG Energy, Inc.*	1,746		4,836
Dynegy, Inc.*	10,645		59,825
			64,661


EQUITY SECURITIES - CONT’D	shares		value
Industrial Conglomerates - 0.2%
Raven Industries, Inc.	1,684	$	80,310
Seaboard Corp.	33		65,703
Standex International Corp.	1,295		38,733
Tredegar Corp.	2,545		49,322
United Capital Corp.*	143		4,648
			238,716

Insurance - 2.5%
Alterra Capital Holdings Ltd.	10,001		216,422
American Equity Investment Life Holding Co.	6,072		76,204
American Safety Insurance Holdings Ltd.*	960		20,525
Amerisafe, Inc.*	1,956		34,230
Amtrust Financial Services, Inc.	2,317		40,547
Argo Group International Holdings Ltd.	3,223		120,701
Baldwin & Lyons, Inc., Class B	853		20,071
Citizens, Inc.*	3,380		25,181
CNA Surety Corp.*	1,835		43,453
CNO Financial Group, Inc.*	23,057		156,326
Crawford & Co., Class B*	2,478		8,425
Delphi Financial Group, Inc.	4,935		142,325
Donegal Group, Inc.	916		13,264
eHealth, Inc.*	2,183		30,977
EMC Insurance Group, Inc.	497		11,252
Employers Holdings, Inc.	4,120		72,018
Enstar Group Ltd.*	722		61,067
FBL Financial Group, Inc.	1,393		39,937
First American Financial Corp.	10,787		161,158
First Mercury Financial Corp.	1,486		24,370
Flagstone Reinsurance Holdings SA	5,407		68,128
Fpic Insurance Group, Inc.*	1,017		37,588
Gerova Financial Group Ltd.*	123		3,690
Global Indemnity plc*	1,364		27,894
Greenlight Capital Re Ltd.*	2,937		78,741
Hallmark Financial Services, Inc.*	1,205		10,966
Harleysville Group, Inc.	1,204		44,235
Hilltop Holdings, Inc.*	4,117		40,841
Horace Mann Educators Corp.	4,072		73,459
Infinity Property & Casualty Corp.	1,373		84,851
Kansas City Life Insurance Co.	365		12,056
Maiden Holdings Ltd.	5,152		40,495
Meadowbrook Insurance Group, Inc.	5,628		57,687
Montpelier Re Holdings Ltd	6,830		136,190
National Financial Partners Corp.*	4,430		59,362
National Interstate Corp.	681		14,573
National Western Life Insurance Co.	228		38,012
Phoenix Co.’s, Inc.*	10,764		27,341
Platinum Underwriters Holdings Ltd.	4,227		190,088
Presidential Life Corp.	1,918		19,046
Primerica, Inc.	2,499		60,601
ProAssurance Corp.*	3,144		190,526
RLI Corp.	1,903		100,041


EQUITY SECURITIES - CONT’D	shares		value
Insurance - Cont’d
Safety Insurance Group, Inc.	1,310	$	62,317
SeaBright Holdings, Inc.	2,042		18,827
Selective Insurance Group, Inc.	5,529		100,351
State Auto Financial Corp.	1,338		23,308
Stewart Information Services Corp.	1,793		20,673
The Navigators Group, Inc.*	1,263		63,592
Tower Group, Inc.	3,865		98,867
United Fire & Casualty Co.	2,368		52,854
Universal Insurance Holdings, Inc.	1,043		5,079
			3,180,732

Internet & Catalog Retail - 0.4%
1-800-FLOWERS.COM, Inc.*	2,081		5,598
Blue Nile, Inc.*	1,310		74,749
drugstore.com, Inc.*	8,610		19,028
Gaiam, Inc.	1,432		11,026
HSN, Inc.*	4,031		123,510
NutriSystem, Inc	2,782		58,505
Orbitz Worldwide, Inc.*	2,514		14,053
Overstock.com, Inc.*	1,525		25,132
PetMed Express, Inc.	2,387		42,513
Shutterfly, Inc.*	2,788		97,664
US Auto Parts Network, Inc.*	1,360		11,424
Vitacost.com, Inc.*	1,333		7,598
			490,800
Internet Software & Services - 2.1%
Ancestry.com, Inc.*	1,962		55,564
Art Technology Group, Inc.*	16,302		97,486
comScore, Inc.*	2,353		52,495
Constant Contact, Inc.*	2,960		91,730
DealerTrack Holdings, Inc.*	4,184		83,973
Dice Holdings, Inc.*	1,647		23,634
Digital River, Inc.*	4,113		141,569
Earthlink, Inc.	11,204		96,354
Envestnet, Inc.*	821		14,006
GSI Commerce, Inc.*	6,799		157,737
Infospace, Inc.*	3,325		27,598
Internap Network Services Corp.*	5,379		32,704
IntraLinks Holdings, Inc.*	1,172		21,928
j2 Global Communications, Inc.*	4,690		135,775
Keynote Systems, Inc.	1,035		15,132
KIT Digital, Inc.*	2,717		43,581
Limelight Networks, Inc.*	4,616		26,819
Liquidity Services, Inc.*	1,469		20,639
LivePerson, Inc.*	4,622		52,229
Local.com Corp.*	1,484		9,631
LogMeIn, Inc.*	1,563		69,303
LoopNet, Inc.*	2,019		22,431
Marchex, Inc., Class B	1,359		12,965
Mediamind Technologies, Inc.*	577		7,905
ModusLink Global Solutions, Inc.*	4,598		30,807


EQUITY SECURITIES - CONT’D	shares		value
Internet Software & Services - Cont’d
Move, Inc.*	16,191	$	41,611
NIC, Inc.	5,797		56,289
OpenTable, Inc.*	1,641		115,658
Openwave Systems, Inc.*	8,707		18,459
Perficient, Inc.*	2,411		30,138
QuinStreet, Inc.*	1,043		20,036
Rackspace Hosting, Inc.*	10,066		316,173
RealNetworks, Inc.*	8,692		36,506
RightNow Technologies, Inc.*	2,248		53,210
Saba Software, Inc.*	2,907		17,791
SAVVIS, Inc.*	3,892		99,324
SPS Commerce, Inc.*	437		6,905
Stamps.com, Inc.	1,094		14,496
support.com, Inc.*	4,845		31,396
TechTarget, Inc.*	1,109		8,794
Terremark Worldwide, Inc.*	6,043		78,257
The Knot, Inc.*	3,123		30,855
Travelzoo, Inc.*	438		18,054
United Online, Inc.	9,046		59,704
ValueClick, Inc.*	8,443		135,341
Vocus, Inc.*	1,554		42,984
Zix Corp.*	5,001		21,354
			2,597,330

IT Services - 2.0%
Acxiom Corp.*	7,098		121,731
CACI International, Inc.*	3,139		167,623
Cardtronics, Inc.*	2,798		49,525
Cass Information Systems, Inc.	780		29,593
Ciber, Inc.*	6,468		30,270
Computer Task Group, Inc.*	1,181		12,849
CSG Systems International, Inc.*	3,535		66,953
Echo Global Logistics, Inc.*	987		11,883
Euronet Worldwide, Inc.*	5,090		88,770
ExlService Holdings, Inc.*	1,577		33,874
Forrester Research, Inc.	1,514		53,429
Global Cash Access Holdings, Inc.*	4,679		14,926
Hackett Group, Inc.*	3,281		11,516
Heartland Payment Systems, Inc.	3,928		60,570
iGate Corp.	2,456		48,408
Integral Systems, Inc.*	1,817		18,006
Jack Henry & Associates, Inc.	8,859		258,240
Lionbridge Technologies, Inc.*	6,186		22,826
Mantech International Corp.*	2,306		95,307
MAXIMUS, Inc.	1,813		118,897
MoneyGram International, Inc.*	7,721		20,924
NCI, Inc.*	685		15,748
Online Resources Corp.*	2,792		12,983
Sapient Corp.	10,700		129,470
SRA International, Inc.*	4,456		91,125
Stream Global Services, Inc.*	418		1,651


EQUITY SECURITIES - CONT’D	shares		value
IT Services - Cont’d
Syntel, Inc.	1,366	$	65,281
TeleTech Holdings, Inc.*	3,134		64,529
Tier Technologies, Inc., Class B*	1,385		8,296
TNS, Inc.*	2,706		56,285
Unisys Corp.*	4,420		114,434
VeriFone Systems, Inc.*	8,871		342,066
Virtusa Corp.*	1,404		22,969
Wright Express Corp.*	4,027		185,242
			2,446,199

Leisure Equipment & Products - 0.7%
Arctic Cat, Inc.*	1,125		16,470
Brunswick Corp.	9,191		172,239
Callaway Golf Co.	6,685		53,948
Eastman Kodak Co.*	27,895		149,517
Jakks Pacific, Inc.*	2,896		52,765
Johnson Outdoors, Inc.*	405		5,071
Leapfrog Enterprises, Inc.*	3,509		19,475
Marine Products Corp.*	813		5,415
Polaris Industries, Inc.	3,232		252,161
RC2 Corp.*	2,233		48,612
Smith & Wesson Holding Corp.*	5,544		20,735
Steinway Musical Instruments, Inc.*	547		10,858
Sturm Ruger & Co., Inc.	1,984		30,335
Summer Infant, Inc.*	1,000		7,580
			845,181

Life Sciences - Tools & Services - 0.7%
Accelrys, Inc.*	5,709		47,385
Affymetrix, Inc.*	7,354		36,991
Albany Molecular Research, Inc.*	2,450		13,769
Bruker Corp.*	7,540		125,164
Caliper Life Sciences, Inc.*	4,161		26,381
Cambrex Corp.*	2,197		11,358
Complete Genomics, Inc.*	616		4,602
Dionex Corp.*	1,829		215,840
Enzo Biochem, Inc.*	3,458		18,258
eResearchTechnology, Inc.*	5,066		37,235
Furiex Pharmaceuticals, Inc.*	816		11,791
Kendle International, Inc.*	1,382		15,050
Luminex Corp.*	3,891		71,127
Pacific Biosciences of California, Inc.*	1,560		24,820
Parexel International Corp.*	6,059		128,633
PURE Bioscience*	3,234		7,179
Sequenom, Inc.*	9,471		75,957
			871,540


EQUITY SECURITIES - CONT’D	shares		value
Machinery - 3.2%
3D Systems Corp.*	1,889	$	59,485
Actuant Corp.	7,052		187,724
Alamo Group, Inc.	670		18,639
Albany International Corp.	2,837		67,209
Altra Holdings, Inc.*	2,782		55,251
American Railcar Industries, Inc.*	977		21,621
Ampco-Pittsburgh Corp.	791		22,188
ArvinMeritor, Inc.*	9,767		200,419
Astec Industries, Inc.*	2,060		66,765
Badger Meter, Inc.	1,555		68,762
Barnes Group, Inc.	5,090		105,210
Blount International, Inc.*	4,966		78,264
Briggs & Stratton Corp.	5,197		102,329
Cascade Corp.	942		44,538
Chart Industries, Inc.*	2,977		100,563
CIRCOR International, Inc.	1,772		74,920
CLARCOR, Inc.	5,236		224,572
Colfax Corp.*	2,231		41,073
Columbus McKinnon Corp.*	1,985		40,335
Commercial Vehicle Group, Inc.*	2,272		36,920
Douglas Dynamics, Inc.	1,066		16,150
Dynamic Materials Corp.	1,203		27,152
Energy Recovery, Inc.*	4,261		15,595
EnPro Industries, Inc.*	2,134		88,689
ESCO Technologies, Inc.	2,745		103,871
Federal Signal Corp.	6,463		44,336
Flow International Corp.*	4,867		19,906
Force Protection, Inc.*	7,296		40,201
FreightCar America, Inc.	1,238		35,828
Gorman-Rupp Co.	1,264		40,852
Graham Corp.	1,022		20,440
Greenbrier Co.’s, Inc.*	1,745		36,628
John Bean Technologies Corp.	2,923		58,840
Kadant, Inc.*	1,153		27,176
Kaydon Corp.	3,472		141,380
LB Foster Co.*	945		38,688
Lindsay Corp.	1,296		77,021
Lydall, Inc.*	1,583		12,743
Met-Pro Corp.	1,517		17,916
Middleby Corp.*	1,724		145,540
Miller Industries, Inc.	1,050		14,941
Mueller Industries, Inc.	3,912		127,922
Mueller Water Products, Inc.	16,037		66,874
NACCO Industries, Inc.	600		65,022
Nordson Corp.	3,542		325,439
Omega Flex, Inc.*	248		4,102
PMFG, Inc.*	1,367		22,419
RBC Bearings, Inc.*	2,254		88,086
Robbins & Myers, Inc.	2,790		99,826
Sauer-Danfoss, Inc.*	1,200		33,900
Sun Hydraulics Corp.	1,297		49,027


EQUITY SECURITIES - CONT’D	shares		value
Machinery - Cont’d
Tecumseh Products Co.*	1,715	$	22,381
Tennant Co.	1,960		75,284
Titan International, Inc.	3,664		71,595
Trimas Corp.*	1,557		31,856
Twin Disc, Inc	694		20,723
Wabash National Corp.*	7,025		83,246
Watts Water Technologies, Inc	3,043		111,343
Xerium Technologies, Inc.*	695		11,085
			3,950,810

Marine - 0.1%
Baltic Trading Ltd.	1,516		15,478
Eagle Bulk Shipping, Inc.*	6,450		32,121
Excel Maritime Carriers Ltd.*	3,693		20,792
Genco Shipping & Trading Ltd.*	2,930		42,192
Horizon Lines, Inc.	3,161		13,813
International Shipholding Corp.	583		14,808
Ultrapetrol (Bahamas) Ltd.*	2,297		14,770
			153,974

Media - 1.3%
AH Belo Corp.*	1,669		14,520
Arbitron, Inc.	2,763		114,720
Ascent Media Corp.*	1,484		57,520
Ballantyne Strong, Inc.*	1,316		10,225
Beasley Broadcasting Group, Inc.*	407		2,438
Belo Corp.*	9,469		67,041
Carmike Cinemas, Inc.*	867		6,693
Cinemark Holdings, Inc.	5,909		101,871
CKX, Inc.*	5,768		23,245
Crown Media Holdings, Inc.*	3,539		9,272
Cumulus Media, Inc.*	2,023		8,719
Dex One Corp.*	5,193		38,740
Entercom Communications Corp.*	2,183		25,279
Entravision Communications Corp.*	4,508		11,586
EW Scripps Co.*	2,937		29,811
Fisher Communications, Inc.*	676		14,737
Global Sources Ltd.*	1,547		14,727
Gray Television, Inc.*	4,496		8,408
Harte-Hanks, Inc.	4,022		51,361
Journal Communications, Inc.*	4,357		22,003
Knology, Inc.*	3,167		49,500
Lee Enterprises, Inc.*	4,164		10,243
LIN TV Corp.*	2,982		15,805
Lions Gate Entertainment Corp.*	7,053		45,915
Live Nation Entertainment, Inc.*	14,608		166,823
LodgeNet Interactive Corp.*	2,601		11,054
Martha Stewart Living Omnimedia, Inc.*	2,756		12,182
McClatchy Co.*	5,532		25,834
Media General, Inc.*	2,045		11,820


EQUITY SECURITIES - CONT’D	shares		value
Media - Cont’d
Mediacom Communications Corp.*	4,151	$	35,117
National CineMedia, Inc.	5,448		108,470
Nexstar Broadcasting Group, Inc.*	992		5,942
Outdoor Channel Holdings, Inc.*	1,282		9,192
Playboy Enterprises, Inc., Class B*	1,700		8,874
Primedia, Inc.	1,152		4,838
Radio One, Inc., Class D*	2,907		3,256
ReachLocal, Inc.*	446		8,880
Rentrak Corp.*	971		29,285
Scholastic Corp.	3,167		93,553
Sinclair Broadcast Group, Inc.	4,195		34,315
SuperMedia, Inc.*	1,188		10,348
Valassis Communications, Inc.*	5,173		167,347
Value Line, Inc.	108		1,561
Warner Music Group Corp.*	4,149		23,359
Westwood One, Inc.*	488		4,455
World Wrestling Entertainment, Inc.	2,503		35,643
			1,566,527

Metals & Mining - 1.9%
Allied Nevada Gold Corp.*	7,680		202,061
AM Castle & Co.*	1,549		28,517
AMCOL International Corp.	2,474		76,694
Brush Engineered Materials, Inc.*	2,105		81,337
Capital Gold Corp.*	6,200		31,434
Century Aluminum Co.*	6,619		102,793
Coeur d’Alene Mines Corp.*	9,141		249,732
Contango ORE, Inc.*	122		1,281
General Moly, Inc.*	6,675		43,254
Globe Specialty Metals, Inc.	6,366		108,795
Golden Star Resources Ltd.*	26,770		122,874
Haynes International, Inc.	1,260		52,706
Hecla Mining Co.*	26,326		296,431
Horsehead Holding Corp.*	4,499		58,667
Jaguar Mining, Inc.*	8,728		62,231
Kaiser Aluminum Corp.	1,577		78,992
Metals USA Holdings Corp.*	1,062		16,185
Molycorp, Inc.*	2,729		136,177
Noranda Aluminum Holding Corp.*	1,067		15,578
Olympic Steel, Inc.	846		24,263
RTI International Metals, Inc.*	3,122		84,232
Stillwater Mining Co.*	4,616		98,552
Thompson Creek Metals Co., Inc.*	16,814		247,502
Universal Stainless & Alloy Products, Inc.*	703		21,990
US Energy Corp Wyoming*	2,481		15,084
US Gold Corp.*	9,255		74,688
Worthington Industries, Inc.	5,788		106,499
			2,438,549


EQUITY SECURITIES - CONT’D	shares		value
Multiline Retail - 0.4%
99¢ Only Stores*	4,771	$	76,050
Bon-Ton Stores, Inc.*	1,090		13,799
Dillard’s, Inc.	4,129		156,654
Fred’s, Inc.	4,080		56,141
Gordmans Stores, Inc.*	571		9,570
Retail Ventures, Inc.*	2,397		39,071
Saks, Inc.*	14,052		150,357
Tuesday Morning Corp.*	2,412		12,735
			514,377

Multi-Utilities - 0.4%
Avista Corp.	5,700		128,364
Black Hills Corp.	4,067		122,010
CH Energy Group, Inc.	1,641		80,229
NorthWestern Corp.	3,756		108,285
			438,888

Oil, Gas & Consumable Fuels - 4.2%
Abraxas Petroleum Corp.*	6,240		28,517
Alon USA Energy, Inc.	562		3,361
Amyris, Inc.*	625		16,675
Apco Oil and Gas International, Inc.	947		54,452
Approach Resources, Inc.*	1,797		41,511
ATP Oil & Gas Corp.*	4,622		77,372
Berry Petroleum Co.	5,308		231,960
Bill Barrett Corp.*	4,768		196,108
BPZ Resources, Inc.*	10,109		48,119
Brigham Exploration Co.*	12,084		329,168
Callon Petroleum Co.*	2,669		15,800
CAMAC Energy, Inc.*	4,422		8,800
Carrizo Oil & Gas, Inc.*	3,230		111,403
Cheniere Energy, Inc.*	5,945		32,816
Clayton Williams Energy, Inc.*	610		51,222
Clean Energy Fuels Corp.*	4,734		65,519
Cloud Peak Energy, Inc.*	3,271		75,985
Contango Oil & Gas Co.*	1,226		71,022
Crosstex Energy, Inc.	4,178		37,017
CVR Energy, Inc.*	2,812		42,686
Delek US Holdings, Inc.	1,057		7,695
Delta Petroleum Corp.*	19,201		14,593
DHT Holdings, Inc.	5,053		23,496
Endeavour International Corp.*	2,091		28,856
Energy Partners Ltd.*	3,003		44,625
Energy XXI Bermuda Ltd.*	7,106		196,623
Evolution Petroleum Corp.*	1,370		8,932
FX Energy, Inc.*	4,491		27,620
Gastar Exploration Ltd.*	4,045		17,393
General Maritime Corp.	8,065		26,211
Georesources, Inc.*	1,205		26,763
GMX Resources, Inc.*	3,196		17,642
Golar LNG Ltd.	3,774		56,648
Goodrich Petroleum Corp.*	2,538		44,770


EQUITY SECURITIES - CONT’D	shares		value
Oil, Gas & Consumable Fuels - Cont’d
Green Plains Renewable Energy, Inc.*	1,487	$	16,744
GreenHunter Energy, Inc., Warrants (strike price $27.50/share, expire 9/14/11) (b)*	34		-
Gulfport Energy Corp.*	2,808		60,793
Hallador Energy Co.	353		3,703
Harvest Natural Resources, Inc.*	3,086		37,557
Hess Corp.	716		54,815
Houston American Energy Corp	1,673		30,265
International Coal Group, Inc.*	13,623		105,442
Isramco, Inc.*	85		7,166
James River Coal Co.*	2,885		73,077
Knightsbridge Tankers Ltd.	2,500		55,675
Kodiak Oil & Gas Corp.*	17,355		114,543
L&L Energy, Inc.*	1,532		16,546
Magnum Hunter Resources Corp.*	4,482		32,270
McMoRan Exploration Co.*	9,880		169,343
Miller Petroleum, Inc.*	1,674		8,705
Nordic American Tanker Shipping Ltd.	4,869		126,691
Northern Oil And Gas, Inc.*	5,532		150,526
Oasis Petroleum, Inc.*	5,145		139,532
Overseas Shipholding Group, Inc.	2,655		94,040
Panhandle Oil and Gas, Inc.	744		20,400
Patriot Coal Corp.*	8,113		157,149
Penn Virginia Corp.	4,719		79,374
Petroleum Development Corp.*	2,421		102,190
Petroquest Energy, Inc.*	5,731		43,154
RAM Energy Resources, Inc.*	5,147		9,470
Rentech, Inc.*	20,009		24,411
Resolute Energy Corp.*	3,942		58,184
REX American Resources Corp.*	739		11,351
Rex Energy Corp.*	3,348		45,700
Rosetta Resources, Inc.*	5,472		205,966
Scorpio Tankers, Inc.*	1,202		12,152
Ship Finance International Ltd.	4,641		99,874
Stone Energy Corp.*	4,478		99,815
Swift Energy Co.*	4,335		169,715
Syntroleum Corp.*	7,195		13,311
Teekay Tankers Ltd.	3,306		40,796
TransAtlantic Petroleum Ltd.*	15,287		50,906
Uranium Energy Corp.*	5,621		33,951
USEC, Inc.*	11,840		71,277
Vaalco Energy, Inc.*	5,249		37,583
Venoco, Inc.*	2,046		37,749
W&T Offshore, Inc	3,629		64,850
Warren Resources, Inc.*	6,571		29,701
Western Refining, Inc.*	4,759		50,350
World Fuel Services Corp.	7,067		255,543
			5,203,735


EQUITY SECURITIES - CONT’D	shares		value
Paper & Forest Products - 0.5%
Buckeye Technologies, Inc.	4,074	$	85,595
Clearwater Paper Corp.*	1,191		93,255
Deltic Timber Corp.	1,114		62,763
KapStone Paper and Packaging Corp.*	3,966		60,680
Louisiana-Pacific Corp.*	13,166		124,550
Neenah Paper, Inc.	1,527		30,051
PH Glatfelter Co	4,753		58,319
Schweitzer-Mauduit International, Inc.	1,906		119,926
Verso Paper Corp.*	1,363		4,662
Wausau Paper Corp.	5,089		43,816
			683,617

Personal Products - 0.3%
Elizabeth Arden, Inc.*	2,521		58,008
Female Health Co.	1,851		10,532
Inter Parfums, Inc.	1,484		27,973
Medifast, Inc.*	1,401		40,461
Nature’s Sunshine Products, Inc.*	705		6,331
Nu Skin Enterprises, Inc.	5,112		154,689
Nutraceutical International Corp.*	861		12,218
Prestige Brands Holdings, Inc.*	4,342		51,887
Revlon, Inc.*	1,344		13,225
Schiff Nutrition International, Inc.	1,196		10,860
Synutra International, Inc.*	1,867		25,111
USANA Health Sciences, Inc.*	626		27,200
			438,495

Pharmaceuticals - 1.6%
Acura Pharmaceuticals, Inc.*	651		2,155
Aegerion Pharmaceuticals, Inc.*	590		8,360
Akorn, Inc.*	5,747		34,884
Alexza Pharmaceuticals, Inc.*	3,599		4,499
Aoxing Pharmaceutical Co., Inc.*	2,242		6,255
Ardea Biosciences, Inc.*	1,391		36,166
Auxilium Pharmaceuticals, Inc.*	4,329		91,342
AVANIR Pharmaceuticals, Inc.*	8,836		36,051
Biodel, Inc.*	1,738		3,181
BioMimetic Therapeutics, Inc.*	1,488		18,898
BMP Sunstone Corp.*	2,491		24,686
Cadence Pharmaceuticals, Inc.*	2,580		19,479
Caraco Pharmaceutical Laboratories Ltd.*	813		3,691
Corcept Therapeutics, Inc.*	2,345		9,052
Cornerstone Therapeutics, Inc.*	514		2,976
Cumberland Pharmaceuticals, Inc.*	1,281		7,673
Cypress Bioscience, Inc.*	3,984		25,816
Depomed, Inc.*	5,437		34,579
Durect Corp.*	9,010		31,084
Eurand NV*	1,697		20,076
Hi-Tech Pharmacal Co., Inc.*	922		23,004
Impax Laboratories, Inc.*	6,500		130,715


EQUITY SECURITIES - CONT’D	shares		value
Pharmaceuticals - Cont’d
Inspire Pharmaceuticals, Inc.*	6,174	$	51,862
Jazz Pharmaceuticals, Inc.*	1,384		27,237
Lannett Co., Inc.*	798		4,461
MAP Pharmaceuticals, Inc.*	1,600		26,784
Medicines Co.*	5,527		78,097
Medicis Pharmaceutical Corp.	6,259		167,679
Nektar Therapeutics*	9,765		125,480
Neostem, Inc.*	2,357		3,323
NuPathe, Inc.*	382		3,461
Obagi Medical Products, Inc.*	1,589		18,353
Optimer Pharmaceuticals, Inc.*	3,462		39,155
Pain Therapeutics, Inc.*	3,685		24,874
Par Pharmaceutical Co.’s, Inc.*	3,640		140,176
Pozen, Inc.*	2,758		18,341
Questcor Pharmaceuticals, Inc.*	5,713		84,152
Salix Pharmaceuticals Ltd.*	5,917		277,862
Santarus, Inc.*	5,438		17,782
Somaxon Pharmaceuticals, Inc.*	2,628		8,278
Sucampo Pharmaceuticals, Inc.*	729		2,799
SuperGen, Inc.*	4,667		12,228
Viropharma, Inc.*	8,079		139,928
VIVUS, Inc.*	8,394		78,652
XenoPort, Inc.*	2,847		24,256
			1,949,842

Professional Services - 1.2%
Acacia Research - Acacia Technologies*	3,506		90,946
Administaff, Inc.	2,259		66,189
Advisory Board Co.*	1,605		76,446
Barrett Business Services, Inc.	606		9,423
CBIZ, Inc.*	3,612		22,539
CDI Corp.	1,164		21,639
Corporate Executive Board Co.	3,557		133,565
CoStar Group, Inc.*	2,148		123,639
CRA International, Inc.*	1,024		24,074
Exponent, Inc.*	1,438		53,968
Franklin Covey Co.*	1,007		8,650
GP Strategies Corp.*	1,245		12,749
Heidrick & Struggles International, Inc	1,813		51,943
Hill International, Inc.*	2,682		17,353
Hudson Highland Group, Inc.*	2,983		17,391
Huron Consulting Group, Inc.*	2,285		60,438
ICF International, Inc.*	1,776		45,679
Kelly Services, Inc.*	2,745		51,606
Kforce, Inc.*	3,190		51,614
Korn/Ferry International*	4,776		110,373
LECG Corp.*	2,390		3,298
Mistras Group, Inc.*	1,338		18,036
Navigant Consulting, Inc.*	5,253		48,328
On Assignment, Inc.*	3,781		30,815


EQUITY SECURITIES - CONT’D	shares		value
Professional Services - Cont’d
Resources Connection, Inc.	4,809	$	89,399
School Specialty, Inc.*	1,957		27,261
SFN Group, Inc.*	5,390		52,606
The Dolan Co.*	3,146		43,792
TrueBlue, Inc.*	4,576		82,322
Volt Information Sciences, Inc.*	1,555		13,451
VSE Corp.	430		14,199
			1,473,731

Real Estate Investment Trusts - 7.1%
Acadia Realty Trust	4,165		75,970
Agree Realty Corp.	808		21,162
Alexander’s, Inc.	213		87,816
American Campus Communities, Inc.	6,683		212,252
American Capital Agency Corp.	5,171		148,615
Anworth Mortgage Asset Corp.	12,334		86,338
Apollo Commercial Real Estate Finance, Inc.	1,790		29,267
Ashford Hospitality Trust, Inc.*	4,213		40,655
Associated Estates Realty Corp.	4,250		64,983
BioMed Realty Trust, Inc.	13,387		249,668
Campus Crest Communities, Inc.	3,138		43,995
CapLease, Inc.	5,937		34,553
Capstead Mortgage Corp.	7,279		91,643
CBL & Associates Properties, Inc.	14,334		250,845
Cedar Shopping Centers, Inc.	5,667		35,645
Chatham Lodging Trust	797		13,748
Chesapeake Lodging Trust	1,538		28,930
Cogdell Spencer, Inc.	4,463		25,885
Colonial Properties Trust	7,976		143,967
Colony Financial, Inc.	1,358		27,187
Coresite Realty Corp.	2,017		27,512
Cousins Properties, Inc.	9,416		78,529
CreXus Investment Corp.	1,405		18,406
Cypress Sharpridge Investments, Inc.	5,128		66,202
DCT Industrial Trust, Inc.	21,924		116,416
DiamondRock Hospitality Co.*	16,020		192,240
DuPont Fabros Technology, Inc.	4,252		90,440
Dynex Capital, Inc.	2,090		22,823
EastGroup Properties, Inc.	2,797		118,369
Education Realty Trust, Inc.	5,910		45,921
Entertainment Properties Trust	4,826		223,203
Equity Lifestyle Properties, Inc.	2,715		151,850
Equity One, Inc.	4,154		75,520
Excel Trust, Inc.	1,391		16,831
Extra Space Storage, Inc.	9,054		157,540
FelCor Lodging Trust, Inc.*	9,993		70,351
First Industrial Realty Trust, Inc.*	5,870		51,421
First Potomac Realty Trust	5,162		86,825
Franklin Street Properties Corp.	7,181		102,329
Getty Realty Corp.	2,172		67,940
Gladstone Commercial Corp.	887		16,702


EQUITY SECURITIES - CONT’D	shares		value
Real Estate Investment Trusts - Cont’d
Glimcher Realty Trust	8,705	$	73,122
Government Properties Income Trust	2,809		75,253
Hatteras Financial Corp.	4,736		143,359
Healthcare Realty Trust, Inc.	6,467		136,906
Hersha Hospitality Trust	13,782		90,961
Highwoods Properties, Inc.	7,433		236,741
Home Properties, Inc.	3,852		213,747
Hudson Pacific Properties, Inc.	1,567		23,583
Inland Real Estate Corp.	7,720		67,936
Invesco Mortgage Capital, Inc.	4,093		89,391
Investors Real Estate Trust	7,791		69,885
iStar Financial, Inc.*	9,695		75,815
Kilroy Realty Corp	5,639		205,654
Kite Realty Group Trust	5,032		27,223
LaSalle Hotel Properties	7,247		191,321
Lexington Realty Trust	10,040		79,818
LTC Properties, Inc.	2,645		74,272
Medical Properties Trust, Inc.	11,547		125,054
MFA Financial, Inc.	29,088		237,358
Mid-America Apartment Communities, Inc.	3,375		214,279
Mission West Properties, Inc.	1,847		12,356
Monmouth Real Estate Investment Corp.	2,467		20,970
MPG Office Trust, Inc.*	4,455		12,251
National Health Investors, Inc.	2,536		114,171
National Retail Properties, Inc.	8,649		229,199
Newcastle Investment Corp.*	5,753		38,545
NorthStar Realty Finance Corp.	6,999		33,245
Omega Healthcare Investors, Inc.	10,185		228,551
One Liberty Properties, Inc.	782		13,059
Parkway Properties, Inc.	2,239		39,227
Pebblebrook Hotel Trust	3,785		76,911
Pennsylvania Real Estate Investment Trust	5,742		83,431
Pennymac Mortgage Investment Trust	1,553		28,187
Post Properties, Inc.	5,046		183,170
Potlatch Corp.	4,148		135,017
PS Business Parks, Inc.	1,922		107,094
RAIT Financial Trust*	8,260		18,089
Ramco-Gershenson Properties Trust	3,939		49,041
Redwood Trust, Inc.	8,087		120,739
Resource Capital Corp.	4,076		30,081
Retail Opportunity Investments Corp.	4,340		43,009
Sabra Healthcare REIT, Inc.	2,542		46,773
Saul Centers, Inc.	656		31,062
Sovran Self Storage, Inc.	2,863		105,387
Starwood Property Trust, Inc.	4,940		106,111
Strategic Hotels & Resorts, Inc.*	14,591		77,186
Sun Communities, Inc.	1,971		65,654
Sunstone Hotel Investors, Inc.*	12,129		125,293
Tanger Factory Outlet Centers, Inc.	4,201		215,049
Terreno Realty Corp.*	909		16,298
Two Harbors Investment Corp.	2,419		23,682
UMH Properties, Inc.	1,025		10,455


EQUITY SECURITIES - CONT’D	shares		value
Real Estate Investment Trusts - Cont’d
Universal Health Realty Income Trust	1,173	$	42,850
Urstadt Biddle Properties, Inc.	2,125		41,331
U-Store-It Trust	9,702		92,460
Walter Investment Management Corp.	2,668		47,864
Washington Real Estate Investment Trust	6,628		205,402
Winthrop Realty Trust	2,311		29,558
			8,860,930


Real Estate Management & Development - 0.1%
Avatar Holdings, Inc.*	824		16,332
Consolidated-Tomoka Land Co.	562		16,242
Forestar Group, Inc.*	3,780		72,954
Kennedy-Wilson Holdings, Inc.*	1,927		19,251
Tejon Ranch Co.*	1,359		37,440
Thomas Properties Group, Inc.*	3,268		13,791
			176,010

Road & Rail - 1.0%
Amerco, Inc.*	887		85,187
Arkansas Best Corp.	2,627		72,032
Avis Budget Group, Inc.*	10,659		165,854
Celadon Group, Inc.*	2,068		30,586
Dollar Thrifty Automotive Group, Inc.*	2,974		140,551
Genesee & Wyoming, Inc.*	4,025		213,124
Heartland Express, Inc.	5,235		83,865
Knight Transportation, Inc.	6,172		117,268
Marten Transport Ltd.	1,597		34,144
Old Dominion Freight Line, Inc.*	4,336		138,708
PAM Transportation Services, Inc.*	426		4,780
Patriot Transportation Holding, Inc.*	151		14,037
Quality Distribution, Inc.*	828		7,526
RailAmerica, Inc.*	2,144		27,765
Roadrunner Transportation Systems, Inc.*	984		14,229
Saia, Inc.*	1,647		27,324
Universal Truckload Services, Inc.*	475		7,562
USA Truck, Inc.*	816		10,796
Werner Enterprises, Inc.	4,468		100,977
			1,296,315

Semiconductors & Semiconductor Equipment - 3.8%
Advanced Analogic Technologies, Inc.*	4,464		17,901
Advanced Energy Industries, Inc.*	3,778		51,532
Alpha & Omega Semiconductor Ltd.*	471		6,043
Amkor Technology, Inc.*	10,892		80,492
Anadigics, Inc.*	6,771		46,923
Applied Micro Circuits Corp.*	6,796		72,581
ATMI, Inc.*	3,269		65,184
Axcelis Technologies, Inc.*	9,665		33,441
AXT, Inc.*	2,876		30,025
Brooks Automation, Inc.*	6,748		61,204
Cabot Microelectronics Corp.*	2,453		101,677


EQUITY SECURITIES - CONT’D	shares		value
Semiconductors & Semiconductor Equipment - Cont’d
Cavium Networks, Inc.*	4,606	$	173,554
Ceva, Inc.*	2,178		44,649
Cirrus Logic, Inc.*	7,097		113,410
Cohu, Inc.	2,446		40,555
Conexant Systems, Inc.*	7,533		12,279
Cymer, Inc.*	3,123		140,754
Diodes, Inc.*	3,520		95,005
DSP Group, Inc.*	2,403		19,560
Energy Conversion Devices, Inc.*	4,751		21,855
Entegris, Inc.*	13,636		101,861
Entropic Communications, Inc.*	6,671		80,586
Evergreen Solar, Inc.*	19,980		11,648
Exar Corp.*	3,348		23,369
FEI Co.*	3,948		104,267
Formfactor, Inc.*	5,191		46,096
FSI International, Inc.*	2,985		13,194
GSI Technology, Inc.*	2,002		16,216
GT Solar International, Inc.*	6,480		59,098
Hittite Microwave Corp.*	2,836		173,109
Ikanos Communications, Inc.*	2,788		3,736
Inphi Corp.*	698		14,023
Integrated Device Technology, Inc.*	15,879		105,754
Integrated Silicon Solution, Inc.*	2,404		19,304
IXYS Corp.*	2,494		28,980
Kopin Corp.*	6,180		25,709
Kulicke & Soffa Industries, Inc.*	7,280		52,416
Lattice Semiconductor Corp.*	12,038		72,950
LTX-Credence Corp.*	5,082		37,607
Mattson Technology, Inc.*	4,642		13,926
MaxLinear, Inc.*	693		7,457
Micrel, Inc.	5,279		68,574
Microsemi Corp.*	8,618		197,352
Mindspeed Technologies, Inc.*	2,963		18,074
MIPS Technologies, Inc.*	5,075		76,937
MKS Instruments, Inc.*	5,201		127,372
Monolithic Power Systems, Inc.*	3,357		55,458
MoSys, Inc.*	2,517		14,322
Nanometrics, Inc.*	1,653		21,208
Netlogic Microsystems, Inc.*	6,501		204,196
NVE Corp.*	488		28,221
Omnivision Technologies, Inc.*	5,754		170,376
PDF Solutions, Inc.*	2,096		10,103
Pericom Semiconductor Corp.*	2,352		25,825
Photronics, Inc.*	5,544		32,765
PLX Technology, Inc.*	3,845		13,880
Power Integrations, Inc.	2,559		102,718
RF Micro Devices, Inc.*	27,868		204,830
Rubicon Technology, Inc.*	1,629		34,339
Rudolph Technologies, Inc.*	2,894		23,818
Semtech Corp.*	6,446		145,937
Sigma Designs, Inc.*	3,229		45,755
Silicon Image, Inc.*	7,111		52,266


EQUITY SECURITIES - CONT’D	shares		value
Semiconductors & Semiconductor Equipment - Cont’d
Spansion, Inc.*	1,203	$	24,902
Standard Microsystems Corp.*	2,327		67,087
Supertex, Inc.*	1,019		24,639
Tessera Technologies, Inc.*	5,213		115,468
Trident Microsystems, Inc.*	7,369		13,117
TriQuint Semiconductor, Inc.*	16,114		188,373
Ultra Clean Holdings, Inc.*	2,008		18,694
Ultratech, Inc.*	2,485		49,402
Veeco Instruments, Inc.*	4,209		180,819
Volterra Semiconductor Corp.*	2,572		59,568
Zoran Corp.*	5,320		46,816
			4,703,141

Software - 4.1%
ACI Worldwide, Inc.*	3,531		94,878
Actuate Corp.*	4,708		26,836
Advent Software, Inc.*	1,637		94,815
American Software, Inc.	1,795		12,152
Ariba, Inc.*	9,332		219,209
Aspen Technology, Inc.*	6,459		82,029
Blackbaud, Inc.	4,652		120,487
Blackboard, Inc.*	3,544		146,367
Bottomline Technologies, Inc.*	3,234		70,210
BroadSoft, Inc.*	798		19,056
CDC Corp.*	3,040		10,670
Commvault Systems, Inc.*	4,481		128,246
Concur Technologies, Inc.*	4,179		217,015
Convio, Inc.*	548		4,537
Deltek, Inc.*	2,049		14,876
DemandTec, Inc.*	1,564		16,954
Digimarc Corp.*	626		18,786
Ebix, Inc.*	2,790		66,039
Epicor Software Corp.*	5,079		51,298
EPIQ Systems, Inc.	3,399		46,668
ePlus, Inc.*	291		6,879
Fair Isaac Corp	4,290		100,257
FalconStor Software, Inc.*	2,372		7,946
Fortinet, Inc.*	4,290		138,781
Guidance Software, Inc.*	1,234		8,872
Interactive Intelligence, Inc.*	1,211		31,680
JDA Software Group, Inc.*	4,327		121,156
Kenexa Corp.*	2,345		51,098
Lawson Software, Inc.*	14,405		133,246
Magma Design Automation, Inc.*	6,009		30,105
Manhattan Associates, Inc.*	2,357		71,983
Mentor Graphics Corp.*	11,077		132,924
MicroStrategy, Inc.*	863		73,761
Monotype Imaging Holdings, Inc.*	2,311		25,652
Motricity, Inc.*	565		10,492
Netscout Systems, Inc.*	3,174		73,034
NetSuite, Inc.*	1,698		42,450
Opnet Technologies, Inc.	1,379		36,916


EQUITY SECURITIES - CONT’D	shares		value
Software - Cont’d
Parametric Technology Corp.*	12,052	$	271,532
Pegasystems, Inc.	1,679		61,502
Progress Software Corp.*	4,378		185,277
PROS Holdings, Inc.*	2,009		22,883
QAD, Inc.:
Class B*	102		1,017
Common Stock*	409		3,724
QLIK Technologies, Inc.*	1,425		36,779
Quest Software, Inc.*	6,223		172,626
Radiant Systems, Inc.*	3,404		66,616
RealD, Inc.*	1,542		39,969
RealPage, Inc.*	1,507		46,611
Renaissance Learning, Inc.	1,221		14,457
Rosetta Stone, Inc.*	971		20,605
S1 Corp.*	5,376		37,094
Smith Micro Software, Inc.*	3,160		49,738
SolarWinds, Inc.*	3,627		69,820
Sonic Solutions, Inc.*	3,934		59,010
Sourcefire, Inc.*	2,852		73,952
SRS Labs, Inc.*	917		8,079
SS&C Technologies Holdings, Inc.*	1,158		23,751
SuccessFactors, Inc.*	6,532		189,167
Synchronoss Technologies, Inc.*	2,405		64,238
Take-Two Interactive Software, Inc.*	7,312		89,499
Taleo Corp.*	4,128		114,139
TeleCommunication Systems, Inc.*	4,709		21,991
TeleNav, Inc.*	747		5,438
THQ, Inc.*	7,015		42,511
TIBCO Software, Inc.*	17,249		339,978
TiVo, Inc.*	11,989		103,465
Tyler Technologies, Inc.*	2,949		61,221
Ultimate Software Group, Inc.*	2,587		125,806
VASCO Data Security International, Inc.*	2,797		22,740
VirnetX Holding Corp.	3,513		52,168
Wave Systems Corp.*	7,430		29,274
Websense, Inc.*	4,485		90,821
			5,175,858

Specialty Retail - 3.2%
America’s Car-Mart, Inc.*	926		25,076
AnnTaylor Stores Corp.*	6,104		167,189
Asbury Automotive Group, Inc.*	3,014		55,699
Ascena Retail Group, Inc.*	6,164		162,853
Barnes & Noble, Inc.	4,003		56,642
Bebe Stores, Inc.	3,035		18,089
Big 5 Sporting Goods Corp.	2,261		34,525
Body Central Corp.*	590		8,419
Books-A-Million, Inc.	554		3,213
Borders Group, Inc.*	3,373		3,036
Brown Shoe Co., Inc.	4,508		62,796
Build-A-Bear Workshop, Inc.*	1,790		13,676
Cabela’s, Inc.*	4,174		90,785


EQUITY SECURITIES - CONT’D	shares		value
Specialty Retail - Cont’d
Casual Male Retail Group, Inc.*	3,868	$	18,334
Cato Corp.	2,890		79,215
Charming Shoppes, Inc.*	12,029		42,703
Christopher & Banks Corp.	3,717		22,860
Citi Trends, Inc.*	1,540		37,807
Coldwater Creek, Inc.*	6,271		19,879
Collective Brands, Inc.*	6,726		141,919
Conn’s, Inc.*	780		3,650
Destination Maternity Corp.*	517		19,610
DSW, Inc.*	1,467		57,360
Express, Inc.	1,658		31,170
Finish Line, Inc.	5,277		90,712
Genesco, Inc.*	2,497		93,613
Group 1 Automotive, Inc.	2,547		106,363
Haverty Furniture Co.’s, Inc.	1,689		21,923
hhgregg, Inc.*	1,366		28,618
Hibbett Sports, Inc.*	2,991		110,368
HOT Topic, Inc.	4,130		25,895
Jo-Ann Stores, Inc.*	2,841		171,085
Jos A Bank Clothiers, Inc.*	2,857		115,194
Kirkland’s, Inc.*	1,736		24,356
Lithia Motors, Inc.	2,010		28,723
Lumber Liquidators Holdings, Inc.*	2,308		57,492
MarineMax, Inc.*	2,047		19,139
Men’s Wearhouse, Inc.	5,464		136,491
Midas, Inc.*	1,479		11,995
Monro Muffler, Inc.	3,090		106,883
New York & Co., Inc.*	1,850		8,177
OfficeMax, Inc.*	8,806		155,866
Pacific Sunwear of California, Inc.*	6,164		33,409
Penske Automotive Group, Inc.*	4,592		79,993
Pier 1 Imports, Inc.*	10,854		113,967
Rent-A-Center, Inc.	6,832		220,537
Rue21, Inc.*	1,524		44,668
Sally Beauty Holdings, Inc.*	9,787		142,205
Select Comfort Corp.*	5,671		51,776
Shoe Carnival, Inc.*	949		25,623
Sonic Automotive, Inc.	4,139		54,800
Stage Stores, Inc.	4,018		69,672
Stein Mart, Inc.	2,802		25,919
Systemax, Inc.*	1,000		14,100
Talbots, Inc.*	7,289		62,102
The Buckle, Inc.	2,711		102,394
The Pep Boys-Manny, Moe & Jack	5,445		73,126
The Childrens Place Retail Stores, Inc.*	2,670		132,539
Ulta Salon Cosmetics & Fragrance, Inc.*	3,259		110,806
Vitamin Shoppe, Inc.*	1,655		55,674
West Marine, Inc.*	1,507		15,944
Wet Seal, Inc.*	10,556		39,057
Winmark Corp.	223		7,502
Zumiez, Inc.*	2,133		57,314
			4,022,525


EQUITY SECURITIES - CONT’D	shares		value
Textiles, Apparel & Luxury Goods - 2.0%
American Apparel, Inc.*	2,699	$	4,480
Carter’s, Inc.*	6,167		181,988
Cherokee, Inc.	800		15,048
Columbia Sportswear Co.	1,185		71,455
CROCS, Inc.*	8,907		152,488
Culp, Inc.*	821		8,506
Deckers Outdoor Corp.*	4,017		320,316
Delta Apparel, Inc.*	555		7,492
G-III Apparel Group Ltd.*	1,600		56,240
Iconix Brand Group, Inc.*	7,494		144,709
Joe’s Jeans, Inc.*	3,939		6,145
Jones Group, Inc.	9,046		140,575
Kenneth Cole Productions, Inc.*	718		8,968
K-Swiss, Inc.*	2,719		33,906
Lacrosse Footwear, Inc.	436		7,150
Liz Claiborne, Inc.*	9,811		70,247
Maidenform Brands, Inc.*	2,379		56,549
Movado Group, Inc.*	1,614		26,050
Oxford Industries, Inc.	1,434		36,725
Perry Ellis International, Inc.*	933		25,629
Quiksilver, Inc.*	13,454		68,212
RG Barry Corp.	783		8,707
Skechers U.S.A., Inc.*	3,592		71,840
Steven Madden Ltd.*	2,545		106,177
Timberland Co.*	4,054		99,688
True Religion Apparel, Inc.*	2,638		58,722
Under Armour, Inc.*	3,652		200,276
Unifi, Inc.*	1,199		20,299
Vera Bradley, Inc.*	1,298		42,834
Volcom, Inc.	2,004		37,815
Warnaco Group, Inc.*	4,610		253,873
Wolverine World Wide, Inc.	5,149		164,150
			2,507,259

Thrifts & Mortgage Finance - 1.4%
Abington Bancorp, Inc.	2,164		25,817
Astoria Financial Corp.	8,964		124,689
Bank Mutual Corp.	4,721		22,566
BankFinancial Corp.	1,984		19,344
Beneficial Mutual Bancorp, Inc.*	3,603		31,814
Berkshire Hills Bancorp, Inc.	1,302		28,774
BofI Holding, Inc.*	653		10,128
Brookline Bancorp, Inc.	6,129		66,500
Clifton Savings Bancorp, Inc.	836		9,037
Dime Community Bancshares, Inc.	2,772		40,443
Doral Financial Corp.*	1,956		2,699
ESB Financial Corp.	726		11,790
ESSA Bancorp, Inc.	1,473		19,473
Federal Agricultural Mortgage Corp., Class C	895		14,606
First Financial Holdings, Inc.	1,715		19,740
Flagstar Bancorp, Inc.*	4,352		7,094
Flushing Financial Corp.	3,234		45,276


EQUITY SECURITIES - CONT’D	shares		value
Thrifts & Mortgage Finance - Cont’d
Fox Chase Bancorp, Inc.*	526	$	6,233
Heritage Financial Group, Inc.	132		1,639
Home Federal Bancorp, Inc.	1,548		18,994
Kaiser Federal Financial Group, Inc.	227		2,629
Kearny Financial Corp.	1,413		12,152
Meridian Interstate Bancorp, Inc.*	838		9,880
MGIC Investment Corp.*	20,811		212,064
NASB Financial, Inc.	278		4,659
NewAlliance Bancshares, Inc.	11,002		164,810
Northwest Bancshares, Inc.	11,494		135,169
OceanFirst Financial Corp.	1,506		19,382
Ocwen Financial Corp.*	7,706		73,515
Oritani Financial Corp.	5,768		70,600
PMI Group, Inc.*	14,839		48,969
Provident Financial Services, Inc.	6,221		94,124
Provident New York Bancorp	4,034		42,317
Radian Group, Inc.	13,807		111,423
Rockville Financial, Inc.	708		8,652
Roma Financial Corp.	676		7,166
Territorial Bancorp, Inc.	1,270		25,286
Trustco Bank Corp. NY	7,981		50,600
United Financial Bancorp, Inc.	1,552		23,699
ViewPoint Financial Group, Inc.	1,461		17,079
Waterstone Financial, Inc.*	553		1,797
Westfield Financial, Inc.	2,745		25,391
WSFS Financial Corp.	490		23,246
			1,711,265

Tobacco - 0.2%
Alliance One International, Inc.*	9,249		39,216
Star Scientific, Inc.*	8,949		17,450
Universal Corp.	2,509		102,116
Vector Group Ltd.	4,709		81,560
			240,342

Trading Companies & Distributors - 0.9%
Aceto Corp.	2,638		23,742
Aircastle Ltd.	5,268		55,051
Applied Industrial Technologies, Inc.	4,395		142,750
Beacon Roofing Supply, Inc.*	4,729		84,507
BlueLinx Holdings, Inc.*	916		3,353
CAI International, Inc.*	1,034		20,266
DXP Enterprises, Inc.*	857		20,568
H&E Equipment Services, Inc.*	2,568		29,712
Houston Wire & Cable Co.	1,646		22,122
Interline Brands, Inc.*	3,424		77,964
Kaman Corp.	2,691		78,227
Lawson Products, Inc.	334		8,313
RSC Holdings, Inc.*	5,110		49,772
Rush Enterprises, Inc.*	3,309		67,636
SeaCube Container Leasing Ltd.	1,121		15,761


EQUITY SECURITIES - CONT’D		shares		value
Trading Companies & Distributors - Cont’d
TAL International Group, Inc.		1,737	$	53,621
Textainer Group Holdings Ltd.		882		25,128
Titan Machinery, Inc.*		1,351		26,074
United Rentals, Inc.*		6,275		142,756
Watsco, Inc.		2,889		182,238
				1,129,561

Water Utilities - 0.2%
American States Water Co.		1,927		66,424
Artesian Resources Corp.		490		9,285
Cadiz, Inc.*		1,262		15,699
California Water Service Group		2,045		76,217
Connecticut Water Service, Inc.		883		24,618
Consolidated Water Co., Inc.		1,510		13,847
Middlesex Water Co.		1,560		28,626
SJW Corp.		1,344		35,576
York Water Co.		1,309		22,633
				292,925

Wireless Telecommunication Services - 0.3%
FiberTower Corp.*		4,250		18,955
ICO Global Communications Holdings Ltd.*		8,726		13,089
NTELOS Holdings Corp.		3,052		58,141
Shenandoah Telecommunications Co.		2,464		46,151
Syniverse Holdings, Inc.*		7,238		223,292
USA Mobility, Inc.		2,298		40,835
				400,463

Total Equity Securities (Cost $107,442,664)				121,247,370



		Principal
u.s. treasury - 0.6%		Amount
United States Treasury Bills, 3/10/11^	$	700,000		699,841

Total U.S. Treasury (Cost $699,841)				699,841

exchange traded funds - 1.4%
iShares Russell 2000 Index Fund		23,200		1,814,936

Total Exchange Traded Funds (Cost $1,543,545)				1,814,936


u.s. government agencIes and InstrumentalItIes - 0.8%
Federal Home Loan Bank Discount Notes, 1/3/11		1,000,000		1,000,000

Total U.S. Government Agencies And Instrumentalities (Cost $1,000,000)				1,000,000


				PrIncipal
CORPORATE BONDS - 0.0%				Amount		value
GAMCO INVS, Inc., Zero Coupon, 12/31/15			$	23	$	2,301

Total Corporate Bonds (Cost $2,301)				2,301		2,888,427

TOTAL INVESTMENTS (Cost $110,688,351) - 99.6%						124,764,448
Other assets and liabilities, net - 0.4%						543,659
net assets - 100%					$	125,308,107


net assets consIst of:
Paid-in capital applicable to the following shares of common stock outstanding; $0.10 par value, 20,000,000 shares authorized:
Class I: 1,893,097 shares outstanding					$	108,666,274
Class F: 96,268 shares outstanding						4,798,915
Undistributed net investment income						178,581
Accumulated net realized gain (loss) on investments						(2,426,528	)
Net unrealized appreciation (depreciation) on investments						14,090,865

net assets					$	125,308,107


net asset value Per share:
Class I (based on net assets of $119,223,052)					$	62.98
Class F (based on net assets of $6,085,055)					$	63.21


				UNDERLYING		UNREALIZED
	NUMBER OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
E-Mini Russell 2000 Index^	32	3/11	$	2,503,360	$	14,768

(b)	This security was valued by the Board of Directors. See note A.
^	Futures collateralized by 700,000 units of U.S. Treasury Bills.
*	Non-income producing security.

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $103)	$	1,389,111
Interest income		3,194
Total investment income		1,392,305

Expenses:
Investment advisory fee		326,908
Transfer agency fees and expenses		4,218
Accounting fees		15,096
Distribution Plan expenses:
Class F		8,500
Directors’ fees and expenses		12,576
Administrative fees		93,402
Custodian fees		124,850
Reports to shareholders		94,338
Professional fees		36,518
Contract services		57,507
Miscellaneous		2,717
Total expenses		776,630
Reimbursement from Advisor:
Class I		(106,865	)
Class F		(6,453	)
Fees paid indirectly		(571	)
Net expenses		662,741

net Investment Income		729,564


realIzed and unrealIzed gaIn (loss)
Net realized gain (loss) on:
Investments		3,305,756
Futures		584,650
		3,890,406
Change in unrealized appreciation (depreciation) on:
Investments		19,308,958
Futures		(42,864	)
		19,266,094

net realIzed and unrealIzed
gaIn (loss)		23,156,500

Increase (decrease) In net assets
resultIng from oPeratIons	$	23,886,064

See notes to financial statements.


STATEMENTS OF CHANGES IN NET ASSETS

		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	729,564		$	498,121
Net realized gain (loss)		3,890,406			(3,241,852	)
Change in unrealized appreciation (depreciation)		19,266,094			17,639,928

Increase (decrease) In net assets
resultIng from oPeratIons		23,886,064			14,896,197

Distributions to shareholders from:
Net investment income:
Class I shares		(572,588	)		(331,011	)
Class F shares		(17,711	)		(8,613	)
Net realized gain:
Class I shares		—			(685,510	)
Class F shares		—			(35,436	)
Total distributions		(590,299	)		(1,060,570	)
Capital share transactions:
Shares sold:
Class I shares		39,802,784			8,103,966
Class F shares		2,816,443			2,505,356
Shares issued from merger (See Note F):
Class I shares		11,427,947			—
Reinvestment of distributions:
Class I shares		572,591			1,016,521
Class F shares		17,710			44,049
Shares redeemed:
Class I shares		(18,073,985	)		(17,396,665	)
Class F shares		(1,170,633	)		(880,732	)
Total capital share transactions		35,392,857			(6,607,505	)

total Increase (decrease) In net assets		58,688,622			7,228,122

net assets
Beginning of year		66,619,485			59,391,363
End of year (including undistributed net investment income of $178,581 and $154,606, respectively)	$	125,308,107		$	66,619,485

caPItal share actIvIty
Shares sold:
Class I shares		756,460			197,679
Class F shares		51,791			60,682
Shares issued from merger (See Note F):
Class I shares		198,367			—
Reinvestment of distributions:
Class I shares		9,021			19,999
Class F shares		278			863
Shares redeemed:
Class I shares		(332,467	)		(401,191	)
Class F shares		(21,286	)		(20,161	)
Total capital share activity		662,164			(142,129	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Russell 2000 Small Cap Index Portfolio (the “Portfolio”), formerly known as Summit Russell 2000 Small Cap Index Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class-specific expenses, (b) exchange privileges; and (c) class-specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. The Portfolio may invest in securities whose resale is subject to restrictions. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. At December 31, 2010, securities valued at $17 or 0.0% of net assets were fair valued under the direction of the Board of Directors.

Level 1 – quoted prices in active markets for identical securities

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

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

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

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the year. For additional information on the Portfolio’s policy regarding valuation of investments, please refer to the Portfolio’s most recent prospectus.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuatIon Inputs
Investments In securItIes		level 1		level 2		level 3			total
Equity securities**	$	121,247,353		—	$	17		$	121,247,370
Exchange traded funds		1,814,936		—		—			1,814,936
Corporate Bonds		—	$	2,301		—			2,301
U.S. government obligations		—		1,699,841		—			1,699,841
TOTAL	$	123,062,289	$	1,702,142	$	17	*	$	124,764,448

Other financial instruments***	$	14,768		—		—		$	14,768

* Level 3 securities represent 0.0% of net assets.

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

Security Transactions and Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

ments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used for cash equitization.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company (“UNIFI”). The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $37,041 was payable at year end. In addition, $10,985 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense caps are .70% and .91% for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay the distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of average daily net assets of Class F. Under the terms of the agreement, $1,005 was payable at year end.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $205 for the year ended December 31, 2010. Under the terms of the agreement, $18 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $61,795,355 and $37,619,426, respectively.

CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-16	($1,082,498)
31-Dec-17	(1,375,857)

The Portfolio’s use of net capital loss carryforwards may be limited under certain tax provisions.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	590,299	$	339,624
Long term capital gain		—		720,946
Total	$	590,299	$	1,060,570

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$	25,511,026
Unrealized (depreciation)		(11,397,013	)
Net unrealized appreciation/(depreciation)	$	14,114,013

Undistributed ordinary income	$	187,259
Capital loss carryforward	($	2,458,355	)

Federal income tax cost of investments	$	110,650,435

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales, real estate investment trusts, passive foreign investment companies, undistributed capital gains and Section 1256 contracts.


Undistributed net investment income	($	115,290	)
Accumulated net realized gain (loss)		114,749
Paid-in Capital		541

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$17,451	1.52%	$1,541,425	June 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — REORGANIZATION

On December 10, 2009, the Board of Directors approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of the Calvert Variable Series, Inc., Ameritas Small Company Equity Portfolio (“Small Company Equity”) for shares of the acquiring portfolio, Calvert Variable Products, Inc., Russell 2000 Index Portfolio (“Russell 2000 Index”) and the assumption of the liabilities of Small Company Equity. Shareholders approved the Plan at a meeting on April 16, 2010 and the reorganization took place on April 30, 2010.

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

MERGED PORTFOLIO	SHARES	ACQUIRING PORTFOLIO	SHARES		VALUE
Small Company Equity	645,127	Russell 2000 Index	198,367	$	11,427,947

For financial reporting purposes, assets received and shares issued by Russell 2000 Index were recorded at fair value; however, the cost basis of the investments received from Small Company Equity were carried forward to align ongoing reporting of Russell 2000 Index’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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

				UNREALIZED
		NET		APPRECIATION	ACQUIRING		NET
MERGED PORTFOLIO		ASSETS		(DEPRECIATION)	PORTFOLIO		ASSETS
Small Company Equity	$	11,427,947	$	2,350,797	Russell 2000 Index	$	76,346,665

Assuming the acquisition had been completed on January 1, 2010, Russell 2000 Index’s results of operations for the year ended December 31, 2010 would have been as follows:


Net investment income	$	713,408	(a)
Net realized and change in unrealized gain (loss) on investments	$	24,594,209	(b)
Net increase (decrease) in assets from operations	$	25,307,617

Because Russell 2000 Index and Small Company Equity sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of Small Company Equity that have been included in Russell 2000 Index’s Statement of Operations since April 30, 2010.

(a)	$729,564, as reported, plus ($16,156) from Small Company Equity pre-merger.
(b)	$23,156,500, as reported, plus $1,437,709 from Small Company Equity pre-merger.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 100% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
Class I Shares	2010 (z)	2009	2008 (z)
Net asset value, beginning	$50.19	$40.42	$67.00
Income from investment operations:
Net investment income	.43	.40	.62
Net realized and unrealized gain (loss)	12.66	10.19	(22.38)
Total from investment operations	13.09	10.59	(21.76)
Distributions from:
Net investment income	(.30)	(.27)	(1.13)
Net realized gain	—	(.55)	(3.69)
Total distributions	(.30)	(.82)	(4.82)
Total increase (decrease) in net asset value	12.79	9.77	(26.58)
Net asset value, ending	$62.98	$50.19	$40.42

Total return*	26.08%	26.17%	(33.95%)
Ratios to average net assets: A
Net investment income	.79%	.83%	1.13%
Total expenses	.82%	.86%	.70%
Expenses before offsets	.70%	.70%	.70%
Net expenses	.70%	.70%	.70%
Portfolio turnover	42%	24%	30%
Net assets, ending (in thousands)	$119,223	$63,320	$58,414

	Years Ended
	December 31,	December 31,
Class I Shares	2007 (z)	2006
Net asset value, beginning	$74.19	$65.46
Income from investment operations:
Net investment income	.74	.46
Net realized and unrealized gain (loss)	(1.98)	10.88
Total from investment operations	(1.24)	11.34
Distributions from:
Net investment income	(.47)	(.44)
Net realized gain	(5.48)	(2.17)
Total distributions	(5.95)	(2.61)
Total increase (decrease) in net asset value	(7.19)	8.73
Net asset value, ending	$67.00	$74.19

Total return*	(2.20%)	17.60%
Ratios to average net assets: A
Net investment income	1.04%	.84%
Total expenses	.64%	.65%
Expenses before offsets	.64%	.65%
Net expenses	.64%	.65%
Portfolio turnover	19%	24%
Net assets, ending (in thousands)	$91,676	$95,694

See notes to financial highlights.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
Class F Shares	2010 (z)	2009	2008 (z)
Net asset value, beginning	$50.38	$40.55	$66.78
Income from investment operations:
Net investment income	.32	.19	.58
Net realized and unrealized gain (loss)	12.70	10.32	(22.36)
Total from investment operations	13.02	10.51	(21.78)
Distributions from:
Net investment income	(.19)	(.13)	(.76)
Net realized gain	—	(.55)	(3.69)
Total distributions	(.19)	(.68)	(4.45)
Total increase (decrease) in net asset value	12.83	9.38	(26.23)
Net asset value, ending	$63.21	$50.38	$40.55

Total return*	25.83%	25.91%	(34.05%)
Ratios to average net assets: A
Net investment income	.58%	.63%	1.09%
Total expenses	1.06%	1.25%	.91%
Expenses before offsets	.91%	.91%	.91%
Net expenses	.91%	.91%	.91%
Portfolio turnover	42%	24%	30%
Net assets, ending (in thousands)	$6,085	$3,299	$977

	Years Ended
	December 31,	December 31,
Class F Shares	2007 (z)	2006
Net asset value, beginning	$74.02	$65.43
Income from investment operations:
Net investment income	.59	.31
Net realized and unrealized gain (loss)	(1.97)	10.87
Total from investment operations	(1.38)	11.18
Distributions from:
Net investment income	(.38)	(.42)
Net realized gain	(5.48)	(2.17)
Total distributions	(5.86)	(2.59)
Total increase (decrease) in net asset value	(7.24)	8.59
Net asset value, ending	$66.78	$74.02

Total return*	(2.40%)	17.35%
Ratios to average net assets: A
Net investment income	.84%	.64%
Total expenses	.84%	.85%
Expenses before offsets	.84%	.85%
Net expenses	.84%	.85%	��
Portfolio turnover	19%	24%
Net assets, ending (in thousands)	$699	$272

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer group for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the five-year period ended June 30, 2010 and underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and management’s continued monitoring of the Portfolio’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2010 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

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

In reapproving the Investment Subadvisory Agreement, the Board, including the disinterested Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors. Conclusions The Board reached the following conclusions regarding the Investment Advisory Agreement and the Investment Subadvisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) appropriate action is being taken with respect to the performance of the Portfolio; and (f) the Portfolio’s advisory and subadvisory fees are reasonable in relation to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP EAFE

International Index

Portfolio

(formerly, Summit EAFE

International Index Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS


4		Portfolio Manager Remarks
6		Shareholder Expense Example
7		Report of Independent Registered Public
		Accounting Firm
8		Statement of Net Assets
30		Statement of Operations
31		Statements of Changes in Net Assets
33		Notes to Financial Statements
39		Financial Highlights
42		Explanation of Financial Tables
43		Proxy Voting
44		Availability of Quarterly Portfolio Holdings
44		Basis for Board’s Approval of Investment
		Advisory Contracts
48		Director and Officer Information Table

CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by World Asset Management, Inc., Subadvisor

Calvert VP EAFE International Index Portfolio returned 6.71% (Class I) during 2010. Its benchmark, the Morgan Stanley Capital International Europe, Australia, and Far East Index (MSCI EAFE Index) returned 8.21% for the same period. The fund’s underperformance was largely attributable to fund expenses and the partial withholding of dividends by local tax authorities.

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to replicate the holdings and match the performance of the MSCI EAFE Index. In pursuit of this objective, the fund employs a passive management approach and uses sampling techniques to reduce transaction costs. In addition, cash flows into the fund were invested promptly to minimize their impact on total return.

The MSCI EAFE Index held shares in 21 countries at the end of 2010. Almost one-half of the Index was invested in Japan and the United Kingdom. These countries accounted for 22.1% and 21.3% of the benchmark’s holdings, respectively. Given that it had both the heaviest weight in the index and one of the strongest performances, Japan made the greatest contribution to the benchmark’s performance over the full year. Sweden, Denmark, and Hong Kong also were the top-performers, as each posted an annual return in excess of 20%. Greece and Spain were among the worst-performing countries in the index. They were down 44.9% and down 21.95%, respectively.

At the end of 2010, the MSCI EAFE Index had the greatest exposure to companies in the Financial sector, which comprised 23.8% of the index. It also had significant exposure to the Industrials and Materials sectors, which accounted for 12.7% and 11.5% of the index’s holdings, respectively.

CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO*

Comparison of change in value of a hypothetical $10,000 investment.


AVERAGE ANNUAL TOTAL RETURN (period ended 12.31.10)
	Class I	Class F
One year	6.71%	6.50%
Five year	1.57%	1.34%
Since inception (11.12.02)	8.15%	7.91%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

During 2010, the portfolio continued to meet its investment objective of closely tracking the total return of the Index. Since the EAFE Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the index, the portfolio incurs operating expenses. Net Asset Value (NAV) rounding also may have contributed to the difference between the fund’s return during the year and the return of the EAFE Index. NAV rounding occurs because mutual fund prices

are carried out only to two decimal places. In addition, the portfolio’s performance was affected by dividend withholding in some countries. In some instances, a substantial portion of the dividends owed to investors may be withheld by a country’s tax collecting entity. Sometimes the withheld amounts can be recovered, though often they cannot be.

Please remember that there are special risks of foreign investment inherent with an investment in this portfolio, such as currency fluctuation, and that past performance is no guarantee of future results.

January 2011

		% of Total
Economic Sectors		Investments

Consumer Discretionary		10.6%
Consumer Staples		10.0%
Energy		7.8%
Exchange Traded Funds		0.3%
Financials		23.7%
Health Care		8.1%
Industrials		12.6%
Information Technology		5.1%
Materials		11.4%
Telecommunication Services		5.4%
Utilities		5.0%

Total		100%

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BEGINNING		ENDING		EXPENSES PAID
		ACCOUNT VALUE		ACCOUNTVALUE		DURING PERIOD*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Class I
Actual	$	1,000.00	$	1,241.00	$	5.37

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,020.42	$	4.84

Class F
Actual	$	1,000.00	$	1,240.00	$	6.49

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,019.41	$	5.85

* Expenses are equal to the Fund’s annualized expense ratio of 0.95% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP EAFE International Index Portfolio (formerly, the Summit EAFE International Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP EAFE International Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010


EQUITY SECURITIES - 98.7%	Shares		value
Australia - 8.6%
AGL Energy Ltd.	7,607	$	118,577
Alumina Ltd.	41,243		104,686
Amcor Ltd.	20,642		142,608
AMP Ltd.	35,019		189,604
Asciano Ltd.*	49,456		80,736
ASX Ltd.	2,933		113,113
Australia & New Zealand Banking Group Ltd.	43,332		1,035,579
AXA Asia Pacific Holdings Ltd.	17,468		112,813
Bendigo and Adelaide Bank Ltd.	6,107		62,193
BGP Holdings plc*	77,172		-
BHP Billiton Ltd.	56,723		2,627,033
Billabong International Ltd.	3,520		29,362
BlueScope Steel Ltd.	30,817		70,968
Boral Ltd.	12,494		61,764
Brambles Ltd.	24,036		175,158
Caltex Australia Ltd.	2,346		34,504
CFS Retail Property Trust	35,752		64,402
Coca-Cola Amatil Ltd.	9,561		106,272
Cochlear Ltd.	955		78,596
Commonwealth Bank of Australia	26,176		1,360,185
Computershare Ltd.	7,513		82,893
Crown Ltd.	7,641		64,520
CSL Ltd.	9,309		345,762
CSR Ltd.	26,334		45,281
Dexus Property Group	81,480		66,299
Fairfax Media Ltd.	36,796		52,725
Fortescue Metals Group Ltd.*	21,004		140,594
Foster’s Group Ltd.	32,627		189,676
Goodman Fielder Ltd.	23,995		33,032
Goodman Group	107,659		71,623
GPT Group	29,793		89,650
Harvey Norman Holdings Ltd.	9,233		27,783
Incitec Pivot Ltd.	27,464		111,313
Insurance Australia Group Ltd.	35,138		139,539
Leighton Holdings Ltd.	2,286		72,017
Lend Lease Group	9,080		80,202
MacArthur Coal Ltd.	3,048		39,931
Macquarie Atlas Roads Group*	3,795		5,904
Macquarie Group Ltd.	5,823		220,574
MAp Group	6,470		19,800
Metcash Ltd.	12,940		54,433
Mirvac Group	55,206		69,217
National Australia Bank Ltd.	36,117		876,088
Newcrest Mining Ltd.	12,921		534,804
OneSteel Ltd.	22,506		59,660
Orica Ltd.	6,103		155,536
Origin Energy Ltd.	14,884		253,795
OZ Minerals Ltd.	52,756		92,873
Paladin Energy Ltd.*	11,514		58,098
Qantas Airways Ltd.*	19,293		50,156


EQUITY SECURITIES - CONT’D	Shares		value
Australia - Cont’d
QBE Insurance Group Ltd.	17,494	$	324,978
QR National Ltd.*	28,868		81,253
Ramsay Health Care Ltd.	2,220		40,445
Rio Tinto Ltd.	7,365		644,279
Santos Ltd.	14,085		189,570
Sims Metal Management Ltd.	2,835		62,588
Sonic Healthcare Ltd.	6,236		74,037
SP AusNet	23,512		20,936
Stockland	40,277		148,405
Suncorp Group Ltd.	21,657		190,849
TABCORP Holdings Ltd.	11,504		83,716
Tatts Group Ltd.	22,284		58,844
Telstra Corp. Ltd.	73,608		210,192
Toll Holdings Ltd.	11,285		66,183
Transurban Group	21,518		112,761
Wesfarmers Ltd.	2,567		84,863
Wesfarmers Ltd. PPS	16,988		556,391
Westfield Group	37,055		363,329
Westfield Retail Trust*	37,055		97,469
Westpac Banking Corp.	50,320		1,143,870
Woodside Petroleum Ltd.	10,509		457,774
Woolworths Ltd.	20,969		578,824
WorleyParsons Ltd.	3,237		88,592
			16,352,079

Austria - 0.3%
Erste Group Bank AG	3,193		150,272
IMMOFINANZ AG*	16,766		71,608
OMV AG	2,535		105,588
Raiffeisen Bank International AG	827		45,412
Telekom Austria AG	5,615		79,112
Verbund AG	1,312		48,990
Vienna Insurance Group AG Wiener Versicherung Gruppe	667		34,745
Voestalpine AG	1,857		88,664
			624,391

Belgium - 0.9%
Ageas	37,759		86,476
Anheuser-Busch InBev NV	12,203		699,500
Bekaert NV	653		75,125
Belgacom SA	2,570		86,480
Colruyt SA	1,274		64,923
Delhaize Group	1,709		126,505
Dexia SA*	9,629		33,530
Groupe Bruxelles Lambert SA	1,363		114,877
KBC Groep NV*	2,722		92,962
Mobistar SA	469		30,471
Nationale A Portefeuille	469		22,990
Solvay SA	1,002		107,023
UCB SA	1,704		58,583
Umicore SA	1,926		100,394
			1,699,839


EQUITY SECURITIES - CONT’D	Shares		value
Bermuda - 0.1%
Seadrill Ltd.	4,722	$	159,832

China - 0.0%
Foxconn International Holdings Ltd.*	37,252		25,974

Cyprus - 0.0%
Bank of Cyprus Public Co. Ltd.	14,249		49,236

Denmark - 1.0%
A P Moller - Maersk A/S:
Series A	9		79,463
Series B	22		199,659
Carlsberg A/S, Series B	1,807		181,330
Coloplast A/S, Series B	395		53,797
Danske Bank A/S*	7,677		197,249
DSV A/S	3,535		78,314
Novo Nordisk A/S, Series B	7,087		800,942
Novozymes A/S, Series B	779		108,754
Tryg A/S	444		20,542
Vestas Wind Systems A/S*	3,442		108,908
William Demant Holding A/S*	409		30,277
			1,859,235

Finland - 1.1%
Elisa Oyj	2,312		50,379
Fortum Oyj	7,507		226,519
Kesko Oyj, Series B	1,130		52,863
Kone Oyj, Series B	2,631		146,586
Metso Oyj	2,159		120,867
Neste Oil Oyj	2,228		35,658
Nokia Oyj	63,296		656,137
Nokian Renkaat Oyj	1,827		67,167
Orion Oyj, Class B	1,615		35,408
Outokumpu Oyj	2,226		41,380
Pohjola Bank plc	2,401		28,844
Rautaruukki Oyj	1,463		34,309
Sampo Oyj	7,100		190,656
Sanoma Oyj	1,398		30,369
Stora Enso Oyj, Series R	9,832		101,196
UPM-Kymmene Oyj	8,788		155,596
Wartsila Oyj	1,333		101,940
			2,075,874

France - 8.9%
Accor SA	2,499		111,452
Aeroports de Paris	516		40,822
Air France-KLM*	2,348		42,862
Air Liquide SA	4,780		605,871
Alcatel-Lucent*	39,179		114,390
Alstom SA	3,476		166,710
Atos Origin SA*	787		41,994


EQUITY SECURITIES - CONT’D	Shares		value
France - Cont’d
AXA SA	29,028	$	484,021
BioMerieux	205		20,268
BNP Paribas	16,228		1,034,763
Bouygues	3,900		168,477
Bureau Veritas SA	829		62,975
Cap Gemini SA	2,486		116,299
Carrefour SA	10,126		418,380
Casino Guichard-Perrachon SA	932		91,058
Christian Dior SA	1,075		153,909
Cie de Saint-Gobain	6,740		347,535
Cie Generale de Geophysique-Veritas*	2,429		74,091
Cie Generale des Etablissements Michelin, Common Series B	2,944		211,733
Cie Generale d’Optique Essilor International SA	3,396		219,113
CNP Assurances SA	2,582		46,701
Credit Agricole SA	16,264		207,020
Dassault Systemes SA	1,000		75,563
Edenred*	2,667		63,276
EDF SA	4,374		179,814
Eiffage SA	704		31,119
Eramet	91		31,261
Eurazeo SA	503		37,382
Eutelsat Communications	1,674		61,408
Fonciere Des Regions	422		40,919
France Telecom SA	31,337		654,516
GDF Suez	21,020		755,883
Gecina SA	326		35,937
Groupe Danone	9,855		620,607
Groupe Eurotunnel SA	8,063		71,056
Hermes International	178		37,368
Icade SA	404		41,311
Iliad SA	282		30,743
Imerys SA	655		43,761
JC Decaux SA*	1,154		35,586
Klepierre SA	1,602		57,919
Lafarge SA	3,389		212,965
Lagardere SCA	1,994		82,333
Legrand SA	2,668		108,895
L’Oreal SA	4,051		450,751
LVMH Moet Hennessy Louis Vuitton SA	4,138		682,223
Metropole Television SA	1,120		27,150
Natixis*	14,745		69,118
Neopost SA	542		47,329
PagesJaunes Groupe	2,198		20,018
Pernod-Ricard SA	3,345		315,210
PPR SA	1,283		204,480
PSA Peugeot Citroen SA*	2,571		97,825
Publicis Groupe	2,088		109,062
Renault SA*	3,248		189,227
Safran SA	2,819		100,050
Sanofi-Aventis SA	17,723		1,135,787
Schneider Electric SA	4,115		617,256
SCOR SE	2,815		71,632


EQUITY SECURITIES - CONT’D	Shares		value
France - Cont’d
Societe BIC SA	464	$	39,971
Societe Generale Groupe	10,628		572,494
Societe Television Francaise 1	2,040		35,518
Sodexo	1,593		110,025
Suez Environnement SA	4,552		94,191
Technip SA	1,663		153,903
Thales SA	1,513		53,060
Total SA	35,723		1,897,007
Unibail-Rodamco*	1,542		305,650
Vallourec SA	1,839		193,590
Veolia Environnement SA	5,839		171,027
Vinci SA	7,367		401,374
Vivendi	20,778		562,125
			16,817,119

Germany - 8.1%
Adidas AG	3,536		231,531
Allianz SE	7,671		913,646
Axel Springer AG	250		40,849
BASF SE	15,523		1,241,160
Bayer AG	13,976		1,035,108
Bayerische Motoren Werke AG:
Common	5,596		441,064
Preferred	907		46,768
Beiersdorf AG	1,703		94,711
Brenntag AG*	478		48,846
Celesio AG	1,330		33,132
Commerzbank AG*	11,980		89,113
Continental AG*	845		66,929
Daimler AG*	15,245		1,035,786
Deutsche Bank AG	15,740		824,250
Deutsche Boerse AG	3,295		228,593
Deutsche Lufthansa AG*	3,869		84,748
Deutsche Post AG	14,304		243,298
Deutsche Telekom AG	47,914		619,573
E.ON AG	30,438		934,959
Fraport AG Frankfurt Airport Services Worldwide	638		40,297
Fresenius Medical Care AG & Co. KGaA	3,249		188,110
Fresenius SE:
Common	490		41,180
Preferred	1,362		116,872
GEA Group AG	2,796		80,997
Hannover Rueckversicherung AG	1,048		56,333
HeidelbergCement AG	2,376		149,244
Henkel AG & Co. KGaA:
Common	2,195		113,519
Preferred	3,011		187,658
Hochtief AG	769		65,441
Infineon Technologies AG*	18,367		171,282
K+S AG	2,426		183,122
Kabel Deutschland Holding AG*	912		42,598


EQUITY SECURITIES - CONT’D	Shares		value
Germany - Cont’d
Lanxess AG	1,406	$	111,289
Linde AG	2,854		434,029
MAN SE	1,787		212,982
Merck KGAA	1,092		87,532
Metro AG	2,191		158,106
Muenchener Rueckversicherungs AG	3,185		483,940
Porsche Automobil Holding SE, Preferred	1,478		118,096
ProSiebenSat.1 Media AG	1,294		38,994
Puma AG Rudolf Dassler Sport	91		30,225
RWE AG:
Common	7,077		472,868
Preferred	677		43,513
Salzgitter AG	731		56,559
SAP AG	14,505		740,151
Siemens AG	13,906		1,726,472
Suedzucker AG	1,152		30,742
ThyssenKrupp AG	5,652		234,548
TUI AG*	2,404		33,807
United Internet AG	2,086		33,986
Volkswagen AG:
Common	498		70,632
Preferred	2,875		467,449
Wacker Chemie AG	271		47,401
			15,324,038

Greece - 0.2%
Alpha Bank AE*	8,823		44,903
Coca Cola Hellenic Bottling Co. SA	3,090		80,120
EFG Eurobank Ergasias SA*	5,617		28,211
Hellenic Telecommunications Organization SA	4,260		34,860
National Bank of Greece SA*	16,159		130,932
OPAP SA	3,774		65,456
Public Power Corp. SA	2,016		29,106
			413,588

Guernsey - 0.1%
Resolution Ltd.	24,524		89,543

Hong Kong - 2.9%
AIA Group Ltd.*	132,317		371,933
ASM Pacific Technology Ltd.	3,427		43,426
Bank of East Asia Ltd.	25,754		109,003
BOC Hong Kong Holdings Ltd.	62,544		214,025
Cathay Pacific Airways Ltd.	19,946		55,040
Cheung Kong Holdings Ltd.	23,488		361,993
Cheung Kong Infrastructure Holdings Ltd.	7,837		35,892
CLP Holdings Ltd.	32,534		264,935
Esprit Holdings Ltd.	19,595		93,018
Genting Singapore plc*	102,913		175,625
Hang Lung Group Ltd.	13,580		89,447
Hang Lung Properties Ltd.	41,498		192,989
Hang Seng Bank Ltd.	12,925		212,167


EQUITY SECURITIES - CONT’D	Shares		value
Hong Kong - Cont’d
Henderson Land Development Co. Ltd.:
Common	18,299	$	124,650
Warrants (strick price 58.00 HKD/share, expires 6/1/11)*	1,801		417
Hong Kong & China Gas Co. Ltd.	72,836		172,972
Hong Kong Exchanges and Clearing Ltd.	17,307		392,529
HongKong Electric Holdings	23,447		147,802
Hopewell Holdings	9,903		31,085
Hutchison Whampoa Ltd.	36,029		371,727
Hysan Development Co. Ltd.	10,957		51,732
Kerry Properties Ltd.	12,123		62,851
Li & Fung Ltd.	38,620		225,810
Lifestyle International Holdings Ltd.	10,208		25,083
Link REIT	37,220		115,635
Mongolia Energy Corp. Ltd.*	53,045		15,900
MTR Corp.	24,210		88,141
New World Development Ltd.	43,043		80,956
Noble Group Ltd.	50,217		84,915
NWS Holdings Ltd.	22,018		33,367
Orient Overseas International Ltd.	3,807		36,903
PCCW Ltd.	64,748		28,654
Shangri-La Asia Ltd.	21,960		59,609
Sino Land Co.	44,070		82,547
SJM Holdings Ltd.	25,567		40,587
Sun Hung Kai Properties Ltd.	23,890		395,234
Swire Pacific Ltd.	13,009		213,881
Wharf Holdings Ltd.	23,272		179,033
Wheelock & Co. Ltd.	15,453		62,422
Wing Hang Bank Ltd.	3,077		42,553
Yue Yuen Industrial Holdings Ltd.	12,898		46,294
			5,432,782

Ireland - 0.3%
CRH plc	11,962		248,321
Elan Corp. plc*	8,640		48,022
Experian plc	17,319		215,559
Kerry Group plc	2,369		79,225
Ryanair Holdings plc	3,031		15,304
The Governor & Co. of the Bank of Ireland*	59,065		29,665
			636,096

Israel - 0.8%
Bank Hapoalim BM*	16,756		87,486
Bank Leumi Le-Israel BM	19,924		102,338
Bezeq Israeli Telecommunication Corp Ltd.	29,392		89,900
Cellcom Israel Ltd.	859		27,974
Delek Group Ltd.	69		17,828
Elbit Systems Ltd.	407		21,780
Israel Chemicals Ltd.	7,491		128,813
Israel Corp Ltd.*	40		48,678
Israel Discount Bank Ltd.*	12,432		28,449
Makhteshim-Agan Industries Ltd.*	3,991		20,522
Mizrahi Tefahot Bank Ltd.	2,133		23,516


EQUITY SECURITIES - CONT’D	Shares		value
Isreal - Cont’d
NICE Systems Ltd.*	1,085	$	38,339
Partner Communications Co. Ltd.	1,480		30,123
Teva Pharmaceutical Industries Ltd.	15,759		828,600
			1,494,346

Italy - 2.5%
A2A SpA	19,061		26,269
Assicurazioni Generali SpA	19,735		375,586
Atlantia SpA	4,058		82,991
Autogrill SpA*	1,990		28,171
Banca Carige SpA	9,831		20,645
Banca Monte dei Paschi di Siena SpA*	38,562		43,951
Banco Popolare SC	11,133		50,546
Enel Green Power SpA*	25,352		53,681
Enel SpA	111,253		557,264
ENI SpA	44,003		962,968
Exor SpA	1,114		36,822
Fiat SpA	12,922		267,038
Finmeccanica SpA	6,840		77,913
Intesa Sanpaolo SpA	130,178		353,925
Intesa Sanpaolo SpA-RSP	16,209		38,707
Luxottica Group SpA	1,964		59,973
Mediaset SpA	11,978		72,631
Mediobanca SpA:
Common	8,004		71,394
Warrants (strike price 9.00 EUR/share, expires 3/18/11)*	3,783		28
Parmalat SpA	29,211		80,201
Pirelli & C. SpA	4,134		33,497
Prelios SpA*	4,134		2,469
Prysmian SpA	3,164		54,029
Saipem SpA	4,474		220,746
Snam Rete Gas SpA	24,140		120,270
Telecom Italia SpA	158,312		205,030
Telecom Italia SpA - RSP	101,852		110,765
Terna Rete Elettrica Nazionale SpA	22,013		93,163
UniCredit SpA	228,027		472,754
Unione di Banche Italiane SCPA:
Common	10,262		90,022
Warrants (strike price 12.30 EUR/share, expires 6/30/11)*	5,007		21
			4,663,470

Japan - 21.9%
77 Bank Ltd.	5,996		31,855
ABC-Mart, Inc.	458		16,372
Advantest Corp.	2,698		61,094
Aeon Co. Ltd.	10,146		127,067
Aeon Credit Service Co. Ltd.	1,364		19,302
Aeon Mall Co. Ltd.	1,416		38,051
Air Water, Inc.	2,531		32,353
Aisin Seiki Co. Ltd.	3,237		114,637
Ajinomoto Co., Inc.	11,240		117,215
Alfresa Holdings Corp.	675		29,995


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
All Nippon Airways Co. Ltd.*	14,484	$	54,097
Amada Co. Ltd.	6,203		50,542
Aozora Bank Ltd.	8,605		17,820
Asahi Breweries Ltd.	6,538		126,771
Asahi Glass Co. Ltd.	17,048		199,427
Asahi Kasei Corp.	21,335		139,384
Asics Corp.	2,607		33,550
Astellas Pharma, Inc.	7,513		286,628
Bank of Kyoto Ltd.	5,603		53,181
Bank of Yokohama Ltd.	20,704		107,444
Benesse Holdings, Inc.	1,201		55,368
Bridgestone Corp.	10,994		212,630
Brother Industries Ltd.	3,987		59,172
Canon Marketing Japan, Inc.	1,050		14,962
Canon, Inc.	19,161		994,364
Casio Computer Co. Ltd.	4,122		33,281
Central Japan Railway Co.	25		209,553
Chiba Bank Ltd.	12,865		83,731
Chiyoda Corp.	2,715		27,041
Chubu Electric Power Co., Inc.	10,961		269,685
Chugai Pharmaceutical Co. Ltd.	3,783		69,481
Chugoku Bank Ltd.	3,041		36,848
Chugoku Electric Power Co., Inc.	5,017		102,041
Chuo Mitsui Trust Holdings, Inc.	16,818		69,863
Citizen Holdings Co. Ltd.	4,263		29,427
Coca-Cola West Co. Ltd.	965		17,498
Cosmo Oil Co. Ltd.	10,315		33,822
Credit Saison Co. Ltd.	2,578		42,424
Dai Nippon Printing Co. Ltd.	9,471		129,121
Daicel Chemical Industries Ltd.	4,757		34,772
Daido Steel Co. Ltd.	4,909		28,864
Daihatsu Motor Co. Ltd.	3,341		51,314
Dai-ichi Life Insurance Co. Ltd.	135		219,495
Daiichi Sankyo Co. Ltd.	11,384		249,360
Daikin Industries Ltd.	3,963		140,690
Dainippon Sumitomo Pharma Co. Ltd.	2,766		25,163
Daito Trust Construction Co. Ltd.	1,291		88,480
Daiwa House Industry Co. Ltd.	8,111		99,782
Daiwa Securities Group, Inc.	28,088		144,725
Dena Co. Ltd.	1,393		50,002
Denki Kagaku Kogyo K K	8,353		39,744
Denso Corp.	8,218		283,844
Dentsu, Inc.	2,821		87,664
Dowa Holdings Co. Ltd.	4,310		28,317
East Japan Railway Co.	5,746		373,977
Eisai Co. Ltd.	4,260		154,384
Electric Power Development Co. Ltd.	1,970		61,850
Elpida Memory, Inc.*	3,177		37,008
FamilyMart Co. Ltd.	1,103		41,605
Fanuc Ltd.	3,238		497,724
Fast Retailing Co. Ltd.	896		142,808
Fuji Electric Holdings Co. Ltd.	9,732		30,351


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Fuji Heavy Industries Ltd.	9,923	$	77,060
Fuji Media Holdings, Inc.	8		12,662
FUJIFILM Holdings Corp.	7,828		283,304
Fujitsu Ltd.	31,488		219,300
Fukuoka Financial Group, Inc.	13,451		58,529
Furukawa Electric Co. Ltd.	11,055		49,739
Gree, Inc.	1,528		19,457
GS Yuasa Corp.	6,470		44,821
Gunma Bank Ltd.	6,882		37,835
Hachijuni Bank Ltd.	7,458		41,737
Hakuhodo DY Holdings, Inc.	405		23,239
Hamamatsu Photonics KK	1,164		42,585
Hankyu Hanshin Holdings, Inc.	19,340		89,876
Hino Motors Ltd.	4,494		24,374
Hirose Electric Co. Ltd.	556		62,711
Hiroshima Bank Ltd.	8,695		36,656
Hisamitsu Pharmaceutical Co., Inc.	1,157		48,776
Hitachi Chemical Co. Ltd.	1,811		37,526
Hitachi Construction Machinery Co. Ltd.	1,682		40,347
Hitachi High-Technologies Corp.	1,197		28,005
Hitachi Ltd.	76,364		407,588
Hitachi Metals Ltd.	2,867		34,457
Hokkaido Electric Power Co., Inc.	3,092		63,269
Hokuhoku Financial Group, Inc.	21,772		44,282
Hokuriku Electric Power Co.	2,979		73,259
Honda Motor Co. Ltd.	27,601		1,093,833
HOYA Corp.	7,352		178,714
Ibiden Co. Ltd.	2,167		68,436
Idemitsu Kosan Co. Ltd.	382		40,590
IHI Corp.	22,952		51,209
INPEX Corp.	36		211,008
Isetan Mitsukoshi Holdings Ltd.	6,335		73,716
Isuzu Motors Ltd.	20,075		91,312
Ito En Ltd.	951		15,826
ITOCHU Corp.	25,448		257,852
Itochu Techno-Solutions Corp.	504		18,917
Iyo Bank Ltd.	4,221		33,820
J Front Retailing Co. Ltd.	8,389		45,913
Japan Petroleum Exploration Co.	496		18,892
Japan Prime Realty Investment Corp.	11		33,898
Japan Real Estate Investment Corp.	8		83,032
Japan Retail Fund Investment Corp.	27		51,820
Japan Steel Works Ltd.	5,488		57,366
Japan Tobacco, Inc.	76		281,516
JFE Holdings, Inc.	7,788		271,488
JGC Corp.	3,502		76,278
Joyo Bank Ltd.	11,434		50,317
JS Group Corp.	4,232		93,221
JSR Corp.	3,113		58,135
JTEKT Corp.	3,531		41,697
Jupiter Telecommunications Co. Ltd.	42		44,213
JX Holdings, Inc.	37,960		257,824


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Kajima Corp.	14,703	$	39,148
Kamigumi Co. Ltd.	4,292		36,082
Kaneka Corp.	5,171		35,886
Kansai Electric Power Co., Inc.	12,795		316,070
Kansai Paint Co. Ltd.	3,791		36,730
Kao Corp.	9,129		246,216
Kawasaki Heavy Industries Ltd.	23,986		80,717
Kawasaki Kisen Kaisha Ltd.	11,974		52,693
KDDI Corp.	49		283,279
Keikyu Corp.	7,923		70,025
Keio Corp.	9,777		66,767
Keisei Electric Railway Co. Ltd.	4,795		32,036
Keyence Corp.	700		202,946
Kikkoman Corp.	2,742		30,758
Kinden Corp.	2,312		21,374
Kintetsu Corp.	27,474		86,020
Kirin Holdings Co. Ltd.	14,143		198,569
Kobe Steel Ltd.	42,119		106,952
Koito Manufacturing Co. Ltd.	1,677		26,253
Komatsu Ltd.	16,036		485,676
Konami Corp.	1,621		34,488
Konica Minolta Holdings, Inc.	8,087		84,135
Kubota Corp.	19,560		185,413
Kuraray Co. Ltd.	5,823		83,550
Kurita Water Industries Ltd.	1,907		60,131
Kyocera Corp.	2,748		280,813
Kyowa Hakko Kirin Co. Ltd.	4,509		46,466
Kyushu Electric Power Co., Inc.	6,411		143,828
Lawson, Inc.	1,038		51,372
Mabuchi Motor Co. Ltd.	436		22,492
Makita Corp.	1,893		77,470
Marubeni Corp.	27,905		196,410
Marui Group Co. Ltd.	3,877		31,637
Maruichi Steel Tube Ltd.	817		17,372
Matsui Securities Co. Ltd.	2,106		15,005
Mazda Motor Corp.	25,577		73,460
McDonald’s Holdings Company (Japan), Ltd.	1,155		28,987
Medipal Holdings Corp.	2,550		28,132
MEIJI Holdings Co. Ltd.	1,194		54,015
Minebea Co. Ltd.	5,898		37,224
Miraca Holdings, Inc.	938		37,809
Mitsubishi Chemical Holdings Corp.	21,640		146,979
Mitsubishi Corp.	22,942		621,590
Mitsubishi Electric Corp.	32,662		343,026
Mitsubishi Estate Co. Ltd.	19,975		370,815
Mitsubishi Gas Chemical Co., Inc.	6,723		47,817
Mitsubishi Heavy Industries Ltd.	51,318		192,937
Mitsubishi Logistics Corp.	1,987		26,501
Mitsubishi Materials Corp.*	18,890		60,308
Mitsubishi Motors Corp.*	65,520		95,302
Mitsubishi Tanabe Pharma Corp.	3,795		64,135
Mitsubishi UFJ Financial Group, Inc.	215,223		1,164,658


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Mitsubishi UFJ Lease & Finance Co. Ltd.	1,012	$	40,168
Mitsui & Co. Ltd.	29,370		485,487
Mitsui Chemicals, Inc.	15,101		54,168
Mitsui Engineering & Shipbuilding Co. Ltd.	12,278		32,539
Mitsui Fudosan Co. Ltd.	14,152		282,429
Mitsui Mining & Smelting Co. Ltd.	9,960		32,903
Mitsui OSK Lines Ltd.	19,368		132,263
Mitsumi Electric Co. Ltd.	1,368		25,193
Mizuho Financial Group, Inc.	346,100		652,737
Mizuho Trust & Banking Co. Ltd.*	26,207		27,136
MS&AD Insurance Group Holdings	9,098		228,221
Murata Manufacturing Co. Ltd.	3,426		240,295
Nabtesco Corp.	1,612		34,416
Namco Bandai Holdings, Inc.	3,259		35,030
NEC Corp.	42,395		127,512
NGK Insulators Ltd.	4,279		69,888
NGK Spark Plug Co. Ltd.	2,793		42,898
NHK Spring Co. Ltd.	2,545		27,701
Nidec Corp.	1,839		186,110
Nikon Corp.	5,420		110,037
Nintendo Co. Ltd.	1,676		492,315
Nippon Building Fund, Inc.	8		82,145
Nippon Electric Glass Co. Ltd.	5,887		85,048
Nippon Express Co. Ltd.	14,363		64,799
Nippon Meat Packers, Inc.	3,176		41,537
Nippon Paper Group, Inc.	1,717		45,081
Nippon Sheet Glass Co. Ltd.	15,068		40,677
Nippon Steel Corp.	86,287		310,580
Nippon Telegraph & Telephone Corp.	8,779		397,693
Nippon Yusen Kabushiki Kaisha	25,868		114,792
Nishi-Nippon City Bank Ltd.	11,772		35,842
Nissan Chemical Industries Ltd.	2,419		31,399
Nissan Motor Co. Ltd.	42,024		400,426
Nisshin Seifun Group, Inc.	3,279		41,672
Nisshin Steel Co. Ltd.	12,101		26,999
Nisshinbo Holdings, Inc.	2,175		23,861
Nissin Foods Holdings Co. Ltd.	1,123		40,283
Nitori Holdings Co. Ltd.	628		54,962
Nitto Denko Corp.	2,789		131,500
NKSJ Holdings, Inc.*	23,868		175,939
NOK Corp.	1,805		37,646
Nomura Holdings, Inc.	59,716		379,091
Nomura Real Estate Holdings, Inc.	1,654		30,154
Nomura Real Estate Office Fund, Inc.	4		28,894
Nomura Research Institute Ltd.	1,760		39,224
NSK Ltd.	7,453		67,433
NTN Corp.	8,330		44,255
NTT Data Corp.	21		72,765
NTT DoCoMo, Inc.	259		452,711
NTT Urban Development Corp.	20		19,723
Obayashi Corp.	11,288		52,040


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Obic Co. Ltd.	121	$	24,938
Odakyu Electric Railway Co. Ltd.	10,588		98,669
OJI Paper Co. Ltd.	14,391		69,715
Olympus Corp.	3,668		111,136
Omron Corp.	3,435		91,078
Ono Pharmaceutical Co. Ltd.	1,429		66,760
Oracle Corp. Japan	662		32,559
Oriental Land Co. Ltd.	845		78,328
ORIX Corp.	1,769		174,229
Osaka Gas Co. Ltd.	32,832		127,483
Otsuka Corp.	275		18,780
Panasonic Corp.	33,168		471,405
Rakuten, Inc.	121		101,424
Resona Holdings, Inc.	10,267		61,634
Ricoh Co. Ltd.	11,331		166,211
Rinnai Corp.	612		37,418
Rohm Co. Ltd.	1,656		108,189
Sankyo Co. Ltd.	933		52,731
Santen Pharmaceutical Co. Ltd.	1,285		44,668
Sapporo Hokuyo Holdings, Inc.	5,554		26,016
Sapporo Holdings Ltd.	4,451		20,191
SBI Holdings, Inc.	345		52,393
Secom Co. Ltd.	3,548		168,161
Sega Sammy Holdings, Inc.	3,350		63,800
Seiko Epson Corp.	2,257		41,176
Sekisui Chemical Co. Ltd.	7,502		53,913
Sekisui House Ltd.	9,724		98,409
Senshu Ikeda Holdings, Inc.	11,399		16,299
Seven & I Holdings Co. Ltd.	12,735		340,646
Seven Bank Ltd.	10		21,189
Sharp Corp.	16,895		174,313
Shikoku Electric Power Co., Inc.	2,954		86,954
Shimadzu Corp.	4,374		34,021
Shimamura Co. Ltd.	384		35,643
Shimano, Inc.	1,122		57,120
Shimizu Corp.	10,280		43,971
Shin-Etsu Chemical Co. Ltd.	6,938		376,298
Shinko Electric Industries Co. Ltd.	1,174		13,169
Shinko Securities Co. Ltd.	9,897		28,425
Shinsei Bank Ltd.*	16,117		21,059
Shionogi & Co. Ltd.	5,044		99,668
Shiseido Co. Ltd.	5,746		125,650
Shizuoka Bank Ltd.	10,130		93,527
Showa Denko KK	24,723		55,770
Showa Shell Sekiyu KK	3,275		30,035
SMC Corp.	911		156,203
Softbank Corp.	13,722		475,470
Sojitz Corp.	21,755		47,734
Sony Corp.	16,979		612,604
Sony Financial Holdings, Inc.	14		56,690
Square Enix Holdings Co. Ltd.	1,103		19,579


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Stanley Electric Co. Ltd.	2,534	$	47,385
Sumco Corp.*	2,016		28,827
Sumitomo Chemical Co. Ltd.	26,580		131,057
Sumitomo Corp.	19,023		269,429
Sumitomo Electric Industries Ltd.	12,748		177,254
Sumitomo Heavy Industries Ltd.	9,214		59,288
Sumitomo Metal Industries Ltd.	56,860		140,179
Sumitomo Metal Mining Co. Ltd.	8,847		154,748
Sumitomo Mitsui Financial Group, Inc.	22,705		809,403
Sumitomo Realty & Development Co. Ltd.	6,035		144,245
Sumitomo Rubber Industries, Inc.	2,972		31,066
Sumitomo Trust & Banking Co. Ltd.	24,065		151,880
Suruga Bank Ltd.	3,589		33,446
Suzuken Co. Ltd.	1,143		34,942
Suzuki Motor Corp.	5,652		139,341
Sysmex Corp.	580		40,251
T&D Holdings, Inc.	4,607		116,985
Taisei Corp.	17,839		41,780
Taisho Pharmaceutical Co. Ltd.	2,350		51,476
Taiyo Nippon Sanso Corp.	4,554		40,249
Takashimaya Co. Ltd.	4,600		39,465
Takeda Pharmaceutical Co. Ltd.	12,679		624,377
TDK Corp.	2,080		144,863
Teijin Ltd.	15,811		67,629
Terumo Corp.	2,851		160,605
THK Co. Ltd.	2,094		48,191
Tobu Railway Co. Ltd.	13,787		77,496
Toho Co. Ltd.	1,806		29,029
Toho Gas Co. Ltd.	7,298		36,524
Tohoku Electric Power Co., Inc.	7,224		161,177
Tokio Marine Holdings, Inc.	12,238		366,122
Tokuyama Corp.	5,470		28,319
Tokyo Electric Power Co., Inc.	24,041		587,652
Tokyo Electron Ltd.	2,900		183,741
Tokyo Gas Co. Ltd.	43,413		192,649
Tokyo Steel Manufacturing Co. Ltd.	1,752		19,134
Tokyo Tatemono Co. Ltd.	6,775		31,401
Tokyu Corp.	19,220		88,134
Tokyu Land Corp.	7,880		39,631
TonenGeneral Sekiyu KK	4,912		53,767
Toppan Printing Co. Ltd.	9,457		86,497
Toray Industries, Inc.	24,361		145,640
Toshiba Corp.	68,041		370,713
Tosoh Corp.	8,882		28,904
TOTO Ltd.	4,845		35,177
Toyo Seikan Kaisha Ltd.	2,635		50,182
Toyo Suisan Kaisha Ltd.	1,638		36,485
Toyoda Gosei Co. Ltd.	1,130		26,563
Toyota Boshoku Corp.	1,141		20,155
Toyota Industries Corp.	3,028		94,097
Toyota Motor Corp.	46,621		1,850,473
Toyota Tsusho Corp.	3,590		63,281


EQUITY SECURITIES - CONT’D	Shares		value
Japan - Cont’d
Trend Micro, Inc.	1,707	$	56,413
Tsumura & Co.	1,045		33,865
Ube Industries Ltd.	16,665		50,123
Unicharm Corp.	2,060		82,019
UNY Co. Ltd.	3,279		33,184
Ushio, Inc.	1,820		34,729
USS Co. Ltd.	381		31,185
West Japan Railway Co.	28		104,752
Yahoo! Japan Corp.	245		95,131
Yakult Honsha Co. Ltd.	1,681		48,467
Yamada Denki Co. Ltd.	1,388		94,786
Yamaguchi Financial Group, Inc.	3,676		37,247
Yamaha Corp.	2,743		34,083
Yamaha Motor Co. Ltd.*	4,433		72,294
Yamato Holdings Co. Ltd.	6,724		95,814
Yamato Kogyo Co. Ltd.	750		22,697
Yamazaki Baking Co. Ltd.	2,106		25,415
Yaskawa Electric Corp.	3,947		37,366
Yokogawa Electric Corp.	3,735		29,742
			41,402,415

Jersey - 0.1%
Randgold Resources Ltd.	1,526		125,550

Luxembourg - 0.5%
ArcelorMittal	14,510		551,515
Millicom International Cellular SA (SDR)	1,285		123,412
SES SA (FDR)	5,065		120,849
Tenaris SA	7,981		196,142
			991,918

Macau - 0.1%
Sands China Ltd.*	40,806		90,292
Wynn Macau Ltd.	27,052		60,415
			150,707

Mexico - 0.0%
Fresnillo plc	3,030		78,828

Netherlands - 4.5%
Aegon NV*	26,408		161,845
Akzo Nobel NV	3,915		243,737
ASML Holding NV	7,289		282,126
Corio NV	999		64,242
Delta Lloyd NV	1,295		26,163
European Aeronautic Defence and Space Co. NV*	6,896		161,072
Fugro NV (CVA)	1,131		93,157
Heineken Holding NV	1,947		84,813
Heineken NV	4,380		215,228
ING Groep NV (CVA)*	64,744		631,260
James Hardie Industries NV (CDI)*	7,553		52,413
Koninklijke Ahold NV	20,144		266,443


EQUITY SECURITIES - CONT’D	Shares		value
Netherlands - Cont’d
Koninklijke Boskalis Westminster NV	1,200	$	57,376
Koninklijke DSM NV	2,606		148,701
Koninklijke KPN NV	26,625		389,395
Koninklijke Philips Electronics NV	16,666		511,592
Koninklijke Vopak NV	1,188		56,245
QIAGEN NV*	3,927		76,946
Randstad Holding NV*	1,862		98,504
Reed Elsevier NV	11,620		144,063
Royal Dutch Shell plc:
Series A	59,927		1,998,816
Series B	45,563		1,503,016
SBM Offshore NV	2,833		63,610
TNT NV	6,319		167,145
Unilever NV (CVA)	27,532		859,155
Wolters Kluwer NV	5,047		110,855
			8,467,918

New Zealand - 0.1%
Auckland International Airport Ltd.	15,945		27,052
Contact Energy Ltd.*	5,257		25,489
Fletcher Building Ltd.	10,258		61,152
Sky City Entertainment Group Ltd.	9,997		25,208
Telecom Corp. of New Zealand Ltd.	33,321		56,273
			195,174

Norway - 0.7%
Aker Solutions ASA	2,857		48,671
DnB NOR ASA	16,517		232,191
Norsk Hydro ASA	15,036		109,970
Orkla ASA	13,043		126,937
Renewable Energy Corp. ASA*	8,666		26,462
StatoilHydro ASA	18,862		448,725
Telenor ASA	14,010		227,969
Yara International ASA	3,203		185,550
			1,406,475

Portugal - 0.3%
Banco Comercial Portugues SA	48,964		38,166
Banco Espirito Santo SA	9,126		35,201
Brisa Auto-Estradas de Portugal SA	3,129		21,871
Cimpor Cimentos de Portugal SGPS SA	3,504		23,793
Energias de Portugal SA	32,312		107,799
Galp Energia SGPS SA, B Shares	3,910		75,094
Jeronimo Martins SGPS SA	3,722		56,828
Portugal Telecom SGPS SA	9,849		110,539
			469,291

Singapore - 1.5%
Ascendas REIT	26,021		41,973
CapitaLand Ltd.	43,234		124,989
CapitaMall Trust	37,641		57,196


EQUITY SECURITIES - CONT’D	Shares		value
Singapore - Cont’d
CapitaMalls Asia Ltd.	23,630	$	35,722
City Developments Ltd.	9,221		90,248
ComfortDelgro Corp. Ltd.	32,641		39,425
Cosco Corp. Singapore Ltd.	17,516		29,209
DBS Group Holdings Ltd.	28,940		322,934
Fraser and Neave Ltd.	16,552		82,676
Global Logistic Properties Ltd.*	26,659		44,871
Golden Agri-Resources Ltd.	112,840		70,344
Jardine Cycle & Carriage Ltd.	1,854		52,877
Keppel Corp. Ltd.	21,640		190,887
Keppel Land Ltd.	12,432		46,500
Neptune Orient Lines Ltd.*	15,712		26,691
Olam International Ltd.	21,068		51,550
Oversea-Chinese Banking Corp. Ltd.	41,136		316,702
SembCorp Industries Ltd.	16,596		66,472
SembCorp Marine Ltd.	14,427		60,370
Singapore Airlines Ltd.	9,065		108,076
Singapore Exchange Ltd.	14,479		95,000
Singapore Press Holdings Ltd.	25,596		79,383
Singapore Technologies Engineering Ltd.	28,157		75,039
Singapore Telecommunications Ltd.	134,653		320,028
StarHub Ltd.	10,436		21,388
United Overseas Bank Ltd.	20,609		292,281
UOL Group Ltd.	8,174		30,255
Wilmar International Ltd.	32,416		142,213
Yangzijiang Shipbuilding Holdings Ltd.	25,402		37,807
			2,953,106

Spain - 3.2%
Abertis Infraestructuras SA	4,996		90,029
Acciona SA	441		31,303
Acerinox SA	1,733		30,463
ACS Actividades de Construccion y Servicios SA	2,393		112,413
Amadeus IT Holding SA*	3,404		71,485
Banco Bilbao Vizcaya Argentaria SA	72,215		731,184
Banco de Sabadell SA	17,491		69,106
Banco de Valencia SA	3,792		16,658
Banco Popular Espanol SA	14,646		75,323
Banco Santander SA	139,117		1,477,140
Bankinter SA	4,938		27,486
Criteria Caixacorp SA	14,209		75,778
EDP Renovaveis SA*	3,790		22,015
Enagas SA	3,026		60,446
Ferrovial SA	7,438		74,065
Fomento de Construcciones y Contratas SA	860		22,644
Gas Natural SDG SA	5,452		83,899
Gestevision Telecinco SA	2,828		31,171
Grifols SA	2,407		32,882
Iberdrola Renovables SA	14,685		52,237
Iberdrola SA	70,117		541,659
Iberia Lineas Aereas de Espana SA*	8,284		35,448


EQUITY SECURITIES - CONT’D	Shares		value
Spain - Cont’d
Inditex SA	3,687	$	276,676
Indra Sistemas SA	1,569		26,866
Mapfre SA	13,111		36,489
Red Electrica de Espana SA	1,829		86,225
Repsol YPF SA	12,380		345,704
Telefonica SA	69,425		1,577,420
Zardoya Otis SA	2,429		34,288
			6,148,502

Sweden - 3.1%
Alfa Laval AB	5,706		120,206
Assa Abloy AB, Series B	5,274		148,584
Atlas Copco AB:
Series A	11,349		286,328
Series B	6,595		149,131
Boliden AB	4,622		93,934
CDON Group AB*	851		3,935
Electrolux AB, Series B	4,054		115,117
Getinge AB, Series B	3,382		70,845
Hennes & Mauritz AB, B Shares	17,281		575,494
Hexagon AB, B Shares	4,295		92,077
Holmen AB, Series B	918		30,217
Husqvarna AB, Series B	7,080		59,102
Industrivarden AB, C Shares	1,989		34,893
Investor AB, Series B	7,698		164,688
Kinnevik Investment AB, Series B	3,668		74,709
Modern Times Group AB, Series B	851		56,301
Nordea Bank AB	54,660		594,440
OMX AB (b)*	588		-
Ratos AB, Series B	1,717		63,561
Sandvik AB	17,042		332,160
Scania AB, Series B	5,408		124,380
Securitas AB, Series B	5,292		61,879
Skandinaviska Enskilda Banken AB	23,840		198,835
Skanska AB, Series B	6,749		133,750
SKF AB, Series B	6,586		187,603
SSAB AB	3,138		52,718
Svenska Cellulosa AB, Series B	9,684		152,899
Svenska Handelsbanken AB	8,271		264,252
Swedbank AB*	12,071		168,333
Swedish Match AB	3,904		113,006
Tele2 AB, Series B	5,323		110,476
Telefonaktiebolaget LM Ericsson, Series B	50,901		591,397
TeliaSonera AB	37,948		300,705
Volvo AB, Series B*	23,295		410,398
			5,936,353

Switzerland - 8.3%
ABB Ltd.*	37,401		833,891
Actelion Ltd.*	1,723		94,426
Adecco SA	2,079		136,300


EQUITY SECURITIES - CONT’D	Shares		value
Switzerland - Cont’d
Aryzta AG*	1,428	$	65,955
Baloise Holding AG	845		82,307
Compagnie Financiere Richemont SA	8,822		519,358
Credit Suisse Group AG	19,038		767,633
GAM Holding AG*	3,591		59,386
Geberit AG	658		152,271
Givaudan SA	140		151,203
Holcim Ltd.	4,146		313,529
Julius Baer Group Ltd.	3,492		163,714
Kuehne + Nagel International AG	912		126,904
Lindt & Spruengli AG:
Participation Certificate	14		42,348
Registered Shares	1		32,218
Logitech International SA*	3,076		58,606
Lonza Group AG	767		61,532
Nestle SA	58,664		3,437,895
Novartis AG	35,664		2,097,658
Pargesa Holding SA	469		39,859
Roche Holding AG	11,874		1,741,223
Schindler Holding AG:
Participation Certificates	821		97,193
Registered Shares	374		44,796
SGS SA	92		154,507
Sika AG	34		74,642
Sonova Holding AG	775		100,126
STMicroelectronics NV	10,770		111,629
Straumann Holding AG	135		30,923
Swatch Group AG:
Bearer Shares	521		232,435
Registered Shares	733		59,158
Swiss Life Holding AG*	515		74,528
Swiss Reinsurance	5,952		320,455
Swisscom AG	393		172,933
Syngenta AG	1,598		467,812
Transocean Ltd.*	5,407		370,691
UBS AG*	61,509		1,010,611
Xstrata plc	34,772		816,491
Zurich Financial Services AG	2,465		639,040
			15,756,186

United Kingdom - 18.5%
B3i Group plc	16,402		84,037
Admiral Group plc	3,400		80,340
Aggreko plc	4,400		101,705
AMEC plc	5,595		100,355
Anglo American plc	22,289		1,159,558
Antofagasta plc	6,665		167,574
ARM Holdings plc	22,217		146,681
Associated British Foods plc	6,021		110,907
AstraZeneca plc	24,371		1,110,694
Autonomy Corp. plc*	3,675		86,265


EQUITY SECURITIES - CONT’D	Shares		value
United Kingdom - Cont’d
Aviva plc	47,415	$	290,636
Babcock International Group plc	6,252		55,680
BAE Systems plc	58,252		299,824
Balfour Beatty plc	11,917		58,159
Barclays plc	193,387		789,204
BG Group plc	57,151		1,155,234
BHP Billiton plc	37,302		1,484,170
BP plc	317,561		2,305,868
British Airways plc*	10,027		42,617
British American Tobacco plc	33,748		1,296,706
British Land Co. plc	14,765		120,787
British Sky Broadcasting Group plc	19,256		221,047
BT Group plc	131,054		369,564
Bunzl plc	5,555		62,295
Burberry Group plc	7,351		128,871
Cable & Wireless Worldwide plc	45,647		46,776
Cairn Energy plc*	23,642		154,873
Capita Group plc	10,457		113,598
Capital & Counties Properties plc	7,880		18,522
Capital Shopping Centres Group plc	8,107		52,803
Carnival plc	2,929		136,228
Centrica plc	86,963		449,769
Cobham plc	19,502		61,899
Compass Group plc	31,795		288,122
Diageo plc	42,343		782,602
Essar Energy plc*	5,507		49,818
Eurasian Natural Resources Corp.	4,353		71,153
FirstGroup plc	8,362		51,947
G4S plc	23,841		94,672
GlaxoSmithKline plc	87,763		1,697,361
Hammerson plc	11,959		77,818
Home Retail Group plc	14,888		43,771
HSBC Holdings plc	298,118		3,027,450
ICAP plc	9,391		78,362
Imperial Tobacco Group plc	17,209		528,228
Inmarsat plc	7,395		77,681
Intercontinental Hotels Group plc	4,875		94,512
International Power plc	25,744		175,709
Intertek Group plc	2,694		74,583
Invensys plc	13,648		75,398
Investec plc	8,171		67,162
ITV plc*	62,446		68,227
J Sainsbury plc	20,473		120,159
Johnson Matthey plc	3,628		115,322
Kazakhmys plc	3,618		91,078
Kingfisher plc	39,918		163,993
Land Securities Group plc	12,881		135,410
Legal & General Group plc	99,128		149,585
Lloyds TSB Group plc*	690,341		707,408
London Stock Exchange Group plc	2,592		33,878
Lonmin plc*	2,734		83,835


EQUITY SECURITIES - CONT’D	Shares		value
United Kingdom - Cont’d
Man Group plc	29,766	$	137,421
Marks & Spencer Group plc	26,752		153,966
National Grid plc	58,516		504,709
Next plc	3,188		98,204
Old Mutual plc	91,744		176,148
Pearson plc	13,717		215,656
Petrofac Ltd.	4,381		108,440
Prudential plc	42,913		447,102
Reckitt Benckiser Group plc	10,414		572,556
Reed Elsevier plc	20,513		173,248
Rexam plc	14,820		76,903
Rio Tinto plc	24,500		1,714,410
Rolls-Royce Group plc*	31,338		304,509
Royal Bank of Scotland Group plc*	293,927		179,112
RSA Insurance Group plc	58,234		113,716
SABMiller plc	16,053		564,979
Sage Group plc	22,237		94,824
Schroders plc	1,942		56,187
Scottish & Southern Energy plc	15,602		298,097
Segro plc	12,533		55,986
Serco Group plc	8,328		72,155
Severn Trent plc	4,005		92,325
Shire plc	9,500		228,629
Smith & Nephew plc	15,021		158,492
Smiths Group plc	6,603		128,219
Standard Chartered plc	39,492		1,062,833
Standard Life plc	38,195		128,677
TalkTalk Telecom Group plc	3,841		9,585
Tesco plc	135,577		898,703
Thomas Cook Group plc	14,920		44,145
TUI Travel plc	9,717		37,313
Tullow Oil plc	14,991		294,840
Unilever plc	21,692		664,142
United Utilities Group plc	11,519		106,360
Vedanta Resources plc	2,015		79,104
Vodafone Group plc	893,046		2,309,401
Weir Group plc	3,557		98,752
Whitbread plc	2,975		83,058
William Morrison Supermarkets plc	35,859		149,667
Wolseley plc*	4,806		153,366
WPP plc	21,227		261,386
			34,995,815

United States - 0.1%
Synthes, Inc.	1,003		135,594

Total Equity Securities (Cost $171,229,706)			186,931,274


EXCHANGE TRADED FUNDS - 0.3%	Shares		value
iShares MSCI EAFE Index Fund	9,809	$	571,178

Total Exchange Traded Funds (Cost $547,070)			571,178


TOTAL INVESTMENTS (Cost $171,776,776) - 99.0%			187,502,452
Other assets and liabilities, net - 1.0%			1,841,733
neT ASSeTS - 100%		$	189,344,185


NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of common stock outstanding
with 20,000,000 shares of $.10 par value shares authorized:
Class I: 2,436,258 shares outstanding		$	187,158,208
Class F: 93,001 shares outstanding			6,204,688
Undistributed net investment income			669,089
Accumulated net realized gain (loss) on investments and foreign currency transactions			(20,423,978	)
Net unrealized appreciation (depreciation) on investments, foreign currencies, and assets
and liabilities denominated in foreign currencies			15,736,178


NET ASSETS		$	189,344,185



NET ASSET VALUE PER SHARE
Class I (based on net assets of $182,192,491)		$	74.78
Class F (based on net assets of $7,151,694)		$	76.90

(b)	This security was valued by the Board of Directors. See Note A.
*	Non-income producing security.

Abbreviations:
CDI: CHESS Depositary Receipts
CVA: Certificaten Van Aandelen
FDR: Fiduciary Depositary Receipts
REIT: Real Estate Investment Trust
SDR: Swedish Depositary Receipts

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $311,676)	$	3,900,601
Interest income		1,579
Total investment income		3,902,180

Expenses:
Investment advisory fee		779,704
Transfer agency fees and expenses		4,143
Administrative fees		139,233
Distribution Plan expenses:
Class F		12,746
Directors’ fees and expenses		19,534
Custodian fees		317,938
Reports to shareholders		68,262
Professional fees		42,287
Accounting fees		22,434
Contract services		93,002
Miscellaneous		2,879
Total expenses		1,502,162
Reimbursement from Advisor:
Class I		(156,528	)
Class F		(9,249	)
Fees paid indirectly		(927	)
Net expenses		1,335,458

NET INVESTMENT INCOME		2,566,722


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		(2,720,229	)
Foreign currency transactions		(51,513	)
		(2,771,742	)

Change in unrealized appreciation (depreciation) on:
Investments and foreign currencies		18,388,373
Assets and liabilities denominated in foreign currencies		1,221
		18,389,594


NET REALIZED AND UNREALIZED
GAIN (LOSS)		15,617,852

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	18,184,574

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		YEAR ENDED			YEAR ENDED
		DECEMBER 31,			DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS		2010			2009
Operations:
Net investment income	$	2,566,722		$	1,548,418
Net realized gain (loss)		(2,771,742	)		854,749
Change in unrealized appreciation (depreciation)		18,389,594			16,980,244

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		18,184,574			19,383,411

Distributions to shareholders from:
Net investment income:
Class I shares		(2,083,616	)		(1,583,672	)
Class F shares		(95,690	)		(41,939	)
Total distributions		(2,179,306	)		(1,625,611	)

Capital share transactions:
Shares sold:
Class I shares		93,325,555			17,519,588
Class F shares		3,448,463			3,196,044
Reinvestment of distributions:
Class I shares		2,083,622			1,583,666
Class F shares		95,689			41,939
Shares issued from merger (see Note F):
Class I shares		10,969,047			—
Shares redeemed:
Class I shares		(21,693,700	)		(20,101,692	)
Class F shares		(1,732,220	)		(451,745	)
Total capital share transactions		86,496,456			1,787,800

TOTAL INCREASE (DECREASE) IN NET ASSETS		102,501,724			19,545,600


NET ASSETS
Beginning of year		86,842,461			67,296,861
End of year (including undistributed net investment income of $669,089and $307,648, respectively)	$	189,344,185		$	86,842,461

See notes to financial statements.


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
CAPITAL SHARE ACTIVITY	2010		2009
Shares sold:
Class I shares	1,411,730		303,824
Class F shares	48,875		51,752
Reinvestment of distributions:
Class I shares	27,960		22,318
Class F shares	1,249		572
Shares issued from merger (see Note F):
Class I shares	157,015		—
Shares redeemed:
Class I shares	(315,730	)	(337,457	)
Class F shares	(24,664	)	(7,644	)
Total capital share activity	1,306,435		33,365

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP EAFE International Index Portfolio (the “Portfolio”), formerly known as Summit EAFE International Index Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class I and Class F shares. Class F shares are subject to Distribution Plan Expenses. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class-specific expenses, (b) exchange privileges; and (c) class-specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Portfolio uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.

The Portfolio has retained a third party fair value pricing service to quantitatively analyze the price movement of its holdings on foreign exchanges and to automatically fair value if the variation from the prior day’s closing price exceeds specified parameters.

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. At December 31, 2010, securities valued at $0 or 0.0% of net assets were fair valued under the direction of the Board of Directors.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		Valuation Inputs
Investments in Securities		Level 1	Level 2	Level 3		Total
Equity securities*	$	186,931,274	—	—	$	186,931,274
Exchange traded funds		571,178	—	—		571,178
TOTALS	$	187,502,452	—	—	$	187,502,452

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

The Fund’s policy is to recognize transfers between the levels as of the end of the reporting period.

At December 31, 2010, a significant transfer out of Level 2 and into Level 1 occurred. At December 31, 2009, certain securities trading outside the U.S. whose value was adjusted as a result of significant market movements following the close of local trading were not adjusted at December 31, 2010 as price movements did not exceed specified parameters.

Foreign Currency Transactions: The Portfolio’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included with the net realized and unrealized gain or loss on investments and foreign currencies.

Security Transactions and Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .56% of the Portfolio’s average daily net assets. Under the terms of the agreement, $88,897 was payable at year end. In addition, $49,999 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is .95% and 1.15% for Class I and Class F, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company (“CASC”), an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% based on the Portfolio’s average daily net assets. Under the terms of the agreement, $15,875 was payable at year end.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay the distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of the average daily net assets of Class F. Under the terms of the agreement, $1,194 was payable at year end.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $198 for the year ended December 31, 2010. Under the terms of the agreement, $18 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $178,547,574 and $103,402,358, respectively.

CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-15		($186,055)
31-Dec-16		(15,302,273)
31-Dec-17		(15,978)

The Fund’s use of net capital loss carryforwards may be limited under certain tax provisions.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:

	2010	2009
Distributions paid from:
Ordinary income	$2,179,306	$1,625,611
Total	$2,179,306	$1,625,611

As of December 31, 2010 the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	20,499,777
Unrealized (depreciation)		(9,913,233	)
Net unrealized appreciation/(depreciation)	$	10,586,544

Undistributed ordinary income	$	888,549
Capital loss carryforward	($	15,504,306	)

Federal income tax cost of investments	$	176,915,908

The differences between components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These book-tax differences are due to wash sales and passive foreign investment companies.

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


Undistributed net investment income	($	17,740	)
Accumulated net realized gain (loss)		17,740

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:


	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$58,528	1.52%	$3,411,084	May 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — REORGANIZATION

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

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

MERGED PORTFOLIO	SHARES	ACQUIRING PORTFOLIO	SHARES		VALUE
International Equity	1,006,852	EAFE	157,015		$10,969,047

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

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

MERGED PORTFOLIO	NET ASSETS	UNREALIZED APPRECIATION (DEPRECIATION)	ACQUIRING PORTFOLIO	NET ASSETS


International Equity	$10,969,047	($16,862)	EAFE	$86,948,835

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


Net investment income	$	2,589,152	(a)
Net realized and change in unrealized gain (loss) on investments	$	15,480,042	(b)
Net increase (decrease) in assets from operations	$	18,069,194

Because EAFE and International Equity sold and redeemed shares throughout the year, it is not practicable to provide pro-forma information on a per-share basis.

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

(a)	$2,566,722 as reported, plus $22,430 from International Equity pre-merger.
(b)	$15,617,852 as reported, plus ($137,810) from International Equity pre-merger.

NOTICE TO SHAREHOLDERS (UNAUDITED)

The Portfolio designates $1.56 per share as income derived from foreign sources and $0.11 per share as foreign taxes paid for the calendar year ended December 31, 2010.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
Class I Shares	2010 (z)	2009	2008
Net asset value, beginning	$70.89	$56.55	$104.77
Income from investment operations:
Net investment income	1.27	1.33	2.17
Net realized and unrealized gain (loss)	3.49	14.41	(45.83)
Total from investment operations	4.76	15.74	(43.66)
Distributions from:
Net investment income	(.87)	(1.40)	(2.77)
Net realized gain	—	—	(1.79)
Total distributions	(.87)	(1.40)	(4.56)
Total increase (decrease) in net asset value	3.89	14.34	(48.22)
Net asset value, ending	$74.78	$70.89	$56.55

Total return*	6.71%	27.83%	(42.68%)
Ratios to average net assets: A
Net investment income	1.84%	2.10%	2.51%
Total expenses	1.07%	1.05%	1.22%
Expenses before offsets	.95%	.95%	.95%
Net expenses	.95%	.95%	.95%
Portfolio turnover	77%	29%	47%
Net assets, ending (in thousands)	$182,192	$81,899	$65,973

	Years Ended
	December 31,	December 31,
Class I Shares	2007	2006
Net asset value, beginning	$98.66	$81.98
Income from investment operations:
Net investment income	1.00	1.46
Net realized and unrealized gain (loss)	8.80	18.83
Total from investment operations	9.80	20.29
Distributions from:
Net investment income	(1.48)	(1.63)
Net realized gain	(2.21)	(1.98)
Total distributions	(3.69)	(3.61)
Total increase (decrease) in net asset value	6.11	16.68
Net asset value, ending	$104.77	$98.66

Total return*	10.10%	25.56%
Ratios to average net assets: A
Net investment income	1.48%	1.66%
Total expenses	1.26%	1.29%
Expenses before offsets	.95%	.95%
Net expenses	.95%	.95%
Portfolio turnover	48%	44%
Net assets, ending (in thousands)	$118,631	$58,754

See notes to financial highlights.

Financial Highlights

	Years Ended
	December 31,	December 31,
Class F Shares	2010 (z)	2009
Net asset value, beginning	$73.19	$57.91
Income from investment operations:
Net investment income	1.33	.68
Net realized and unrealized gain (loss)	3.42	15.23
Total from investment operations	4.75	15.91
Distributions from:
Net investment income	(1.04)	(.63)
Total distributions	(1.04)	(.63)
Total increase (decrease) in net asset value	3.71	15.28
Net asset value, ending	$76.90	$73.19

Total return*	6.50%	27.47%
Ratios to average net assets: A
Net investment income	1.86%	1.67%
Total expenses	1.30%	1.42%
Expenses before offsets	1.15%	1.15%
Net expenses	1.15%	1.15%
Portfolio turnover	77%	29%
Net assets, ending (in thousands)	$7,152	$4,943

	Periods Ended
	December 31,	December 31,
Class F Shares	2008	2007^
Net asset value, beginning	$104.76	$102.10
Income from investment operations:
Net investment income	1.25	.01
Net realized and unrealized gain (loss)	(45.05)	2.65
Total from investment operations	(43.80)	2.66
Distributions from:
Net investment income	(1.26)	—
Net realized gain	(1.79)	—
Total distributions	(3.05)	—
Total increase (decrease) in net asset value	(46.85)	2.66
Net asset value, ending	$57.91	$104.76

Total return*	(42.81%)	2.61%
Ratios to average net assets: A
Net investment income	1.33%	.25% (a)
Total expenses	1.42%	1.46% (a)
Expenses before offsets	1.15%	1.15% (a)
Net expenses	1.15%	1.15% (a)
Portfolio turnover	47%	48%
Net assets, ending (in thousands)	$1,324	$1

See notes to financial highlights.

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(a)	Annualized.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 17, 2007 inception.

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one-year period ended June 30, 2010 and below the median of its peer universe for the three- and five-year periods ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one-, three and five year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and management’s continued monitoring of the Portfolio’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

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

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. The Board also relied on the ability of the Advisor to negotiate the Investment Subadvisory Agreement and the corresponding subadvisory fee at arm’s length. In addition, the Board took into account the fees the Subadvisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. Based upon its review, the Board determined that the subadvisory fee was reasonable. Because the Advisor pays the Subadvisor’s subadvisory fee and the subadvisory fee was negotiated at arm’s length by the Advisor, the cost of services to be provided by the Subadvisor was not a material factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration, although the Board noted that the subadvisory fee included breakpoints that would reduce the subadvisory fee on assets above certain specified asset levels.

CONCLUSIONS

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

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Barclays
Capital Aggregate
Bond Index Portfolio
(formerly Summit Barclays Capital
Aggregate Bond Index Portfolio)

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

6 Shareholder Expense Example

7 Report of Independent Registered Public Accounting Firm

8 Statement of Net Assets

13 Statement of Operations

14 Statements of Changes in Net Assets

15 Notes to Financial Statements

20 Financial Highlights

22 Explanation of Financial Tables

23 Proxy Voting

24 Availability of Quarterly Portfolio Holdings

24 Basis for Board’s Approval of Investment Advisory Contracts

28 Director and Officer Information Table

CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Barclays Capital Aggregate Bond Index Portfolio returned 6.37%. Its benchmark, the Barclays Capital Aggregate Bond Index, returned 6.54% for the same period. The portfolio’s underperformance was largely attributable to the fund’s operating expenses and its reliance on stratified sampling.

Investment clImate

Fixed-income markets performed well during 2010, with a little help from the Federal Reserve (Fed). The Fed purchased Treasuries and mortgage-backed securities early in the year in an effort to drive down intermediate interest rates. Shortly after the Fed’s first quantitative easing program was completed, speculation began about a second round of easing (QE2). In the fall, QE2 was announced. Initially, the Fed’s objective of reducing interest rates was accomplished, as rates on bonds in the two- to 10-year maturity range declined by 50 to 70 basis points.¹That changed in early December, when markets were surprised by a sizable round of fiscal stimulus. This monetary and fiscal support quickly created expectations for improved economic growth and a larger federal deficit (financed by Treasury debt) in 2011. In response, bond yields surged during the fourth quarter. Most major sectors of the bond market, including Treasuries and investment-grade corporate bonds, posted losses for the quarter.²

CALVERT VP BARCLAYS CAPITAL AGGREGATE
BOND INDEX PORTFOLIO*

Comparison of change in value of a hypothetical $10,000 investment.

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.10)

One year	6.37	%
Five year	5.71	%
Since inception (3.31.03)	4.54	%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

Over the full year, all major taxable bond market sectors posted positive returns, as yields finished mostly lower. The yield on 10-year Treasuries, for example, fell by 55 basis points. Three-month Treasury Bills yielded 0.12% at the end of the year, and money-market rates remained near zero as the Fed kept the target federal funds rate at that level.

		% of Total
Economic Sectors		Investments

Asset-Backed Securities		0.1%
Basic Materials		0.6%
Communications		1.6%
Consumer, Cyclical		1.8%
Consumer, Non-cyclical		2.0%
Energy		2.3%
Exchange Traded Funds		0.9%
Financials		6.7%
Government		45.7%
Industrials		2.2%
Mortgage Securities		35.4%
Technology		0.5%
Utilities		0.2%
Total		100%

PortfolIo strategy

As an index fund, the portfolio employs a passive management approach and seeks, as closely as possible, to match the performance of the Barclays Aggregate Bond Index. Full replication of the Barclays Capital Aggregate Bond Index is not feasible, as the Index includes roughly 8,000 securities. Therefore, the portfolio employs stratified sampling to track the performance of the Index. Stratified sampling requires the portfolio manager to select securities in each sector of the market that closely match the characteristics of the Index, including sector allocation, duration, quality, and others. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest-rate movements.

During 2010, the portfolio continued to meet its investment objective of closely tracking the total return of the Barclays Aggregate Bond Index. The index is not a mutual fund and direct investment is not possible. Unlike the index, the portfolio incurs operating expenses. During 2010, the portfolio’s slight underperformance was largely attributable to operating expenses, as well as a reliance on stratified sampling.

OUTLOOK

During 2011, we expect to see increased growth in the United States and in global economies. We also anticipate that corporate earnings generally will improve. This scenario would be supportive for credit spreads in 2011. However, if the economy strengthens, interest rates may increase modestly as the Federal Reserve ends its second round of quantitative easing and withdraws liquidity from the marketplace. Rising interest rates are not favorable for bond investors. In this environment, lower-quality, higher-yielding bonds may outperform, continuing the trend that began in 2009.

January 2011

1. A basis point is 0.01 percentage points.
2. Barclays Capital fixed-income indices.

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		Beginning		Ending		Expenses paid
		account value		account value		durIng Period*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,009.60	$	2.59

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,022.62	$	2.61

* Expenses are equal to the Fund’s annualized expense ratio of .51%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Barclays Aggregate Bond Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Barclays Aggregate Bond Index Portfolio (formerly, the Summit Barclays Capital Aggregate Bond Index Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Barclays Aggregate Bond Index Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010

			Principal
	Asset-Backed Securities - 0.1%		amount		value
	Residential Asset Securities Corp., STEP, 4.61% to 3/25/13, 5.11% thereafter to 5/25/33 (r)	$	86,464	$	57,437

	Total Asset-Backed Securities (Cost $85,539)				57,437

	commercIal mortgage-Backed securItIes - 1.2%
	Banc of America Commercial Mortgage, Inc.:
	6.186%, 6/11/35		475,813		491,834
	5.689%, 4/10/49 (r)		550,000		574,736
	Bear Stearns Commercial Mortgage Securities:
	4.24%, 8/13/39 (r)		185,694		188,571
	4.254%, 7/11/42		96,353		97,053

	Total Commercial Mortgage-Backed Securities (Cost $1,257,334)				1,352,194

	corPorate Bonds - 17.7%
	Alcoa, Inc.:
	5.72%, 2/23/19		149,000		151,115
	6.15%, 8/15/20		500,000		512,451
	American Express Credit Corp., 2.75%, 9/15/15		200,000		197,049
	Apache Corp., 5.625%, 1/15/17		100,000		114,053
	AstraZeneca plc, 6.45%, 9/15/37		350,000		415,522
	Bank of America Corp.:
	7.375%, 5/15/14		100,000		111,657
	5.65%, 5/1/18		250,000		257,878
	BB&T Corp., 5.20%, 12/23/15		405,000		434,426
	BlackRock, Inc., 3.50%, 12/10/14		100,000		103,381
	BorgWarner, Inc., 5.75%, 11/1/16		500,000		535,909
	BP Capital Markets plc:
	3.625%, 5/8/14		200,000		205,937
	4.50%, 10/1/20		400,000		396,645
	CA, Inc., 5.375%, 12/1/19		100,000		103,193
	Camden Property Trust, 5.875%, 11/30/12		100,000		106,613
	Citigroup, Inc.:
	6.50%, 8/19/13		125,000		137,257
	4.587%, 12/15/15		250,000		260,167
	6.125%, 5/15/18		200,000		219,105
	Coca-Cola Co., 5.35%, 11/15/17		100,000		112,772
	Colonial Pipeline Co., 6.58%, 8/28/32 (e)		100,000		112,183
	Connecticut Light & Power Co., 5.65%, 5/1/18		200,000		222,728
	Covidien International Finance SA, 4.20%, 6/15/20		200,000		198,962
	CSX Corp., 3.70%, 10/30/20		300,000		282,079
	Deere & Co., 6.55%, 10/1/28		250,000		293,571
	Deutsche Bank AG, 4.875%, 5/20/13		150,000		160,834
	DIRECTV Holdings LLC, 5.20%, 3/15/20		300,000		310,914
	Discovery Communications LLC, 5.05%, 6/1/20		200,000		210,593
	Emerson Electric Co., 4.75%, 10/15/15		200,000		220,983
	Enbridge Energy Partners LP, 5.20%, 3/15/20		200,000		209,558


		PrIncipal
CORPORATE BONDS - CONT’D		amount		value
General Electric Capital Corp., 3.75%, 11/14/14	$	250,000	$	259,184
Goldman Sachs Group, Inc.:
5.35%, 1/15/16		200,000		214,880
5.375%, 3/15/20		150,000		156,828
GTE Corp., 6.94%, 4/15/28		80,000		89,361
Harley-Davidson Funding Corp., 5.75%, 12/15/14 (e)		100,000		104,876
Honeywell International, Inc., 4.25%, 3/1/13		100,000		106,683
Hospira, Inc., 6.40%, 5/15/15		250,000		282,752
JPMorgan Chase & Co.:
4.75%, 5/1/13		250,000		267,659
2.60%, 1/15/16		1,000,000		972,301
Kimco Realty Corp., 4.30%, 2/1/18		300,000		294,134
L-3 Communications Corp.:
5.20%, 10/15/19		200,000		203,324
4.75%, 7/15/20		800,000		790,510
Lockheed Martin Corp., 5.72%, 6/1/40 (e)		154,000		158,827
McDonald’s Corp., 4.30%, 3/1/13		100,000		106,605
MDC Holdings, Inc., 5.625%, 2/1/20		200,000		198,144
Metropolitan Life Global Funding I, 5.125%, 4/10/13 (e)		100,000		107,351
Morgan Stanley, 5.95%, 12/28/17		250,000		264,344
National City Bank, 4.625%, 5/1/13		500,000		528,213
NBC Universal, Inc., 5.15%, 4/30/20 (e)		200,000		207,372
Northern Trust Corp.:
5.50%, 8/15/13		100,000		110,283
3.45%, 11/4/20		100,000		95,350
Omnicom Group, Inc., 4.45%, 8/15/20		500,000		488,996
Oracle Corp., 5.75%, 4/15/18		250,000		284,009
Pearson Funding Two plc, 4.00%, 5/17/16 (e)		250,000		252,042
Pitney Bowes, Inc., 5.75%, 9/15/17		180,000		189,501
Pride International, Inc., 7.875%, 8/15/40		750,000		804,375
Procter & Gamble Co., 4.85%, 12/15/15		1,000,000		1,114,094
Progressive Corp., 6.375%, 1/15/12		165,000		172,455
Shell International Finance BV, 4.00%, 3/21/14		300,000		319,148
Suncor Energy, Inc., 6.50%, 6/15/38		250,000		277,536
TCI Communications, Inc., 8.75%, 8/1/15		100,000		123,240
Time Warner Cable, Inc., 5.00%, 2/1/20		100,000		102,734
Time Warner, Inc., 4.875%, 3/15/20		100,000		103,884
United Parcel Service, Inc., 6.20%, 1/15/38		250,000		293,373
US Bancorp, 2.45%, 7/27/15		1,000,000		998,301
US Bank NA, 4.95%, 10/30/14		100,000		108,756
Valero Energy Corp., 6.125%, 2/1/20		200,000		212,389
Verizon Communications, Inc., 4.35%, 2/15/13		100,000		106,555
Walgreen Co., 4.875%, 8/1/13		100,000		109,405
Wal-Mart Stores, Inc.:
2.25%, 7/8/15		500,000		497,036
3.25%, 10/25/20		200,000		188,592
6.50%, 8/15/37		250,000		294,385
Wells Fargo & Co., 4.375%, 1/31/13		125,000		132,340
Williams Partners LP, 3.80%, 2/15/15		100,000		103,340

Total Corporate Bonds (Cost $18,829,304)				19,393,002


		PrIncipal
SOVEREIGN GOVERNMENT BONDS - 0.1%		amount		value
Province of New Brunswick Canada, 6.75%, 8/15/13	$	100,000	$	113,406

Total Sovereign Government Bonds (Cost $105,382)				113,406

u.s. government agencIes and InstrumentalItIes - 12.0%
Fannie Mae:
6.125%, 3/15/12		1,000,000		1,068,071
1.75%, 8/10/12		1,000,000		1,018,166
2.625%, 11/20/14		1,100,000		1,139,579
2.375%, 7/28/15		1,000,000		1,013,410
Federal Farm Credit Bank, 4.25%, 2/1/12		750,000		780,754
Federal Home Loan Bank:
1.875%, 6/21/13		1,400,000		1,431,869
4.875%, 5/17/17		1,000,000		1,124,472
Freddie Mac:
5.25%, 4/18/16		300,000		341,668
5.00%, 2/16/17		1,000,000		1,128,135
4.875%, 6/13/18		1,000,000		1,116,274
3.75%, 3/27/19		2,900,000		3,000,287

Total U.S. Government Agencies And Instrumentalities (Cost $12,990,865)				13,162,685

u.s. government agency mortgage-Backed securItIes - 33.9%
Fannie Mae:
5.00%, 12/1/16		425,017		453,240
5.00%, 11/1/17		69,028		73,828
5.50%, 8/1/18		260,919		281,508
4.61%, 12/1/19		493,587		510,150
5.00%, 6/1/20		159,480		170,682
6.50%, 4/1/23		59,120		65,666
6.50%, 8/1/32		223,773		250,828
5.50%, 7/1/33		347,882		374,981
5.50%, 7/1/33		497,729		536,501
6.00%, 8/1/33		72,234		79,573
5.50%, 11/1/33		358,999		386,965
5.50%, 3/1/34		636,109		684,667
6.00%, 6/1/34		352,086		387,859
5.00%, 7/1/34		805,955		852,247
5.00%, 10/1/34		518,139		547,363
5.50%, 3/1/35		1,345,088		1,449,501
5.50%, 6/1/35		731,220		792,751
5.50%, 9/1/35		519,064		559,032
5.50%, 2/1/36		302,205		324,991
5.50%, 4/1/36		1,630,247		1,740,900
6.50%, 9/1/36		988,762		1,104,879
5.50%, 11/1/36		430,665		463,827
7.50%, 11/1/36		141,443		159,581
6.00%, 5/1/38		723,715		787,673
5.50%, 6/1/38		782,719		843,429
5.77%, 9/1/38 (r)		1,205,244		1,286,598
4.00%, 3/1/39		1,313,961		1,308,623
4.50%, 5/1/40		1,887,728		1,944,163


		PrIncipal
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - CONT’D		amount		value
Fannie Mae (Cont’d):
4.50%, 7/1/40	$	1,401,946	$	1,440,061
Freddie Mac:
4.50%, 9/1/18		239,842		253,183
5.00%, 11/1/20		330,091		351,598
5.00%, 2/1/33		732,288		773,051
5.00%, 4/1/35		394,604		415,829
6.00%, 8/1/36		359,492		390,698
6.50%, 10/1/37		277,965		306,265
4.00%, 11/1/39		1,864,009		1,852,359
5.00%, 1/1/40		2,756,285		2,893,065
4.50%, 4/1/40		2,257,918		2,316,200
6.00%, 4/1/40		785,118		851,215
4.50%, 5/1/40		932,148		956,209
4.50%, 5/1/40		1,861,836		1,909,894
Ginnie Mae:
5.50%, 7/20/34		451,466		488,269
6.00%, 11/20/37		828,810		913,969
5.00%, 10/15/39		1,467,825		1,561,674
4.50%, 8/15/40		990,840		1,029,668

Total U.S. Government Agency Mortgage-Backed Securities (Cost $36,625,545)				37,125,213

u.s. treasury - 33.1%
United States Treasury Bonds:
6.25%, 8/15/23		1,000,000		1,255,937
5.50%, 8/15/28		1,000,000		1,177,500
5.375%, 2/15/31		1,000,000		1,166,562
4.50%, 2/15/36		1,000,000		1,034,688
3.50%, 2/15/39		1,000,000		861,250
3.875%, 8/15/40		1,000,000		920,781
United States Treasury Notes:
1.125%, 6/30/11		1,000,000		1,004,531
1.00%, 12/31/11		1,000,000		1,006,406
1.125%, 1/15/12		1,000,000		1,007,813
1.00%, 3/31/12		1,000,000		1,007,500
1.375%, 5/15/12		1,000,000		1,013,125
4.125%, 8/31/12		1,000,000		1,059,531
1.375%, 11/15/12		1,000,000		1,014,375
1.375%, 2/15/13		1,000,000		1,015,000
1.125%, 6/15/13		1,000,000		1,007,813
4.25%, 11/15/13		1,000,000		1,093,906
2.00%, 11/30/13		1,000,000		1,029,375
1.875%, 2/28/14		1,000,000		1,023,906
2.625%, 6/30/14		1,000,000		1,046,094
2.50%, 4/30/15		1,000,000		1,033,438
4.50%, 11/15/15		1,000,000		1,119,062
2.375%, 3/31/16		1,300,000		1,315,641
2.625%, 4/30/16		1,300,000		1,330,266
4.875%, 8/15/16		1,330,000		1,515,161
3.125%, 10/31/16		1,200,000		1,250,812


		PrIncipal
U.S. TREASURY - CONT’D		amount		value
United States Treasury Notes (Cont’d):
3.00%, 2/28/17	$	1,500,000	$	1,546,172
4.50%, 5/15/17		1,000,000		1,118,125
3.50%, 2/15/18		1,000,000		1,051,094
3.875%, 5/15/18		970,000		1,042,750
3.75%, 11/15/18		1,050,000		1,116,117
3.125%, 5/15/19		1,000,000		1,010,000
3.375%, 11/15/19		1,000,000		1,020,469
3.625%, 2/15/20		1,050,000		1,089,375

Total U.S. Treasury (Cost $36,415,474)				36,304,575

exchange traded funds - 0.9%		shares
iShares Barclays Aggregate Bond Fund		9,500		1,004,625

Total Exchange Traded Funds (Cost $1,000,474)				1,004,625



TOTAL INVESTMENTS (Cost $107,309,917) - 99.0%				108,513,137
Other assets and liabilities, net - 1.0%				1,102,524
net assets - 100%			$	109,615,661


net assets consIst of:
Paid-in capital applicable to 2,076,138 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	107,504,178
Undistributed net investment income				378,456
Accumulated net realized gain (loss) on investments				529,807
Net unrealized appreciation (depreciation) on investments				1,203,220


net assets			$	109,615,661

net asset value Per share			$	52.80

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
*	Non-income producing security.

Abbreviations:

LLC: Limited Liability Corporation LP: Limited Partnership

STEP: Stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


NET INVESTMENT INCOME
Investment Income:
Dividend income	$	14,867
Interest income		2,544,684
Total investment income		2,559,551

Expenses:
Investment advisory fee		224,592
Transfer agency fees and expenses		1,849
Directors’ fees and expenses		10,621
Administrative fees		74,864
Accounting fees		12,455
Custodian fees		21,395
Reports to shareholders		15,014
Professional fees		25,971
Miscellaneous		6,474
Total expenses		393,235
Fees paid indirectly		(782	)
Net expenses		392,453

net Investment Income		2,167,098


realIzed and unrealIzed gaIn (loss) on Investments
Net realized gain (loss)		1,042,436
Change in unrealized appreciation (depreciation)		126,190

net realIzed and unrealIzed gaIn
(loss) on Investments		1,168,626

Increase (decrease) In net assets
resultIng from oPeratIons	$	3,335,724

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	2,167,098		$	1,781,314
Net realized gain (loss) on investments		1,042,436			416,495
Change in unrealized appreciation (depreciation)		126,190			(60,512	)

Increase (decrease) In net assets
resultIng from oPeratIons		3,335,724			2,137,297

Distributions to shareholders from:
Net investment income		(2,195,331	)		(1,758,972	)
Net realized gain		(339,138	)		(142,302	)
Total distributions		(2,534,469	)		(1,901,274	)

Capital share transactions:
Shares sold		83,266,811			11,942,522
Reinvestment of distributions		2,534,473			1,901,274
Shares redeemed		(14,615,811	)		(27,738,019	)
Total capital share transactions		71,185,473			(13,894,223	)

total Increase (decrease) In net assets		71,986,728			(13,658,200	)


net assets
Beginning of year		37,628,933			51,287,133
End of year (including undistributed net investment income
of $378,456 and $224,316, respectively)	$	109,615,661		$	37,628,933


caPItal share actIvIty
Shares sold		1,560,961			230,028
Reinvestment of distributions		48,156			37,324
Shares redeemed		(273,365	)		(529,259	)
Total capital share activity		1,335,752			(261,907	)

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Barclays Capital Aggregate Bond Index Portfolio (the “Portfolio”), formerly known as Summit Barclays Capital Aggregate Bond Index Portfolio, a series of Calvert Variable Products, Inc. (or the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


				valuatIon InPuts
Investments In securItIes		level 1		level 2	level 3		total
Asset-Backed Securities		—	$	57,437	—	$	57,437
Commercial Mortgage-Backed Securities		—		1,352,194	—		1,352,194
Corporate Debt		—		19,393,002	—		19,393,002
Exchanged Traded Funds	$	1,004,625		—	—		1,004,625
Other Debt Obligations		—		113,406	—		113,406
U.S. Government Obligations		—		86,592,473	—		86,592,473
TOTAL	$	1,004,625	$	107,508,512	—	$	108,513,137

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (“the Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .30% of the Portfolio’s average daily net assets. Under the terms of the agreement, $27,678 was payable at year end. In addition, $13,156 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is .60%. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $75 for the year ended December 31, 2010. Under the terms of the agreement, $7 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than U.S. Government and short-term securities, were $62,245,089 and $13,282,893, respectively. U.S. Government security purchases and sales were $86,962,180 and $59,493,674, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	2,395,314	$	1,758,972
Long-term capital gain		139,155		142,302
Total	$	2,534,469	$	1,901,274

As of December 31, 2010 the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	1,941,515
Unrealized (depreciation)		(765,383	)
Net unrealized appreciation/(depreciation)	$	1,176,132

Undistributed ordinary income	$	836,739
Undistributed long term capital gain	$	98,612

Federal income tax cost of investments	$	107,337,005


Undistributed net investment income	$	182,373
Accumulated net realized gain (loss)		(182,373	)

NOTE D — LINE OF CREDIT

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$13,460	1.51%	$3,172,105	December 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Fund designates $139,155 of the long term capital gain distributions paid during the year or the maximum amount allowable but not less than the aforementioned amount as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.


FINANCIAL HIGHLIGHTS
				years ended
		December 31,			December 31,			December 31,
		2010	(z)		2009	(z)		2008
Net asset value, beginning	$	50.82		$	51.17		$	50.27
Income from investment operations:
Net investment income		1.56			2.00			2.13
Net realized and unrealized gain (loss)		1.67			.35			1.07
Total from investment operations		3.23			2.35			3.20
Distributions from:
Net investment income		(1.08	)		(2.50	)		(2.30	)
Net realized gain		(.17	)		(.20	)		—
Total distributions		(1.25	)		2.70			(2.30	)
Total increase (decrease) in net asset value		1.98			(.35	)		.90
Net asset value, ending	$	52.80		$	50.82		$	51.17

Total return*		6.37	%		4.59	%		6.56	%
Ratios to average net assets: A
Net investment income		2.89	%		3.83	%		4.29	%
Total expenses		.53	%		.54	%		.61	%
Expenses before offsets		.53	%		.54	%		.60	%
Net expenses		.52	%		.54	%		.60	%
Portfolio turnover		99	%		71	%		30	%
Net assets, ending (in thousands)	$	109,616		$	37,629		$	51,287


					years ended
					decemBer 31,			decemBer 31,
					2007			2006
Net asset value, beginning				$	48.85		$	49.06
Income from investment operations:
Net investment income					2.13			1.97
Net realized and unrealized gain (loss)					1.40			(.24	)
Total from investment operations					3.53			1.73
Distributions from:
Net investment income					(2.11	)		(1.94	)
Total distributions					(2.11	)		(1.94	)
Total increase (decrease) in net asset value					1.42			(.21	)
Net asset value, ending				$	50.27		$	48.85

Total return*					7.43	%		3.64	%
Ratios to average net assets: A
Net investment income					4.24	%		3.96	%
Total expenses					.59	%		.59	%
Expenses before offsets					.59	%		.59	%
Net expenses					.59	%		.59	%
Portfolio turnover					24	%		28	%
Net assets, ending (in thousands)				$	44,496		$	39,160

See notes to financial highlights.

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

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to

the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the three- and five-year periods ended June 30, 2010 and below the median of its peer universe for the one-year period ended June 30, 2010. The data also indicated that the Portfolio outperformed its Lipper index for the three- and five-year periods ended June 30, 2010 and underperformed its Lipper index for the one-year period ended June 30, 2010. The Board also took into account management’s discussion of the Portfolio’s tracking error and performance versus its benchmark index. Based upon its review, the Board concluded that the Portfolio’s overall performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer universe. Among other findings, the data indicated that the Portfolio’s advisory fee was above the median of its peer universe and that total expenses were above the median of its peer universe. The Board noted that the allocation of advisory and administrative fees may vary among the Portfolio’s peer universe. In addition, the Board took into account the fees the Advisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio and the relatively small range in total expense ratios among the funds in the Portfolio’s peer universe. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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

CONCLUSIONS

resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) the overall performance of the Portfolio is satisfactory in relation to the performance of funds with similar investment objectives and to relevant indices; and (f) the Portfolio’s advisory and subadvisory fees are reasonable in relation to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Inflation Protected Plus

Portfolio

(formerly, Summit Inflation

Protected Plus Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

6 Shareholder Expense Example

7 Report of Independent Registered Public Accounting Firm

8 Statement of Net Assets

11 Statement of Operations

12 Statements of Changes in Net Assets

13 Notes to Financial Statements

18 Financial Highlights

20 Explanation of Financial Tables

21 Proxy Voting

22 Availability of Quarterly Portfolio Holdings

22 Basis for Board’s Approval of Investment Advisory Contracts

26 Director and Officer Information Table

CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the 12-month period ending December 31, 2010, Calvert VP Inflation Protected Plus Portfolio returned 6.33%. Its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index, returned 6.31% for the period. The portfolio slightly outperformed the index because the portfolio includes corporate fixed income securities which outperformed TIPS during the period.

Investment clImate

CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)

One year 6.33%
Since inception
(12.28.06) 5.52%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

cost. Current performance may be lower or higher than the performance data quoted.

Americans experienced disinflation, a slowdown in the rate of inflation, in 2010, largely due to economic weakness and excess capacity resulting from the recession. The inflation rate, as measured by the Consumer Price Index for Urban Consumers, was 1.5% during 2010, which was lower than the 2.7% rate recorded in 2009. The core inflation rate fell to 0.8% in 2010 from 1.8% in 2009.²

		% of Total Investments
Investment Allocation		(at 12.31.10)

Long Term		43%
Intermediate Term		20%
Short Term		37%

Total		100%

The difference between the yield on a 10-year Treasury bond and the yield on a 10-year TIPS ended the year at 2.28% in 2010. At the end of 2009, the yield difference was 2.41%. The narrowing of this spread implies that investors’ expectations for future inflation decreased slightly during 2010.

PortfolIo strategy

The portfolio primarily invests in TIPS and floating-rate securities. In addition, the portfolio included a smaller amount of fixed-rate corporate and agency bonds. Throughout 2010, the portfolio maintained an intermediate duration similar to that of the Barclays Capital TIPS index. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest rate movement. TIPS are intended to protect against changing inflation expectations, while we expect the floating-rate securities to provide greater income during times of inflation. The portfolio may also selectively invest in fixed-rate securities that have the potential to increase portfolio returns in stable markets.

outlook

The performance of inflation-protected securities depends heavily on the expected rate of future inflation. Currently, the inflation picture appears benign. A combination of factors including a slack labor market, low capacity utilization, a sluggish housing market, and lack of pricing power for most America corporations produced disinflation during 2010. However, central bankers in both the United States and Europe continue to monetize their debt by increasing the money supply, which weakens currencies and drives commodity—energy, agriculture, metals, materials, and natural resources—prices higher. As these forces work through the economy, inflationary pressures may increase. In addition, if economic growth accelerates around the world, investors’ concerns about inflation rising over the intermediate- to longer-term may increase and affect the performance of inflation-protected securities.

January 2011

¹A basis point is 0.01 percentage points.

²Bureau of Labor Statistics. The 2010 figure is the November year-over-year change in the core CPI.

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes

		BEGINNING		ENDING		EXPENSES PAID
		ACCOUNT VALUE		ACCOUNTVALUE		DURINGPERIOD*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,015.80	$	3.81

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.42	$	3.82

* Expenses are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Inflation Protected Plus Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Inflation Protected Plus Portfolio (formerly, the Summit Inflation Protected Plus Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Inflation Protected Plus Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010


		PrIncipal
U.S. TREASURY⁽ⁱ⁾- 51.6%		amount		value
United States Treasury Bonds:
2.375%, 1/15/25	$	1,160,240	$	1,290,767
2.00%, 1/15/26		1,432,470		1,520,433
2.375%, 1/15/27		1,301,388		1,445,557
1.75%, 1/15/28		1,096,137		1,115,491
3.625%, 4/15/28		946,526		1,221,166
2.50%, 1/15/29		1,354,791		1,535,571
3.875%, 4/15/29		1,197,324		1,604,414
3.375%, 4/15/32		492,852		636,703
2.125%, 2/15/40		1,669,569		1,766,091
United States Treasury Notes:
1.875%, 7/15/15		1,011,942		1,095,743
1.625%, 1/15/18		1,043,940		1,116,690
1.25%, 7/15/20		1,002,830		1,026,491

Total U.S. Treasury (Cost $14,745,504)				15,375,117


corPorate Bonds - 46.1%
Alcoa, Inc., 6.15%, 8/15/20		300,000		307,471
Ally Financial, Inc., 0.304%, 12/19/12 (r)		1,000,000		1,000,200
American Express Credit Corp., 0.381%, 2/24/12 (r)		200,000		199,014
Bank of America Corp.:
0.588%, 4/30/12 (r)		500,000		502,170
7.375%, 5/15/14		100,000		111,657
Baxter International, Inc., 4.00%, 3/1/14		100,000		106,440
BlackRock, Inc., 3.50%, 12/10/14		100,000		103,381
Bottling Group LLC, 6.95%, 3/15/14		100,000		115,632
BP Capital Markets plc:
3.625%, 5/8/14		100,000		102,968
4.50%, 10/1/20		100,000		99,161
CA, Inc., 5.375%, 12/1/19		100,000		103,193
CCO Holdings LLC / CCO Holdings Capital Corp., 7.25%, 10/30/17		200,000		203,000
Citibank NA:
1.00%, 3/30/11 (r)		100,000		100,037
0.286%, 11/15/12 (r)		500,000		500,178
Corrections Corporation of America, 6.75%, 1/31/14		250,000		253,750
Eli Lilly & Co., 4.20%, 3/6/14		100,000		107,125
Enbridge Energy Partners LP, 5.20%, 3/15/20		100,000		104,779
Ford Motor Credit Co. LLC:
3.039%, 1/13/12 (r)		250,000		252,200
8.125%, 1/15/20		400,000		464,000
General Electric Capital Corp.:
0.236%, 5/8/12 (r)		500,000		499,653
0.304%, 9/21/12 (r)		500,000		500,001
General Mills, Inc., 5.65%, 2/15/19		100,000		111,131


		PrIncipal
CORPORATE BONDS - CONT’D		amount		vauue
Goldman Sachs Group, Inc.:
0.536%, 11/9/11 (r)	$	500,000	$	501,213
0.753%, 3/22/16 (r)		400,000		375,948
Harley-Davidson Funding Corp., 5.75%, 12/15/14 (e)		200,000		209,752
Hewlett-Packard Co., 4.75%, 6/2/14		100,000		108,810
Hospira, Inc., 6.40%, 5/15/15		100,000		113,101
Jabil Circuit, Inc., 5.625%, 12/15/20		250,000		245,625
JPMorgan Chase & Co., 0.683%, 6/22/12 (r)		1,000,000		1,005,325
L-3 Communications Corp., 5.20%, 10/15/19		200,000		203,324
MDC Holdings, Inc., 5.625%, 2/1/20		700,000		693,505
Morgan Stanley:
0.654%, 6/20/12 (r)		500,000		502,654
0.589%, 1/9/14 (r)		500,000		480,025
Mueller Water Products, Inc., 8.75%, 9/1/20		100,000		110,500
Northern Trust Corp., 3.45%, 11/4/20		100,000		95,350
Novartis Capital Corp., 4.125%, 2/10/14		100,000		106,849
PNC Funding Corp., 0.488%, 1/31/14 (r)		500,000		490,059
Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/14		100,000		108,845
Pride International, Inc., 7.875%, 8/15/40		250,000		268,125
Procter & Gamble Co., 3.50%, 2/15/15		100,000		105,124
Qwest Corp., 3.552%, 6/15/13 (r)		500,000		520,625
Shell International Finance BV, 4.00%, 3/21/14		100,000		106,382
State Street Bank and Trust Co., 0.502%, 9/15/11 (r)		900,000		901,478
Time Warner Cable, Inc., 5.00%, 2/1/20		200,000		205,469
Unilever Capital Corp., 4.80%, 2/15/19		100,000		107,956
Valero Energy Corp., 6.125%, 2/1/20		100,000		106,194
Williams Partners LP, 3.80%, 2/15/15		200,000		206,681

Total Corporate Bonds (Cost $13,465,963)				13,726,060


u.s. government agencIes and InstrumentalItIes - 0.9%
Freddie Mac, 3.75%, 3/27/19		250,000		258,645

Total U.S. Government Agencies And Instrumentalities (Cost $258,652)				258,645




TOTAL INVESTMENTS (Cost $28,470,119) - 98.6%				29,359,822
Other assets and liabilities, net - 1.4%				413,622
net assets - 100%			$	29,773,444


net assets consIst of:
Paid-in capital applicable to 542,916 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized	$	28,455,172
Undistributed net investment income		71,626
Accumulated net realized gain (loss) on investments		356,943
Net unrealized appreciation (depreciation) on investments		889,703


net assets	$	29,773,444

net asset value Per share	$	54.84

(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(i)	Inflation protected securities.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
LLC: Limited Liability Corporation
LP: Limited Partnership

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


NET INVESTMENT INCOME
Investment Income:
Interest income	$	691,485
Inflation principal income		195,456
Total investment income		886,941

Expenses:
Investment advisory fee		163,435
Transfer agency fees and expenses		1,651
Accounting fees		5,248
Directors’ fees and expenses		4,287
Administrative fees		32,687
Custodian fees		11,006
Reports to shareholders		21,894
Professional fees		22,130
Miscellaneous		4,571
Total expenses		266,909
Reimbursement from Advisor		(21,488	)
Fees paid indirectly		(268	)
Net expenses		245,153

net Investment Income		641,788



realIzed and unrealIzed gaIn (loss) on Investments
Net realized gain (loss)		994,587
Change in unrealized appreciation (depreciation)		385,586

net realIzed and unrealIzed gaIn
(loss) on Investments		1,380,173

Increase (decrease) In net assets
resultIng from oPeratIons	$	2,021,961

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
Increase (decrease) In net assets		2010			2009
Operations:
Net investment income	$	641,788		$	144,749
Net realized gain (loss)		994,587			(27,478	)
Change in unrealized appreciation (depreciation)		385,586			1,678,310

IIncrease (decrease) In net assets
resultIng from oPeratIons		2,021,961			1,795,581

Distributions to shareholders from:
Net investment income		(590,360	)		(124,551	)
Net realized gain		(356,945	)		—
Total distributions		(947,305	)		(124,551	)

Capital share transactions:
Shares sold		12,850,348			21,325,384
Reinvestment of distributions		947,309			124,551
Shares redeemed		(20,624,230	)		(5,087,708	)
Total capital share transactions		(6,826,573	)		16,362,227

total Increase (decrease) In net assets		(5,751,917	)		18,033,257



net assets
Beginning of year		35,525,361			17,492,104
End of year (including undistributed net investment
income of $71,626 and $20,198, respectively)	$	29,773,444		$	35,525,361


caPItal share actIvIty
Shares sold		231,118			411,207
Reinvestment of distributions		17,363			2,334
Shares redeemed		(372,237	)		(98,917	)
Total capital share activity		(123,756	)		314,624

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


			valuatIon InPuts
Investments In securItIes	level 1		level 2	level 3		total
U.S. government obligations	—	$	15,633,762	—	$	15,633,762
Corporate debt obligations	—		13,726,060	—		13,726,060
TOTAL	—	$	29,359,822	—	$	29,359,822

Repurchase Agreements: The Portfolio may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Portfolio could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Treasury Inflation-Protected Securities: The Portfolio invests in Treasury Inflation-Protected Securities (“TIPS”), in which the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to inflation principal income in the accompanying Statement of Operations. Such adjustments may have a significant impact on the Portfolio’s distributions.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make

estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .50% of the Portfolio’s average daily net assets. Under the terms of the agreement, $12,431 was payable at year end. In addition, $7,112 was payable at year end for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is .75%. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. Government securities, were $15,229,621 and $18,759,207, respectively. U.S. Government security purchases and sales were $15,975,859 and $19,734,772, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:

		2010		2009
Distributions paid from:
Ordinary income	$	772,255	$	124,551
Long term capital gain		175,050		—
Total	$	947,305	$	124,551

As of December 31, 2010, the components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$	964,209
Unrealized (depreciation)		(82,494	)
Net unrealized appreciation/(depreciation)	$	881,715

Undistributed ordinary income	$	261,510
Undistributed long term capital gain	$	175,047

Federal income tax cost of investments	$	28,478,107

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$33,585	1.52%	$1,025,863	July 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates $175,050 of the long term capital gain distributions paid during the year or the maximum amount allowable but not less than the aforementioned amount as capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

FINANCIAL HIGHLIGHTS

		Years Ended
	December 31,	December 31,	December 31,
	2010	2009	2008 (z)
Net asset value, beginning	$53.29	$49.69	$53.00
Income from investment operations:
Net investment income	1.23	.22	1.35
Net realized and unrealized gain (loss)	2.13	3.57	(2.47)
Total from investment operations	3.36	3.79	(1.12)
Distributions from:
Net investment income	(1.13)	(.19)	(1.37)
Return of capital	(.68)	—	(.82)
Total distributions	(1.81)	(.19)	(2.19)
Total increase (decrease) in net asset value	1.55	3.60	(3.31)
Net asset value, ending	$54.84	$53.29	$49.69

Total return*	6.33%	7.62%	(2.33%)
Ratios to average net assets: A
Net investment income	1.96%	.57%	2.59%
Total expenses	.82%	.81%	1.25%
Expenses before offsets	.75%	.75%	.75%
Net expenses	.75%	.75%	.75%
Portfolio turnover	96%	123%	56%
Net assets, ending (in thousands)	$29,773	$35,525	$17,492

	Periods Ended
	December 31,	December 31,
	2007	2006^
Net asset value, beginning	$50.09	$50.00
Income from investment operations:
Net investment income	2.64	—
Net realized and unrealized gain (loss)	2.59	.09
Total from investment operations	5.23	.09
Distributions from:
Net investment income	(2.32)	—
Total distributions	(2.32)	—
Total increase (decrease) in net asset value	2.91	.09
Net asset value, ending	$53.00	$50.09

Total return*	10.80%	.18%
Ratios to average net assets: A
Net investment income (loss)	5.19%	(2.28%) (a)
Total expenses	5.27%	33.70% (a)
Expenses before offsets	.75%	.75% (a)
Net expenses	.75%	.75% (a)
Portfolio turnover	8%	0%
Net assets, ending (in thousands)	$1,157	$1,002

See notes to financial highlights.

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
(a)	Annualized.
(z)	Per share figures are calculated using Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 28, 2006 inception.

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s ef-

fectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the performance of the Portfolio was at the median of its peer group for the one-year period ended June 30, 2010 and below the median of its peer group for the three-year period ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance, including the differences in the investment strategies used by the funds in the Portfolio’s peer group that also affect relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2010 as compared to the Portfolio’s peer group and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

CONCLUSIONS

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Lifestyle
Moderate Portfolio
(formerly,Summit Lifestyle ETF
Market Strategy Target Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

7 Shareholder Expense Example

8 Report of Independent Registered Public Accounting Firm

9 Statement of Net Assets

10 Statement of Operations

11 Statements of Changes in Net Assets

12 Notes to Financial Statements

17 Financial Highlights

19 Explanation of Financial Tables

20 Proxy Voting

21 Availability of Quarterly Portfolio Holdings

21 Basis for Board’s Approval of Investment Advisory Contracts

25 Director and Officer Information Table

Calvert VP lifestyle moderate Portfolio

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Lifestyle ETF Moderate Portfolio returned 12.46%. Its benchmark, the Standard & Poor’s (S&P) 500 Index, returned 15.06% for the same period. The portfolio, which invests approximately 60% of its assets in stocks and 40% in bonds, underperformed during the year because the benchmark does not include bonds. When the portfolio’s performance is compared to a composite index comprised of 60% S&P 500 Index and 40% Barclays Capital Aggregate Bond Index, it outperformed. The composite index returned 11.65% for the period.

Proposed Merger

The Directors of Calvert Variable Products, Inc. have approved Calvert’s recommendation to solicit a shareholder vote for the merger of Calvert VP Lifestyle Moderate Portfolio into Ibbotson Balanced ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Moderate Portfolio will be asked to vote on the merger and must approve it before any change may take place. Proxy materials, including the proposed Agreement and Plan of Reorganization and a further explanation of the proposed changes, will be sent to shareholders.

Investment Climate

Calvert VP Lifestyle Moderate Portfolio*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)

One year	12.46%
Since inception (12.28.06)	1.05%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Asset Allocation	% of Total Investments
Domestic Equity Exchange Traded Funds	63%
International and Global Equity Exchange Traded Funds	8%
Fixed Income Exchange Traded Funds	29%
Total	100%

and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Fixed income markets performed well during 2010, with a little help from the Federal Reserve (Fed). The Fed purchased Treasuries and mortgage-backed securities early in the year in an effort to drive down intermediate interest rates. Shortly after the Fed’s first quantitative easing program was completed, speculation began about a second round of easing which began in the fall. Initially, the Fed’s objective of reducing interest rates was accomplished, as rates on bonds in the two- to 10-year maturity range declined by 50 to 70 basis points.1 That changed in early December, when markets were surprised by a sizable round of fiscal stimulus. This monetary and fiscal support quickly created expectations for improved economic growth and a larger federal deficit (financed by Treasury debt) in 2011. In response, bond yields surged during the fourth quarter. Most major sectors of the bond market, including Treasuries and investment-grade corporate bonds, posted losses for the quarter.2 Over the full year, all major taxable bond market sectors posted positive returns, as yields finished mostly lower. The yield on 10-year Treasuries, for example, fell by 55 basis points. Three-month Treasury Bills yielded 0.12% at the end of the year,

and money-market rates remained near zero as the Fed kept the target federal funds rate at that level.

PortfolIo strategy

As a “fund of funds,” the portfolio holds exchange-traded funds (ETFs) that invest in specific asset classes, including domestic and international stocks, investment-grade bonds and, to a lesser extent, high-yield bonds. The portfolio’s managers review holdings continuously and make changes as necessary.

During 2010, the portfolio’s exposure to equities increased after the first quarter. Over the full year, it held more than the target 60% in equities, on average. The portfolio’s small-cap, mid-cap, and emerging market ETFs made positive contributions to relative performance during the year. The portfolio also held large-cap international ETFs, which detracted from relative performance. The portfolio’s corporate and high-yield bond ETFs also made attractive performance contributions over the full year.

The portfolio entered 2011 with an overweight position in equity and high-yield fixed income ETFs relative to the composite index.

outlook

During 2011, we expect to see increased growth in the U.S. and global economies. We also anticipate that corporate earnings will improve, in general. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends by mid-year. Merger and acquisition (M&A) activity will likely increase during 2011, as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

The equity market will face challenges during the year. Weakness in Europe is likely to persist into 2011, which may negatively affect companies that depend on European markets. Chronically high unemployment in the United States, as well as growing budget deficits at federal, state, and local levels, may limit domestic economic growth. Also, the possibility of rising interest rates may negatively affect price-to-earnings multiples in the equity markets.

January 2011

1. A basis point is 0.01 percentage points.
2. Barclays Capital fixed-income indices

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BEGINNING		ENDING		EXPENSES PAID
		ACCOUNT VALUE		ACCOUNT VALUE		DURING PERIOD*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,169.90	$	4.10

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.42	$	3.82

* Expenses are equal to the Fund’s annualized expense ratio of .75%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the Underlying Funds in which the Portfolio invests are not included in the annualized expense ratios.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Lifestyle Moderate Portfolio:

We have audited the accompanying statement of assets and liabilities of the Calvert VP Lifestyle Moderate Portfolio (formerly, the Summit Lifestyle ETF Market Strategy Target Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., including the schedule of investments, as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Lifestyle Moderate Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010



EXCHANGE TRADED FUNDS - 97.6%	shares		value
iShares Barclays Aggregate Bond Fund	26,000	$	2,749,500
iShares Barclays Intermediate Credit Bond Fund	10,900		1,146,462
iShares Barclays MBS Bond Fund	6,500		686,270
iShares Barclays TIPS Bond Fund	8,500		913,920
iShares iBoxx $ High Yield Corporate Bond Fund	10,100		911,929
iShares MSCI EAFE Index Fund	11,800		687,114
iShares Russell 2000 Index Fund	8,700		680,601
iShares S&P 500 Growth Index Fund	48,800		3,203,232
iShares S&P 500 Index Fund	25,400		3,206,750
iShares S&P 500 Value Index Fund	72,700		4,332,193
SPDR S&P MidCap 400 Trust	12,400		2,042,032
Vanguard Emerging Markets Fund	23,800		1,145,970
Vanguard REIT	12,400		686,588

Total Exchange Traded Funds (Cost $19,933,904)			22,392,561


TOTAL INVESTMENTS (Cost $19,933,904) - 97.6%			22,392,561
Other assets and liabilities, net - 2.4%			550,970
net assets - 100%		$	22,943,531



net assets consIst of:
Paid-in capital applicable to 464,786 shares of common stock
outstanding; $0.10 par value, 20,000,000 shares authorized		$	22,565,876
Undistributed net investment income			221,004
Accumulated net realized gain (loss) on investments			(2,302,006	)
Net unrealized appreciation (depreciation) on investments			2,458,657



net assets		$	22,943,531

net asset value Per share		$	49.36

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


net Investment Income
Investment Income:
Dividend income	$	587,860
Interest income		1
Total investment income		587,861

Expenses:
Investment advisory fee		124,083
Transfer agency fees and expenses		1,649
Accounting fees		3,578
Directors’ fees and expenses		3,044
Administrative fees		22,560
Custodian fees		6,541
Reports to shareholders		3,177
Professional fees		22,925
Miscellaneous		4,353
Total expenses		191,910
Reimbursement from Advisor		(22,212	)
Fees paid indirectly		(495	)
Net expenses		169,203


net Investment Income		418,658


realIzed and unrealIzed gaIn (loss) on Investments
Net realized gain (loss)		1,051,837
Change in unrealized appreciation (depreciation)		1,132,617


net realIzed and unrealIzed gaIn
(loss) on Investments		2,184,454

Increase (decrease) In net assets
resultIng from oPeratIons	$	2,603,112

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
INCREASE (DECREASE) IN NET ASSETS		2010			2009
Operations:
Net investment income	$	418,658		$	348,850
Net realized gain (loss)		1,051,837			(2,144,203	)
Change in unrealized appreciation (depreciation)		1,132,617			3,964,367

Increase (decrease) In net assets
resultIng from oPeratIons		2,603,112			2,169,014

Distributions to shareholders from:
Net investment income		(287,650	)		(323,160	)
Total distributions		(287,650	)		(323,160	)

Capital share transactions:
Shares sold		2,651,322			13,148,996
Reinvestment of distributions		287,648			323,158
Shares redeemed		(5,927,177	)		(2,373,267	)
Total capital share transactions		(2,988,207	)		11,098,887

total Increase (decrease) In net assets		(672,745	)		12,944,741



net assets
Beginning of year		23,616,276			10,671,535
End of year (including undistributed net investment
income of $221,004 and $92,039, respectively	$	22,943,531		$	23,616,276


caPItal share actIvIty
Shares sold		57,382			304,546
Reinvestment of distributions		5,832			7,223
Shares redeemed		(129,670	)		(57,634	)
Total capital share activity		(66,456	)		254,135

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Lifestyle Moderate Portfolio (the “Portfolio”), formerly known as Summit Lifestyle ETF Market Strategy Target Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio invests primarily in various exchange traded funds (the “Underlying Funds”), representing different market exposure.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


			valuatIon InPuts
Investments In securItIes		level 1	level 2	level 3		total
Exchange Traded Funds	$	22,392,561	—	—	$	22,392,561
TOTAL	$	22,392,561	—	—	$	22,392,561

Security Transactions and Investment Income: Security transactions, normally shares of the Underlying Funds, are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis. Income and capital gain distributions from the Underlying Funds, if any, are recorded on ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Portfolio and do not include any expenses associated with the Underlying Funds.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .55% of the Portfolio’s average daily net assets. Under the terms of the agreement, $10,576 was payable at year end. In addition, $4,125 was payable at year end for operating expenses paid by the Advisor during December 2010.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $9,230,449 and $11,992,513, respectively.


CAPITAL LOSS CARRYFORWARDS

exPIratIon date
31-Dec-16	($	273,283	)
31-Dec-17		(1,480,970	)

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 were as follows:


Distributions paid from:		2010		2009
Ordinary income	$	287,650	$	323,160
Total	$	287,650	$	323,160

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	1,919,779
Unrealized (depreciation)		(8,875	)
Net unrealized appreciation/(depreciation)	$	1,910,904

Undistributed ordinary income	$	221,004
Capital loss carryforward	($	1,754,253	)
Federal income tax cost of investments	$	20,481,657

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statement of assets and liabilities are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales and exchange traded funds.


Undistributed net investment income	($	2,043	)
Accumulated net realized gain (loss)		2,043

NOTE D — LINE OF CREDIT

	WEIGHTED	MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$3,284	1.57%	$557,719	May 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

On December 9, 2010, the Board of Directors approved a resolution to reorganize the Calvert VP Lifestyle Moderate Portfolio into the Ibbotson Balanced ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Moderate Portfolio will be asked to vote on the reorganization and must approve it before any change may take place.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 49.6% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.


FINANCIAL HIGHLIGHTS


				years ended
		December 31,			December 31,			December 31,
		2010	(z)		2009	(z)		2008
Net asset value, beginning	$	44.45		$	38.51		$	52.62
Income from investment operations:
Net investment income		.85			.97			.74
Net realized and unrealized gain (loss)		4.69			5.59			(13.70	)
Total from investment operations		5.54			6.56			(12.96	)
Distributions from:
Net investment income		(.63	)		(.62	)		(1.14	)
Net realized gain		—			—			(.01	)
Total distributions		(.63	)		(.62	)		(1.15	)
Total increase (decrease) in net asset value		4.91			5.94			(14.11	)
Net asset value, ending	$	49.36		$	44.45		$	38.51

Total return*		12.46	%		17.02	%		(24.72	%)
Ratios to average net assets: A,B
Net investment income		1.86	%		2.41	%		2.58	%
Total expenses		.85	%		.85	%		1.13	%
Expenses before offsets		.75	%		.75	%		.75	%
Net expenses		.75	%		.75	%		.75	%
Portfolio turnover		42	%		80	%		79	%
Net assets, ending (in thousands)	$	22,944		$	23,616		$	10,672


					PerIods ended
					December 31,			December 31,
					2007	(z)		2006	^
Net asset value, beginning				$	49.84		$	50.00
Income from investment operations:
Net investment income					2.33			—
Net realized and unrealized gain (loss)					.45			(.16	)
Total from investment operations					2.78			(.16	)
Distributions from:
Net investment income					—			—
Net realized gain					—			—
Total distributions					—			—
Total increase (decrease) in net asset value					2.78			(.16	)
Net asset value, ending				$	52.62		$	49.84

Total return*					5.58	%		(.32	%)
Ratios to average net assets: A,B
Net investment income (loss)					4.46	%		(.59	%) (a)
Total expenses					4.09	%		220.56	% (a)
Expenses before offsets					.75	%		.75	% (a)
Net expenses					.75	%		.75	% (a)
Portfolio turnover					17	%		0	%
Net assets, ending (in thousands)				$	4,686		$	150

See notes to financial highlights.

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
B	Amounts do not include the activity of the Underlying Funds.
(a)	Annualized.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 28, 2006 inception.

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one- and three-year periods ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and its plans with respect to the Portfolio. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2010 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

CONCLUSIONS

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

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Lifestyle
Conservative Portfolio
(formerly,Summit Lifestyle ETF
Market Strategy Conservative
Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

7 Shareholder Expense Example

8 Report of Independent Registered Public Accounting Firm

9 Statement of Net Assets

10 Statement of Operations

11 Statements of Changes in Net Assets

12 Notes to Financial Statements

17 Financial Highlights

19 Explanation of Financial Tables

20 Proxy Voting

21 Availability of Quarterly Portfolio Holdings

21 Basis for Board’s Approval of Investment Advisory Contracts

25 Director and Officer Information Table

CALVERT VP LIFESTYLE CONSERVATIVE PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Lifestyle Conservative Portfolio returned 10.59%. Its benchmark, the Barclays Capital Aggregate Bond Index, returned 6.54% for the same period. The portfolio, which invests approximately 40% of its assets in stocks and 60% in bonds, outperformed during the year because the benchmark does not include stocks. When the portfolio’s performance is compared to a composite index comprised of 40% Standard & Poor’s (S&P) 500 Index and 60% Barclays Capital Aggregate Bond Index, it still outperformed. The composite index returned 9.95% for the period.

Proposed merger

The Directors of Calvert Variable Products, Inc. have approved Calvert’s recommendation to solicit a shareholder vote for the merger of Calvert VP Lifestyle Conservative Portfolio into Ibbotson Income and Growth ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Conservative Portfolio will be asked to vote on the merger and must approve it before any change may take place. Proxy materials, including the proposed Agreement and Plan of Reorganization and a further explanation of the proposed changes, will be sent to shareholders.

Investment clImate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil

Calvert VP Lifestyle
Conservative Portfolio^*

Comparison of change in
value of a hypothetical $10,000 investment.

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.10)

One year 10.59%
Since inception
(12.28.06) 3.36%

^*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

	% of Total Investments
Asset Allocation	(at 12.31.10)

Domestic Equity Exchange Traded Funds	46%
International and Global Equity Exchange Traded Funds	6%
Fixed Income Exchange Traded Funds	48%

Total	100%

in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about European financial market stability intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Fixed-income markets performed well during 2010, with a little help from the Federal Reserve (Fed). The Fed purchased Treasuries and mortgage-backed securities early in the year in an effort to drive down intermediate interest rates. Shortly after the Fed’s first quantitative easing program was completed, speculation began about a second round of easing which began in the fall. Initially, the Fed’s objective of reducing interest rates was accomplished, as rates on bonds in the two- to 10-year maturity range declined by 50 to 70 basis points.¹ That changed in early December, when markets were surprised by a sizable round of fiscal stimulus. This monetary and fiscal support quickly created expectations for improved economic growth and a larger federal deficit (financed by Treasury debt) in 2011. In response, bond yields surged during the fourth quarter. Most major sectors of the bond market, including Treasuries and investment-grade corporate bonds, posted losses for the quarter.²

Over the full year, all major taxable bond market sectors posted positive returns as yields finished mostly lower. The yield on 10-year Treasuries, for example, fell by 55 basis points. Three-month Treasury Bills yielded 0.12% at the end of the year, and money-market rates remained near zero as the Fed kept the target federal funds rate at that level.

PortfolIo strategy

During 2010, the portfolio’s exposure to equities increased after the first quarter. Over the full year, it held more than the target 40% in equities, on average. The portfolio’s small-cap, mid-cap, and emerging-market ETFs made positive contributions to relative performance during the year. The portfolio also held large-cap international ETFs, which detracted from performance. The portfolio’s corporate and high-yield bond ETFs also made attractive performance contributions over the full year.

The portfolio entered 2011 holding more than 40% in equities. In addition, it emphasized lower-rated, higher yielding bonds more heavily than the composite index.

outlook

During 2011, we expect to see increased growth in the U.S. and global economies. We also anticipate that corporate earnings will improve, in general. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends by mid-year. Merger and acquisition (M&A) activity will likely increase during 2011, as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

The equity market will face challenges during the year. Weakness in Europe is likely to persist into 2011, which may negatively affect companies that depend on European markets. Chronically high unemployment in the United States, as well as growing budget deficits at federal, state, and local levels, may limit domestic economic growth. Also, the possibility of rising interest rates may negatively affect price-to-earnings multiples in the equity markets.

January 2011

1. A basis point is 0.01 percentage points.
2. Barclays Capital fixed-income indices

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BEGINNING		ENDING		EXPENSES PAID
		ACCOUNT VALUE		ACCOUNTVALUE		DURING PERIOD*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,125.20	$	4.02

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.42	$	3.82

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Lifestyle Conservative Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Lifestyle Conservative Portfolio (formerly, the Summit Lifestyle ETF Market Strategy Conservative Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Lifestyle Conservative Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania

February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010



EXCHANGE TRADED FUNDS - 96.8%	shares		value
iShares Barclays Aggregate Bond Fund	16,700	$	1,766,025
iShares Barclays Intermediate Credit Bond Fund	7,000		736,260
iShares Barclays MBS Bond Fund	4,200		443,436
iShares Barclays TIPS Bond Fund	5,500		591,360
iShares iBoxx $ High Yield Corporate Bond Fund	6,500		586,885
iShares MSCI EAFE Index Fund	3,200		186,336
iShares Russell 2000 Index Fund	2,400		187,752
iShares S&P 500 Growth Index Fund	13,400		879,576
iShares S&P 500 Index Fund	7,000		883,750
iShares S&P 500 Value Index Fund	19,900		1,185,841
SPDR S&P MidCap 400 Trust	3,400		559,912
Vanguard Emerging Markets Fund	6,500		312,975
Vanguard REIT	3,400		188,258

Total Exchange Traded Funds (Cost $7,902,475)			8,508,366




TOTAL INVESTMENTS (Cost $7,902,475) - 96.8%			8,508,366
Other assets and liabilities, net - 3.2%			285,039
net assets - 100%		$	8,793,405




net assets consIst of:
Paid-in capital applicable to 166,247 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized		$	8,007,324
Undistributed net investment income			108,039
Accumulated net realized gain (loss) on investments			72,151
Net unrealized appreciation (depreciation) on investments			605,891

net assets		$	8,793,405

net asset value Per share		$	52.89

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010


NET INVESTMENT INCOME
Investment Income:
Dividend income	$	265,911
Interest income		1
Total investment income		265,912

Expenses:
Investment advisory fee		47,198
Transfer agency fees and expenses		1,651
Directors’ fees and expenses		1,188
Administrative fees		8,581
Accounting fees		1,361
Custodian fees		5,356
Reports to shareholders		3,119
Professional fees		21,590
Miscellaneous		4,224
Total expenses		94,268
Reimbursement from Advisor		(29,565	)
Fees paid indirectly		(342	)
Net expenses		64,361


net Investment Income		201,551

realIzed and unrealIzed gaIn (loss) on Investments
Net realized gain (loss)		235,225
Change in unrealized appreciation (depreciation)		406,379

net realIzed and unrealIzed gaIn
(loss) on Investments		641,604

Increase (decrease) In net assets
resultIng from oPeratIons	$	843,155

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
INCREASE (DECREASE) IN NET ASSETS		2010			2009
Operations:
Net investment income	$	201,551		$	118,483
Net realized gain (loss) on investments		235,225			(57,916	)
Change in unrealized appreciation (depreciation)		406,379			331,267

Increase (decrease) In net assets
resultIng from oPeratIons		843,155			391,834

Distributions to shareholders from:
Net investment income		(107,682	)		(102,530	)
Total distributions		(107,682	)		(102,530	)

Capital share transactions:
Shares sold		1,913,772			8,529,761
Reinvestment of distributions		107,681			102,529
Shares redeemed		(2,484,775	)		(2,595,680	)
Total capital share transactions		(463,322	)		6,036,610

total Increase (decrease) In net assets		272,151			6,325,914

net assets
Beginning of year		8,521,254			2,195,340
End of year (including undistributed net investment income
of $108,039 and $14,955, respectively)	$	8,793,405		$	8,521,254


caPItal share actIvIty
Shares sold		38,373			180,606
Reinvestment of distributions		2,039			2,108
Shares redeemed		(50,140	)		(57,087	)
Total capital share activity		(9,728	)		125,627

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Lifestyle Conservative Portfolio (the “Portfolio”), formerly known as Summit Lifestyle ETF Market Strategy Conservative Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffili-ated insurance companies for allocation to certain of their variable separate accounts. The Portfolio invests primarily in various exchange traded funds (the “Underlying Funds”), representing different market exposure.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


		valuation Inputs
Investments In securItIes		level 1	level 2	level 3		total
Exchange traded funds	$	8,508,366	—	—	$	8,508,366
TOTAL	$	8,508,366	—	—	$	8,508,366

Security Transactions and Investment Income: Security transactions, normally shares of the Underlying Funds, are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Portfolio and do not include any expenses associated with the Underlying Funds.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (“the Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of 0.55% of the Portfolio’s average daily net assets. Under the terms of the agreement, $4,044 was payable at year end. In addition, $2,802 was payable for operating expenses paid by the Advisor during December 2010.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2011. The contractual expense cap is 0.75%. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $4,311,540 and $4,641,161, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:


		2010		2009
Distributions paid from:
Ordinary income	$	107,682	$	102,530
Total	$	107,682	$	102,530

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:


Unrealized appreciation	$	602,613
Unrealized (depreciation)		(4,877	)
Net unrealized appreciation/(depreciation)	$	597,736

Undistributed ordinary income	$	108,039
Undistributed long-term capital gain	$	80,306

Federal income tax cost of investments	$	7,910,630

The differences between components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales and exchange traded funds.


Undistributed net investment income	($	785	)
Accumulated net realized gain (loss)		1,316
Paid-in capital		(531	)

NOTE D — LINE OF CREDIT

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$2,122	1.50%	$387,239	Aug 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

On December 9, 2010, the Board of Directors approved a resolution to reorganize the Calvert VP Lifestyle Conservative Portfolio into the Ibbotson Income and Growth ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Conservative Portfolio will be asked to vote on the reorganization and must approve it before any change may take place.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 28.4% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

FINANCIAL HIGHLIGHTS

		Years Ended
	December 31,	December 31,	December 31,
	2010 *(z)*	2009	2008
Net asset value, beginning	$48.42	$43.60	$52.86
Income from investment operations:
Net investment income	1.18	.67	1.09
Net realized and unrealized gain (loss)	3.95	4.74	(7.85)
Total from investment operations	5.13	5.41	(6.76)
Distributions from:
Net investment income	(.66)	(.59)	(2.45)
Net realized gain	—	—	(.05)
Total distributions	(.66)	(.59)	(2.50)
Total increase (decrease) in net asset value	4.47	4.82	(9.26)
Net asset value, ending	$52.89	$48.42	$43.60

Total return*	10.59%	12.40%	(13.12%)
Ratios to average net assets: ^A,B
Net investment income	2.35%	2.92%	3.50%
Total expenses	1.10%	1.22%	4.48%
Expenses before offsets	.75%	.75%	.75%
Net expenses	.75%	.75%	.75%
Portfolio turnover	52%	88%	66%
Net assets, ending (in thousands)	$8,793	$8,521	$2,195

	Periods Ended
	December 31,	December 31,
	2007(z)	2006^
Net asset value, beginning	$49.89	$50.00
Income from investment operations:
Net investment income	1.80	—
Net realized and unrealized gain (loss)	1.17	(.11)
Total from investment operations	2.97	(.11)
Distributions from:
Net investment income	—	—
Net realized gain	—	—
Total distributions	—	—
Total increase (decrease) in net asset value	2.97	(.11)
Net asset value, ending	$52.86	$49.89

Total return*	5.95%	(.22%)
Ratios to average net assets: ^A,B
Net investment income (loss)	3.47%	(.52%( (a)
Total expenses	7.28%	220.34% (a)
Expenses before offsets	.75%	.75% (a)
Net expenses	.75%	.75% (a)
Portfolio turnover	15%	0%
Net assets, ending (in thousands)	$911	$150

See notes to financial highlights.

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
B	Amounts do not include the activity of the Underlying Funds.
(a)	Annualized.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 28, 2006 inception.

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one- and three-year periods ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and its plans with respect to the Portfolio. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Portfolio. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Portfolio. In addition, the Board took into account that affiliates of the Advisor may benefit from certain indirect tax benefits relating to dividend received deductions and foreign tax credits. The Board also noted that the Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2010 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

that the subad-visory fee was reasonable. Because the Advisor would pay the Subadvisor’s subadvisory fee, the cost of services to be provided by the Subadvisor and the level of profitability to the Subadvisor from its relationship with the Portfolio were not material factors in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration.

CONCLUSIONS

qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) appropriate action is being taken with respect to the performance of the Portfolio; and (f) the Portfolio’s advisory and subadvisory fees are reasonable in relation to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Lifestyle
Aggressive Portfolio

(formerly,Summit Lifestyle ETF
Market Strategy Aggressive Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description

Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each operating company listed below

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

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

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

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

TABLE OF CONTENTS

4 Portfolio Manager Remarks

7 Shareholder Expense Example

8 Report of Independent Registered Public Accounting Firm

9 Statement of Net Assets

10 Statement of Operations

11 Statements of Changes in Net Assets

12 Notes to Financial Statements

17 Financial Highlights

19 Explanation of Financial Tables

20 Proxy Voting

21 Availability of Quarterly Portfolio Holdings

21 Basis for Board’s Approval of Investment Advisory Contracts

25 Director and Officer Information Table

calvert vp Lifestyle Aggressive Portfolio

Portfolio within Calvert Variable Products, Inc.
Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Lifestyle ETF Aggressive Portfolio returned 14.62%. Its benchmark, the Standard & Poor’s (S&P) 500 Index, returned 15.06% for the same period. The portfolio, which invests approximately 80% of its assets in stocks and 20% in bonds, underperformed during the year because the benchmark does not include bonds. When the portfolio’s performance is compared to a composite index comprised of 80% S&P 500 Index and 20% Barclays Capital Aggregate Bond Index, it outperformed. The composite index returned 13.36% for the period.

Proposed Merger

The Directors of Calvert Variable Products, Inc. have approved Calvert’s recommendation to solicit a shareholder vote for the merger of Calvert VP Lifestyle Aggressive Portfolio into Ibbotson Growth ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Aggressive Portfolio will be asked to vote on the merger and must approve it before any change may take place. Proxy materials, including the proposed Agreement and Plan of Reorganization and a further explanation of the proposed changes, will be sent to shareholders.

Investment Climate

Equity markets performed well in 2010, although pockets of turbulence disrupted performance throughout the year. After a strong start, turmoil in the Greek bond market caused global equity markets to falter. They rebounded quickly once European Union governments and the European Central Bank announced a bail-out for Greece and debt-purchase programs designed to support peripheral euro-zone countries. During late spring and throughout the summer months, equity markets in the United States languished as domestic economic activity slowed. Investors’ concerns about European financial market stability intensified as Portugal, Ireland, Italy, and Spain showed signs of weakness. By fall, the Federal Reserve announced its second round of quantitative easing (QE2), which helped propel equity markets to new

Calvert VP Lifestyle
Aggressive Portfolio*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)

One year	14.62%
Since inception (12.28.06)	0.99%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

highs for the year. In addition, economic growth appears to have accelerated during the second half of 2010, fueling the markets’ rise.

Over the full year, all major taxable bond market sectors posted positive returns, as yields finished mostly lower. The yield on 10-year Treasuries, for example, fell by 55 basis points. Three-month Treasury Bills yielded 0.12% at the end of the year, and money-market rates remained near zero as the Fed kept the target federal funds rate at that level.

Asset Allocation	% of Total Investments
Domestic Equity Exchange Traded Funds	78.1%
International and Global Equity Exchange Traded Funds	12.4%
Fixed Income Exchange Traded Funds	9.5%
Total	100.0%

PortfolIo strategy

During 2010, the portfolio’s exposure to equities increased after the first quarter. Over the full year, it held more than the target 80% in equities, on average. The portfolio’s small-cap, mid-cap and emerging market ETFs made positive contributions to relative performance during the year. The portfolio also held large-cap international ETFs, which detracted from relative performance. The portfolio’s corporate and high-yield bond ETFs also made attractive performance contributions over the full year.

The portfolio entered 2011 holding overweight positions in equity and higher-yield bond ETFs relative to the composite index.

outlook

During 2011, we expect to see increased growth in the U.S. and global economies. We also anticipate that corporate earnings will improve, in general. Interest rates may increase modestly as the economy strengthens and the Fed’s second round of quantitative easing ends by mid-year. Merger and acquisition (M&A) activity will likely increase during 2011, as an improved economic outlook, significant cash on corporate balance sheets, low interest rates, and relatively attractive valuation multiples combine to create an attractive environment for M&A activity. Riskier assets, including equities and lower-rated bonds, may outperform in this environment, continuing the trend that began in 2009.

The equity market will face challenges during the year. Weakness in Europe is likely to persist into 2011, which may negatively affect companies that depend on European markets. Chronically high unemployment in the United States, as well as growing budget deficits at federal, state, and local levels, may limit domestic economic growth. Also, the possibility of rising interest rates may negatively affect price-to-earnings multiples in the equity markets.

January 2011

1. A basis point is 0.01 percentage points.

2. Barclays Capital fixed-income indices

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes


		BEGINNING		ENDING		EXPENSES PAID
		ACCOUNT VALUE		ACCOUNTVALUE		DURING PERIOD*
		7/1/10		12/31/10		7/1/10 - 12/31/10

Actual	$	1,000.00	$	1,218.20	$	4.19

Hypothetical (5% return per year before expenses)	$	1,000.00	$	1,021.42	$	3.82

* Expenses are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the Underlying Funds in which the Portfolio invests are not included in the annualized expense ratios.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Lifestyle Aggressive Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Lifestyle Aggressive Portfolio (formerly, the Summit Lifestyle ETF Market Strategy Aggressive Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Lifestyle Aggressive Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Philadelphia, Pennsylvania
February 25, 2011


STATEMENT OF NET ASSETS
DECEMBER 31, 2010


exchange traded funds - 99.4%	shares	��	value
iShares Barclays Aggregate Bond Fund	3,800	$	401,850
iShares Barclays Intermediate Credit Bond Fund	1,600		168,288
iShares Barclays MBS Bond Fund	900		95,022
iShares Barclays TIPS Bond Fund	1,300		139,776
iShares iBoxx $ High Yield Corporate Bond Fund	1,500		135,435
iShares MSCI EAFE Index Fund	8,300		483,309
iShares Russell 2000 Index Fund	4,900		383,327
iShares S&P 500 Growth Index Fund	25,800		1,693,512
iShares S&P 500 Index Fund	14,200		1,792,750
iShares S&P 500 Value Index Fund	39,100		2,329,969
SPDR S&P MidCap 400 Trust	6,900		1,136,292
Vanguard Emerging Markets Fund	15,500		746,325
Vanguard REIT	7,000		387,590

Total Exchange Traded Funds (Cost $8,647,093)			9,893,445



TOTAL INVESTMENTS (Cost $8,647,093) - 99.4%			9,893,445
Other assets and liabilities, net - 0.6%			58,084
net assets - 100%		$	9,951,529




net assets consIst of:
Paid-in capital applicable to 202,240 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized		$	8,655,287
Undistributed net investment income			73,712
Accumulated net realized gain (loss) on investments			(23,822	)
Net unrealized appreciation (depreciation) on investments			1,246,352

net assets		$	9,951,529

net asset value Per share		$	49.21

See notes to financial statements.


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2010

net Investment Income
Investment Income:
Dividend income	$	218,565
Interest income		1
Total investment income		218,566

Expenses:
Investment advisory fee		55,127
Transfer agency fees and expenses		1,651
Accounting fees		1,594
Directors’ fees and expenses		1,409
Administrative fees		10,023
Custodian fees		5,540
Reports to shareholders		4,479
Professional fees		21,731
Miscellaneous		4,027
Total expenses		105,581
Reimbursement from Advisor		(30,317	)
Fees paid indirectly		(90	)
Net expenses		75,174

net Investment Income		143,392


realIzed and unrealIzed gaIn (loss) on Investments
Net realized gain (loss)		238,740
Change in unrealized appreciation (depreciation)		916,753


net realIzed and unrealIzed gaIn
(loss) on Investments		1,155,493

Increase (decrease) In net assets
resultIng from oPeratIons	$	1,298,885

See notes to financial statements.


STATEMENTS OF CHANGES IN NET ASSETS


		year ended			year ended
		December 31,			December 31,
INCREASE (DECREASE) IN NET ASSETS		2010			2009
Operations:
Net investment income	$	143,392		$	95,099
Net realized gain (loss)		238,740			(156,438	)
Change in unrealized appreciation (depreciation)		916,753			600,809

Increase (decrease) In net assets
resultIng from oPeratIons		1,298,885			539,470

Distributions to shareholders from:
Net investment income		(77,122	)		(87,313	)
Total distributions		(77,122	)		(87,313	)

Capital share transactions:
Shares sold		1,319,337			10,628,986
Reinvestment of distributions		77,121			87,312
Shares redeemed		(3,150,510	)		(1,896,196	)
Total capital share transactions		(1,754,052	)		8,820,102

total Increase (decrease) In net assets		(532,289	)		9,272,259


net assets
Beginning of year		10,483,818			1,211,559
End of year (including undistributed net investment income
of $73,712 and $7,450, respectively)	$	9,951,529		$	10,483,818


caPItal share actIvIty
Shares sold		29,241			252,978
Reinvestment of distributions		1,568			2,002
Shares redeemed		(70,857	)		(46,038	)
Total capital share activity		(40,048	)		208,942

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE A – SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert VP Lifestyle Aggressive Portfolio (the “Portfolio”), formerly known as Summit Lifestyle ETF Market Strategy Aggressive Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio invests primarily in various exchange traded funds (the “Underlying Funds”), representing different market exposure.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:


			valuation Inputs
Investments In securItIes		level 1	level 2	level 3		total
Exchange Traded Funds	$	9,893,445	—	—	$	9,893,445
TOTAL	$	9,893,445	—	—	$	9,893,445

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (“the Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .55% of the Portfolio’s average daily net assets. Under the terms of the agreement, $4,607 was payable at year end. In addition, $2,693 was payable at year end for operating expenses paid by the Advisor during December 2010.

NOTE C — INVESTMENT ACTIVITY

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $3,873,906 and $5,534,615, respectively.

CAPITAL LOSS CARRYFORWARDS

exPIratIon date
31-Dec-17	($	1,174	)

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:

		2010		2009
Distributions paid from:
Ordinary income	$	77,122	$	87,313
Total	$	77,122	$	87,313

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$	1,225,373
Unrealized (depreciation)		(1,669	)
Net unrealized appreciation/(depreciation)	$	1,223,704

Undistributed ordinary income	$	73,712
Capital loss carryforward	($	1,174	)

Federal income tax cost of investments	$	8,669,741

The differences between components of distributable earnings on a tax basis and the amounts reflected in the statement of assets and liabilities are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales and exchange traded funds.


Undistributed net investment income	($	8	)
Accumulated net realized gain (loss)		294
Paid-in capital		(286	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loan outstanding pursuant to this line of credit at December 31, 2010. For the year ended December 31, 2010, borrowing information by the Portfolio under the Agreement was as follows:


	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$10,824	1.53%	$624,072	October 2010

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

NOTE F — OTHER

On December 9, 2010, the Board of Directors approved a resolution to reorganize the Calvert VP Lifestyle Aggressive Portfolio into the Ibbotson Growth ETF Asset Allocation Portfolio. Shareholders of Calvert VP Lifestyle Aggressive Portfolio will be asked to vote on the reorganization and must approve it before any change may take place.

NOTICE TO SHAREHOLDERS (UNAUDITED)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 83.1% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

FINANCIAL HIGHLIGHTS

		Years Ended
	December 31,	December 31,	December 31,
	2010 *(z)*	2009	2008
Net asset value, beginning	$43.27	$36.33	$52.28
Income from investment operations:
Net investment income	.64	.38	.78
Net realized and unrealized gain (loss)	5.68	6.92	(15.08)
Total from investment operations	6.32	7.30	(14.30)
Distributions from:
Net investment income	(.38)	(.36)	(1.64)
Net realized gain	—	—	(.01)
Total distributions	(.38)	(.36)	(1.65)
Total increase (decrease) in net asset value	5.94	6.94	(15.95)
Net asset value, ending	$49.21	$43.27	$36.33

Total return*	14.62%	20.09%	(27.72%)
Ratios to average net assets: A,B
Net investment income	1.43%	2.57%	2.50%
Total expenses	1.05%	1.25%	5.55%
Expenses before offsets	.75%	.75%	.75%
Net expenses	.75%	.75%	.75%
Portfolio turnover	39%	54%	69%
Net assets, ending (in thousands)	$9,952	$10,484	$1,212

	Periods Ended
	December 31,	December 31,
	2007 *(z)*	2006^
Net asset value, beginning	$49.79	$50.00
Income from investment operations:
Net investment income	1.23	—
Net realized and unrealized gain (loss)	1.26	(.21)
Total from investment operations	2.49	(.21)
Total increase (decrease) in net asset value	2.49	(.21)
Net asset value, ending	$52.28	$49.79

Total return*	5.00%	(.42%)
Ratios to average net assets: A,B
Net investment income (loss)	2.35%	(.72%) (a)
Total expenses	7.14%	220.77% (a)
Expenses before offsets	.75%	.75% (a)
Net expenses	.75%	.75% (a)
Portfolio turnover	27%	0%
Net assets, ending (in thousands)	$978	$149

See notes to financial highlights.

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.
B	Amounts do not include the activity of the Underlying Funds.
(a)	Annualized.
(z)	Per share figures calculated using the Average Shares Method.
*	Total return is not annualized for periods less than one year.
^	From December 28, 2006 inception.

See notes to financial statements.

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one- and three-year periods ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Portfolio’s performance and its plans with respect to the Portfolio. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2010 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

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

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement and the Investment Subadvisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Subadvisor is qualified to manage the Portfolio’s assets in accordance with the Portfolio’s investment objective and policies; (c) the Advisor and Subadvisor maintain appropriate compliance programs; (d) the Subadvisor is likely to execute its investment strategies consistently over time; (e) appropriate action is being taken with respect to the performance of the Portfolio; and (f) the Portfolio’s advisory and subadvisory fees are reasonable in relation to those of similar funds and to the services to be provided by

the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

DIRECTOR AND OFFICER INFORMATION TABLE

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Calvert VP Natural

Resources Portfolio

(formerly, Summit Natural

Resources Portfolio)

Annual Report

December 31, 2010

INFORMATION REGARDING CALVERT OPERATING COMPANY NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name

Company Name on 4/30/11

Company Description

Calvert Group, Ltd.

Calvert Investments, Inc.

Corporate parent of each operating company listed below

Calvert Asset Management Company, Inc.

Calvert Investment Management, Inc.

Investment advisor to the Calvert Funds

Calvert Distributors, Inc.

Calvert Investment Distributors, Inc.

Principal underwriter and distributor for the Calvert Funds

Calvert Administrative Services Company

Calvert Investment Administrative Services, Inc.

Administrative services provider for the Calvert Funds

Calvert Shareholder Services, Inc.

Calvert Investment Services, Inc.

Shareholder servicing provider for the Calvert Funds

TABLE OF CONTENTS

4		Portfolio Manager Remarks
6		Shareholder Expense Example
7		Report of Independent Registered Public Accounting Firm
8		Statement of Net Assets
9		Statement of Operations
10		Statements of Changes in Net Assets
11		Notes to Financial Statements
16		Financial Highlights
18		Explanation of Financial Tables
19		Proxy Voting
20		Availability of Quarterly Portfolio Holdings
20		Basis for Board’s Approval of Investment Advisory Contracts
24		Director and Officer Information Table

calvert vp Natural resources Portfolio

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

Performance

For the year ended December 31, 2010, Calvert VP Natural Resources Portfolio returned 17.22%. Its benchmark, the Standard & Poor’s (S&P) 500 Index, returned 15.06% for the period. The portfolio’s concentrated holdings in the commodity and natural resource sectors of the market were the reasons for its outperformance. The S&P 500 Index has a more diversified allocation of holdings across industry sectors.

Investment Climate

Positive investor sentiment and an improved economic environment—both domestically and overseas—provided a solid backdrop for commodity and natural resource prices in 2010. With the exception of natural gas prices, which declined by 35%, virtually all commodity prices rose substantially during the year. The price of gold increased more than 30%, reaching about $1,400 per ounce. Copper prices increased more than 40%. Prices for industrial materials rose significantly, fueled by demand from China and other emerging countries. Also, prices for cotton, corn, wheat, and other agricultural commodities increased significantly. In addition, a weakening U.S. dollar provided price support for commodities denominated in U.S. dollars, such as crude oil.

Portfolio Strategy

As a “fund of funds,” the portfolio invests in exchange-traded funds (ETFs) and notes (ETNs) that track diverse commodity, natural resource, raw materials, and utility indices. The portfolio is constructed to maintain broad exposures to a wide variety of commodities and natural resources. During 2010, the portfolio’s holdings remained fairly stable. The only changes were a slight reduction in its exposure to the energy sector, and corresponding increases in its exposure to forestry, grains, water, and utilities. The portfolio’s largest holdings were in the energy (32%) and materials (28%) sectors. It also had exposure to metals (9%), grains (8%), forest products (7%), and other sectors including water, utilities, and real estate.

Calvert VP Natural Resources Portfolio*

Comparison of change in
value of a hypothetical $10,000 investment.

Average Annual Total Return
(period ended 12.31.10)
One year	17.22%
Since inception (12.28.06)	2.91%

*Performance information is for the Portfolio only and does not reflect charges and expenses of the variable annuity or variable universal life contract.

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Outlook

Commodity and natural resource prices are poised to perform well in 2011, assuming that global expansion continues. Currently, fiscal and monetary policy in both the U.S. and Europe is supportive of pricing. A weak U.S. dollar would further the case for higher commodity and natural resource prices in 2011. Regardless, we will carefully monitor the pace of economic growth in 2011. The U.S. economy is still fragile and growth in Europe is far from assured. If economic growth slows globally, commodity and natural resource prices could suffer.

January 2011

		% of Total
Economic Sectors		Investments

Materials Stocks		28.1%
Forestry Stocks		7.2%
Energy Stocks		18.1%
Water Stocks		5.1%
Utilities Stocks		5.0%
Real Estate Stocks		2.0%
Energy Commodities		14.2%
Grain Commodities		7.5%
Industrial Metals Commodities		5.2%
Precious Metals Commodities		4.1%
Soft Commodities		2.5%
Livestock Commodities		1.0%
Total		100%

Shareholder Expense Example

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 to December 31, 2010).

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/1/10	12/31/10	7/1/10 - 12/31/10

Actual	$1,000.00	$1,322.80	$4.39

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.42	$3.82

Report of Independent Registered Public
Accounting Firm

The Board of Directors of Calvert Variable Products, Inc.
and Shareholders of Calvert VP Natural Resources Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Natural Resources Portfolio (formerly, the Summit Natural Resources Portfolio) (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights of the Portfolio for the periods presented through December 31, 2007 were audited by other auditors whose report thereon dated February 22, 2008, expressed an unqualified opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP Natural Resources Portfolio as of December 31, 2010, 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 three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/KPMG

Philadelphia, Pennsylvania

February 25, 2011

STATEMENT OF NET ASSETS

DECEMBER 31, 2010

Investment Companies - 99.0%	Shares	Value
Guggenheim Timber Index ETF	146,500	$3,022,295
iPath Dow Jones-UBS Commodity Index Total Return ETN*	147,100	7,225,552
iShares Dow Jones US Utilities Sector Index ETF	27,400	2,112,540
iShares S&P Global Materials Sector Index ETF	56,600	4,145,950
iShares S&P North American Natural Resources Sector Index ETF	181,900	7,583,411
PowerShares DB Commodity Index Tracking Fund*	262,500	7,239,750
PowerShares Water Resources Portfolio ETF	112,100	2,128,779
Vanguard Materials ETF	92,500	7,640,500
Vanguard REIT ETF	15,100	836,087

Total Investment Companies (Cost $33,784,443)		41,934,864


TOTAL INVESTMENTS (Cost $33,784,443) - 99.0%		41,934,864
Other assets and liabilities, net - 1.0%		433,444
Net Assets - 100%		$42,368,308



Net Assets Consist Of:
Paid-in capital applicable to 761,509 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized		$38,250,001
Undistributed net investment income		141,857
Accumulated net realized gain (loss) on investments		(4,173,971)
Net unrealized appreciation (depreciation) on investments		8,150,421

Net Assets		$42,368,308

Net Asset Value Per Share		$55.64

* Non-income producing security.

Abbreviations:

ETF: Exchange-traded fund

ETN: Exchange-traded note

REIT: Real Estate Investment Trust

See notes to financial statements.

Statement of Operations

year ended DECEMBER 31, 2010

Net Investment Income
Investment Income:
Dividend income	$473,669
Interest income	20
Total investment income	473,689

Expenses:
Investment advisory fee	150,969
Transfer agency fees and expenses	1,689
Accounting fees	4,438
Directors’ fees and expenses	3,902
Administrative fees	27,449
Custodian fees	8,158
Reports to shareholders	17,546
Professional fees	20,862
Miscellaneous	4,406
Total expenses	239,419
Reimbursement from Advisor	(32,904)
Fees paid indirectly	(649)
Net expenses	205,866

Net Investment Income	267,823


Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss)	347,297
Change in unrealized appreciation (depreciation)	6,947,741


Net Realized and Unrealized Gain
(Loss) on Investments	7,295,038

Increase (Decrease) in Net Assets
Resulting From Operations	$7,562,861

See notes to financial statements.

Statements of Changes in Net Assets

	Year Ended	Year Ended
	December 31,	December 31,
Increase (Decrease) in Net Assets	2010	2009
Operations:
Net investment income	$267,823	$24,394
Net realized gain (loss)	347,297	(2,288,408)
Change in unrealized appreciation (depreciation)	6,947,741	5,748,315

Increase (Decrease) in Net Assets
Resulting From Operations	7,562,861	3,484,301

Distributions to shareholders from:
Net investment income	(125,966)	(41,810)

Capital share transactions:
Shares sold	22,767,385	10,788,926
Reinvestment of distributions	125,969	41,810
Shares redeemed	(5,330,921)	(4,578,253)
Total capital share transactions	17,562,433	6,252,483

Total Increase (Decrease) in Net Assets	24,999,328	9,694,974


Net Assets
Beginning of year	17,368,980	7,674,006
End of year (including undistributed net investment income of $141,857 and $12,181, respectively)	$42,368,308	$17,368,980


Capital Share Activity
Shares sold	506,255	266,524
Reinvestment of distributions	2,279	874
Shares redeemed	(111,839)	(113,298)
Total capital share activity	396,695	154,100

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

Note A –- Significant Accounting Policies

General: Calvert VP Natural Resources Portfolio (the “Portfolio”), formerly known as Summit Natural Resources Portfolio, a series of Calvert Variable Products, Inc. (the “Fund”), formerly known as Summit Mutual Funds, Inc., is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund is comprised of thirteen separate portfolios. The operations of each series of the Fund are accounted for separately. The shares of the Portfolio are sold to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio invests primarily in exchange traded funds and exchange traded notes (the “Underlying Funds”) representing different natural resources exposures.

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2010:

	Valuation Inputs
Investments in Securities	Level 1	Level 2	Level 3	Total
Exchange traded funds & notes	$41,934,864	—	—	$41,934,864
TOTAL	$41,934,864	—	—	$41,934,864

Security Transactions and Investment Income: Security transactions, normally shares of the Underlying Funds, are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis. Income and capital gain distributions from the Underlying Funds, if any, are recorded on ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities is accrued as earned. Expenses included in the accompanying financial statements reflect the expenses of the Portfolio and do not include any expenses associated with the Underlying Funds.

Note B — Related Party Transactions

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .55%, of the Portfolio’s average daily net assets. Under the terms of the agreement, $19,208 was payable at year end. In addition, $3,797 was payable at year end for operating expenses paid by the Advisor during December 2010.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CSSI received a fee of $76 for the year ended December 31, 2010. Under the terms of the agreement, $7 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Note C — Investment Activity

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities were $25,708,728 and $8,107,968, respectively.

Capital Loss Carryforwards

Expiration Date
31-Dec-16	($1,088,390)

The tax character of dividends and distributions paid during the years ended December 31, 2010 and December 31, 2009 was as follows:

	2010	2009
Distributions paid from:
Ordinary income	$125,966	$41,810
Total	$125,966	$41,810

As of December 31, 2010, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$5,064,840
Unrealized (depreciation)	—
Net unrealized appreciation/(depreciation)	$5,064,840

Undistributed ordinary income	$141,857
Capital loss carryforward	($1,088,390)
Federal income tax cost of investments	$36,870,024

The differences between components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are due to wash sales and partnerships.

Reclassifications, as shown in the table below, have been made to the Portfolio’s components of net assets to reflect income and gains available for distributions (or available capital loss carryforwards, as applicable) under income tax law and regulations. These reclassifications are due to permanent book-tax differences and have not impact on net assets. The primary permanent differences causing such reclassifications for the Portfolio are due to partnerships.

Undistributed net investment income	($12,181)
Accumulated net realized gain (loss)	16,018
Paid-in capital	(3,837)

Note D — Line of Credit

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no borrowings under the agreement during the year ended December 31, 2010.

Note E — Subsequent Events

In preparing the financial statements as of December 31, 2010, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Notice to Shareholders (Unaudited)

For the year ended December 31, 2010, in order to meet certain requirements of the Internal Revenue Code, we are advising you that the Portfolio designates 65.5% of the ordinary dividends paid during the year or the maximum amount allowable but not less than the aforementioned percentage as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code.

Financial Highlights

		Years Ended
	December 31,	December 31,	December 31,
	2010 *(z)*	2009 *(z)*	2008
Net asset value, beginning	$47.61	$36.42	$60.90
Income from investment operations:
Net investment income	.47	.08	.10
Net realized and unrealized gain	7.73	11.22	(24.46)
Total from investment operations	8.20	11.30	(24.36)
Distributions from:
Net investment income	(.17)	(.11)	(.12)
Total distributions	(.17)	(.11)	(.12)
Total increase (decrease) in net asset value	8.03	11.19	(24.48)
Net asset value, ending	$55.64	$47.61	$36.42

Total return*	17.22%	31.04%	(40.03%)
Ratios to average net assets: A,B
Net investment income	.98%	.20%	.40%
Total expenses	.87%	.90%	1.38%
Expenses before offsets	.75%	.75%	.75%
Net expenses	.75%	.75%	.75%
Portfolio turnover	30%	35%	101%
Net assets, ending (in thousands)	$42,368	$17,369	$7,674

	Periods Ended
	December 31,	December 31,
	2007	2006^
Net asset value, beginning	$49.98	$50.00
Income from investment operations:
Net investment income	.10	—
Net realized and unrealized gain (loss)	10.82	(.02)
Total from investment operations	10.92	(.02)
Distributions from:
Net investment income	—	—
Total distributions	—	—
Total increase (decrease) in net asset value	10.92	(.02)
Net asset value, ending	$60.90	$49.98

Total return*	21.85%	(.04%)
Ratios to average net assets: A,B
Net investment income (loss)	.23%	(.75%) (a)
Total expenses	6.33%	133.46% (a)
Expenses before offsets	.75%	.75% (a)
Net expenses	.75%	.75% (a)
Portfolio turnover	28%	0%
Net assets, ending (in thousands)	$1,255	$250

See notes to financial highlights.

A Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the portfolio.

B Amounts do not include the activity of the Underlying Funds.

(a) Annualized.

(z) Per share figures are calculated using the Average Shares Method.

* Total return is not annualized for periods less than one year.

^ From December 28, 2006, inception.

See notes to financial statements.

Explanation of Financial Tables

Schedule of Investments

Statement of Assets and Liabilities

Statement of Net Assets

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Proxy voting

Availability of Quarterly Portfolio Holdings

Basis for Board’s Approval of Investment Advisory ContractS

At a meeting held on December 9, 2010, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with the Advisor’s management through Board of Directors’ meetings, discussions and other reports. The Board considered the Advisor’s current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Portfolio, were also considered. The Board discussed the Advisor’s effectiveness in monitoring the performance of the Subadvisor and its timeliness in responding to performance issues. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed below the median of its peer universe for the one-year period ended June 30, 2010 and above the median of its peer universe for the three-year period ended June 30, 2010. The data also indicated that the Portfolio underperformed its Lipper index for the one-year period ended June 30, 2010 and outperformed its Lipper index for the three-year period ended June 30, 2010. The Board took into account management’s discussion of the limitations on the passive and active benchmarks against which the Portfolio’s performance was measured. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one- and three-year periods ended June 30, 2010 as compared to the Portfolio’s peer universe and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

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

Conclusions

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

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

Director and Officer Information Table

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Independent Directors
FRANK H. BLATZ, JR., Esq. AGE: 75	Director	1982 CVS 2008 CVP	Of counsel to firm of Schiller & Pittenger, P.C. Mr. Blatz was an attorney in private practice in Fanwood, NJ from 1999 to 2004.	21	None
ALICE GRESHAM AGE: 60	Director	1999 CVS 2008 CVP	Professor and former Dean at Howard University School of Law. She was formerly Deputy Director of the Association of American Law Schools.	22	None
M. CHARITO KRUVANT AGE: 65	Director	1999 CVS 2008 CVP	President and CEO of Creative Associates International, Inc., a firm that specializes in human resources development, information management, public affairs and private enterprise development.	33	· Acacia Federal Savings Bank · Summit Foundation · WETA Public Broadcasting
CYNTHIA MILLIGAN AGE: 64	Director	1999 CVS 2008 CVP	Dean Emeritus, College of Business Administration, University of Nebraska, Lincoln. Formerly, she was the President and Chief Executive Officer for CMA, a consulting firm for financial institutions.	22	· Wells Fargo Company- NYSE · Gallup, Inc. · W.K. Kellogg Foundation · Raven Industries - NASDAQ · Colonial Williamsburg Foundation (Non-Profit) · Prison Fellowship Ministries (Non-Profit)
ARTHUR J. PUGH AGE: 73	Director	1982 CVS 2008 CVP	Retired executive.	21	None

Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	(Not Applicable to Officers)
Name & Age	Position with Fund	Position Start Date	Principal Occupation During Last 5 Years	# of Calvert Portfolios Overseen	Other Directorships
Interested Directors
BARBARA J. KRUMSIEK AGE: 58	Director & Chair-person	1997 CVS 2008 CVP	President, Chief Executive Officer and Chair of Calvert Group, Ltd.	49	· Calvert Social Investment Foundation · Pepco Holdings, Inc. · Acacia Life Insurance Company (Chair)
WILLIAM LESTER AGE: 53	Director & President	2004 CVS 2008 CVP	Executive Vice President Finance/Investments and Corporate Treasurer of UNIFI Companies. Mr. Lester also serves as President and Chair of Summit Investment Advisors, Inc.	21	· Acacia Federal Savings Bank · Summit Investment Advisors, Inc. · Ameritas Investment Corp.
Officers
KAREN BECKER AGE: 58	Chief Compliance Officer	2005 CVS 2008 CVP	Chief Compliance Officer for the Calvert Funds. In March 2009, Ms. Becker also became Head of the Securities Operations Department for Calvert Asset Management Company, Inc.
SUSAN walker Bender, Esq. AGE: 52	Assistant Vice President & Assistant Secretary	1988 CVS 2008 CVP	Assistant Vice President and Associate General Counsel of Calvert Group, Ltd.
JENNIFER BERG AGE: 37	Assistant Fund Controller	2009	Fund Administration Manager of Calvert Group Ltd.
THOMAS DAILEY AGE: 46	Vice President	2004 CVS 2008 CVP	Vice President of Calvert Asset Management Company, Inc.
IVY WAFFORD DUKE, Esq. AGE: 42	Assistant Vice President & Assistant Secretary	1996 CVS 2008 CVP	Assistant Vice President, Assistant Secretary and Deputy General Counsel ofCalvert Group, Ltd., and Chief Compliance Officer for Calvert Asset Management Company, Inc. and Calvert Distributors, Inc.
patrick faul AGE: 46	Vice President	2010	Vice President of Calvert Asset Management Company, Inc. since 2008, and Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-Head of Credit Research (2008) and a Senior Securities Analyst (prior to 2008).

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

TRACI L. GOLDT

AGE: 37

Assistant Secretary

2004

CVS

2008

CVP

Executive Assistant to General Counsel, Calvert Group, Ltd.

GREGORY B. HABEEB

AGE: 61

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

HUI PING HO, CPA

Age: 46

Assistant Treasurer

2000

CVS

2008

CVP

Tax Compliance Manager of Calvert Group, Ltd.

LANCELOT A. KING, Esq.

AGE: 40

Assistant Vice President & Assistant Secretary

2002

CVS

2008

CVP

Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Group, Ltd.

edith lillie

aGE: 54

Assistant Secretary

2007

CVS

2008

CVP

Assistant Secretary and Regulatory Matters Manager of Calvert Group, Ltd.

AUGUSTO DIVO MACEDO, Esq.

AGE: 48

Assistant Vice President & Assistant Secretary

2007

CVS

2008

CVP

Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Group, Ltd.

JANE B. MAXWELL Esq.

AGE: 58

Assistant Vice President & Assistant Secretary

2005

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Assistant General Counsel of Calvert Group, Ltd.

Name &
Age

Position
with
Fund

Position
Start
Date

Principal Occupation
During Last 5 Years

(Not Applicable to Officers)

# of Calvert
Portfolios
Overseen

Other
Directorships

JAMES R. McGLYNN, CFA

AGE: 51

Vice President

2009

CVS

2009

CVP

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

ANDREW K. NIEBLER, Esq.

AGE: 43

Assistant Vice President & Assistant Secretary

2006

CVS

2008

CVP

Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Group, Ltd.

CATHERINE P. ROY

AGE: 55

Vice President

2004

CVS

2008

CVP

Senior Vice President of Calvert Asset Management Company, Inc.

William M. Tartikoff, Esq.

AGE: 63

Vice President & Secretary

1990

CVS

2008

CVP

Senior Vice President, Secretary, and General Counsel of Calvert Group, Ltd.

NATALIE TRUNOW

AGE: 43

Vice President

2008

CVS

2008

CVP

Ronald M. Wolfsheimer, CPA

AGE: 58

Treasurer

1982

CVS

2008

CVP

Senior Vice President and Chief Financial and Administrative Officer of Calvert Group, Ltd.

MICHAEL V. YUHAS JR., CPA

AGE: 49

Fund Controller

1999

CVS

2008

CVP

Vice President of Fund Administration of Calvert Administrative Services Company.

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer and principal financial officer (also referred to as “principal accounting officer”).

(b) No information need be disclosed under this paragraph.

(c) The registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The registrant has not granted a waiver or implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Services fees paid to auditing firm:

	Fiscal Year ended 12/31/10		Fiscal Year ended 12/31/09
	$	%*	$	% *

(a) Audit Fees	$218,405	0%	$200,805	0%
(b) Audit-Related Fees	$0	0%	$0	0%
(c) Tax Fees (tax return preparation and filing for the registrant)	$38,968	0%	$36,959	0%
(d) All Other Fees	$0	0%	$0	0%

Total	$257,373	0%	$237,764	0%

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

(e) Audit Committee pre-approval policies and procedures:

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

(f) Not applicable.

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

Fiscal Year ended 12/31/10		Fiscal Year ended 12/31/09
$	%*	$	%*
$11,000	0%	$4,000	0%

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

(h) The registrant’s Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c) (7)(ii) of Rule 2-01 of Reg. S-X is compatible with maintaining the principal accountant’s independence and found that the provision of such services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) This Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors since registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The principal executive and financial officers concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report.

(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics.

Attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2).

Attached hereto.

(a)(3) Not applicable.

(b) A certification for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.

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

CALVERT VARIABLE PRODUCTS, INC.

By: /s/ Barbara J. Krumsiek

Barbara J. Krumsiek

Chairman -- Principal Executive Officer

Date: March 1, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Barbara J. Krumsiek

Barbara J. Krumsiek

Chairman -- Principal Executive Officer

Date: March 1, 2011

/s/ Ronald M. Wolfsheimer

Ronald M. Wolfsheimer

Treasurer -- Principal Financial Officer

Date: March 1, 2011

Calvert Variable Products N-CSRCertified annual shareholder report (management investment company)

Name &Age

PositionwithFund

PositionStartDate

Principal OccupationDuring Last 5 Years

(Not Applicable to Officers)

# of CalvertPortfoliosOverseen

OtherDirectorships

Independent Directors

M. CHARITO KRUVANT

ARTHUR J. PUGH

Name &Age

PositionwithFund

PositionStartDate

Principal OccupationDuring Last 5 Years

(Not Applicable to Officers)

# of CalvertPortfoliosOverseen

OtherDirectorships

KAREN BECKER

Name &Age

PositionwithFund

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(Not Applicable to Officers)

# of CalvertPortfoliosOverseen

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Name &Age

PositionwithFund

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(Not Applicable to Officers)

# of CalvertPortfoliosOverseen

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Name &Age

PositionwithFund

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(Not Applicable to Officers)

# of CalvertPortfoliosOverseen

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Independent Directors

M. CHARITO KRUVANT

ARTHUR J. PUGH

Name &Age

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(Not Applicable to Officers)

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KAREN BECKER

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(Not Applicable to Officers)

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PositionwithFund

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(Not Applicable to Officers)

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Independent Directors

M. CHARITO KRUVANT

ARTHUR J. PUGH

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