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, 2012

Item 1. Report to Stockholders.

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

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

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

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

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

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

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

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

[Calvert VP Natural Resources Portfolio Annual Report to Shareholders]

CALVERT VP SRI LARGE CAP VALUE PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Calvert Investment Management, Inc.

PERFORMANCE

For the 12-month period ended December 31, 2012, Calvert VP SRI Large Cap Value Portfolio returned 17.03% versus the 17.51% return of the Russell 1000 Value Index. Holdings in the Materials, Telecommunication Services, and Health Care sectors contributed to the relative underperformance.

INVESTMENT CLIMATE

The most overused phrase dominating year-end headlines was “fiscal cliff,” as inaction in Washington dominated after President Obama’s re-election. The gridlock cast a pall over the financial markets and incited fear in investors’ hearts. The uncertainty tempted investors to sell securities to avoid inevitable higher tax rates. We expect the debt ceiling to dominate in the first quarter of 2013.

Meanwhile, high unemployment continued to be the number-one economic problem for the country. The rate is slowly dropping--although it remained relatively high at 7.8% as of December 2012--and would benefit from higher economic growth. The Federal Reserve (Fed) continued a highly stimulative monetary policy in an attempt to boost economic growth out of the doldrums. The economy did grow 3.1% in the third quarter and housing starts reached a four-year high. Automobile sales also began to rebound thanks to a loosening of lending standards and the aging auto fleet.

Globally, nearly all central banks were employing stimulative monetary policies by year end. Most established democracies were confronting the reality of spending more than they tax. So far, the easiest route for the politicians and voters has been to nibble away at some of the programs

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)

One year	17.03	%
Five year	-0.51	%
Ten year	7.31	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.85%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 4

and raise taxes on the “rich.” But that has not been enough to balance the budget.

PORTFOLIO STRATEGY

Although economic growth has been anemic, the underpinnings of a recovery finally seem to be set in place. To take advantage of the consumer-led recovery, we added Target, DirecTV, and DuPont. Occidental Petroleum was also added given the potential rise in energy prices from the Fed’s policies. We believe new holding Norfolk Southern should benefit from a rise in coal prices. We added Southern Company for its stable dividend yield.

Two more defensive holdings were initiated with a common theme of corporate restructuring. Abbot will be spinning off a division that we believe should realize greater value on a stand-alone basis, and PepsiCo management has been put on notice to focus more on shareholder returns than on other stakeholders. We also purchased American International Group and Citigroup, two companies we believe are experiencing a rebirth and sell at substantial discounts to book value.

To fund these new holdings, we eliminated Spectra Energy, News Corp, CME Group, Pentair, Cisco, Diamond Offshore, Wal-Mart Stores, 3M, and Travelers as they reached their expected full value. We also sold Frontier Communications, Hewlett-Packard, Alliance Bernstein, Legg Mason, Exelon, and Gannett either because their fundamentals had weakened or we deemed other holdings more attractive.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	12.3	%
Consumer Staples	6.8	%
Energy	15.9	%
Financials	22.6	%
Health Care	11.5	%
Industrials	6.1	%
Information Technology	9.5	%
Materials	6.0	%
Short-Term Investments	2.5	%
Telecommunication Services	2.9	%
Utilities	3.9	%
Total	100	%

Detractors from Performance

The fund’s top three detractors from performance were the Materials, Telecommunication Services, and Health Care sectors. Materials underperformed due to overweights in mining company Newmont and chemical company DuPont. Both companies, along with many high dividend payers, lost ground in the fourth quarter of 2012.

In Telecommunication Services, Frontier Communications lagged the market before we sold it. WellPoint was the main detractor in Health Care, as it struggled following the acquisition of 1-800-Contacts and Amerigroup. The CEO was also dismissed mid-year.

Contributors to Performance

The top three contributors to relative performance were the Energy, Information Technology, and Financials sectors. Energy enjoyed strong stock selection as ConocoPhillips and Marathon Petroleum outpaced competitors, particularly Chevron, which we do not hold. eBay drove performance in Information Technology. We also exited Hewlett-Packard to reduce potential losses as the stock continued to slide.

The Financials sector benefited from both stock and industry selection. We took advantage of undervalued names, particularly in the capital markets, diversified financial services, and insurers industries. Insurer Hartford Financial Services was the largest driver of positive performance. Bank of America bounced back from a dismal 2011 to

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 5

become one of the best performers within the Financials sector.

OUTLOOK

The economy has been growing for more than two years. With the unemployment rate at 7.8% as of December and housing just beginning to recover, the Fed remains in stimulus mode and has set a major goal to reduce unemployment (they have mentioned a goal of 6.5%). It is ostensibly not worried about inflation.

Reduced unemployment would also be a positive for deficit reduction, providing increased revenues and decreased unemployment expenditures. Congress agrees that fiscal policy should be stimulative, even if that might be construed as inflationary. The increase in taxes on dividends and interest that Congress passed were also much less onerous than they could have been if the previous rates had merely expired.

Overall, equities are in a much more favorable position than fixed-income securities. That being said, continued shocks to investors over the years prompted them to walk away from equities. However, many companies have excellent dividends--greater than their corporate bond yields--and many have significantly reduced their outstanding shares. High dividend yields for equities are due to investors’ lack of interest. Furthermore, their extreme desire for non-volatile fixed income has driven bond yields to very low levels--again creating a favorable position for equities.

As equity investors, we plan to remain diversified among sectors, investing with the expectations of returning cost inflation and rising interest rates. We will also remain fully invested to benefit from an economic rebound, which most investors don’t seem to believe will arrive.

January 2013

As of December 31, 2012, the following companies represented the following percentages of Portfolio net assets: Target 2.49%, DirecTV 2.45%, DuPont 2.28%, Occidental Petroleum 2.30%, Norfolk Southern 0.80%, Southern Company 1.99%, Abbott 0.47%, PepsiCo 1.97%, American International Group 1.50%, Citigroup 0.59%, Spectra Energy 0%, News Corp 0%, CME Group 0%, Pentair 0%, Cisco 0%, Diamond Offshore 0%, Wal-Mart Stores 0%, 3M 0%, Travelers 0%, Frontier Communications 0%, Hewlett-Packard 0%, Alliance Bernstein 0%, Legg Mason 0%, Exelon 0%, Gannett 0%, Newmont 1.36%, WellPoint 2.08%, 1-800-Contacts 0%, Amerigroup 0%, ConocoPhillips 2.17%, Marathon Petroleum 1.52%, Chevron 0%, eBay 1.81%, Hartford Financial Services 2.00%, and Bank of America 2.06%. Holdings are subject to change.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 6

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, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,093.85	$4.03

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.28	$3.89

* Expenses are equal to the Fund’s annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 7

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP SRI Large Cap Value Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert VP SRI Large Cap Value Portfolio as of December 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

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


STATEMENT OF NET ASSETS
DECEMBER 31, 2012



EQUITY SECURITIES - 98.1%	SHARES		VALUE
Beverages - 2.0%
PepsiCo, Inc	37,900	$	2,593,497

Capital Markets - 4.1%
Goldman Sachs Group, Inc	20,800		2,653,248
Morgan Stanley	139,400		2,665,328
			5,318,576

Chemicals - 4.7%
Dow Chemical Co.	97,700		3,157,664
E. I. du Pont de Nemours & Co	66,700		2,999,499
			6,157,163

Commercial Banks - 6.2%
PNC Financial Services Group, Inc.	56,100		3,271,191
US Bancorp	58,200		1,858,908
Wells Fargo & Co	85,800		2,932,644
			8,062,743

Commercial Services & Supplies - 3.0%
The ADT Corp	27,412		1,274,384
Tyco International Ltd	91,025		2,662,481
			3,936,865

Diversified Financial Services - 4.8%
Bank of America Corp.	234,184		2,716,534
Citigroup, Inc.	20,000		791,200
JPMorgan Chase & Co.	62,204		2,735,110
			6,242,844

Diversified Telecommunication Services - 2.9%
AT&T, Inc.	77,300		2,605,783
Verizon Communications, Inc.	28,400		1,228,868
			3,834,651

Electric Utilities - 3.9%
Duke Energy Corp	39,581		2,525,268
The Southern Co.	61,100		2,615,691
			5,140,959

Electrical Equipment - 0.5%
Emerson Electric Co.	12,400		656,704

Electronic Equipment & Instruments - 1.5%
TE Connectivity Ltd	54,925		2,038,816

Food & Staples Retailing - 1.8%
CVS Caremark Corp.	49,700		2,402,995

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Food Products - 1.3%
Unilever NV, NY Shares	44,600	$	1,708,180

Health Care Equipment & Supplies - 1.0%
Abbott Laboratories	9,400		615,700
Covidien plc	11,125		642,357
			1,258,057

Health Care Providers & Services - 2.1%
WellPoint, Inc.	45,000		2,741,400

Household Durables - 0.6%
Sony Corp. (ADR)	66,500		744,800

Household Products - 1.8%
Procter & Gamble Co	34,000		2,308,260

Industrial Conglomerates - 1.8%
General Electric Co	110,800		2,325,692

Insurance - 7.7%
American International Group, Inc.*	56,100		1,980,330
Berkshire Hathaway, Inc., Class B*	26,950		2,417,415
Hartford Financial Services Group, Inc	117,400		2,634,456
MetLife, Inc.	92,100		3,033,774
			10,065,975

Internet Software & Services - 4.4%
eBay, Inc.*	46,700		2,382,634
Google, Inc.*	4,800		3,404,976
			5,787,610

IT Services - 1.4%
International Business Machines Corp.	9,600		1,838,880

Media - 7.0%
CBS Corp., Class B	51,974		1,977,611
Comcast Corp	32,300		1,207,374
DIRECTV*	64,400		3,230,304
Time Warner, Inc.	56,766		2,715,118
			9,130,407

Metals & Mining - 1.4%
Newmont Mining Corp	38,400		1,783,296

Multiline Retail - 2.5%
Target Corp.	55,300		3,272,101

Oil, Gas & Consumable Fuels - 16.0%
ConocoPhillips	49,142		2,849,745
Devon Energy Corp.	43,800		2,279,352
Exxon Mobil Corp	37,300		3,228,315
Marathon Oil Corp	78,400		2,403,744
Marathon Petroleum Corp	31,650		1,993,950

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Occidental Petroleum Corp.	39,500	$	3,026,095
Phillips 66 Co.	37,621		1,997,675
Royal Dutch Shell plc (ADR)	44,900		3,095,855
			20,874,731

Pharmaceuticals - 8.5%
GlaxoSmithKline plc (ADR)	75,500		3,281,985
Johnson & Johnson	28,200		1,976,820
Merck & Co., Inc.	63,700		2,607,878
Pfizer, Inc	131,200		3,290,496
			11,157,179

Road & Rail - 0.8%
Norfolk Southern Corp	17,100		1,057,464

Software - 2.1%
Microsoft Corp.	105,200		2,811,996

Specialty Retail - 2.3%
Lowe’s Co.’s, Inc	86,800		3,083,136


Total Equity Securities (Cost $114,547,824)			128,334,977


	PRINCIPAL
TIME DEPOSIT - 2.5%	AMOUNT
State Street Bank Time Deposit, 0.12%, 1/2/13	$3,288,443		3,288,443

Total Time Deposit (Cost $3,288,443)			3,288,443



TOTAL INVESTMENTS (Cost $117,836,267) - 100.6%			131,623,420
Other assets and liabilities, net - (0.6%)			(790,591	)
NET ASSETS - 100%		$	130,832,829

See notes to financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 11


NET ASSETS CONSIST OF:
Paid-in capital applicable to 1,772,730 shares of common stock outstanding;
$0.10 par value, 40,000,000 shares authorized	$	160,929,005
Undistributed net investment income		561,838
Accumulated net realized gain (loss)		(44,445,167	)
Net unrealized appreciation (depreciation)		13,787,153


NET ASSETS	$	130,832,829

NET ASSET VALUE PER SHARE	$	73.80

*Non-income producing security.

Abbreviations:
ADR: American Depositary Receipts
plc: Public Limited Company

See notes to financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 12


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $31,693)	$	3,312,683
Interest income		3,763
Total investment income		3,316,446


Expenses:
Investment advisory fee		801,897
Transfer agency fees and expenses		1,742
Directors’ fees and expenses		22,920
Administrative fees		125,296
Accounting fees		20,171
Custodian fees		10,562
Reports to shareholders		44,241
Professional fees		26,764
Miscellaneous		7,285
Total expenses		1,060,878
Reimbursement from Advisor		(92,256	)
Fees paid indirectly		(80	)
Net expenses		968,542


NET INVESTMENT INCOME		2,347,904


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)		(7,024,450	)
Change in unrealized appreciation (depreciation)		24,420,581


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		17,396,131

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	19,744,035

See notes to financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 13


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$2,347,904		$2,616,979
Net realized gain (loss)	(7,024,450	)	1,946,416
Change in unrealized appreciation (depreciation)	24,420,581		(5,314,602	)


INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	19,744,035		(751,207	)

Distributions to shareholders from:
Net investment income	(2,332,014	)	(2,640,184	)
Total distributions	(2,332,014	)	(2,640,184	)



Capital share transactions:
Shares sold	5,545,985		4,082,008
Reinvestment of distributions	2,332,014		2,640,184
Shares redeemed	(11,582,336	)	(51,068,355	)
Total capital share transactions	(3,704,337	)	(44,346,163	)



TOTAL INCREASE (DECREASE) IN NET ASSETS	13,707,684		(47,737,554	)


NET ASSETS
Beginning of year	117,125,145		164,862,699
End of year (including undistributed net investment income of $561,838 and $672,504, respectively)	$130,832,829		$117,125,145


CAPITAL SHARE ACTIVITY
Shares sold	80,826		62,020
Reinvestment of distributions	32,090		40,965
Shares redeemed	(164,029	)	(746,338	)
Total capital share activity	(51,113	)	(643,353	)

See notes to financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 14

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP SRI Large Cap Value Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge 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 (“the Board”) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.

The Board has adopted Valuation Procedures (the “Procedures”) to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. The Board has delegated the day-to-day responsibility for determining the fair value of assets of the Portfolio to Calvert Investment Management, Inc. (the “Advisor” or “Calvert”) and has provided these Procedures to govern Calvert in its valuation duties.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

The Valuation Committee meets on a regular basis to review illiquid securities and other investments which may not have readily available market prices. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

The Valuation Committee utilizes various methods to measure the fair value of the Portfolio’s 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 methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Portfolio’s investments by major category are as follows:

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 15

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are categorized as Level 2 in the hierarchy. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and such securities are categorized as Level 3 in the hierarchy.

Short-term securities of sufficient credit quality with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by the Valuation Committee.

The Valuation Committee considers a number of factors, including significant unobservable valuation inputs when arriving at fair value. It considers all significant facts that are reasonably available and relevant to the determination of fair value.

The Valuation Committee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. When more appropriate, the fund may employ an income-based or cost approach. An income-based valuation approach discounts anticipated future cash flows of the investment to calculate a present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. A cost based approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). From the seller’s perspective, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 16

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

		VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Equity securities*	$128,334,977	—	—	$128,334,977
Other debt obligations	—	$3,288,443	—	3,288,443
TOTAL	$128,334,977	$3,288,443	—	$131,623,420

*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. 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. 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.

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: During the year ended December 31, 2012, the Portfolio had an arrangement with its custodian bank whereby the custodian’s fees may have been paid indirectly by credits earned on the Portfolio’s cash on deposit with the bank. These credits were used to reduce the Portfolio’s expenses. However, this arrangement was suspended effective January 1, 2013, until further notice, due to low interest rates. Such a deposit arrangement was an alternative to overnight investments.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 17

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.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly owned by Ameritas Mutual Holding Company (formerly known as 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, $70,432 was payable at year end. In addition, $11,323 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense cap is .78% (.76% prior to May 1, 2012). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the average daily net assets of the Portfolio. Under the terms of the agreement, $11,020 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $64 for the year ended December 31, 2012. 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 ($40,000 effective January 1, 2013). Committee chairs receive an additional $5,000 annual retainer. Directors’ fees are allocated to each of the portfolios served.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $62,001,721 and $66,032,356, respectively.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 18


CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-15	($953,081	)
31-Dec-17	(28,385,593	)
31-Dec-18	(8,033,097	)

NO EXPIRATION DATE
Long-term	($6,297,289	)

Capital losses may be utilized to offset future capital gains until expiration; however, the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Income & Growth Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses are required to be utilized prior to the losses incurred in pre-enactment taxable years and retain their character as either short-term or long-term capital losses.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$2,332,014	$2,640,184
Total	$2,332,014	$2,640,184

As of December 31, 2012, the tax basis components of distributable earnings/ (accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$18,399,219
Unrealized (depreciation)	(5,388,173	)
Net unrealized appreciation/(depreciation)	$13,011,046
Undistributed ordinary income	$561,838
Capital loss carryforward	($43,669,060	)

Federal income tax cost of investments	$118,612,374

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 19

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

Undistributed net investment income	($126,556	)
Accumulated net realized gain (loss)	155,179
Paid-in capital	(28,623	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no borrowings under the agreement during the year ended December 31, 2012.

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 20


FINANCIAL HIGHLIGHTS

			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012		2011	(z)	2010	(z)
Net asset value, beginning	$64.22		$66.82		$60.76
Income from investment operations:
Net investment income	1.36		1.24		1.05
Net realized and unrealized gain (loss)	9.56		(2.36	)	6.00
Total from investment operations	10.92		(1.12	)	7.05
Distributions from:
Net investment income	(1.34	)	(1.48	)	(.99	)
Total distributions	(1.34	)	(1.48	)	(.99	)
Total increase (decrease) in net asset value	9.58		(2.60	)	6.06
Net asset value, ending	$73.80		$64.22		$66.82

Total return*	17.03	%	(1.68	%)	11.60	%
Ratios to average net assets: A
Net investment income	1.87	%	1.85	%	1.70	%
Total expenses	.85	%	.85	%	.84	%
Expenses before offsets	.77	%	.75	%	.74	%
Net expenses	.77	%	.75	%	.74	%
Portfolio turnover	51	%	16	%	27	%
Net assets, ending (in thousands)	$130,833		$117,125		$164,863


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009		2008
Net asset value, beginning			$49.45		$92.96
Income from investment operations:
Net investment income			1.16		.61
Net realized and unrealized gain (loss)			11.41		(34.05	)
Total from investment operations			12.57		(33.44	)
Distributions from:
Net investment income			(1.14	)	(1.95	)
Net realized gain			(.12	)	(8.12	)
Total distributions			(1.26	)	(10.07	)
Total increase (decrease) in net asset value			11.31		(43.51	)
Net asset value, ending			$60.76		$49.45

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

See notes to financial highlights.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 21

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 of less than one year and does not reflect charges and expenses of the variable annuity or variable universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT 22

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.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 23

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

FINANCIAL HIGHLIGHTS

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

PROXY VOTING

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

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

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

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

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 24

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Fund and the Advisor with respect to the Portfolio.

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

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

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

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

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 25

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 above the median of its peer group for the one-year period ended June 30, 2012 and below the median of its peer group for the three- and five-year periods ended June 30, 2012. The data also indicated that the Portfolio outperformed its Lipper index for the one-year period ended June 30, 2012, and underperformed its Lipper index for the three- and five-year periods ended June 30, 2012. The Board took into account management’s discussion of the Portfolio’s performance, including the recent improvement in performance, and management’s continued monitoring of the Portfolio’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Portfolio’s performance.

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

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

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 26

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

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

CONCLUSIONS

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

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

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

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

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 27

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 28

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 29

*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.

www.calvert.com CALVERT VP SRI LARGE CAP VALUE PORTFOLIO ANNUAL REPORT (UNAUDITED) 30

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, 2012, Calvert VP S&P 500 Index Portfolio returned 15.55% compared with 16.00% for the Standard & Poor’s (S&P) 500 Index. The underperformance relative to the Index was largely attributable to fees and operating expenses, which the Index does not have.

INVESTMENT CLIMATE

Equity markets earned positive returns in 2012, with large-cap, mid-cap, and small-cap stocks all providing similar returns. Aside from the month of May and the week after the presidential election, equity markets generally performed well throughout the year.

Optimism for a global economic recovery, continued strong corporate earnings, and continued strong Federal Reserve bond purchasing helped propel stocks higher. Domestic GDP continued at a moderate pace and interest rates gave no sign of inflation fears in the market. Overall, a combination of factors made 2012 a good environment for the equity markets.

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)
One year	15.55	%
Five year	1.36	%
Ten year	6.72	%

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

PORTFOLIO STRATEGY

As an index fund, the Portfolio seeks, as closely as possible, to replicate the holdings and match the performance of the S&P 500 Index. In pursuit of this objective, the fund employs a passive management approach to replicate the Index.

At year end,the Index’s largest exposures were to the Information Technology and Financials sectors at 19.0% and 15.6%, respectively. Other significant weightings included Health Care, Consumer Discretionary, and Energy, which ranged from 11.0% to 12.0%. The smallest exposures were to Telecommunication Services and Utilities.

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

The top performers were Financials, up 28.9%, Consumer Discretionary, up 24.1%, and Telecommunication Services, which rose 18.3%. The weakest-performing sectors were Utilities and Energy.

During 2012, the Portfolio continued to meet its investment objective of closely tracking the total return of the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. Since the S&P 500 Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	11.3	%
Consumer Staples	10.4	%
Energy	10.6	%
Exchange Traded Funds	0.8	%
Financials	15.1	%
Government	0.2	%
Health Care	11.6	%
Industrials	9.9	%
Information Technology	18.6	%
Materials	3.5	%
Short-Term Investments	1.6	%
Telecommunication Services	3.0	%
Utilities	3.4	%
Total	100	%

OUTLOOK

In 2013, the primary caveats that temper the equities outlook are chronic U.S. government deficits, the government’s inability to function properly, and slow worldwide economic growth. Tax increases implemented on January 1 will shave small amount from GDP growth. However, a failure in Washington to deal with the long-term issues relating to entitlements, government spending, and revenue generation could worsen the forecast materially this year and beyond.

While China appears to have engineered a soft landing, Europe still has considerable issues to deal with, which could negatively impact the United States. Sluggish growth could also hurt companies with a large amount of European exposure.

January 2013

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

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,057.26	$2.10

Hypothetical (5% return per year before expenses)	$1,000.00	$1,023.09	$2.07

* Expenses are equal to the Fund’s annualized expense ratio of 0.41%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP S&P 500 Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

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


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


EQUITY SECURITIES - 96.8%	SHARES		VALUE
Aerospace & Defense - 2.3%
General Dynamics Corp.	7,236	$	501,238
Honeywell International, Inc.	17,031		1,080,958
L-3 Communications Holdings, Inc.	2,098		160,749
Lockheed Martin Corp.	5,875		542,204
Northrop Grumman Corp.	5,394		364,526
Precision Castparts Corp	3,129		592,695
Raytheon Co	7,179		413,223
Rockwell Collins, Inc.	3,124		181,723
Textron, Inc	6,111		151,492
The Boeing Co.	14,764		1,112,615
United Technologies Corp	18,304		1,501,111
			6,602,534

Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc	3,583		226,517
Expeditors International of Washington, Inc.	4,629		183,077
FedEx Corp	6,372		584,440
United Parcel Service, Inc., Class B	15,490		1,142,078
			2,136,112

Airlines - 0.1%
Southwest Airlines Co	16,533		169,298

Auto Components - 0.3%
BorgWarner, Inc.*	2,502		179,193
Delphi Automotive plc*	6,393		244,532
Goodyear Tire & Rubber Co.*	5,316		73,414
Johnson Controls, Inc	14,769		453,409
			950,548

Automobiles - 0.5%
Ford Motor Co.	82,560		1,069,152
Harley-Davidson, Inc	4,956		242,051
			1,311,203

Beverages - 2.3%
Beam, Inc	3,356		205,018
Brown-Forman Corp., Class B	3,306		209,105
Coca-Cola Enterprises, Inc	6,041		191,681
Constellation Brands, Inc.*	3,287		116,327
Dr Pepper Snapple Group, Inc.	4,505		199,031
Molson Coors Brewing Co., Class B	3,374		144,373
Monster Beverage Corp.*	3,300		174,504
PepsiCo, Inc	33,487		2,291,515
The Coca-Cola Co	83,503		3,026,984
			6,558,538

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Biotechnology - 1.6%
Alexion Pharmaceuticals, Inc.*	4,212	$	395,128
Amgen, Inc.	16,612		1,433,948
Biogen Idec, Inc.*	5,159		756,670
Celgene Corp.*	9,157		720,839
Gilead Sciences, Inc.*	16,402		1,204,727
			4,511,312

Building Products - 0.0%
Masco Corp.	7,808		130,081

Capital Markets - 1.9%
Ameriprise Financial, Inc.	4,456		279,079
Bank of New York Mellon Corp	25,299		650,184
BlackRock, Inc	2,716		561,424
Charles Schwab Corp	23,418		336,283
ETrade Financial Corp.	5,579		49,932
Franklin Resources, Inc	2,987		375,466
Goldman Sachs Group, Inc	9,563		1,219,856
Invesco Ltd.	9,692		252,864
Legg Mason, Inc.	2,695		69,316
Morgan Stanley	30,175		576,946
Northern Trust Corp.	4,776		239,564
State Street Corp	10,062		473,015
T. Rowe Price Group, Inc	5,448		354,828
			5,438,757

Chemicals - 2.5%
Air Products & Chemicals, Inc.	4,631		389,097
Airgas, Inc	1,502		137,117
CF Industries Holdings, Inc	1,368		277,923
Dow Chemical Co.	26,141		844,877
E. I. du Pont de Nemours & Co	20,180		907,495
Eastman Chemical Co.	3,302		224,701
Ecolab, Inc.	5,744		412,994
FMC Corp	2,953		172,809
International Flavors & Fragrances, Inc.	1,757		116,911
LyondellBasell Industries NV	8,276		472,477
Monsanto Co	11,628		1,100,590
Mosaic Co	6,035		341,762
PPG Industries, Inc	3,322		449,633
Praxair, Inc	6,432		703,982
Sherwin-Williams Co	1,846		283,952
Sigma-Aldrich Corp.	2,555		187,997
			7,024,317

Commercial Banks - 2.7%
BB&T Corp	15,145		440,871
Comerica, Inc.	4,204		127,549
Fifth Third Bancorp	19,429		295,127
First Horizon National Corp.	5,102		50,561
Huntington Bancshares, Inc	18,758		119,864
KeyCorp	19,943		167,920

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Banks - Cont’d
M&T Bank Corp	2,626	$	258,582
PNC Financial Services Group, Inc.	11,551		673,539
Regions Financial Corp	30,854		219,680
SunTrust Banks, Inc.	11,665		330,703
US Bancorp	40,707		1,300,182
Wells Fargo & Co	105,986		3,622,601
Zions Bancorporation	3,856		82,518
			7,689,697

Commercial Services & Supplies - 0.5%
Avery Dennison Corp.	2,181		76,160
Cintas Corp.	2,423		99,101
Iron Mountain, Inc	3,611		112,122
Pitney Bowes, Inc	4,108		43,709
Republic Services, Inc.	6,536		191,701
Stericycle, Inc.*	1,801		167,979
The ADT Corp	5,044		234,496
Tyco International Ltd	10,089		295,103
Waste Management, Inc.	9,508		320,800
			1,541,171

Communications Equipment - 1.9%
Cisco Systems, Inc.	114,937		2,258,512
F5 Networks, Inc.*	1,701		165,252
Harris Corp	2,564		125,533
JDS Uniphase Corp.*	4,955		67,091
Juniper Networks, Inc.*	11,161		219,537
Motorola Solutions, Inc.	6,072		338,089
QUALCOMM, Inc.	36,890		2,287,918
			5,461,932

Computers & Peripherals - 4.9%
Apple, Inc.	20,365		10,855,156
Dell, Inc.	32,017		324,332
EMC Corp.*	45,791		1,158,512
Hewlett-Packard Co	42,584		606,822
NetApp, Inc.*	7,804		261,824
SanDisk Corp.*	5,198		226,425
Seagate Technology plc	7,273		221,681
Western Digital Corp	4,856		206,332
			13,861,084

Construction & Engineering - 0.2%
Fluor Corp.	3,643		213,990
Jacobs Engineering Group, Inc.*	2,771		117,961
Quanta Services, Inc.*	4,611		125,834
			457,785

Construction Materials - 0.0%
Vulcan Materials Co.	2,808		146,156

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Consumer Finance - 0.9%
American Express Co.	21,077	$	1,211,506
Capital One Financial Corp	12,677		734,379
Discover Financial Services	10,928		421,274
SLM Corp	10,005		171,386
			2,538,545

Containers & Packaging - 0.1%
Ball Corp.	3,372		150,897
Bemis Co., Inc.	2,169		72,575
Owens-Illinois, Inc.*	3,251		69,149
Sealed Air Corp	4,172		73,051
			365,672

Distributors - 0.1%
Genuine Parts Co	3,300		209,814

Diversified Consumer Services - 0.0%
Apollo Group, Inc.*	2,312		48,367
H&R Block, Inc.	5,908		109,712
			158,079

Diversified Financial Services - 3.5%
Bank of America Corp.	233,329		2,706,617
Citigroup, Inc.	63,485		2,511,467
CME Group, Inc.	6,675		338,489
IntercontinentalExchange, Inc.*	1,542		190,915
JPMorgan Chase & Co.	82,295		3,618,511
Leucadia National Corp	4,155		98,848
Moody’s Corp	4,198		211,243
NYSE Euronext	5,261		165,932
The NASDAQ OMX Group, Inc	2,636		65,926
			9,907,948

Diversified Telecommunication Services - 2.6%
AT&T, Inc.	122,963		4,145,083
CenturyLink, Inc.	13,585		531,445
Frontier Communications Corp	20,874		89,341
Verizon Communications, Inc.	61,783		2,673,350
Windstream Corp.	12,496		103,467
			7,542,686

Electric Utilities - 1.9%
American Electric Power Co., Inc.	10,479		447,244
Duke Energy Corp	15,246		972,695
Edison International	7,079		319,900
Entergy Corp.	3,832		244,290
Exelon Corp	18,466		549,179
FirstEnergy Corp.	9,087		379,473
NextEra Energy, Inc.	9,224		638,208
Northeast Utilities	6,793		265,470
Pepco Holdings, Inc	4,919		96,462
Pinnacle West Capital Corp	2,390		121,842

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Electric Utilities - Cont’d
PPL Corp	12,553	$	359,392
The Southern Co.	18,923		810,094
Xcel Energy, Inc	10,528		281,203
			5,485,452

Electrical Equipment - 0.7%
Eaton Corp. plc	10,122		548,612
Emerson Electric Co.	15,799		836,715
Rockwell Automation, Inc.	3,027		254,238
Roper Industries, Inc	2,099		233,997
			1,873,562

Electronic Equipment & Instruments - 0.4%
Amphenol Corp.	3,489		225,738
Corning, Inc.	31,993		403,752
FLIR Systems, Inc	3,471		77,438
Jabil Circuit, Inc.	4,017		77,488
Molex, Inc.	3,004		82,099
TE Connectivity Ltd	9,237		342,878
			1,209,393

Energy Equipment & Services - 1.8%
Baker Hughes, Inc.	9,477		387,041
Cameron International Corp.*	5,325		300,649
Diamond Offshore Drilling, Inc.	1,510		102,620
Ensco plc	5,000		296,400
FMC Technologies, Inc.*	5,218		223,487
Halliburton Co.	20,242		702,195
Helmerich & Payne, Inc.	2,244		125,686
Nabors Industries Ltd.*	6,027		87,090
National Oilwell Varco, Inc.	9,304		635,928
Noble Corp	5,484		190,953
Rowan Co.’s plc*	2,619		81,896
Schlumberger Ltd	28,740		1,991,395
			5,125,340

Food & Staples Retailing - 2.3%
Costco Wholesale Corp	9,361		924,586
CVS Caremark Corp.	26,989		1,304,918
Kroger Co.	11,181		290,930
Safeway, Inc.	5,284		95,588
Sysco Corp	12,615		399,391
Walgreen Co.	18,580		687,646
Wal-Mart Stores, Inc.	36,210		2,470,608
Whole Foods Market, Inc.	3,747		342,213
			6,515,880

Food Products - 1.7%
Archer-Daniels-Midland Co	14,182		388,445
Campbell Soup Co	3,877		135,269
ConAgra Foods, Inc	9,008		265,736
Dean Foods Co.*	3,917		64,670

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Food Products - Cont’d
General Mills, Inc.	14,049	$	567,720
H.J. Heinz Co	6,975		402,318
Hormel Foods Corp	3,019		94,223
J.M. Smucker Co.	2,388		205,941
Kellogg Co.	5,427		303,098
Kraft Foods Group, Inc.	12,907		586,881
McCormick & Co., Inc.	2,874		182,585
Mead Johnson Nutrition Co	4,431		291,959
Mondelez International, Inc	38,721		986,224
The Hershey Co	3,237		233,776
Tyson Foods, Inc.	6,441		124,955
			4,833,800

Gas Utilities - 0.1%
AGL Resources, Inc.	2,552		102,003
Oneok, Inc	4,494		192,119
			294,122

Health Care Equipment & Supplies - 2.5%
Abbott Laboratories	34,241		2,242,786
Baxter International, Inc.	11,858		790,454
Becton Dickinson & Co.	4,264		333,402
Boston Scientific Corp.*	29,723		170,313
C.R. Bard, Inc	1,701		166,256
CareFusion Corp.*	4,887		139,670
Covidien plc	10,248		591,720
DENTSPLY International, Inc.	2,966		117,483
Edwards Lifesciences Corp.*	2,498		225,245
Intuitive Surgical, Inc.*	871		427,112
Medtronic, Inc.	21,894		898,092
St. Jude Medical, Inc.	6,672		241,126
Stryker Corp.	6,309		345,859
Varian Medical Systems, Inc.*	2,418		169,840
Zimmer Holdings, Inc.	3,756		250,375
			7,109,733

Health Care Providers & Services - 1.9%
Aetna, Inc.	7,292		337,620
AmerisourceBergen Corp.	5,126		221,341
Cardinal Health, Inc.	7,517		309,550
CIGNA Corp	6,186		330,703
Coventry Health Care, Inc	2,888		129,469
DaVita HealthCare Partners, Inc.*	1,858		205,365
Express Scripts Holding Co.*	17,690		955,260
Humana, Inc	3,514		241,166
Laboratory Corp. of America Holdings*	2,085		180,603
McKesson Corp.	5,070		491,587
Patterson Co.’s, Inc	1,980		67,775
Quest Diagnostics, Inc.	3,432		199,983
Tenet Healthcare Corp.*	2,305		74,843

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Health Care Providers & Services - Cont’d
UnitedHealth Group, Inc.	22,114	$	1,199,463
WellPoint, Inc.	6,625		403,595
			5,348,323

Health Care Technology - 0.1%
Cerner Corp.*	3,159		245,265

Hotels, Restaurants & Leisure - 1.8%
Carnival Corp.	9,759		358,839
Chipotle Mexican Grill, Inc.*	681		202,570
Darden Restaurants, Inc	2,771		124,889
International Game Technology	5,766		81,704
Marriott International, Inc	5,494		204,761
McDonald’s Corp.	21,735		1,917,244
Starbucks Corp.	16,098		863,175
Starwood Hotels & Resorts Worldwide, Inc.	4,285		245,788
Wyndham Worldwide Corp.	3,142		167,186
Wynn Resorts Ltd	1,737		195,395
Yum! Brands, Inc.	9,781		649,458
			5,011,009

Household Durables - 0.3%
D.R. Horton, Inc	6,093		120,520
Garmin Ltd	2,400		97,968
Harman International Industries, Inc	1,447		64,594
Leggett & Platt, Inc.	2,911		79,237
Lennar Corp.	3,547		137,163
Newell Rubbermaid, Inc.	6,331		140,991
PulteGroup, Inc.*	7,368		133,803
Whirlpool Corp.	1,660		168,905
			943,181

Household Products - 2.1%
Colgate-Palmolive Co.	9,615		1,005,152
Kimberly-Clark Corp.	8,471		715,207
Procter & Gamble Co	59,192		4,018,545
The Clorox Co	2,870		210,141
			5,949,045

Independent Power Producers & Energy Traders - 0.1%
AES Corp	13,547		144,953
NRG Energy, Inc	7,012		161,206
			306,159

Industrial Conglomerates - 2.4%
3M Co.	13,781		1,279,566
Danaher Corp.	12,596		704,116
General Electric Co	227,013		4,765,003
			6,748,685

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Insurance - 3.9%
ACE Ltd.	7,343	$	585,971
Aflac, Inc	10,150		539,168
Allstate Corp.	10,582		425,079
American International Group, Inc.*	32,146		1,134,754
Aon plc	6,899		383,584
Assurant, Inc.	1,704		59,129
Berkshire Hathaway, Inc., Class B*	39,488		3,542,074
Cincinnati Financial Corp.	3,192		124,999
Genworth Financial, Inc.*	10,646		79,951
Hartford Financial Services Group, Inc	9,339		209,567
Lincoln National Corp	6,147		159,207
Loews Corp	6,761		275,511
Marsh & McLennan Co.’s, Inc.	11,769		405,677
MetLife, Inc.	23,617		777,944
Principal Financial Group, Inc	6,053		172,632
Progressive Corp.	12,229		258,032
Prudential Financial, Inc.	10,100		538,633
The Chubb Corp.	5,671		427,140
The Travelers Co.’s, Inc	8,258		593,089
Torchmark Corp	2,055		106,182
Unum Group	6,113		127,273
XL Group plc	6,508		163,090
			11,088,686

Internet & Catalog Retail - 1.0%
Amazon.com, Inc.*	7,845		1,970,193
Expedia, Inc.	2,064		126,833
Netflix, Inc.*	1,141		105,862
priceline.com, Inc.*	1,081		671,517
TripAdvisor, Inc.*	2,391		100,327
			2,974,732

Internet Software & Services - 2.1%
Akamai Technologies, Inc.*	3,916		160,204
eBay, Inc.*	25,305		1,291,061
Google, Inc.*	5,762		4,087,390
VeriSign, Inc.*	3,460		134,317
Yahoo!, Inc.*	22,747		452,665
			6,125,637

IT Services - 3.7%
Accenture plc	13,879		922,953
Automatic Data Processing, Inc.	10,510		599,175
Cognizant Technology Solutions Corp.*	6,499		481,251
Computer Sciences Corp.	3,369		134,928
Fidelity National Information Services, Inc	5,464		190,202
Fiserv, Inc.*	2,889		228,318
International Business Machines Corp.	22,994		4,404,501
MasterCard, Inc.	2,313		1,136,331
Paychex, Inc	7,017		218,509
SAIC, Inc	6,061		68,611
Teradata Corp.*	3,679		227,693

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
IT Services - Cont’d
Total System Services, Inc	3,443	$	73,749
Visa, Inc.	11,286		1,710,732
Western Union Co	13,145		178,903
			10,575,856

Leisure Equipment & Products - 0.1%
Hasbro, Inc.	2,628		94,345
Mattel, Inc.	7,450		272,819
			367,164

Life Sciences - Tools & Services - 0.4%
Agilent Technologies, Inc	7,562		309,588
Life Technologies Corp.*	3,725		182,823
PerkinElmer, Inc	2,449		77,731
Thermo Fisher Scientific, Inc	7,798		497,357
Waters Corp.*	1,922		167,445
			1,234,944

Machinery - 1.9%
Caterpillar, Inc	14,157		1,268,184
Cummins, Inc	3,864		418,665
Deere & Co.	8,479		732,755
Dover Corp	3,875		254,626
Flowserve Corp.	1,111		163,095
Illinois Tool Works, Inc	9,230		561,276
Ingersoll-Rand plc	6,060		290,638
Joy Global, Inc	2,312		147,459
PACCAR, Inc.	7,682		347,303
Pall Corp	2,405		144,925
Parker Hannifin Corp.	3,288		279,677
Pentair Ltd.	4,520		222,158
Snap-on, Inc.	1,212		95,736
Stanley Black & Decker, Inc.	3,658		270,582
Xylem, Inc.	4,026		109,105
			5,306,184

Media - 3.4%
Cablevision Systems Corp.	4,778		71,383
CBS Corp., Class B	12,792		486,736
Comcast Corp	57,526		2,150,322
DIRECTV*	13,079		656,043
Discovery Communications, Inc.*	5,171		328,255
Gannett Co., Inc	4,742		85,404
McGraw-Hill Co.’s, Inc.	6,051		330,808
News Corp	43,650		1,114,821
Omnicom Group, Inc	5,719		285,721
Scripps Networks Interactive, Inc.	1,996		115,608
The Interpublic Group of Co.’s, Inc.	9,715		107,059
Time Warner Cable, Inc.	6,533		634,942
Time Warner, Inc.	20,498		980,419

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Media - Cont’d
Viacom, Inc., Class B	10,002	$	527,506
Walt Disney Co.	38,364		1,910,144
Washington Post Co., Class B	111		40,538
			9,825,709

Metals & Mining - 0.7%
Alcoa, Inc	23,122		200,699
Allegheny Technologies, Inc.	2,226		67,582
Cliffs Natural Resources, Inc	3,173		122,351
Freeport-McMoRan Copper & Gold, Inc	20,595		704,349
Newmont Mining Corp	10,737		498,626
Nucor Corp.	6,877		296,949
United States Steel Corp.	3,129		74,689
			1,965,245

Multiline Retail - 0.8%
Big Lots, Inc.*	1,253		35,660
Dollar General Corp.*	5,800		255,722
Dollar Tree, Inc.*	4,996		202,638
Family Dollar Stores, Inc.	2,116		134,176
J.C. Penney Co., Inc.	3,104		61,180
Kohl’s Corp.	4,708		202,350
Macy’s, Inc	8,557		333,894
Nordstrom, Inc.	3,333		178,315
Target Corp.	14,089		833,646
			2,237,581

Multi-Utilities - 1.2%
Ameren Corp.	5,270		161,894
Centerpoint Energy, Inc.	9,253		178,120
CMS Energy Corp.	5,471		133,383
Consolidated Edison, Inc.	6,363		353,401
Dominion Resources, Inc	12,510		648,018
DTE Energy Co	3,682		221,104
Integrys Energy Group, Inc	1,595		83,291
NiSource, Inc	6,747		167,933
PG&E Corp	9,305		373,875
Public Service Enterprise Group, Inc.	10,992		336,355
SCANA Corp	2,865		130,759
Sempra Energy	4,905		347,961
TECO Energy, Inc.	4,687		78,554
Wisconsin Energy Corp.	4,903		180,676
			3,395,324

Office Electronics - 0.1%
Xerox Corp.	27,356		186,568

Oil, Gas & Consumable Fuels - 8.8%
Anadarko Petroleum Corp.	10,816		803,737
Apache Corp.	8,536		670,076
Cabot Oil & Gas Corp.	4,540		225,820
Chesapeake Energy Corp.	11,325		188,221

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Chevron Corp	42,370	$	4,581,892
ConocoPhillips	26,279		1,523,919
Consol Energy, Inc.	4,927		158,157
Denbury Resources, Inc.*	8,332		134,978
Devon Energy Corp.	8,209		427,196
EOG Resources, Inc	5,837		705,051
EQT Corp.	3,264		192,511
Exxon Mobil Corp	98,833		8,553,996
Hess Corp.	6,433		340,692
Kinder Morgan, Inc.:
Common	13,782		486,918
Warrants (strike price $40/share, expires 5/25/17)*	10,710		40,484
Marathon Oil Corp	15,190		465,725
Marathon Petroleum Corp	7,338		462,294
Murphy Oil Corp.	4,027		239,808
Newfield Exploration Co.*	2,875		76,993
Noble Energy, Inc	3,835		390,173
Occidental Petroleum Corp.	17,539		1,343,663
Peabody Energy Corp.	5,884		156,573
Phillips 66 Co.	13,679		726,355
Pioneer Natural Resources Co	2,663		283,849
QEP Resources, Inc.	3,707		112,211
Range Resources Corp.	3,499		219,842
Southwestern Energy Co.*	7,561		252,613
Spectra Energy Corp.	14,412		394,601
Tesoro Corp	2,957		130,256
Valero Energy Corp.	12,129		413,841
Williams Co.’s, Inc.	14,650		479,641
WPX Energy, Inc.*	4,265		63,463
			25,245,549

Paper & Forest Products - 0.2%
International Paper Co	9,497		378,360
MeadWestvaco Corp	3,709		118,206
			496,566

Personal Products - 0.2%
Avon Products, Inc.	9,358		134,381
Estee Lauder Co.’s, Inc.	5,238		313,547
			447,928

Pharmaceuticals - 5.2%
Allergan, Inc	6,681		612,848
Bristol-Myers Squibb Co.	35,735		1,164,604
Eli Lilly & Co.	22,107		1,090,317
Forest Laboratories, Inc.*	5,102		180,203
Hospira, Inc.*	3,519		109,934
Johnson & Johnson	59,994		4,205,579
Merck & Co., Inc.	65,813		2,694,384
Mylan, Inc.*	8,738		240,120

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Pharmaceuticals - Cont’d
Perrigo Co	1,918	$	199,530
Pfizer, Inc	159,389		3,997,476
Watson Pharmaceuticals, Inc.*	2,766		237,876
			14,732,871

Professional Services - 0.1%
Equifax, Inc.	2,485		134,488
Robert Half International, Inc.	2,935		93,392
The Dun & Bradstreet Corp	995		78,257
			306,137

Real Estate Investment Trusts - 2.1%
American Tower Corp.	8,599		664,445
Apartment Investment & Management Co	3,045		82,398
AvalonBay Communities, Inc.	2,429		329,348
Boston Properties, Inc	3,289		348,009
Equity Residential	6,967		394,820
HCP, Inc.	9,847		444,888
Health Care REIT, Inc.	5,520		338,321
Host Hotels & Resorts, Inc	15,343		240,425
Kimco Realty Corp.	8,535		164,896
Plum Creek Timber Co., Inc.	3,520		156,182
Prologis, Inc.	9,973		363,915
Public Storage	3,144		455,754
Simon Property Group, Inc.	6,696		1,058,571
Ventas, Inc	6,445		417,120
Vornado Realty Trust	3,690		295,495
Weyerhaeuser Co.	11,704		325,605
			6,080,192

Real Estate Management & Development - 0.0%
CBRE Group, Inc.*	6,589		131,121

Road & Rail - 0.8%
CSX Corp.	22,379		441,538
Norfolk Southern Corp	6,842		423,109
Ryder System, Inc.	1,042		52,027
Union Pacific Corp	10,183		1,280,207
			2,196,881

Semiconductors & Semiconductor Equipment - 1.9%
Advanced Micro Devices, Inc.*	12,618		30,283
Altera Corp.	7,040		242,458
Analog Devices, Inc.	6,506		273,642
Applied Materials, Inc	25,928		296,616
Broadcom Corp.*	11,221		372,649
First Solar, Inc.*	1,275		39,372
Intel Corp.	107,723		2,222,325
KLA-Tencor Corp.	3,628		173,273
Lam Research Corp.*	3,709		134,006

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Semiconductors & Semiconductor Equipment - Cont’d
Linear Technology Corp.	5,024	$	172,323
LSI Corp.*	12,756		90,312
Microchip Technology, Inc	4,226		137,725
Micron Technology, Inc.*	21,814		138,519
NVIDIA Corp.	13,117		161,208
Teradyne, Inc.*	4,074		68,810
Texas Instruments, Inc	24,264		750,728
Xilinx, Inc.	5,571		199,999
			5,504,248

Software - 3.4%
Adobe Systems, Inc.*	10,581		398,692
Autodesk, Inc.*	4,844		171,235
BMC Software, Inc.*	3,201		126,952
CA, Inc.	7,258		159,531
Citrix Systems, Inc.*	4,091		268,983
Electronic Arts, Inc.*	6,973		101,318
Intuit, Inc.	6,024		358,428
Microsoft Corp.	163,983		4,383,265
Oracle Corp.	81,374		2,711,382
Red Hat, Inc.*	4,195		222,167
Salesforce.com, Inc.*	2,790		468,999
Symantec Corp.*	15,022		282,564
			9,653,516

Specialty Retail - 2.1%
Abercrombie & Fitch Co.	1,722		82,604
AutoNation, Inc.*	843		33,467
AutoZone, Inc.*	817		289,569
Bed Bath & Beyond, Inc.*	5,007		279,941
Best Buy Co., Inc	6,201		73,482
CarMax, Inc.*	4,953		185,936
GameStop Corp	2,806		70,402
Limited Brands, Inc.	5,261		247,583
Lowe’s Co.’s, Inc	24,348		864,841
O’Reilly Automotive, Inc.*	2,481		221,851
PetSmart, Inc.	2,370		161,966
Ross Stores, Inc	4,858		263,061
Staples, Inc	14,589		166,315
The Gap, Inc.	6,506		201,946
The Home Depot, Inc.	32,368		2,001,961
Tiffany & Co.	2,679		153,614
TJX Co.’s, Inc	15,787		670,158
Urban Outfitters, Inc.*	2,369		93,244
			6,061,941

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc.	6,141	$	340,887
Fossil, Inc.*	1,150		107,065
Nike, Inc., Class B	15,802		815,383
Ralph Lauren Corp.	1,333		199,843
VF Corp.	1,897		286,390
			1,749,568

Thrifts & Mortgage Finance - 0.1%
Hudson City Bancorp, Inc	10,462		85,056
People’s United Financial, Inc.	7,526		90,989
			176,045

Tobacco - 1.8%
Altria Group, Inc.	43,841		1,377,484
Lorillard, Inc.	2,811		327,959
Philip Morris International, Inc.	36,165		3,024,841
Reynolds American, Inc.	7,139		295,769
			5,026,053

Trading Companies & Distributors - 0.2%
Fastenal Co.	5,881		274,584
W.W. Grainger, Inc	1,321		267,331
			541,915

Wireless Telecommunication Services - 0.3%
Crown Castle International Corp.*	6,394		461,391
MetroPCS Communications, Inc.*	6,370		63,318
Sprint Nextel Corp.*	65,061		368,896
			893,605


Total Equity Securities (Cost $214,605,970)			276,239,984



EXCHANGE TRADED FUNDS - 0.7%
SPDR S&P 500 Trust	15,000		2,137,800

Total Exchange Traded Funds (Cost $2,121,509)			2,137,800


	PRINCIPAL
U.S. TREASURY OBLIGATIONS - 0.2%	AMOUNT
United States Treasury Bills, 0.135%, 5/2/13^	$ 500,000		499,773

Total U.S. Treasury Obligations (Cost $499,773)			499,773

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


		PRINCIPAL
TIME DEPOSIT - 1.6%		AMOUNT		VALUE
State Street Bank Time Deposit, 0.12%, 1/2/13	$	4,593,352	$	4,593,352

Total Time Deposit (Cost $4,593,352)				4,593,352



TOTAL INVESTMENTS (Cost $221,820,604) - 99.3%				283,470,909
Other assets and liabilities, net - 0.7%				1,933,717
NET ASSETS - 100%			$	285,404,626


NET ASSETS CONSIST OF:
Paid-in capital applicable to 3,294,986 shares of common stock outstanding;
$0.10 par value, 30,000,000 shares authorized			$	240,489,746
Undistributed net investment income				1,330,624
Accumulated net realized gain (loss)				(18,053,101	)
Net unrealized appreciation (depreciation)				61,637,357


NET ASSETS			$	285,404,626

NET ASSET VALUE PER SHARE			$	86.62

			UNDERLYING	UNREALIZED
	NUMBER OF	EXPIRATION	FACE AMOUNT	APPRECIATION
FUTURES	CONTRACTS	DATE	AT VALUE	(DEPRECIATION)
Purchased:
S&P 500 Index^	6	3/13	$2,130,150	($11,373	)
E-Mini S&P 500 Index^	75	3/13	5,325,375	(1,575	)
Total Purchased				($12,948	)

^ Futures collateralized by $500,000 par value of U.S. Treasury Bills.

* Non-income producing security.

Abbreviations:
plc: Public Limited Company
REIT: Real Estate Investment Trust

See notes to financial statements.

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


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012

NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $3,659 )	$	6,410,054
Interest income		4,027
Total investment income		6,414,081


Expenses:
Investment advisory fee		694,085
Transfer agency fees and expenses		2,816
Accounting fees		43,122
Directors’ fees and expenses		51,383
Administrative fees		277,634
Custodian fees		37,956
Reports to shareholders		70,146
Professional fees		49,320
Miscellaneous		27,085
Total expenses		1,253,547
Reimbursement from Advisor		(106,744	)
Fees paid indirectly		(174	)
Net expenses		1,146,629


NET INVESTMENT INCOME		5,267,452



REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		2,707,942
Futures		756,928
		3,464,870

Change in unrealized appreciation (depreciation) on:
Investments		30,976,936
Futures		(81,579	)
		30,895,357


NET REALIZED AND UNREALIZED GAIN (LOSS)		34,360,227

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	39,627,679

See notes to financial statements.

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


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$5,267,452		$4,239,726
Net realized gain (loss)	3,464,870		(302,572	)
Change in unrealized appreciation (depreciation)	30,895,357		(880,846	)

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	39,627,679		3,056,308

Distributions to shareholders from:
Net investment income	(4,992,328	)	(4,056,665	)
Net realized gain	—		(8,339,149	)
Total distributions	(4,992,328	)	(12,395,814	)


Capital share transactions:
Shares sold	21,280,682		55,276,944
Reinvestment of distributions	4,992,328		12,395,814
Shares redeemed	(34,571,324	)	(35,351,562	)
Total capital share transactions	(8,298,314	)	32,321,196


TOTAL INCREASE (DECREASE) IN NET ASSETS	26,337,037		22,981,690


NET ASSETS
Beginning of year	259,067,589		236,085,899
End of year (including undistributed net investment
income of $1,330,624 and $1,104,336, respectively)	$285,404,626		$259,067,589


CAPITAL SHARE ACTIVITY
Shares sold	252,760		676,978
Reinvestment of distributions	58,630		161,720
Shares redeemed	(411,005	)	(441,402	)
Total capital share activity	(99,615	)	397,296

See notes to financial statements.

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

NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP S&P 500 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

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

Exchange traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

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

If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, the market value does not constitute a readily available market quotation, or if a sig-nificant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by the Valuation Committee.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 26

required to replace the service capacity of an asset (current replacement cost). From the seller’s perspective, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

			VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1		LEVEL 2	LEVEL 3	TOTAL
Equity securities*	$276,239,984		—	—	$276,239,984
Exchange traded funds	2,137,800		—	—	2,137,800
U.S. government obligations	—		$499,773	—	499,773
Other debt obligations	—		4,593,352	—	4,593,352
TOTAL	$278,377,784		$5,093,125	—	$283,470,909

Other financial instruments**	($12,948	)	—	—	($12,948	)

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

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

Futures Contracts: The Portfolio may purchase and sell futures contracts, when, in the judgment of the Advisor, such a position acts as a hedge, or to provide equity market exposure to the Portfolio’s uncommitted cash balances. 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 and 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.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 27

During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position. The Portfolio’s futures contracts at year end are presented in the Statement of Net Assets.

During the year, the Portfolio invested in E-Mini S&P 500 Index and S&P 500 Index Futures. The volume of activity has varied throughout the year with a weighted average of 44 contracts and $1,593,690 weighted average notional value.

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

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 28

disclosure requirements requiring entities to disclose both gross and net information for derivatives and other finan-cial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact the adoption of this pronouncement will have on the Portfolio’s financial statements and related disclosures.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $60,324 was payable at year end. In addition, $24,598 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense cap is .42% (.40% prior to May 1, 2012). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $98 for the year ended December 31, 2012. 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 AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $12,598,872 and $20,987,386, respectively.

CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-13	($1,605,580	)
31-Dec-15	(2,330,473	)
31-Dec-16	(280,386	)
31-Dec-17	(2,509,534	)
31-Dec-18	(2,611,900	)

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 29

Capital losses may be utilized to offset future capital gains until expiration; however, the Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Index 500 Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years and will retain their character as either short-term or long-term capital losses.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$4,992,328	$4,208,185
Long term capital gain	-	8,187,629
Total	$4,992,328	$12,395,814

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$84,649,903
Unrealized (depreciation)	(31,727,774	)
Net unrealized appreciation/(depreciation)	$52,922,129
Undistributed ordinary income	$1,330,624
Capital loss carryforward	($9,337,873	)

Federal income tax cost of investments	$230,548,780

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 limitations under Internal Revenue Code Section 382.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 30


Undistributed net investment income	($48,836	)
Accumulated net realized gain (loss)	48,836

NOTE D — LINE OF CREDIT

NOTE E — SUBSEQUENT EVENTS

The Board of Directors has approved the reorganization of the Calvert VP SRI Strategic Portfolio into the Portfolio and has recommended approval of the reorganization by Portfolio shareholders. A Proxy Statement was mailed to shareholders of Calvert VP SRI Strategic Portfolio in February 2013 which contained additional information about the reorganization, as well as voting instructions. If the shareholders approve the reorganization, the Calvert VP SRI Strategic Portfolio will be merged into the Portfolio on or about April 30, 2013.

In preparing the financial statements as of December 31, 2012, no other subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 31


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012		2011		2010
Net asset value, beginning	$76.32		$78.77		$71.52
Income from investment operations:
Net investment income	1.63		1.27		1.33
Net realized and unrealized gain (loss)	10.21		.11		9.18
Total from investment operations	11.84		1.38		10.51
Distributions from:
Net investment income	(1.54	)	(1.25	)	(1.13	)
Net realized gain	—		(2.58	)	(2.13	)
Total distributions	(1.54	)	(3.83	)	(3.26	)
Total increase (decrease) in net asset value	10.30		(2.45	)	7.25
Net asset value, ending	$86.62		$76.32		$78.77

Total return*	15.55	%	1.73	%	14.69	%
Ratios to average net assets: A
Net investment income	1.90	%	1.70	%	1.67	%
Total expenses	.45	%	.46	%	.46	%
Expenses before offsets	.41	%	.39	%	.38	%
Net expenses	.41	%	.39	%	.38	%
Portfolio turnover	5	%	7	%	9	%
Net assets, ending (in thousands)	$285,405		$259,068		$236,086


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009		2008
Net asset value, beginning			$58.44		$97.44
Income from investment operations:
Net investment income			1.33		1.44
Net realized and unrealized gain (loss)			13.95		(36.76	)
Total from investment operations			15.28		(35.32	)
Distributions from:
Net investment income			(1.30	)	(2.60	)
Net realized gain			(.90	)	(1.08	)
Total distributions			(2.20	)	(3.68	)
Total increase (decrease) in net asset value			13.08		(39.00	)
Net asset value, ending			$71.52		$58.44

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

See notes to financial highlights.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 32

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 of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT 33

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 34

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 35

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 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 36

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

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Portfolio performed at the median of its peer group for the one-year period ended June 30, 2012, below the median of its peer group for the three-year period ended June 30, 2012 and above the median of its peer group for the five-year period ended June 30, 2012. The data also indicated that the Portfolio underperformed its Lipper index for the one- and three-year periods ended June 30, 2012 and performed at the median of its Lipper index for the five-year period ended June 30, 2012. 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 above the median of its peer group and that total expenses (net of expense reimbursements) were at 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 noted that the Advisor had reimbursed a portion of the Portfolio’s expenses. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an overall reduction in the transfer agency fees across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 37

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 a portion of the expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Portfolio was reasonable.

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

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2012 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

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 38

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) the performance of the Portfolio is satisfactory relative to the performance of passively-managed funds that track the same benchmark index as does the Portfolio; and (f) the Portfolio’s advisory and subadvisory fees are reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 39

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 40

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 41

www.calvert.com CALVERT VP S&P 500 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 42

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, 2012, Calvert VP S&P MidCap 400 Index Portfolio’s Class I shares returned 17.31% versus a return of 17.88% for the Standard & Poor’s (S&P) MidCap 400 Index. The underperformance was largely attributable to fees and operating expenses, which the Index does not have.

INVESTMENT CLIMATE

Optimism for a global economic recovery, continued strong corporate earnings, and continued strong Federal Reserve bond purchasing helped propel stocks higher. Domestic GDP growth continued at a moderate pace and interest rates gave no sign of inflation fears in the market. Overall, a combination of factors made 2012 a good environment for the equity markets.

PORTFOLIO STRATEGY

As an index fund, the Portfolio seeks, as closely as possible, to replicate the holdings and match the performance of the S&P MidCap 400 Index. In pursuit of this objective, the fund employs a passive management approach to replicate the Index.

At year end, the Index had the largest exposure to Financials at 21.9%. Other sectors of significant weight included Industrials, Information Technology, and Consumer Discretionary. The

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)
	Class I		Class F
One year	17.31	%	16.99	%
Five year	4.54	%	4.31	%
Ten year	9.89	%	9.67	%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I shares is 0.56%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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

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

lowest exposures were to Telecommunication Services and Consumer Staples.

The top-performing sectors were Health Care (26.9%), Consumer Discretionary (23.2%), and Materials (22.8%). The weakest performers included Energy and Utilities.

During 2012, the Portfolio continued to meet its investment objective of closely tracking the total return of the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. Since the S&P MidCap 400 Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	12.8	%
Consumer Staples	3.7	%
Energy	5.6	%
Exchange Traded Funds	1.2	%
Financials	21.4	%
Government	0.3	%
Health Care	8.6	%
Industrials	16.8	%
Information Technology	15.4	%
Materials	7.0	%
Short-Term Investments	1.7	%
Telecommunication Services	0.5	%
Utilities	5.0	%

Total	100	%

OUTLOOK

In 2013, the primary caveats that temper the equities outlook are chronic U.S. government deficits, the government’s inability to function properly, and slow worldwide economic growth. Tax increases implemented on January 1 will shave a small amount from GDP growth. However, a failure in Washington to deal with the long-term issues relating to entitlements, government spending, and revenue generation could worsen the forecast materially this year and beyond.

January 2013

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

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Class I
Actual	$1,000.00	$1,089.81	$2.68

Hypothetical (5% return per year before expenses)	$1,000.00	$1,022.57	$2.60

Class F
Actual	$1,000.00	$1,088.09	$4.27

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.05	$4.13

* Expenses are equal to the Fund’s annualized expense ratio of 0.51% and 0.81%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP S&P MidCap 400 Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

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


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


EQUITY SECURITIES - 97.0%	SHARES		VALUE
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc.	5,089	$	315,314
B/E Aerospace, Inc.*	16,194		799,984
Esterline Technologies Corp.*	4,878		310,290
Exelis, Inc.	29,416		331,518
Huntington Ingalls Industries, Inc.	7,779		337,142
Triumph Group, Inc	7,790		508,687
			2,602,935

Air Freight & Logistics - 0.1%
UTi Worldwide, Inc.	16,383		219,532

Airlines - 0.4%
Alaska Air Group, Inc.*	10,954		472,008
JetBlue Airways Corp.*	35,768		204,235
			676,243

Auto Components - 0.2%
Gentex Corp.	22,240		418,557

Automobiles - 0.1%
Thor Industries, Inc.	6,957		260,401

Biotechnology - 2.0%
Regeneron Pharmaceuticals, Inc.*	11,734		2,007,336
United Therapeutics Corp.*	7,360		393,171
Vertex Pharmaceuticals, Inc.*	33,780		1,416,733
			3,817,240

Building Products - 0.6%
Fortune Brands Home & Security, Inc.*	25,462		744,000
Lennox International, Inc.	7,131		374,520
			1,118,520

Capital Markets - 2.4%
Affiliated Managers Group, Inc.*	8,070		1,050,311
Apollo Investment Corp	32,147		268,749
Eaton Vance Corp.	17,946		571,580
Federated Investors, Inc., Class B	14,200		287,266
Greenhill & Co., Inc	4,107		213,523
Janus Capital Group, Inc.	29,737		253,359
Jefferies Group, Inc	19,937		370,230
Raymond James Financial, Inc	17,381		669,690
SEI Investments Co.	21,011		490,397
Waddell & Reed Financial, Inc	13,316		463,663
			4,638,768

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Chemicals - 3.0%
Albemarle Corp	13,906	$	863,841
Ashland, Inc	11,420		918,282
Cabot Corp	9,427		375,100
Cytec Industries, Inc.	7,103		488,899
Intrepid Potash, Inc.	8,390		178,623
Minerals Technologies, Inc.	5,636		224,989
NewMarket Corp	1,672		438,398
Olin Corp.	12,487		269,594
RPM International, Inc	20,610		605,110
Scotts Miracle-Gro Co.	6,105		268,925
Sensient Technologies Corp	7,827		278,328
Valspar Corp	13,153		820,747
			5,730,836

Commercial Banks - 3.7%
Associated Banc-Corp.	26,744		350,881
BancorpSouth, Inc.	12,906		187,653
Bank of Hawaii Corp	7,003		308,482
Cathay General Bancorp	11,601		226,219
City National Corp	7,463		369,568
Commerce Bancshares, Inc.	12,139		425,597
Cullen/Frost Bankers, Inc.	9,576		519,690
East West Bancorp, Inc	21,861		469,793
First Niagara Financial Group, Inc.	55,294		438,481
FirstMerit Corp	17,411		247,062
Fulton Financial Corp	31,020		298,102
Hancock Holding Co.	13,291		421,856
International Bancshares Corp.	8,471		152,902
Prosperity Bancshares, Inc	6,905		290,010
Signature Bank*	7,193		513,149
SVB Financial Group*	6,935		388,152
Synovus Financial Corp.	122,544		300,233
TCF Financial Corp.	25,817		313,677
Trustmark Corp	10,225		229,653
Valley National Bancorp	31,343		291,490
Webster Financial Corp.	12,508		257,039
Westamerica Bancorporation	4,369		186,076
			7,185,765

Commercial Services & Supplies - 1.9%
Clean Harbors, Inc.*	8,234		452,952
Copart, Inc.*	16,523		487,428
Corrections Corp. of America	15,588		552,906
Deluxe Corp.	7,930		255,663
Herman Miller, Inc	9,280		198,778
HNI Corp	7,144		214,749
Mine Safety Appliances Co.	4,905		209,493
Rollins, Inc.	10,259		226,108
RR Donnelley & Sons Co	28,090		252,810
The Brink’s Co.	7,464		212,948
TravelCenters of America LLC (b)*	60,000		10
Waste Connections, Inc.	19,129		646,369
			3,710,214

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Communications Equipment - 1.0%
Adtran, Inc	9,764	$	190,789
Ciena Corp.*	15,700		246,490
InterDigital, Inc.	6,380		262,218
Plantronics, Inc.	6,665		245,739
Polycom, Inc.*	27,331		285,882
Riverbed Technology, Inc.*	25,033		493,651
Tellabs, Inc.	54,716		124,752
			1,849,521

Computers & Peripherals - 0.7%
Diebold, Inc	9,983		305,580
Lexmark International, Inc	10,200		236,538
NCR Corp.*	25,085		639,166
QLogic Corp.*	14,446		140,559
			1,321,843

Construction & Engineering - 1.2%
AECOM Technology Corp.*	16,854		401,125
Granite Construction, Inc	5,546		186,456
KBR, Inc	22,988		687,801
Shaw Group, Inc.*	10,380		483,812
URS Corp	11,972		470,021
			2,229,215

Construction Materials - 0.3%
Martin Marietta Materials, Inc	7,152		674,291

Containers & Packaging - 1.5%
AptarGroup, Inc.	10,347		493,759
Greif, Inc.	4,725		210,263
Packaging Corp. of America	15,299		588,553
Rock-Tenn Co.	11,078		774,463
Silgan Holdings, Inc.	7,655		318,371
Sonoco Products Co.	15,695		466,612
			2,852,021

Distributors - 0.5%
LKQ Corp.*	46,305		977,036

Diversified Consumer Services - 0.7%
DeVry, Inc.	9,030		214,282
Matthews International Corp	4,284		137,516
Regis Corp.	9,198		155,630
Service Corp. International	33,138		457,636
Sotheby’s	10,559		354,994
Strayer Education, Inc	1,849		103,858
			1,423,916

Diversified Financial Services - 0.5%
CBOE Holdings, Inc.	13,711		403,926
MSCI, Inc.*	19,022		589,492
			993,418

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Diversified Telecommunication Services - 0.3%
tw telecom, Inc.*	23,580	$	600,583

Electric Utilities - 2.1%
Cleco Corp.	9,461		378,535
Great Plains Energy, Inc.	23,866		484,718
Hawaiian Electric Industries, Inc.	15,296		384,541
IDACORP, Inc	7,932		343,852
NV Energy, Inc	36,676		665,303
OGE Energy Corp	15,383		866,217
PNM Resources, Inc.	12,410		254,529
Westar Energy, Inc	19,702		563,871
			3,941,566

Electrical Equipment - 1.7%
Acuity Brands, Inc.	6,703		453,994
AMETEK, Inc.	37,855		1,422,212
General Cable Corp.*	7,920		240,847
Hubbell, Inc., Class B	8,315		703,698
Regal-Beloit Corp.	6,932		488,498
			3,309,249

Electronic Equipment & Instruments - 2.1%
Arrow Electronics, Inc.*	16,508		628,625
Avnet, Inc.*	21,380		654,442
Ingram Micro, Inc.*	23,393		395,810
Itron, Inc.*	6,108		272,111
National Instruments Corp.	14,786		381,627
Tech Data Corp.*	5,951		270,949
Trimble Navigation Ltd.*	19,659		1,175,215
Vishay Intertechnology, Inc.*	20,885		222,007
			4,000,786

Energy Equipment & Services - 2.7%
Atwood Oceanics, Inc.*	8,873		406,295
CARBO Ceramics, Inc.	3,058		239,564
Dresser-Rand Group, Inc.*	11,789		661,834
Dril-Quip, Inc.*	5,670		414,193
Helix Energy Solutions Group, Inc.*	15,507		320,064
Oceaneering International, Inc	16,811		904,264
Oil States International, Inc.*	8,616		616,389
Patterson-UTI Energy, Inc	23,268		433,483
Superior Energy Services, Inc.*	24,700		511,784
Tidewater, Inc	7,762		346,806
Unit Corp.*	6,734		303,367
			5,158,043

Food & Staples Retailing - 0.4%
Harris Teeter Supermarkets, Inc.	7,682		296,218
SUPERVALU, Inc.	33,280		82,201
United Natural Foods, Inc.*	7,676		411,357
			789,776

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Food Products - 2.2%
Flowers Foods, Inc.	17,868	$	415,788
Green Mountain Coffee Roasters, Inc.*	19,196		793,947
Hillshire Brands Co.	19,043		535,870
Ingredion, Inc.	11,927		768,457
Lancaster Colony Corp.	3,070		212,413
Post Holdings, Inc.*	5,192		177,826
Ralcorp Holdings, Inc.*	8,576		768,838
Smithfield Foods, Inc.*	19,447		419,472
Tootsie Roll Industries, Inc	3,263		84,577
			4,177,188

Gas Utilities - 1.3%
Atmos Energy Corp.	14,059		493,752
National Fuel Gas Co.	12,989		658,412
Questar Corp.	27,277		538,994
UGI Corp.	17,559		574,355
WGL Holdings, Inc	8,041		315,127
			2,580,640

Health Care Equipment & Supplies - 2.5%
Hill-Rom Holdings, Inc	9,474		270,009
Hologic, Inc.*	41,561		832,467
IDEXX Laboratories, Inc.*	8,518		790,470
Masimo Corp	8,242		173,164
ResMed, Inc	22,290		926,595
STERIS Corp	9,237		320,801
Teleflex, Inc.	6,377		454,744
The Cooper Co.’s, Inc.	7,461		689,993
Thoratec Corp.*	9,154		343,458
			4,801,701

Health Care Providers & Services - 3.0%
Community Health Systems, Inc.	14,208		436,754
Health Management Associates, Inc.*	40,496		377,423
Health Net, Inc.*	12,662		307,687
Henry Schein, Inc.*	13,709		1,103,026
HMS Holdings Corp.*	13,680		354,586
LifePoint Hospitals, Inc.*	7,677		289,807
Mednax, Inc.*	7,763		617,314
Omnicare, Inc	17,221		621,678
Owens & Minor, Inc.	9,877		281,593
Universal Health Services, Inc., Class B	13,781		666,311
VCA Antech, Inc.*	13,818		290,869
WellCare Health Plans, Inc.*	6,821		332,114
			5,679,162

Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc.*	26,912		253,511

Hotels, Restaurants & Leisure - 1.4%
Bally Technologies, Inc.*	6,391		285,742
Bob Evans Farms, Inc.	4,449		178,850
Brinker International, Inc.	11,395		353,131
International Speedway Corp	4,045		111,723

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Hotels, Restaurants & Leisure - Cont’d
Life Time Fitness, Inc.*	6,341	$	312,040
Panera Bread Co.*	4,402		699,170
Scientific Games Corp.*	8,218		71,250
The Cheesecake Factory, Inc	7,911		258,848
Wendy’s Co.	44,577		209,512
WMS Industries, Inc.*	8,504		148,820
			2,629,086

Household Durables - 2.1%
Jarden Corp.*	11,441		591,500
KB Home	12,125		191,575
MDC Holdings, Inc.	5,977		219,715
Mohawk Industries, Inc.*	9,038		817,668
NVR, Inc.*	716		658,720
Tempur-Pedic International, Inc.*	9,400		296,006
Toll Brothers, Inc.*	23,322		754,000
Tupperware Brands Corp	8,614		552,157
			4,081,341

Household Products - 1.0%
Church & Dwight Co., Inc.	21,768		1,166,112
Energizer Holdings, Inc.	9,645		771,407
			1,937,519

Industrial Conglomerates - 0.3%
Carlisle Co.’s, Inc	9,834		577,846

Insurance - 4.4%
Alleghany Corp.*	2,640		885,509
American Financial Group, Inc	11,809		466,692
Arthur J. Gallagher & Co.	19,375		671,344
Aspen Insurance Holdings Ltd	11,060		354,805
Brown & Brown, Inc.	18,373		467,777
Everest Re Group Ltd.	8,056		885,757
Fidelity National Financial, Inc	33,000		777,150
First American Financial Corp.	16,805		404,832
Hanover Insurance Group, Inc.	6,944		269,011
HCC Insurance Holdings, Inc.	15,867		590,411
Kemper Corp.	8,455		249,422
Mercury General Corp	5,768		228,932
Old Republic International Corp.	37,593		400,365
Protective Life Corp	12,330		352,391
Reinsurance Group of America, Inc.	11,506		615,801
StanCorp Financial Group, Inc	6,892		252,730
WR Berkley Corp.	17,139		646,826
			8,519,755

Internet & Catalog Retail - 0.2%
HSN, Inc.	5,663		311,918

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Internet Software & Services - 1.8%
AOL, Inc.*	13,039	$	386,085
Equinix, Inc.*	7,575		1,561,965
Monster Worldwide, Inc.*	18,741		105,324
Rackspace Hosting, Inc.*	17,069		1,267,715
ValueClick, Inc.*	11,184		217,081
			3,538,170

IT Services - 3.3%
Acxiom Corp.*	11,616		202,815
Alliance Data Systems Corp.*	7,767		1,124,351
Broadridge Financial Solutions, Inc.	19,042		435,681
Convergys Corp.	17,004		279,036
CoreLogic, Inc.*	15,186		408,807
DST Systems, Inc.	4,859		294,455
Gartner, Inc.*	14,591		671,478
Global Payments, Inc	12,289		556,692
Jack Henry & Associates, Inc.	13,410		526,477
Lender Processing Services, Inc.	13,219		325,452
Mantech International Corp.	3,690		95,719
NeuStar, Inc.*	10,328		433,053
VeriFone Systems, Inc.*	16,796		498,505
WEX, Inc.*	6,093		459,229
			6,311,750

Leisure Equipment & Products - 0.4%
Polaris Industries, Inc	9,998		841,332

Life Sciences - Tools & Services - 1.3%
Bio-Rad Laboratories, Inc.*	3,139		329,752
Charles River Laboratories International, Inc.*	7,682		287,844
Covance, Inc.*	8,526		492,547
Mettler-Toledo International, Inc.*	4,774		922,814
Techne Corp	5,393		368,558
			2,401,515

Machinery - 5.3%
AGCO Corp.*	15,112		742,301
CLARCOR, Inc	7,877		376,363
Crane Co.	7,450		344,786
Donaldson Co., Inc.	21,020		690,297
Gardner Denver, Inc	7,650		524,025
Graco, Inc.	9,517		490,030
Harsco Corp.	12,555		295,043
IDEX Corp.	12,878		599,213
ITT Corp	14,472		339,513
Kennametal, Inc	12,406		496,240
Lincoln Electric Holdings, Inc.	12,942		630,017
Nordson Corp	8,789		554,762
Oshkosh Corp.*	14,230		421,919
SPX Corp	7,915		555,237
Terex Corp.*	17,215		483,914
Timken Co.	12,394		592,805
Trinity Industries, Inc.	12,297		440,479

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Machinery - Cont’d
Valmont Industries, Inc.	3,651	$	498,544
Wabtec Corp.	7,460		653,048
Woodward, Inc.	9,381		357,698
			10,086,234

Marine - 0.4%
Kirby Corp.*	8,709		539,000
Matson, Inc	6,642		164,190
			703,190

Media - 1.2%
AMC Networks, Inc.*	8,998		445,401
Cinemark Holdings, Inc.	16,100		418,278
DreamWorks Animation SKG, Inc.*	11,317		187,523
John Wiley & Sons, Inc	7,323		285,084
Lamar Advertising Co.*	8,728		338,210
Meredith Corp	5,710		196,709
New York Times Co.*	19,281		164,467
Scholastic Corp.	4,042		119,482
Valassis Communications, Inc.	6,272		161,692
			2,316,846

Metals & Mining - 1.7%
Carpenter Technology Corp.	6,888		355,627
Commercial Metals Co.	18,414		273,632
Compass Minerals International, Inc.	5,158		385,354
Reliance Steel & Aluminum Co	11,771		730,979
Royal Gold, Inc.	10,160		826,110
Steel Dynamics, Inc.	34,157		468,976
Worthington Industries, Inc.	8,243		214,236
			3,254,914

Multiline Retail - 0.1%
Saks, Inc.*	16,211		170,378

Multi-Utilities - 1.0%
Alliant Energy Corp.	17,291		759,248
Black Hills Corp.	6,991		254,053
MDU Resources Group, Inc	29,419		624,860
Vectren Corp.	12,856		377,966
			2,016,127

Office Electronics - 0.2%
Zebra Technologies Corp.*	7,923		311,215


Oil, Gas & Consumable Fuels - 3.2%
Alpha Natural Resources, Inc.*	34,900		339,926
Arch Coal, Inc.	33,725		246,867
Bill Barrett Corp.*	7,456		132,642
Cimarex Energy Co	13,483		778,374
Energen Corp	11,240		506,812
Forest Oil Corp.*	18,802		125,785
HollyFrontier Corp	31,561		1,469,165
Northern Oil And Gas, Inc.*	9,375		157,687

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


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Plains Exploration & Production Co.*	20,097	$	943,353
Quicksilver Resources, Inc.*	18,832		53,859
Rosetta Resources, Inc.*	8,185		371,272
SM Energy Co.	10,323		538,964
World Fuel Services Corp.	11,338		466,785
			6,131,491

Paper & Forest Products - 0.5%
Domtar Corp.	5,494		458,859
Louisiana-Pacific Corp.*	21,718		419,592
			878,451

Pharmaceuticals - 0.2%
Endo Health Solutions, Inc.*	17,775		466,949

Professional Services - 0.8%
Corporate Executive Board Co	5,306		251,823
FTI Consulting, Inc.*	6,535		215,655
Manpower, Inc	12,223		518,744
Towers Watson & Co	8,903		500,438
			1,486,660

Real Estate Investment Trusts - 9.2%
Alexandria Real Estate Equities, Inc.	9,946		689,457
American Campus Communities, Inc.	16,294		751,642
BioMed Realty Trust, Inc.	24,042		464,732
BRE Properties, Inc.	11,972		608,537
Camden Property Trust	13,105		893,892
Corporate Office Properties Trust	12,593		314,573
Duke Realty Corp	42,732		592,693
Equity One, Inc.	9,752		204,890
Essex Property Trust, Inc.	5,691		834,585
Federal Realty Investment Trust	10,068		1,047,273
Highwoods Properties, Inc	12,232		409,160
Home Properties, Inc	7,906		484,717
Hospitality Properties Trust	19,262		451,116
Liberty Property Trust	18,421		658,919
Macerich Co.	21,280		1,240,624
Mack-Cali Realty Corp.	12,941		337,890
National Retail Properties, Inc.	17,142		534,830
Omega Healthcare Investors, Inc.	17,453		416,254
Potlatch Corp.	6,401		250,855
Rayonier, Inc.	19,195		994,877
Realty Income Corp	20,791		836,006
Regency Centers Corp.	14,082		663,544
Senior Housing Properties Trust	27,506		650,242
SL Green Realty Corp	14,079		1,079,155
Taubman Centers, Inc.	9,612		756,657
UDR, Inc	38,970		926,707
Weingarten Realty Investors	17,394		465,637
			17,559,464

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Real Estate Management & Development - 0.4%
Alexander & Baldwin, Inc.*	6,642	$	195,076
Jones Lang LaSalle, Inc.	6,862		575,996
			771,072


Road & Rail - 1.9%
Con-way, Inc.	8,860		246,485
Genesee & Wyoming, Inc.*	6,789		516,507
JB Hunt Transport Services, Inc.	14,186		847,046
Kansas City Southern	17,144		1,431,181
Landstar System, Inc.	7,240		379,810
Werner Enterprises, Inc.	7,081		153,445
			3,574,474

Semiconductors & Semiconductor Equipment - 1.9%
Atmel Corp.*	68,495		448,642
Cree, Inc.*	18,116		615,582
Cypress Semiconductor Corp.*	20,491		222,122
Fairchild Semiconductor International, Inc.*	20,141		290,030
Integrated Device Technology, Inc.*	22,639		165,265
International Rectifier Corp.*	11,004		195,101
Intersil Corp.	20,148		167,027
MEMC Electronic Materials, Inc.*	36,729		117,900
RF Micro Devices, Inc.*	44,389		198,863
Semtech Corp.*	10,359		299,893
Silicon Laboratories, Inc.*	6,089		254,581
Skyworks Solutions, Inc.*	30,238		613,831
			3,588,837

Software - 4.1%
ACI Worldwide, Inc.*	6,255		273,281
Advent Software, Inc.*	5,091		108,846
ANSYS, Inc.*	14,432		971,851
Cadence Design Systems, Inc.*	43,401		586,347
Compuware Corp.*	33,222		361,123
Concur Technologies, Inc.*	7,036		475,071
FactSet Research Systems, Inc.	6,344		558,653
Fair Isaac Corp	5,375		225,911
Informatica Corp.*	16,811		509,710
Mentor Graphics Corp.*	14,872		253,121
MICROS Systems, Inc.*	12,500		530,500
Parametric Technology Corp.*	18,614		419,001
Rovi Corp.*	16,386		252,836
SolarWinds, Inc.*	9,516		499,114
Solera Holdings, Inc.	10,721		573,252
Synopsys, Inc.*	23,233		739,739
TIBCO Software, Inc.*	24,398		537,000
			7,875,356

Specialty Retail - 4.0%
Aaron’s, Inc	10,954		309,779
Advance Auto Parts, Inc	11,430		826,960
Aeropostale, Inc.*	12,194		158,644
American Eagle Outfitters, Inc	28,075		575,818
ANN, Inc.*	7,498		253,732

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Specialty Retail - Cont’d
Ascena Retail Group, Inc.*	19,517	$	360,869
Barnes & Noble, Inc.*	5,985		90,314
Cabela’s, Inc.*	7,201		300,642
Chico’s FAS, Inc.	25,928		478,631
Dick’s Sporting Goods, Inc	15,390		700,091
Foot Locker, Inc.	23,482		754,242
Guess?, Inc.	9,714		238,382
Office Depot, Inc.*	44,774		146,859
Rent-A-Center, Inc.	9,167		314,978
Signet Jewelers Ltd	12,617		673,748
Tractor Supply Co.	10,974		969,663
Williams-Sonoma, Inc.	13,442		588,356
			7,741,708

Textiles, Apparel & Luxury Goods - 1.8%
Carter’s, Inc.*	7,909		440,136
Deckers Outdoor Corp.*	5,493		221,203
Hanesbrands, Inc.*	15,246		546,112
PVH Corp.	11,006		1,221,776
Under Armour, Inc.*	12,065		585,514
Warnaco Group, Inc.*	6,451		461,698
			3,476,439

Thrifts & Mortgage Finance - 0.7%
Astoria Financial Corp.	12,727		119,125
New York Community Bancorp, Inc.	68,411		896,184
Washington Federal, Inc.	16,757		282,690
			1,297,999

Tobacco - 0.1%
Universal Corp	3,702		184,767

Trading Companies & Distributors - 1.0%
GATX Corp	7,422		321,373
MSC Industrial Direct Co., Inc.	7,301		550,349
United Rentals, Inc.*	14,425		656,626
Watsco, Inc	4,621		346,113
			1,874,461

Water Utilities - 0.3%
Aqua America, Inc.	21,802		554,207

Wireless Telecommunication Services - 0.2%
Telephone & Data Systems, Inc.	15,750		348,705


Total Equity Securities (Cost $154,033,132)			185,812,653


EXCHANGE TRADED FUNDS - 1.2%
SPDR S&P MidCap 400 Trust	12,500		2,321,375

Total Exchange Traded Funds (Cost $2,103,967)			2,321,375

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 18


		PRINCIPAL
TIME DEPOSIT - 1.7%		AMOUNT		VALUE
State Street Bank Time Deposit, 0.12%, 1/2/13	$	3,311,208	$	3,311,208

Total Time Deposit (Cost $3,311,208)				3,311,208

U.S. TREASURY OBLIGATIONS - 0.3%
United States Treasury Bills, 0.135%, 5/2/13^		500,000		499,773

Total U.S. Treasury Obligations (Cost $499,773)				499,773


TOTAL INVESTMENTS (Cost $159,948,080) - 100.2%				191,945,009
Other assets and liabilities, net - (0.2%)				(396,662	)
NET ASSETS - 100%			$	191,548,347

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: 2,511,041 shares outstanding			$	164,032,422
Class F: 35,204 shares outstanding				2,306,440
Undistributed net investment income				521,647
Accumulated net realized gain (loss)				(7,301,343	)
Net unrealized appreciation (depreciation)				31,989,181

NET ASSETS			$	191,548,347


NET ASSET VALUE PER SHARE
Class I (based on net assets of $188,871,571)			$	75.22
Class F (based on net assets of $2,676,776)			$	76.04

			UNDERLYING	UNREALIZED
	NUMBER OF	EXPIRATION	FACE AMOUNT	APPRECIATION
FUTURES	CONTRACTS	DATE	AT VALUE	(DEPRECIATION)
Purchased:
E-Mini S&P 400 Index^	38	3/13	$3,868,780	($7,748	)

(b) This security was valued by the Board of Directors. See Note A.

^ Futures collateralized by $500,000 par value of U.S. Treasury Bills.

* Non-income producing security.

Abbreviations:
LLC: Limited Liability Corporation

See notes to financial statements.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 19


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income	$	3,212,155
Interest income		3,764
Total investment income		3,215,919


Expenses:
Investment advisory fee		566,896
Transfer agency fees and expenses		11,303
Administrative fees		188,965
Distribution Plan expenses:
Class F		4,555
Directors’ fees and expenses		34,953
Custodian fees		43,136
Reports to shareholders		64,295
Professional fees		52,732
Accounting fees		30,354
Miscellaneous		12,386
Total expenses		1,009,575
Reimbursement from Advisor:
Class F		(1,224	)
Fees paid indirectly		(137	)
Net expenses		1,008,214



NET INVESTMENT INCOME		2,207,705


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		7,940,775
Futures		655,696
		8,596,471

Change in unrealized appreciation (depreciation) on:
Investments		19,255,584
Futures		(32,784	)
		19,222,800


NET REALIZED AND UNREALIZED GAIN (LOSS)		27,819,271

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	30,026,976

See notes to financial statements.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 20


STATEMENTS OF CHANGES IN NET ASSETS

	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$2,207,705		$1,587,728
Net realized gain (loss)	8,596,471		14,649,904
Change in unrealized appreciation (depreciation)	19,222,800		(22,304,554	)

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	30,026,976		(6,066,922	)

Distributions to shareholders from:
Net investment income:
Class I shares	(1,754,230	)	(1,286,039	)
Class F shares	(15,568	)	(6,770	)
Net realized gain:
Class I shares	(4,579,609	)	—
Class F shares	(64,080	)	—
Total distributions	(6,413,487	)	(1,292,809	)

Capital share transactions:
Shares sold:
Class I shares	11,388,693		18,174,325
Class F shares	1,170,611		975,817
Shares issued from merger (See Note F):
Class I shares	—		19,913,400
Reinvestment of distributions:
Class I shares	6,333,839		1,286,039
Class F shares	79,648		6,769
Shares redeemed:
Class I shares	(30,769,083	)	(31,330,918	)
Class F shares	(529,292	)	(406,810	)
Total capital share transactions	(12,325,584	)	8,618,622

TOTAL INCREASE (DECREASE) IN NET ASSETS	11,287,905		1,258,891

NET ASSETS
Beginning of year	180,260,442		179,001,551
End of year (including undistributed net investment income of $521,647
and $351,488, respectively)	$191,548,347		$180,260,442


CAPITAL SHARE ACTIVITY
Shares sold:
Class I shares	156,206		520,548
Class F shares	15,880		13,899
Reinvestment of distributions:
Class I shares	85,569		19,284
Class F shares	1,065		100
Shares issued from merger (See Note F):
Class I shares	—		259,610
Shares redeemed:
Class I shares	(420,680	)	(450,060	)
Class F shares	(7,068	)	(5,817	)
Total capital share activity	(169,028	)	357,564

See notes to financial statements.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 21

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP S&P MidCap 400 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class F and Class I shares. Class F shares are subject to Distribution Plan Expenses, while Class I shares are not. 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.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 22

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 23

tive, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

At December 31, 2012, securities valued at $10, or 0% of net assets, were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

			VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1		LEVEL 2	LEVEL 3		TOTAL
Equity securities**	$185,812,643		—	$10		$185,812,653
Exchange traded funds	2,321,375		—	—		2,321,375
U.S. government obligations	—		$499,773	—		499,773
Other debt obligations	—		3,311,208	—		3,311,208
TOTAL	$188,134,018		$3,810,981	$10	*	$191,945,009

Other financial instruments***	($7,748	)	—	—		($7,748	)

* Level 3 securities represent 0.0% of net assets.

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

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 24

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 counter-party credit risk to the Portfolio. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position. The Portfolio’s futures contracts at year end are presented in the Statement of Net Assets.

During the year, the Portfolio invested in E-Mini S&P 400 Index Futures. The volume of activity has varied throughout the year with a weighted average of 19 contracts and $1,628,610 weighted average notional value.

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 25

new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact the adoption of this pronouncement will have on the Portfolio’s financial statements and related disclosures.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $48,270 was payable at year end. In addition, $25,716 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense caps are .81% for Class F and .57% for Class I, respectively. (Prior to May 1, 2012, the expense caps were .79% and .55%, respectively.) For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Distributors, Inc. (“CID”), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed 0.20% annually of average daily net assets of Class F. Under the terms of the agreement, $454 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $229 for the year ended December 31, 2012. Under the terms of the agreement, $19 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $18,026,178 and $29,994,611, respectively.

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 26


CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-15	($6,028,554	)
31-Dec-16	(4,284,740	)

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses are required to be utilized prior to the losses incurred in pre-enactment taxable years. Losses incurred in pre-enactment taxable years can be utilized until expiration. The Portfolio’s use of capital loss carryforwards acquired from CVS Ameritas Mid-Cap Growth and CVP MidCap Value Portfolios may be limited under certain tax provisions.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$1,769,798	$1,292,809
Long term capital gains	4,643,689	—
Total	$6,413,487	$1,292,809

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$43,826,794
Unrealized (depreciation)	(11,935,249	)
Net unrealized appreciation/(depreciation)	$31,891,545
Undistributed ordinary income	$521,647
Undistributed long term capital gain	$3,109,587
Capital loss carryforward	($10,313,294	)

Federal income tax cost of investments	$160,053,464

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 27


Undistributed net investment income	($267,748	)
Accumulated net realized gain (loss)	267,748

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2012.

For the year ended December 31, 2012, 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
$193	1.42%	$70,515	January 2012

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTE F — REORGANIZATION

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

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

		ACQUIRING
MERGED PORTFOLIO	SHARES	PORTFOLIO	SHARES	VALUE
MID CAP VALUE	1,085,126	S&P MIDCAP 400, CLASS I	259,610	$19,913,400

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 28

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

		UNREALIZED
	NET	APPRECIATION	ACQUIRING	NET
MERGED PORTFOLIO	ASSETS	(DEPRECIATION)	PORTFOLIO	ASSETS
MID CAP VALUE	$19,913,400	$5,195,860	S&P MIDCAP 400	$196,338,740

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


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

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

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

(a) $1,587,728 as reported, plus ($13,992) from Mid Cap Value pre-merger.

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT 29


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
CLASS I SHARES	2012	(z)	2011	(z)	2010	(z)
Net asset value, beginning	$66.38		$68.39		$54.66
Income from investment operations:
Net investment income	.86		.59		.59
Net realized and unrealized gain (loss)	10.58		(2.12	)	13.61
Total from investment operations	11.44		(1.53	)	14.20
Distributions from:
Net investment income	(.72	)	(.48	)	(.47	)
Net realized gain	(1.88	)	—		—
Total distributions	(2.60	)	(.48	)	(.47	)
Total increase (decrease) in net asset value	8.84		(2.01	)	13.73
Net asset value, ending	$75.22		$66.38		$68.39

Total return*	17.31	%	(2.24	%)	25.98	%
Ratios to average net assets: A
Net investment income	1.17	%	.85	%	1.00	%
Total expenses	.53	%	.56	%	.59	%
Expenses before offsets	.53	%	.55	%	.55	%
Net expenses	.53	%	.55	%	.55	%
Portfolio turnover	10	%	16	%	17	%
Net assets, ending (in thousands)	$188,872		$178,563		$177,819


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS I SHARES			2009		2008	(z)
Net asset value, beginning			$40.39		$70.69
Income from investment operations:
Net investment income			60		.72
Net realized and unrealized gain (loss)			14.10		(24.89	)
Total from investment operations			14.70		(24.17	)
Distributions from:
Net investment income			(.43	)	(1.26	)
Net realized gain			—		(4.87	)
Total distributions			(.43	)	(6.13	)
Total increase (decrease) in net asset value			14.27		(30.30	)
Net asset value, ending			$54.66		$40.39

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

See notes to financial highlights.

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


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31
CLASS F SHARES	2012	(z)	2011	(z)	2010	(z)
Net asset value, beginning	$67.03		$69.00		$55.10
Income from investment operations:
Net investment income	.71		.44		.46
Net realized and unrealized gain (loss)	10.64		(2.14	)	13.70
Total from investment operations	11.35		(1.70	)	14.16
Distributions from:
Net investment income	(.46	)	(.27	)	(.26	)
Net realized gain	(1.88	)	—		—
Total distributions	(2.34	)	(.27	)	(.26	)
Total increase (decrease) in net asset value	9.01		(1.97	)	13.90
Net asset value, ending	$76.04		$67.03		$69.00

Total return*	16.99	%	(2.47	%)	25.70	%
Ratios to average net assets: A
Net investment income	.95	%	.63	%	.77	%
Total expenses	.86	%	.93	%	1.02	%
Expenses before offsets	.80	%	.79	%	.79	%
Net expenses	.80	%	.79	%	.79	%
Portfolio turnover	10	%	16	%	17	%
Net assets, ending (in thousands)	$2,677		$1,698		$1,183


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS F SHARES			2009		2008	(z)
Net asset value, beginning			$40.65		$70.66
Income from investment operations:
Net investment income			.43		.66
Net realized and unrealized gain (loss)			14.25		(24.90	)
Total from investment operations			14.68		(24.24	)
Distributions from:
Net investment income			(.23	)	(.90	)
Net realized gain			—		(4.87	)
Total distributions			(.23	)	(5.77	)
Total increase (decrease) in net asset value			14.45		(30.01	)
Net asset value, ending			$55.10		$40.65

Total return*			36.12	%	(36.76	%)
Ratios to average net assets: A
Net investment income			.98	%	1.26	%
Total expenses			1.90	%	.79	%
Expenses before offsets			.79	%	.78	%
Net expenses			.79	%	.78	%
Portfolio turnover			16	%	22	%
Net assets, ending (in thousands)			$523		$104

See notes to financial highlights.

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

A Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before
offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses
are net of all reductions and represent the net expenses paid by the portfolio.

* Total return is not annualized for periods of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

(z) Per share figures calculated using the Average Share Method.

See notes to financial statements.

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

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

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

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

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

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. 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 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 noted that the Advisor had reimbursed a portion of the Portfolio’s expenses. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an overall reduction in the transfer agency fees across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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

The Board considered the effect of the Portfolio’s current size and potential growth on its performance and fees.

Although the Portfolio’s advisory fee did not contain breakpoints that would reduce the advisory fee rate on assets

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

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

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three and five-year periods ended June 30, 2012 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.

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

CONCLUSIONS

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

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

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

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 39

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 40

www.calvert.com CALVERT VP S&P MIDCAP 400 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 41

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, 2012, Calvert VP Nasdaq 100 Index Portfolio returned 17.62% versus a return of 18.35% for the Nasdaq 100 Index. The under-performance was largely attributable to fees and operating expenses, which the Index does not have.

INVESTMENT CLIMATE

Optimism for a global economic recovery, continued strong corporate earnings, and continued strong Federal Reserve bond purchasing helped propel stocks higher. Domestic GDP continued to grow at a moderate pace and interest rates gave no sign of inflation fears in the market. Overall, a combination of factors made 2012 a good environment for the equity markets.

PORTFOLIO STRATEGY

As an index fund, the Portfolio seeks, as closely as possible, to replicate the holdings and match the performance of the Nasdaq 100 Index. In pursuit of this objective, the fund employs a passive management approach to replicate the Index.

At year end, the Index’s largest exposure was to Information Technology at 63.8%. Other significant weightings included Consumer Discretionary at 17.1% and Health Care at 11.8%. The lowest exposures were to the Materials and Telecommunication Services sectors at 0.5% and 1.1%, respectively.

The top-performing sectors were Consumer Discretionary, up 44.7% for the year, and Health Care, up 39.5%. The weakest performers included

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)
One year	17.62	%
Five year	5.27	%
Ten year	10.48	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert. com/institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.67%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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

Telecommunication Services at 3.3%, Information Technology at 10.4%, and Materials at 12.6%.

During 2012, the Portfolio continued to meet its investment objective of closely tracking the total return of the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. Since the Nasdaq 100 Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	16.2	%
Consumer Staples	3.5	%
Exchange Traded Funds	2.2	%
Government	0.3	%
Health Care	11.2	%
Industrials	2.0	%
Information Technology	60.5	%
Materials	0.4	%
Short-Term Investments	2.6	%
Telecommunication Services	1.1	%
Total	100	%

OUTLOOK

In 2013, the primary caveats that temper the equities outlook are chronic U.S. government deficits, the government’s inability to function properly, and slow worldwide economic growth. Tax increases implemented on January 1 will shave a small amount from GDP growth. However, a failure in Washington to deal with the long-term issues relating to entitlements, government spending, and revenue generation could worsen the forecast materially this year and beyond.

January 2013

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

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,021.88	$3.26

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.92	$3.26

* Expenses are equal to the Fund’s annualized expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP Nasdaq 100 Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

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


STATEMENT OF NET ASSETS DECEMBER 31, 2012
STATEMENT OF NET ASSETS DECEMBER 31, 2012


EQUITY SECURITIES - 94.9%	SHARES		VALUE
Air Freight & Logistics - 0.6%
C.H. Robinson Worldwide, Inc	3,221	$	203,631
Expeditors International of Washington, Inc.	4,176		165,161
			368,792

Beverages - 0.3%
Monster Beverage Corp.*	3,424		181,061

Biotechnology - 7.2%
Alexion Pharmaceuticals, Inc.*	3,882		364,170
Amgen, Inc.	15,331		1,323,372
Biogen Idec, Inc.*	4,727		693,309
Celgene Corp.*	8,451		665,263
Gilead Sciences, Inc.*	15,137		1,111,813
Regeneron Pharmaceuticals, Inc.*	1,887		322,809
Vertex Pharmaceuticals, Inc.*	4,332		181,684
			4,662,420

Chemicals - 0.3%
Sigma-Aldrich Corp.	2,404		176,886

Commercial Services & Supplies - 0.2%
Stericycle, Inc.*	1,716		160,051

Communications Equipment - 6.7%
Cisco Systems, Inc.	106,069		2,084,256
F5 Networks, Inc.*	1,580		153,497
QUALCOMM, Inc.	34,044		2,111,409
			4,349,162

Computers & Peripherals - 17.4%
Apple, Inc.	18,794		10,017,766
Dell, Inc.	34,654		351,045
NetApp, Inc.*	7,158		240,151
SanDisk Corp.*	4,831		210,439
Seagate Technology plc	7,542		229,880
Western Digital Corp	4,866		206,756
			11,256,037

Food & Staples Retailing - 1.8%
Costco Wholesale Corp	8,639		853,274
Whole Foods Market, Inc.	3,707		338,560
			1,191,834

Food Products - 1.4%
Mondelez International, Inc	35,503		904,261

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 8


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Health Care Equipment & Supplies - 0.8%
DENTSPLY International, Inc.	2,883	$	114,196
Intuitive Surgical, Inc.*	795		389,844
			504,040

Health Care Providers & Services - 1.9%
Catamaran Corp.*	4,098		193,057
Express Scripts Holding Co.*	16,311		880,794
Henry Schein, Inc.*	1,758		141,448
			1,215,299

Health Care Technology - 0.4%
Cerner Corp.*	3,428		266,150

Hotels, Restaurants & Leisure - 1.6%
Starbucks Corp.	14,856		796,579
Wynn Resorts Ltd	2,010		226,105
			1,022,684

Household Durables - 0.2%
Garmin Ltd	3,896		159,035

Internet & Catalog Retail - 5.0%
Amazon.com, Inc.*	9,050		2,272,817
Expedia, Inc.	2,439		149,877
Liberty Media Corp. - Interactive*	10,286		202,428
priceline.com, Inc.*	997		619,336
			3,244,458

Internet Software & Services - 10.9%
Akamai Technologies, Inc.*	3,546		145,067
Baidu, Inc. (ADR)*	5,478		549,389
eBay, Inc.*	25,852		1,318,969
Equinix, Inc.*	971		200,220
Facebook, Inc.*	21,966		584,955
Google, Inc.*	5,294		3,755,405
Yahoo!, Inc.*	23,628		470,197
			7,024,202

IT Services - 2.2%
Automatic Data Processing, Inc.	9,699		552,940
Cognizant Technology Solutions Corp.*	5,998		444,152
Fiserv, Inc.*	2,667		210,773
Paychex, Inc	7,262		226,139
			1,434,004

Leisure Equipment & Products - 0.4%
Mattel, Inc.	6,856		251,067

Life Sciences - Tools & Services - 0.3%
Life Technologies Corp.*	3,438		168,737

Machinery - 0.5%
PACCAR, Inc.	7,053		318,866

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Media - 7.1%
Comcast Corp	42,332	$	1,582,370
DIRECTV*	12,070		605,431
Discovery Communications, Inc.*	2,896		183,838
Liberty Global, Inc.*	2,880		181,411
Liberty Media Corp. - Liberty Capital*	2,204		255,686
News Corp	30,887		788,854
Sirius XM Radio, Inc.	104,029		300,644
Viacom, Inc., Class B	9,011		475,240
Virgin Media, Inc.	5,363		197,091
			4,570,565

Metals & Mining - 0.2%
Randgold Resources Ltd. (ADR)	1,047		103,915

Multiline Retail - 0.4%
Dollar Tree, Inc.*	4,540		184,143
Sears Holdings Corp.*	2,165		89,544
			273,687

Pharmaceuticals - 0.6%
Mylan, Inc.*	8,142		223,742
Perrigo Co	1,876		195,160
			418,902

Professional Services - 0.3%
Verisk Analytics, Inc.*	3,332		169,932

Semiconductors & Semiconductor Equipment - 7.9%
Altera Corp.	6,405		220,588
Analog Devices, Inc.	6,021		253,243
Applied Materials, Inc	24,723		282,831
Avago Technologies Ltd	4,892		154,881
Broadcom Corp.*	10,229		339,705
Intel Corp.	99,387		2,050,354
KLA-Tencor Corp.	3,327		158,898
Linear Technology Corp.	4,623		158,569
Maxim Integrated Products, Inc	5,826		171,284
Microchip Technology, Inc	3,939		128,372
Micron Technology, Inc.*	20,329		129,089
NVIDIA Corp.	12,603		154,891
Texas Instruments, Inc	22,392		692,808
Xilinx, Inc.	5,213		187,147
			5,082,660

Software - 15.4%
Activision Blizzard, Inc.	22,230		236,083
Adobe Systems, Inc.*	9,891		372,693
Autodesk, Inc.*	4,486		158,580
BMC Software, Inc.*	3,096		122,787
CA, Inc.	9,176		201,688
Check Point Software Technologies Ltd.*	4,092		194,943
Citrix Systems, Inc.*	3,731		245,313
Intuit, Inc.	5,917		352,062
Microsoft Corp.	168,390		4,501,065

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - CONT’D		SHARES		VALUE
Software - Cont’d
Nuance Communications, Inc.*		6,263	$	139,790
Oracle Corp.		96,276		3,207,916
Symantec Corp.*		13,863		260,763
				9,993,683

Specialty Retail - 1.3%
Bed Bath & Beyond, Inc.*		4,579		256,012
O’Reilly Automotive, Inc.*		2,290		204,772
Ross Stores, Inc		4,474		242,267
Staples, Inc		13,463		153,478
				856,529

Textiles, Apparel & Luxury Goods - 0.2%
Fossil, Inc.*		1,200		111,720

Trading Companies & Distributors - 0.4%
Fastenal Co.		5,920		276,405

Wireless Telecommunication Services - 1.0%
SBA Communications Corp.*		2,525		179,326
Vodafone Group plc (ADR)		19,481		490,726
				670,052


Total Equity Securities (Cost $45,279,489)				61,387,096


EXCHANGE TRADED FUNDS - 2.2%
Powershares QQQ Trust, Series 1		22,100		1,438,931

Total Exchange Traded Funds (Cost $1,480,421)				1,438,931


		PRINCIPAL
TIME DEPOSIT - 2.6%		AMOUNT
State Street Bank Time Deposit, 0.12%, 1/2/13	$	1,647,092		1,647,092

Total Time Deposit (Cost $1,647,092)				1,647,092


U.S. TREASURY OBLIGATIONS - 0.3%
United States Treasury Bills, 0.135%, 5/2/13^		200,000		199,909

Total U.S. Treasury Obligations (Cost $199,909)				199,909



TOTAL INVESTMENTS (Cost $48,606,911) - 100.0%				64,673,028
Other assets and liabilities, net - 0.0%				16,347
NET ASSETS - 100%			$	64,689,375

See notes to financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 11


NET ASSETS CONSIST OF:
Paid-in capital applicable to 1,986,186 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized	$	48,333,337
Undistributed net investment income		118,121
Accumulated net realized gain (loss)		210,685
Net unrealized appreciation (depreciation)		16,027,232


NET ASSETS	$	64,689,375

NET ASSET VALUE PER SHARE	$	32.57

			UNDERLYING	UNREALIZED
	NUMBER OF	EXPIRATION	FACE AMOUNT	APPRECIATION
FUTURES	CONTRACTS	DATE	AT VALUE	(DEPRECIATION)
Purchased:
E-Mini NASDAQ 100 Index^	35	3/13	$1,858,675	($38,885	)

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

* Non-income producing security.

Abbreviations:
ADR: American Depositary Receipts
plc: Public Limited Company

See notes to financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 12


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $1,882)	$	911,513
Interest income		2,849
Total investment income		914,362


Expenses:
Investment advisory fee		217,833
Transfer agency fees and expenses		5,276
Accounting fees		10,045
Directors’ fees and expenses		11,512
Administrative fees		62,238
Custodian fees		13,447
Reports to shareholders		32,030
Professional fees		22,422
Miscellaneous		16,318
Total expenses		391,121
Fees paid indirectly		(39	)
Net expenses		391,082



NET INVESTMENT INCOME		523,280


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		1,635,991
Futures		256,877
		1,892,868


Change in unrealized appreciation (depreciation) on:
Investments		7,161,614
Futures		(40,141	)
		7,121,473


NET REALIZED AND UNREALIZED GAIN (LOSS)		9,014,341

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	9,537,621

See notes to financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 13


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$523,280		$156,010
Net realized gain (loss)	1,892,868		11,048,709
Change in unrealized appreciation (depreciation)	7,121,473		(9,219,702	)


INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	9,537,621		1,985,017

Distributions to shareholders from:
Net investment income	(440,448	)	(154,259	)
Net realized gain	(3,780,270	)	(2,793,152	)
Total distributions	(4,220,718	)	(2,947,411	)



Capital share transactions:
Shares sold	10,965,871		6,712,731
Reinvestment of distributions	4,220,718		2,947,411
Shares redeemed	(9,797,966	)	(15,149,277	)
Total capital share transactions	5,388,623		(5,489,135	)


TOTAL INCREASE (DECREASE) IN NET ASSETS	10,705,526		(6,451,529	)


NET ASSETS
Beginning of year	53,983,849		60,435,378
End of year (including undistributed net investment income
of $118,121 and $35,289, respectively)	$64,689,375		$53,983,849


CAPITAL SHARE ACTIVITY
Shares sold	317,110		213,319
Reinvestment of distributions	132,311		99,039
Shares redeemed	(282,998	)	(476,590	)
Total capital share activity	166,423		(164,232	)

See notes to financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 14

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP NASDAQ 100 Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 15

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 16

that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

			VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1		LEVEL 2	LEVEL 3	TOTAL
Equity securities*	$61,387,096		—	—	$61,387,096
Exchange traded funds	1,438,931		—	—	1,438,931
U.S. government obligations	—		$199,909	—	199,909
Other debt obligations	—		1,647,092	—	1,647,092
TOTAL	$62,826,027		$1,847,001	—	$64,673,028

Other financial instruments**	($38,885	)	—	—	($38,885	)

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

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

Futures Contracts: The Portfolio may purchase and sell futures contracts, when, in the judgment of the Advisor, such a position acts as a hedge, or to provide equity market exposure to the Portfolio’s uncommitted cash balances. 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 and 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 finan-cial 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,

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 17

through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position. The Portfolio’s futures contracts at year end are presented in the Statement of Net Assets.

During the year, the Portfolio invested in E-Mini NASDAQ 100 Index Futures. The volume of activity has varied throughout the year with a weighted average of 9 contracts and $120,340 weighted average notional value.

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 18

New Accounting Pronouncements: In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact the adoption of this pronouncement will have on the Portfolio’s financial statements and related disclosures.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as UNIFI Mutual Holding Company). The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $18,927 was payable at year end. In addition, $14,984 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense cap is .69% (.67% prior to May 1, 2012). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $5,408 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $72 for the year ended December 31, 2012. Under terms of the agreement, $6 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 19

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $11,576,246 and $10,362,629, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$587,107	$154,259
Long term capital gains	3,633,611	2,793,152
Total	$4,220,718	$2,947,411

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$16,837,983
Unrealized (depreciation)	(984,820	)
Net unrealized appreciation/(depreciation)	$15,853,163
Undistributed ordinary income	$232,190
Undistributed long term capital gain	$270,685

Federal income tax cost of investments	$48,819,865

NOTE D — LINE OF CREDIT

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 20

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 21


FINANCIAL HIGHLIGHTS

			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012		2011		2010
Net asset value, beginning	$29.67		$30.46		$25.51
Income from investment operations:
Net investment income	.28		.09		.06
Net realized and unrealized gain (loss)	4.90		.83		4.94
Total from investment operations	5.18		.92		5.00
Distributions from:
Net investment income	(.24	)	(.09	)	(.05	)
Net realized gain	(2.04	)	(1.62	)	—
Total distributions	(2.28	)	(1.71	)	(.05	)
Total increase (decrease) in net asset value	2.90		(.79	)	4.95
Net asset value, ending	$32.57		$29.67		$30.46

Total return*	17.62	%	3.02	%	19.61	%
Ratios to average net assets: A
Net investment income	.84	%	.27	%	.33	%
Total expenses	.63	%	.67	%	.68	%
Expenses before offsets	.63	%	.65	%	.65	%
Net expenses	.63	%	.65	%	.65	%
Portfolio turnover	17	%	23	%	26	%
Net assets, ending (in thousands)	$64,689		$53,984		$60,435


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009		2008
Net asset value, beginning			$16.63		$28.64
Income from investment operations:
Net investment income			.02		.03
Net realized and unrealized gain (loss)			8.88		(12.01	)
Total from investment operations			8.90		(11.98	)
Distributions from:
Net investment income			(.02	)	(.03	)
Total distributions			(.02	)	(.03	)
Total increase (decrease) in net asset value			8.88		(12.01	)
Net asset value, ending			$25.51		$16.63

Total return*			53.51	%	(41.81	%)
Ratios to average net assets:A
Net investment income			.09	%	.06	%
Total expenses			.74	%	.80	%
Expenses before offsets			.65	%	.65	%
Net expenses			.65	%	.65	%
Portfolio turnover			10	%	12	%
Net assets, ending (in thousands)			$25,637		$17,189

See notes to financial highlights.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 22

* Total return is not annualized for periods of less than one year and does not reflect charges and expenses of the variable annuity or variable universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 23

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 24

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 25

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 26

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, 2012. The data also indicated that the Portfolio outperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2012. 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. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an overall reduction in the transfer agency fees across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 27

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2012 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.

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

CONCLUSIONS

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

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

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 29

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 30

DIRECTOR AND OFFICER INFORMATION TABLE

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 31

www.calvert.com CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 32

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, 2012, Calvert VP Russell 2000 Small Cap Index Portfolio (Class I) returned 15.50% compared with 16.35% for the Russell 2000 Index. The under-performance was largely attributable to fees and operating expenses, which the Index does not have.

INVESTMENT CLIMATE

Optimism for a global economic recovery, continued strong corporate earnings, and continued strong Federal Reserve bond purchasing helped propel stocks higher. Domestic GDP growth continued at a moderate pace and interest rates gave no sign of inflation fears in the market. Overall, a combination of factors made 2012 a good environment for the equity markets.

PORTFOLIO STRATEGY

As an index fund, the Portfolio seeks, as closely as possible, to replicate the holdings and match the performance of the Russell 2000 Index. In pursuit of this objective, the fund employs a passive management approach to replicate the Index.

At year end, the Index’s largest exposures were to the Financials and Consumer Discretionary sectors at 23.5% and 15.1%, respectively. Other significant weightings included Materials and Information Technology. The lowest exposures were to the Consumer Staples and Utilities sectors.

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)

	Class I	Class F
One year	15.50%	15.23%
Five year	2.91%	2.71%
Ten year	9.04%	8.83%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I shares is 0.79%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 4

The top performers were Materials, rising 28.2%, Consumer Discretionary, up 24.2%, and Financial Services, up 21.8%. The weakest performers included Energy and Utilities, returning -3.1% and 6.1%, respectively.

During 2012, the Portfolio continued to meet its investment objective of closely tracking the total return of the Index. Market fluctuation, cash flows, and corporate actions may cause the Portfolio to hold a slightly different weighting than the Index. Since the Russell 2000 Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	13.1	%
Consumer Staples	3.3	%
Energy	5.6	%
Exchange Traded Funds	3.7	%
Financials	21.0	%
Government	0.3	%
Health Care	11.1	%
Industrials	15.1	%
Information Technology	14.6	%
Materials	4.9	%
Short-Term Investments	3.5	%
Telecommunication Services	0.6	%
Utilities	3.2	%
Total	100	%

OUTLOOK

In 2013, the primary caveats that temper the equities outlook are chronic U.S. government deficits, the government’s inability to function properly, and slow worldwide economic growth. Tax increases implemented on January 1 will shave a small amount from GDP growth. However, a failure in Washington to deal with the long-term issues relating to entitlements, government spending, and revenue generation could worsen the forecast materially this year and beyond.

January 2013

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Class I
Actual	$1,000.00	$1,067.98	$3.92

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.35	$3.83

Class F
Actual	$1,000.00	$1,066.90	$4.92

Hypothetical (5% return per year before expenses)	$1,000.00	$1,020.37	$4.81

* Expenses are equal to the Fund’s annualized expense ratio of 0.75% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Russell 2000 Small Cap Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Russell 2000 Small Cap Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS DECEMBER 31, 2012
STATEMENT OF NET ASSETS DECEMBER 31, 2012


EQUITY SECURITIES - 92.2%	SHARES		VALUE
Aerospace & Defense - 1.5%
AAR Corp	3,414	$	63,773
Aerovironment, Inc.*	1,447		31,458
American Science & Engineering, Inc	788		51,385
API Technologies Corp.*	2,912		8,561
Astronics Corp.*	970		22,194
CPI Aerostructures, Inc.*	507		5,075
Cubic Corp.	1,378		66,103
Curtiss-Wright Corp	4,224		138,674
DigitalGlobe, Inc.*	3,256		79,577
Esterline Technologies Corp.*	2,760		175,564
GenCorp, Inc.*	5,118		46,830
GeoEye, Inc.*	1,360		41,793
HEICO Corp.	4,743		212,297
Hexcel Corp.*	8,966		241,723
Keyw Holding Corp.*	2,211		28,058
Kratos Defense & Security Solutions, Inc.*	3,130		15,744
LMI Aerospace, Inc.*	916		17,715
Moog, Inc.*	3,982		163,381
National Presto Industries, Inc	420		29,022
Orbital Sciences Corp.*	5,042		69,428
SIFCO Industries, Inc	226		3,559
Sypris Solutions, Inc.	953		3,774
Taser International, Inc.*	5,000		44,700
Teledyne Technologies, Inc.*	3,309		215,317
			1,775,705

Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc.*	4,743		19,020
Atlas Air Worldwide Holdings, Inc.*	2,379		105,414
Echo Global Logistics, Inc.*	1,329		23,882
Forward Air Corp.	2,539		88,890
HUB Group, Inc.*	3,340		112,224
Pacer International, Inc.*	3,629		14,153
Park-Ohio Holdings Corp.*	726		15,471
XPO Logistics, Inc.*	1,587		27,582
			406,636

Airlines - 0.7%
Alaska Air Group, Inc.*	6,402		275,862
Allegiant Travel Co.	1,330		97,635
Hawaiian Holdings, Inc.*	4,528		29,749
JetBlue Airways Corp.*	20,251		115,633
Republic Airways Holdings, Inc.*	4,602		26,140
Skywest, Inc.	4,346		54,151
Spirit Airlines, Inc.*	3,745		66,362
US Airways Group, Inc.*	14,616		197,316
			862,848

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 8


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Auto Components - 0.8%
American Axle & Manufacturing Holdings, Inc.*	6,004	$	67,245
Cooper Tire & Rubber Co.	5,611		142,295
Dana Holding Corp	13,297		207,566
Dorman Products, Inc.	2,205		77,925
Drew Industries, Inc.	1,669		53,825
Exide Technologies*	6,612		22,613
Federal-Mogul Corp.*	1,665		13,353
Fuel Systems Solutions, Inc.*	1,481		21,771
Gentherm, Inc.*	2,493		33,157
Modine Manufacturing Co.*	4,047		32,902
Shiloh Industries, Inc.	483		4,975
Spartan Motors, Inc.	3,414		16,831
Standard Motor Products, Inc	1,820		40,441
Stoneridge, Inc.*	2,174		11,131
Superior Industries International, Inc.	2,023		41,269
Tenneco, Inc.*	5,465		191,876
Tower International, Inc.*	681		5,482
			984,657

Automobiles - 0.0%
Winnebago Industries, Inc.*	2,545		43,596

Beverages - 0.1%
Central European Distribution Corp.*	5,976		12,968
Coca Cola Bottling Co. Consolidated	436		28,994
Craft Brew Alliance, Inc.*	855		5,540
National Beverage Corp.	1,154		16,837
The Boston Beer Company, Inc.*	675		90,754
			155,093

Biotechnology - 3.4%
Achillion Pharmaceuticals, Inc.*	5,291		42,434
Acorda Therapeutics, Inc.*	3,610		89,745
Aegerion Pharmaceuticals, Inc.*	2,223		56,442
Affymax, Inc.*	3,224		61,256
Agenus, Inc.*	2,052		8,413
Alkermes plc*	11,023		204,146
Allos Therapeutics, Inc. - Contingent Value Rights (b)*	8,161		—
Alnylam Pharmaceuticals, Inc.*	4,121		75,208
AMAG Pharmaceuticals, Inc.*	1,838		27,037
Amicus Therapeutics, Inc.*	2,714		7,274
Anacor Pharmaceuticals, Inc.*	1,231		6,401
Arena Pharmaceuticals, Inc.*	19,304		174,122
Arqule, Inc.*	5,260		14,675
Array Biopharma, Inc.*	10,324		38,405
Astex Pharmaceuticals, Inc.*	8,384		24,397
AVEO Pharmaceuticals, Inc.*	3,503		28,199
BioCryst Pharmaceuticals, Inc.*	4,427		6,286
Biospecifics Technologies Corp.*	285		4,261
Biotime, Inc.*	1,975		6,202
Celldex Therapeutics, Inc.*	4,749		31,866
Cepheid, Inc.*	5,907		199,716

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 9


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Biotechnology - Cont’d
ChemoCentryx, Inc.*	476	$	5,207
Clovis Oncology, Inc.*	1,230		19,680
Codexis, Inc.*	2,017		4,458
Coronado Biosciences, Inc.*	1,219		5,498
Cubist Pharmaceuticals, Inc.*	5,703		239,868
Curis, Inc.*	6,491		22,264
Cytori Therapeutics, Inc.*	4,706		13,271
Dendreon Corp.*	13,865		73,207
Discovery Laboratories, Inc.*	3,905		8,240
Durata Therapeutics, Inc.*	750		5,730
Dyax Corp.*	9,064		31,543
Dynavax Technologies Corp.*	15,554		44,484
Emergent Biosolutions, Inc.*	2,331		37,389
Enzon Pharmaceuticals, Inc.	3,403		15,075
Exact Sciences Corp.*	5,655		59,886
Exelixis, Inc.*	16,302		74,500
Genomic Health, Inc.*	1,445		39,391
Geron Corp.*	10,723		15,119
GTx, Inc.*	1,483		6,229
Halozyme Therapeutics, Inc.*	8,079		54,210
Idenix Pharmaceuticals, Inc.*	7,999		38,795
ImmunoCellular Therapeutics Ltd.*	3,584		6,881
Immunogen, Inc.*	7,409		94,465
Immunomedics, Inc.*	6,814		19,897
Infinity Pharmaceuticals, Inc.*	2,514		87,990
Intercept Pharmaceuticals, Inc.*	419		14,347
InterMune, Inc.*	5,888		57,055
Ironwood Pharmaceuticals, Inc.*	6,767		75,046
Isis Pharmaceuticals, Inc.*	9,020		94,349
Keryx Biopharmaceuticals, Inc.*	4,735		12,406
KYTHERA Biopharmaceuticals, Inc.*	449		13,623
Lexicon Pharmaceuticals, Inc.*	17,874		39,680
Ligand Pharmaceuticals, Inc., Class B*	1,684		34,926
MannKind Corp.*	10,154		23,456
Maxygen, Inc.	2,883		7,092
Merrimack Pharmaceuticals, Inc.*	1,369		8,337
Momenta Pharmaceuticals, Inc.*	4,217		49,676
Neurocrine Biosciences, Inc.*	5,970		44,656
NewLink Genetics Corp.*	1,141		14,263
Novavax, Inc.*	10,291		19,450
NPS Pharmaceuticals, Inc.*	7,757		70,589
OncoGenex Pharmaceutical, Inc.*	1,309		17,174
Oncothyreon, Inc.*	5,144		9,876
Opko Health, Inc.*	9,218		44,339
Orexigen Therapeutics, Inc.*	6,466		34,076
Osiris Therapeutics, Inc.*	1,745		15,670
PDL BioPharma, Inc.	12,211		86,088
Pharmacyclics, Inc.*	4,899		283,652
Progenics Pharmaceuticals, Inc.*	2,933		8,740
Raptor Pharmaceutical Corp.*	3,949		23,102
Regulus Therapeutics, Inc.*	1,151		7,251
Repligen Corp.*	2,777		17,467

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Biotechnology - Cont’d
Rigel Pharmaceuticals, Inc.*	7,590	$	49,335
Sangamo Biosciences, Inc.*	4,682		28,139
Seattle Genetics, Inc.*	8,558		198,546
SIGA Technologies, Inc.*	2,826		7,404
Spectrum Pharmaceuticals, Inc.	5,050		56,509
Sunesis Pharmaceuticals, Inc.*	2,400		10,080
Synageva BioPharma Corp.*	927		42,911
Synergy Pharmaceuticals, Inc.*	3,700		19,462
Synta Pharmaceuticals Corp.*	3,342		30,145
Targacept, Inc.*	2,414		10,573
TESARO, Inc.*	400		6,780
Theravance, Inc.*	5,462		121,639
Threshold Pharmaceuticals, Inc.*	4,048		17,042
Trius Therapeutics, Inc.*	2,239		10,702
Vanda Pharmaceuticals, Inc.*	2,587		9,572
Verastem, Inc.*	541		4,755
Vical, Inc.*	7,213		20,990
XOMA Corp.*	6,130		14,681
ZIOPHARM Oncology, Inc.*	5,687		23,658
			3,939,071

Building Products - 0.9%
A.O. Smith Corp.	3,506		221,123
AAON, Inc.	1,579		32,954
Ameresco, Inc.*	1,452		14,244
American Woodmark Corp.*	938		26,095
Apogee Enterprises, Inc	2,456		58,870
Builders FirstSource, Inc.*	4,708		26,271
Gibraltar Industries, Inc.*	2,647		42,140
Griffon Corp	3,918		44,900
Insteel Industries, Inc	1,631		20,355
NCI Building Systems, Inc.*	1,877		26,090
Nortek, Inc.*	698		46,243
Patrick Industries, Inc.*	357		5,555
PGT, Inc.*	1,759		7,916
Quanex Building Products Corp	3,310		67,557
Simpson Manufacturing Co., Inc	3,602		118,110
Trex Co., Inc.*	1,354		50,409
Universal Forest Products, Inc.	1,697		64,554
USG Corp.*	6,671		187,255
			1,060,641

Capital Markets - 2.3%
Apollo Investment Corp	18,268		152,720
Arlington Asset Investment Corp.	975		20,251
Artio Global Investors, Inc	2,429		4,615
BGC Partners, Inc.	8,863		30,666
BlackRock Kelso Capital Corp	6,249		62,865
Calamos Asset Management, Inc	1,559		16,479
Capital Southwest Corp.	264		26,302
CIFC Corp.*	974		7,792
Cohen & Steers, Inc.	1,662		50,641

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Capital Markets - Cont’d
Cowen Group, Inc.*	6,639	$	16,266
Diamond Hill Investment Group, Inc.	250		16,965
Duff & Phelps Corp.	2,807		43,845
Epoch Holding Corp.	1,435		40,038
Evercore Partners, Inc.	2,575		77,739
FBR & Co.*	3,300		12,771
Fidus Investment Corp.	849		13,966
Fifth Street Finance Corp.	9,348		97,406
Financial Engines, Inc.*	4,171		115,745
FXCM, Inc.	2,092		21,066
GAMCO Investors, Inc.	612		32,479
GFI Group, Inc.	5,807		18,815
Gladstone Capital Corp.	2,184		17,821
Gladstone Investment Corp.	2,292		15,952
Golub Capital BDC, Inc	1,288		20,582
Greenhill & Co., Inc	2,617		136,058
GSV Capital Corp.*	1,740		14,668
Harris & Harris Group, Inc.*	3,204		10,573
Hercules Technology Growth Capital, Inc	4,476		49,818
HFF, Inc	2,937		43,761
Horizon Technology Finance Corp	563		8,383
ICG Group, Inc.*	3,171		36,245
Intl. FCStone, Inc.*	1,181		20,561
Investment Technology Group, Inc.*	3,390		30,510
JMP Group, Inc	1,155		7,011
KBW, Inc.	3,103		47,476
KCAP Financial, Inc.	1,571		14,437
Knight Capital Group, Inc.*	16,143		56,662
Ladenburg Thalmann Financial Services, Inc.*	8,462		11,847
Main Street Capital Corp	2,718		82,926
Manning & Napier, Inc	1,043		13,142
MCG Capital Corp	6,694		30,792
Medallion Financial Corp.	1,611		18,913
Medley Capital Corp.	2,543		37,026
MVC Capital, Inc	2,126		25,831
New Mountain Finance Corp.	1,461		21,769
NGP Capital Resources Co	2,245		16,209
OFS Capital Corp.*	592		8,104
Oppenheimer Holdings, Inc.	932		16,096
PennantPark Investment Corp.	5,831		64,112
Piper Jaffray Co.’s*	1,472		47,295
Prospect Capital Corp	16,963		184,388
Pzena Investment Management, Inc.	491		2,651
Safeguard Scientifics, Inc.*	1,902		28,056
Solar Capital Ltd	3,296		78,807
Solar Senior Capital Ltd	800		14,928
Stellus Capital Investment Corp.	711		11,646
Stifel Financial Corp.*	4,835		154,575
SWS Group, Inc.*	2,652		14,029
TCP Capital Corp.	518		7,635

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Capital Markets - Cont’d
THL Credit, Inc.	1,336	$	19,759
TICC Capital Corp.	3,399		34,398
Triangle Capital Corp.	2,291		58,398
Virtus Investment Partners, Inc.*	559		67,605
Walter Investment Management Corp.*	3,180		136,804
Westwood Holdings Group, Inc.	603		24,663
WisdomTree Investments, Inc.*	5,274		32,277
			2,674,631

Chemicals - 2.0%
ADA-ES, Inc.*	811		13,690
American Vanguard Corp.	2,506		77,861
Arabian American Development Co.*	1,798		14,941
Balchem Corp.	2,635		95,914
Calgon Carbon Corp.*	4,914		69,680
Chase Corp.	526		9,784
Chemtura Corp.*	8,884		188,874
Ferro Corp.*	7,534		31,492
Flotek Industries, Inc.*	4,103		50,057
FutureFuel Corp.	1,534		18,163
Georgia Gulf Corp	2,950		121,776
GSE Holding, Inc.*	707		4,383
H.B. Fuller Co	4,492		156,411
Hawkins, Inc	759		29,328
Innophos Holdings, Inc.	1,962		91,233
Innospec, Inc.	1,948		67,187
KMG Chemicals, Inc	568		9,980
Koppers Holdings, Inc.	1,798		68,594
Kraton Performance Polymers, Inc.*	2,903		69,759
Landec Corp.*	2,742		26,022
LSB Industries, Inc.*	1,588		56,247
Minerals Technologies, Inc.	3,196		127,584
Olin Corp.	7,212		155,707
OM Group, Inc.*	2,917		64,757
Omnova Solutions, Inc.*	3,910		27,409
PolyOne Corp	8,067		164,728
Quaker Chemical Corp	1,166		62,801
Schulman A, Inc.	2,755		79,702
Sensient Technologies Corp	4,390		156,108
Spartech Corp.*	3,208		29,097
Stepan Co.	1,512		83,976
Tredegar Corp.	2,145		43,801
Zep, Inc.	1,900		27,436
Zoltek Co.’s, Inc.*	2,577		19,972
			2,314,454

Commercial Banks - 6.0%
1st Source Corp.	1,417		31,302
1st United Bancorp, Inc	2,033		12,706
Access National Corp	665		8,645
Alliance Financial Corp	484		21,059
American National Bankshares, Inc.	705		14,234

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Banks - Cont’d
Ameris Bancorp*	2,453	$	30,638
Ames National Corp.	756		16,556
Arrow Financial Corp.	947		23,628
Bancfirst Corp	651		27,576
Banco Latinoamericano de Exportaciones SA	2,403		51,809
Bancorp, Inc.*	2,605		28,577
BancorpSouth, Inc.	8,503		123,634
Bank of Kentucky Financial Corp	473		11,697
Bank of Marin Bancorp	545		20,416
Bank of the Ozarks, Inc.	2,630		88,026
Banner Corp.	1,639		50,366
Bar Harbor Bankshares	350		11,777
BBCN Bancorp, Inc.	6,810		78,792
Berkshire Bancorp, Inc	385		3,157
Boston Private Financial Holdings, Inc	6,538		58,907
Bridge Bancorp, Inc.	653		13,282
Bridge Capital Holdings*	752		11,701
Bryn Mawr Bank Corp.	1,004		22,359
BSB Bancorp, Inc.*	738		9,026
C&F Financial Corp	289		11,254
Camden National Corp.	710		24,119
Capital Bank Financial Corp.*	852		14,544
Capital City Bank Group, Inc.*	1,232		14,008
Cardinal Financial Corp	2,513		40,886
Cascade Bancorp*	500		3,130
Cathay General Bancorp	7,087		138,196
Center Bancorp, Inc	993		11,499
Centerstate Banks of Florida, Inc.	2,552		21,769
Central Pacific Financial Corp.*	1,947		30,354
Century Bancorp, Inc.	277		9,127
Chemical Financial Corp.	2,475		58,806
Citizens & Northern Corp	1,125		21,262
Citizens Republic Bancorp, Inc.*	3,605		68,387
City Holding Co	1,381		48,128
CNB Financial Corp	1,282		20,999
CoBiz Financial, Inc.	2,995		22,373
Columbia Banking System, Inc	3,437		61,660
Community Bank System, Inc.	3,552		97,183
Community Trust Bancorp, Inc.	1,197		39,238
Crescent Financial Bancshares, Inc.*	245		1,125
CVB Financial Corp.	7,857		81,713
Eagle Bancorp, Inc.*	1,706		34,069
Enterprise Bancorp, Inc.	478		7,897
Enterprise Financial Services Corp.	1,378		18,010
Farmers National Banc Corp.	1,693		10,497
Fidelity Southern Corp.*	868		8,289
Financial Institutions, Inc.	1,134		21,126
First BanCorp*	6,329		28,987
First Bancorp (North Carolina)	1,553		19,909
First Bancorp, Inc. (Maine)	691		11,381
First Busey Corp.	6,352		29,537

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Banks - Cont’d
First California Financial Group, Inc.*	2,021	$	15,602
First Commonwealth Financial Corp	9,166		62,512
First Community Bancshares, Inc.	1,464		23,380
First Connecticut Bancorp Inc	1,473		20,254
First Financial Bancorp	5,061		73,992
First Financial Bankshares, Inc	2,725		106,302
First Financial Corp.	966		29,212
First Interstate Bancsystem, Inc	1,462		22,559
First Merchants Corp	2,368		35,141
First Midwest Bancorp, Inc	6,478		81,105
First of Long Island Corp	601		17,020
FirstMerit Corp	9,873		140,098
FNB Corp	12,565		133,440
FNB United Corp.*	901		10,452
German American Bancorp, Inc.	1,152		25,021
Glacier Bancorp, Inc.	6,291		92,541
Great Southern Bancorp, Inc.	940		23,923
Guaranty Bancorp*	6,857		13,371
Hancock Holding Co.	6,869		218,022
Hanmi Financial Corp.*	2,835		38,528
Heartland Financial USA, Inc	1,357		35,486
Heritage Commerce Corp.*	1,714		11,964
Heritage Financial Corp	1,400		20,566
Heritage Oaks Bancorp*	1,809		10,492
Home Bancshares, Inc.	1,923		63,497
HomeTrust Bancshares, Inc.*	1,850		24,993
Horizon Bancorp	505		9,923
Hudson Valley Holding Corp	1,336		20,802
IBERIABANK Corp.	2,658		130,561
Independent Bank Corp.	1,853		53,644
International Bancshares Corp.	4,652		83,969
Investors Bancorp, Inc.	4,201		74,694
Lakeland Bancorp, Inc.	2,350		23,923
Lakeland Financial Corp.	1,410		36,434
MainSource Financial Group, Inc	2,090		26,480
MB Financial, Inc.	4,923		97,229
Mercantile Bank Corp.	775		12,787
Merchants Bancshares, Inc.	377		10,092
Metro Bancorp, Inc.*	1,253		16,565
MetroCorp Bancshares, Inc.*	1,423		15,639
Middleburg Financial Corp	483		8,530
Midsouth Bancorp, Inc.	777		12,704
MidWestOne Financial Group, Inc.	611		12,532
National Bank Holdings Corp.	642		12,192
National Bankshares, Inc.	719		23,288
National Penn Bancshares, Inc.:
Common Stock	11,112		103,564
Fractional Shares (b)*	25,000		5
NBT Bancorp, Inc.	3,011		61,033
Northrim BanCorp, Inc	582		13,182
Old National Bancorp	9,012		106,972
OmniAmerican Bancorp, Inc.*	1,008		23,315

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Banks - Cont’d
Oriental Financial Group, Inc	4,052	$	54,094
Pacific Continental Corp.	1,909		18,575
Pacific Mercantile Bancorp*	960		6,038
PacWest Bancorp	2,682		66,460
Park National Corp	1,021		65,987
Park Sterling Corp.*	3,952		20,669
Peapack Gladstone Financial Corp	799		11,250
Penns Woods Bancorp, Inc	303		11,335
Peoples Bancorp, Inc	1,091		22,289
Pinnacle Financial Partners, Inc.*	2,915		54,919
Preferred Bank*	1,057		15,009
PrivateBancorp, Inc	5,437		83,295
Prosperity Bancshares, Inc	4,272		179,424
Renasant Corp.	2,202		42,146
Republic Bancorp, Inc.	1,015		21,447
S&T Bancorp, Inc.	2,603		47,036
Sandy Spring Bancorp, Inc.	2,099		40,763
SCBT Financial Corp.	1,473		59,185
Seacoast Banking Corp. of Florida*	5,956		9,589
Sierra Bancorp	987		11,281
Simmons First National Corp	1,504		38,141
Southside Bancshares, Inc.	1,523		32,074
Southwest Bancorp, Inc.*	2,012		22,534
State Bank Financial Corp.	2,598		41,256
StellarOne Corp	2,371		33,526
Sterling BanCorp.	2,786		25,380
Sterling Financial Corp.	2,204		46,020
Suffolk Bancorp*	896		11,738
Sun Bancorp, Inc.*	3,090		10,939
Susquehanna Bancshares, Inc.	16,914		177,259
SY Bancorp, Inc.	1,229		27,554
Taylor Capital Group, Inc.*	1,466		26,461
Texas Capital Bancshares, Inc.*	3,566		159,828
Tompkins Financial Corp.	986		39,085
TowneBank	2,117		32,792
TriCo Bancshares	1,295		21,691
Trustmark Corp	5,831		130,964
UMB Financial Corp.	2,907		127,443
Umpqua Holdings Corp.	10,053		118,525
Union First Market Bankshares Corp.	1,561		24,617
United Bankshares, Inc.	4,527		110,097
United Community Banks, Inc.*	3,656		34,440
Univest Corp. of Pennsylvania	1,722		29,446
Virginia Commerce Bancorp, Inc.*	2,414		21,605
Washington Banking Co	1,588		21,629
Washington Trust Bancorp, Inc	1,232		32,414
Webster Financial Corp.	6,495		133,472
WesBanco, Inc.	2,265		50,328
West Bancorporation, Inc.	1,387		14,952
West Coast Bancorp	1,739		38,519
Westamerica Bancorporation	2,509		106,858
Western Alliance Bancorp*	6,105		64,286

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Banks - Cont’d
Wilshire Bancorp, Inc.*	5,565	$	32,667
Wintrust Financial Corp.	3,270		120,009
			6,938,204

Commercial Services & Supplies - 2.2%
ABM Industries, Inc.	4,838		96,518
ACCO Brands Corp.*	10,173		74,670
Acorn Energy, Inc.	1,611		12,582
ARC Document Solutions, Inc.*	3,218		8,238
AT Cross Co.*	787		8,484
Casella Waste Systems, Inc.*	2,315		10,140
Ceco Environmental Corp.	646		6,428
Cenveo, Inc.*	4,813		12,995
Compx International, Inc.	107		1,490
Consolidated Graphics, Inc.*	814		28,425
Courier Corp.	1,060		11,660
Deluxe Corp.	4,591		148,014
EnergySolutions, Inc.*	7,742		24,155
EnerNOC, Inc.*	2,044		24,017
Ennis, Inc	2,271		35,132
G&K Services, Inc.	1,608		54,913
Healthcare Services Group, Inc.	6,046		140,449
Heritage-Crystal Clean, Inc.*	692		10,387
Herman Miller, Inc	5,252		112,498
HNI Corp	4,100		123,246
Innerworkings, Inc.*	2,859		39,397
Interface, Inc	5,274		84,806
Intersections, Inc	755		7,157
Kimball International, Inc., Class B	3,252		37,756
Knoll, Inc	4,116		63,222
Mcgrath RentCorp	2,093		60,739
Metalico, Inc.*	3,896		7,636
Mine Safety Appliances Co.	2,485		106,134
Mobile Mini, Inc.*	3,442		71,697
Multi-Color Corp.	1,079		25,885
NL Industries, Inc	532		6,091
Performant Financial Corp.*	780		7,878
Quad/Graphics, Inc.	2,074		42,289
Schawk, Inc	1,200		15,792
Standard Parking Corp.*	1,439		31,644
Steelcase, Inc.	6,700		85,358
Swisher Hygiene, Inc.*	10,142		17,748
SYKES Enterprises, Inc.*	3,603		54,838
Team, Inc.*	1,759		66,912
Tetra Tech, Inc.*	5,711		151,056
The Brink’s Co.	4,255		121,395
The GEO Group, Inc.:
Common Stock	6,153		173,515
Escrow (b)*	100,000		11
TMS International Corp.*	1,058		13,246

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Commercial Services & Supplies - Cont’d
TRC Co.’s, Inc.*	1,457	$	8,480
Unifirst Corp.	1,234		90,477
United Stationers, Inc.	3,611		111,905
US Ecology, Inc.	1,699		39,994
Viad Corp.	1,798		48,834
			2,536,333

Communications Equipment - 1.9%
Adtran, Inc	5,737		112,101
Ambient Corp.*	244		734
Anaren, Inc.*	1,364		26,530
Arris Group, Inc.*	10,171		151,955
Aruba Networks, Inc.*	10,068		208,911
Aviat Networks, Inc.*	5,538		18,220
Aware, Inc	1,033		5,661
Bel Fuse, Inc., Class B	968		18,924
Black Box Corp	1,535		37,362
CalAmp Corp.*	2,585		21,507
Calix, Inc.*	3,092		23,777
Ciena Corp.*	8,928		140,170
Comtech Telecommunications Corp.	1,726		43,806
Digi International, Inc.*	2,313		21,904
Emulex Corp.*	7,599		55,473
Extreme Networks*	9,344		34,012
Finisar Corp.*	8,219		133,970
Globecomm Systems, Inc.*	1,885		21,301
Harmonic, Inc.*	9,805		49,711
Infinera Corp.*	9,879		57,397
InterDigital, Inc.	3,641		149,645
Ixia*	3,797		64,473
KVH Industries, Inc.*	1,491		20,844
Loral Space & Communications, Inc.	946		51,708
Netgear, Inc.*	3,420		134,816
Numerex Corp.*	785		10,315
Oclaro, Inc.*	6,484		10,180
Oplink Communications, Inc.*	1,692		26,361
Parkervision, Inc.*	6,832		13,869
PC-Tel, Inc.	1,663		11,974
Plantronics, Inc.	3,828		141,138
Procera Networks, Inc.*	1,625		30,144
Riverbed Technology, Inc.*	373		7,356
Ruckus Wireless, Inc.*	746		16,807
ShoreTel, Inc.*	4,177		17,710
Sonus Networks, Inc.*	18,211		30,959
Sycamore Networks, Inc.	1,689		3,783
Symmetricom, Inc.*	4,071		23,490
Tellabs, Inc.	32,973		75,178
Telular Corp.	1,493		14,139
Tessco Technologies, Inc.	485		10,738
Ubiquiti Networks, Inc	727		8,826

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 18


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Communications Equipment - Cont’d
Viasat, Inc.*	3,378	$	131,404
Westell Technologies, Inc.*	4,363		8,072
			2,197,355

Computers & Peripherals - 0.6%
3D Systems Corp.*	4,155		221,669
Avid Technology, Inc.*	2,537		19,231
Cray, Inc.*	3,293		52,523
Datalink Corp.*	1,373		11,739
Electronics for Imaging, Inc.*	3,961		75,219
Imation Corp.*	3,091		14,435
Immersion Corp.*	2,323		15,959
Intermec, Inc.*	4,881		48,127
Intevac, Inc.*	2,067		9,446
OCZ Technology Group, Inc.*	5,563		10,625
QLogic Corp.*	8,774		85,371
Quantum Corp.*	19,651		24,367
Silicon Graphics International Corp.*	2,677		27,386
STEC, Inc.*	3,561		17,556
Super Micro Computer, Inc.*	2,622		26,745
Synaptics, Inc.*	3,032		90,869
			751,267

Construction & Engineering - 0.8%
Aegion Corp.*	3,435		76,223
Argan, Inc.	887		15,966
Comfort Systems USA, Inc.	3,332		40,517
Dycom Industries, Inc.*	3,072		60,826
EMCOR Group, Inc.	6,009		207,971
Furmanite Corp.*	3,036		16,303
Granite Construction, Inc	3,480		116,998
Great Lakes Dredge & Dock Corp.	5,123		45,748
Layne Christensen Co.*	1,710		41,502
MasTec, Inc.*	4,872		121,459
Michael Baker Corp	821		20,467
MYR Group, Inc.*	1,740		38,715
Northwest Pipe Co.*	959		22,882
Orion Marine Group, Inc.*	2,790		20,395
Pike Electric Corp	1,702		16,254
Primoris Services Corp	2,693		40,503
Sterling Construction Co., Inc.*	1,494		14,850
Tutor Perini Corp.*	3,216		44,059
			961,638

Construction Materials - 0.4%
Eagle Materials, Inc	4,351		254,533
Headwaters, Inc.*	5,432		46,498
Texas Industries, Inc.*	2,033		103,703
United States Lime & Minerals, Inc.*	156		7,351
			412,085

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 19


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Consumer Finance - 0.8%
Asset Acceptance Capital Corp.*	1,427	$	6,422
Asta Funding, Inc.	997		9,481
Cash America International, Inc.	2,645		104,927
Credit Acceptance Corp.*	708		71,989
DFC Global Corp.*	3,735		69,135
Encore Capital Group, Inc.*	1,972		60,383
Ezcorp, Inc.*	4,319		85,775
First Cash Financial Services, Inc.*	2,636		130,798
First Marblehead Corp.*	5,748		4,466
Green Dot Corp.*	2,160		26,352
Nelnet, Inc	2,111		62,887
Netspend Holdings, Inc.*	2,443		28,876
Nicholas Financial, Inc.	799		9,908
Portfolio Recovery Associates, Inc.*	1,540		164,564
Regional Management Corp.*	435		7,199
World Acceptance Corp.*	991		73,889
			917,051

Containers & Packaging - 0.2%
AEP Industries, Inc.*	367		21,738
Berry Plastics Group, Inc.*	2,614		42,033
Boise, Inc.	9,048		71,932
Graphic Packaging Holding Co.*	15,079		97,410
Myers Industries, Inc.	3,018		45,723
UFP Technologies, Inc.*	495		8,870
			287,706

Distributors - 0.2%
Core-Mark Holding Co., Inc.	936		44,320
Pool Corp.	4,230		179,013
VOXX International Corp.*	1,390		9,355
Weyco Group, Inc.	737		17,216
			249,904

Diversified Consumer Services - 1.1%
American Public Education, Inc.*	1,623		58,607
Ascent Capital Group, Inc.*	1,251		77,487
Bridgepoint Education, Inc.*	1,706		17,572
Capella Education Co.*	1,226		34,610
Career Education Corp.*	4,661		16,407
Carriage Services, Inc.	1,428		16,950
Coinstar, Inc.*	2,818		146,564
Collectors Universe, Inc.	481		4,824
Corinthian Colleges, Inc.*	7,691		18,766
Education Management Corp.*	2,400		10,512
Grand Canyon Education, Inc.*	3,597		84,422
Hillenbrand, Inc.	4,903		110,857
K12, Inc.*	2,402		49,097
LifeLock, Inc.*	1,605		13,049
Lincoln Educational Services Corp	1,856		10,375

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 20


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Diversified Consumer Services - Cont’d
Mac-Gray Corp	1,212	$	15,211
Matthews International Corp	2,425		77,842
National American University Holdings, Inc.	724		2,787
Regis Corp.	5,024		85,006
Sotheby’s	6,099		205,048
Steiner Leisure Ltd.*	1,287		62,020
Stewart Enterprises, Inc	7,120		54,397
Strayer Education, Inc	1,068		59,990
Universal Technical Institute, Inc.	1,842		18,494
			1,250,894

Diversified Financial Services - 0.3%
California First National Bancorp	145		2,168
Gain Capital Holdings, Inc	987		4,037
MarketAxess Holdings, Inc.	3,286		115,996
Marlin Business Services Corp.	795		15,948
MicroFinancial, Inc	763		5,554
NewStar Financial, Inc.*	2,242		31,410
PHH Corp.*	5,100		116,025
Pico Holdings, Inc.*	1,974		40,013
Resource America, Inc	1,082		7,217
			338,368

Diversified Telecommunication Services - 0.6%
8x8, Inc.*	6,367		47,052
Atlantic Tele-Network, Inc.	816		29,955
Cbeyond, Inc.*	2,347		21,217
Cincinnati Bell, Inc.*	17,650		96,722
Cogent Communications Group, Inc.	4,216		95,450
Consolidated Communications Holdings, Inc.	3,570		56,834
Fairpoint Communications, Inc.*	1,772		14,070
General Communication, Inc.*	3,588		34,409
Hawaiian Telcom Holdco, Inc.*	922		17,979
HickoryTech Corp	1,098		10,684
IDT Corp., Class B	1,313		12,526
inContact, Inc.*	3,327		17,234
Iridium Communications, Inc.*	4,475		30,161
Lumos Networks Corp	1,286		12,886
magicJack VocalTec Ltd.*	1,359		24,747
Neutral Tandem, Inc.	2,529		6,500
ORBCOMM, Inc.*	2,846		11,156
Premiere Global Services, Inc.*	4,574		44,734
Primus Telecommunications Group, Inc.	1,095		11,903
Towerstream Corp.*	4,275		13,894
Vonage Holdings Corp.*	14,328		33,957
			644,070

Electric Utilities - 1.4%
Allete, Inc	3,434		140,725
Cleco Corp.	5,485		219,455
El Paso Electric Co.	3,605		115,036
Empire District Electric Co	3,796		77,362

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 21


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Electric Utilities - Cont’d
IDACORP, Inc	4,511	$	195,552
MGE Energy, Inc.	2,022		103,021
Otter Tail Corp.	3,144		78,600
PNM Resources, Inc.	7,172		147,098
Portland General Electric Co.	6,798		185,993
UIL Holdings Corp.	4,560		163,294
Unitil Corp.	1,238		32,089
UNS Energy Corp.	3,625		153,772
			1,611,997

Electrical Equipment - 1.2%
Acuity Brands, Inc.	3,812		258,187
American Superconductor Corp.*	3,671		9,618
AZZ, Inc	2,174		83,547
Belden, Inc	4,146		186,529
Brady Corp.	4,416		147,494
Capstone Turbine Corp.*	26,878		23,921
Coleman Cable, Inc.	735		6,814
Encore Wire Corp	1,625		49,254
EnerSys, Inc.*	4,317		162,449
Enphase Energy, Inc.*	715		2,610
Franklin Electric Co., Inc	2,040		126,827
FuelCell Energy, Inc.*	13,625		12,494
Generac Holdings, Inc.	2,227		76,408
Global Power Equipment Group, Inc.	1,548		26,548
II-VI, Inc.*	4,734		86,490
LSI Industries, Inc.	1,507		10,564
Powell Industries, Inc.*	725		30,109
Preformed Line Products Co	155		9,210
Thermon Group Holdings, Inc.*	1,325		29,852
Vicor Corp.*	1,707		9,252
			1,348,177

Electronic Equipment & Instruments - 2.1%
Aeroflex Holding Corp.*	1,630		11,410
Agilysys, Inc.*	1,316		11,015
Anixter International, Inc	2,540		162,509
Audience, Inc.*	545		5,663
Badger Meter, Inc.	1,311		62,154
Benchmark Electronics, Inc.*	4,990		82,934
Checkpoint Systems, Inc.*	3,461		37,171
Cognex Corp.	3,857		142,015
Coherent, Inc	2,060		104,277
CTS Corp.	2,987		31,752
Daktronics, Inc.	2,960		32,767
DTS, Inc.*	1,807		30,177
Echelon Corp.*	3,061		7,499
Electro Rent Corp	1,712		26,331
Electro Scientific Industries, Inc	1,856		18,467
Fabrinet*	1,677		22,036
FARO Technologies, Inc.*	1,524		54,376
FEI Co.	3,416		189,451

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 22


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Electronic Equipment & Instruments - Cont’d
GSI Group, Inc.*	2,626	$	22,741
Insight Enterprises, Inc.*	3,744		65,033
InvenSense, Inc.*	3,277		36,407
Kemet Corp.*	3,628		18,249
Key Tronic Corp.*	942		9,646
Littelfuse, Inc.	1,918		118,360
Maxwell Technologies, Inc.*	2,297		19,042
Measurement Specialties, Inc.*	1,271		43,672
Mercury Systems, Inc.*	2,519		23,175
Mesa Laboratories, Inc.	233		11,676
Methode Electronics, Inc.	3,257		32,668
MTS Systems Corp	1,453		74,001
Multi-Fineline Electronix, Inc.*	789		15,946
Neonode, Inc.*	2,024		9,837
Newport Corp.*	3,209		43,161
OSI Systems, Inc.*	1,788		114,503
Park Electrochemical Corp	1,804		46,417
PC Connection, Inc.	756		8,694
Plexus Corp.*	3,092		79,774
Power-One, Inc.*	6,116		25,137
Radisys Corp.*	1,596		4,756
RealD, Inc.*	3,960		44,392
Richardson Electronics Ltd.	1,342		15,191
Rofin-Sinar Technologies, Inc.*	2,473		53,615
Rogers Corp.*	1,381		68,580
Sanmina Corp.*	6,955		76,992
Scansource, Inc.*	2,349		74,628
SYNNEX Corp.*	2,367		81,377
TTM Technologies, Inc.*	4,786		44,031
Universal Display Corp.*	3,577		91,643
Viasystems Group, Inc.*	399		4,868
Vishay Precision Group, Inc.*	1,011		13,365
Zygo Corp.*	1,307		20,520
			2,444,101

Energy Equipment & Services - 1.9%
Basic Energy Services, Inc.*	2,777		31,686
Bolt Technology Corp.	772		11,016
Bristow Group, Inc.	3,184		170,853
C&J Energy Services, Inc.*	4,013		86,039
Cal Dive International, Inc.*	8,254		14,279
Dawson Geophysical Co.*	671		17,701
Dril-Quip, Inc.*	3,619		264,368
Exterran Holdings, Inc.*	5,837		127,947
Forbes Energy Services Ltd.*	1,328		3,360
Forum Energy Technologies, Inc.*	1,998		49,452
Geospace Technologies Corp.*	1,148		102,023
Global Geophysical Services, Inc.*	1,489		5,733
Gulf Island Fabrication, Inc.	1,328		31,912
Gulfmark Offshore, Inc.	2,416		83,231
Heckmann Corp.*	12,046		48,545
Helix Energy Solutions Group, Inc.*	9,296		191,869

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 23


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Energy Equipment & Services - Cont’d
Hercules Offshore, Inc.*	14,267	$	88,170
Hornbeck Offshore Services, Inc.*	3,179		109,167
ION Geophysical Corp.*	11,881		77,345
Key Energy Services, Inc.*	13,597		94,499
Lufkin Industries, Inc	3,025		175,843
Matrix Service Co.*	2,442		28,083
Mitcham Industries, Inc.*	1,145		15,606
Natural Gas Services Group, Inc.*	1,256		20,624
Newpark Resources, Inc.*	7,785		61,112
Parker Drilling Co.*	10,148		46,681
PHI, Inc.*	1,229		41,159
Pioneer Energy Services Corp.*	5,200		37,752
RigNet, Inc.*	1,109		22,657
Tesco Corp.*	2,637		30,035
Tetra Technologies, Inc.*	6,615		50,208
TGC Industries, Inc	1,312		10,745
Vantage Drilling Co.*	15,538		28,435
Willbros Group, Inc.*	3,210		17,206
			2,195,341

Food & Staples Retailing - 1.0%
Andersons, Inc.	1,610		69,069
Arden Group, Inc.	92		8,277
Casey’s General Stores, Inc.	3,429		182,080
Harris Teeter Supermarkets, Inc.	3,950		152,312
Ingles Markets, Inc	1,303		22,490
Nash Finch Co	1,093		23,259
Natural Grocers by Vitamin Cottage, Inc.*	625		11,931
Pantry, Inc.*	1,987		24,102
Pricesmart, Inc.	1,637		126,131
Rite Aid Corp.*	59,419		80,810
Roundy’s, Inc	1,612		7,173
Spartan Stores, Inc.	1,970		30,259
SUPERVALU, Inc.	19,111		47,204
Susser Holdings Corp.*	1,007		34,731
The Chefs’ Warehouse, Inc.*	853		13,486
United Natural Foods, Inc.*	4,398		235,689
Village Super Market, Inc.	640		21,030
Weis Markets, Inc.	958		37,525
			1,127,558

Food Products - 1.4%
Alico, Inc.	267		9,780
Annie’s, Inc.*	450		15,044
B&G Foods, Inc.	4,678		132,434
Boulder Brands, Inc.*	5,245		67,660
Calavo Growers, Inc	1,019		25,689
Cal-Maine Foods, Inc.	1,233		49,591
Chiquita Brands International, Inc.*	3,926		32,389
Darling International, Inc.*	10,590		169,864
Diamond Foods, Inc.	1,809		24,729
Dole Food Co., Inc.*	3,141		36,027

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 24


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Food Products - Cont’d
Farmer Bros Co.*	538	$	7,763
Fresh Del Monte Produce, Inc	3,431		90,407
Griffin Land & Nurseries, Inc.	267		7,209
Hain Celestial Group, Inc.*	3,318		179,902
Inventure Foods, Inc.*	1,177		7,639
J&J Snack Foods Corp	1,333		85,232
John B Sanfilippo & Son, Inc.	716		13,017
Lancaster Colony Corp.	1,663		115,063
Lifeway Foods, Inc.	385		3,365
Limoneira Co	753		14,601
Omega Protein Corp.*	1,591		9,737
Pilgrim’s Pride Corp.*	5,197		37,678
Post Holdings, Inc.*	2,487		85,180
Sanderson Farms, Inc	2,068		98,333
Seneca Foods Corp.*	794		24,138
Snyders-Lance, Inc.	3,882		93,595
Tootsie Roll Industries, Inc	2,012		52,151
TreeHouse Foods, Inc.*	3,237		168,745
Westway Group, Inc.*	1,094		7,297
			1,664,259

Gas Utilities - 0.9%
Chesapeake Utilities Corp	827		37,546
Delta Natural Gas Co., Inc.	612		11,965
Laclede Group, Inc.	1,951		75,328
New Jersey Resources Corp	3,741		148,218
Northwest Natural Gas Co.	2,413		106,655
Piedmont Natural Gas Co., Inc.	6,455		202,106
South Jersey Industries, Inc	2,737		137,753
Southwest Gas Corp.	4,152		176,086
WGL Holdings, Inc	4,640		181,842
			1,077,499

Health Care Equipment & Supplies - 2.9%
Abaxis, Inc.	1,932		71,677
Abiomed, Inc.*	3,009		40,501
Accuray, Inc.*	6,420		41,281
Align Technology, Inc.*	6,469		179,515
Alphatec Holdings, Inc.*	4,714		7,778
Analogic Corp	1,128		83,810
Angiodynamics, Inc.*	2,155		23,683
Anika Therapeutics, Inc.*	1,061		10,546
Antares Pharma, Inc.*	9,495		36,176
ArthroCare Corp.*	2,356		81,494
AtriCure, Inc.*	1,154		7,963
Atrion Corp.	136		26,656
Cantel Medical Corp.	1,791		53,246
Cardiovascular Systems, Inc.*	1,090		13,680
Cerus Corp.*	4,899		15,481
Conceptus, Inc.*	2,715		57,042
Conmed Corp	2,547		71,189

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 25


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Health Care Equipment & Supplies - Cont’d
CryoLife, Inc	2,974	$	18,528
Cyberonics, Inc.*	2,431		127,700
Cynosure, Inc.*	1,096		26,425
Derma Sciences, Inc.*	834		9,266
DexCom, Inc.*	5,900		80,299
Endologix, Inc.*	4,982		70,944
EnteroMedics, Inc.*	2,281		6,387
Exactech, Inc.*	863		14,628
Globus Medical, Inc.*	840		8,812
Greatbatch, Inc.*	2,031		47,200
Haemonetics Corp.*	4,564		186,394
Hansen Medical, Inc.*	3,943		8,201
HeartWare International, Inc.*	1,273		106,868
ICU Medical, Inc.*	1,127		68,668
Insulet Corp.*	4,302		91,288
Integra LifeSciences Holdings Corp.*	1,666		64,924
Invacare Corp.	2,865		46,700
MAKO Surgical Corp.*	3,254		41,879
Masimo Corp	4,317		90,700
Meridian Bioscience, Inc	3,556		72,009
Merit Medical Systems, Inc.*	3,534		49,123
Natus Medical, Inc.*	2,492		27,861
Navidea Biopharmaceuticals, Inc.*	8,689		24,590
Neogen Corp.*	2,121		96,124
NuVasive, Inc.*	3,888		60,108
NxStage Medical, Inc.*	4,432		49,860
OraSure Technologies, Inc.*	4,811		34,543
Orthofix International NV*	1,686		66,310
Palomar Medical Technologies, Inc.*	1,922		17,702
PhotoMedex, Inc.*	1,180		17,122
Quidel Corp.*	2,538		47,384
Rochester Medical Corp.*	955		9,626
Rockwell Medical Technologies, Inc.*	1,878		15,118
RTI Biologics, Inc.*	5,680		24,254
Solta Medical, Inc.*	5,509		14,709
Spectranetics Corp.*	3,050		45,049
Staar Surgical Co.*	3,235		19,734
STERIS Corp	5,191		180,283
SurModics, Inc.*	1,380		30,857
Symmetry Medical, Inc.*	3,142		33,054
Tornier NV*	1,361		22,851
Unilife Corp.*	6,679		15,161
Utah Medical Products, Inc.	296		10,671
Vascular Solutions, Inc.*	1,737		27,445
Volcano Corp.*	4,799		113,304
West Pharmaceutical Services, Inc.	3,050		166,987
Wright Medical Group, Inc.*	3,396		71,282
Young Innovations, Inc	583		22,976
Zeltiq Aesthetics, Inc.*	1,524		7,056
			3,330,682

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 26


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Health Care Providers & Services - 2.6%
Acadia Healthcare Co., Inc.*	2,396	$	55,899
Accretive Health, Inc.*	5,072		58,632
Air Methods Corp	3,465		127,824
Almost Family, Inc	759		15,377
Amedisys, Inc.*	2,499		28,164
AMN Healthcare Services, Inc.*	3,946		45,576
AmSurg Corp.*	2,705		81,177
Assisted Living Concepts, Inc	1,720		16,770
Bio-Reference Laboratories, Inc.*	2,096		60,134
BioScrip, Inc.*	3,630		39,095
Capital Senior Living Corp.*	2,506		46,837
Centene Corp.*	4,634		189,994
Chemed Corp.	1,748		119,895
Chindex International, Inc.*	1,272		13,356
Corvel Corp.*	509		22,818
Cross Country Healthcare, Inc.*	2,877		13,810
Emeritus Corp.*	2,734		67,584
Ensign Group, Inc.	1,566		42,580
ExamWorks Group, Inc.*	2,633		36,836
Five Star Quality Care, Inc.*	2,929		14,674
Gentiva Health Services, Inc.*	2,612		26,251
Hanger, Inc.*	3,072		84,050
Healthsouth Corp.*	8,606		181,673
Healthways, Inc.*	2,984		31,929
HMS Holdings Corp.*	7,740		200,621
IPC The Hospitalist Co., Inc.*	1,420		56,388
Kindred Healthcare, Inc.*	4,477		48,441
Landauer, Inc	822		50,315
LHC Group, Inc.*	1,367		29,117
Magellan Health Services, Inc.*	2,407		117,943
Molina Healthcare, Inc.*	2,696		72,954
MWI Veterinary Supply, Inc.*	1,146		126,060
National Healthcare Corp	949		44,622
National Research Corp.	227		12,303
Owens & Minor, Inc.	5,589		159,342
PDI, Inc.*	902		6,855
PharMerica Corp.*	2,681		38,177
Providence Service Corp.*	1,199		20,371
PSS World Medical, Inc.*	4,559		131,664
Select Medical Holdings Corp.	3,150		29,705
Skilled Healthcare Group, Inc.*	1,394		8,880
Sunrise Senior Living, Inc.*	5,182		74,517
Team Health Holdings, Inc.*	2,555		73,507
Triple-S Management Corp., Class B*	1,775		32,784
U.S. Physical Therapy, Inc	1,051		28,945
Universal American Corp	3,383		29,060
Vanguard Health Systems, Inc.*	2,514		30,797
WellCare Health Plans, Inc.*	3,880		188,917
			3,033,220

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 27


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Health Care Technology - 0.6%
athenahealth, Inc.*	3,227	$	237,023
Computer Programs & Systems, Inc	938		47,219
ePocrates, Inc.*	1,677		14,791
Greenway Medical Technologies*	635		9,754
HealthStream, Inc.*	1,758		42,737
MedAssets, Inc.*	5,251		88,059
Medidata Solutions, Inc.*	2,001		78,419
Merge Healthcare, Inc.*	4,792		11,836
Omnicell, Inc.*	2,844		42,290
Quality Systems, Inc.	3,561		61,819
Vocera Communications, Inc.*	605		15,186
			649,133

Hotels, Restaurants & Leisure - 2.9%
AFC Enterprises, Inc.*	2,162		56,493
Ameristar Casinos, Inc.	2,968		77,880
Biglari Holdings, Inc.*	100		39,002
BJ’s Restaurants, Inc.*	2,209		72,676
Bloomin’ Brands, Inc.*	1,600		25,024
Bluegreen Corp.*	1,290		12,100
Bob Evans Farms, Inc.	2,624		105,485
Boyd Gaming Corp.*	4,718		31,328
Bravo Brio Restaurant Group, Inc.*	1,583		21,260
Buffalo Wild Wings, Inc.*	1,672		121,755
Caesars Entertainment Corp.*	3,317		22,954
Caribou Coffee Co., Inc.*	1,900		30,761
Carrols Restaurant Group, Inc.*	890		5,322
CEC Entertainment, Inc	1,631		54,133
Churchill Downs, Inc.	1,172		77,879
Chuy’s Holdings, Inc.*	585		13,069
Cracker Barrel Old Country Store, Inc.	1,732		111,298
Del Frisco’s Restaurant Group, Inc.*	500		7,795
Denny’s Corp.*	9,207		44,930
DineEquity, Inc.*	1,377		92,259
Domino’s Pizza, Inc.	5,074		220,973
Einstein Noah Restaurant Group, Inc	351		4,286
Fiesta Restaurant Group, Inc.*	1,456		22,306
Frisch’s Restaurants, Inc	282		5,217
Ignite Restaurant Group, Inc.*	597		7,761
International Speedway Corp	2,420		66,840
Interval Leisure Group, Inc	3,495		67,768
Isle of Capri Casinos, Inc.*	1,930		10,808
Jack in the Box, Inc.*	3,981		113,857
Jamba, Inc.*	5,515		12,354
Krispy Kreme Doughnuts, Inc.*	5,108		47,913
Life Time Fitness, Inc.*	3,860		189,951
Luby’s, Inc.*	1,545		10,336
Marcus Corp	1,890		23,568
Marriott Vacations Worldwide Corp.*	2,395		99,800
Monarch Casino & Resort, Inc.*	917		10,004
Morgans Hotel Group Co.*	2,245		12,437

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 28


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Hotels, Restaurants & Leisure - Cont’d
MTR Gaming Group, Inc.*	2,035	$	8,486
Multimedia Games Holding Co., Inc.*	2,465		36,260
Nathan’s Famous, Inc.*	240		8,088
Orient-Express Hotels Ltd.*	8,718		101,913
Papa John’s International, Inc.*	1,584		87,025
Pinnacle Entertainment, Inc.*	5,296		83,836
Premier Exhibitions, Inc.*	2,314		6,271
Red Lion Hotels Corp.*	1,051		8,292
Red Robin Gourmet Burgers, Inc.*	1,322		46,653
Ruby Tuesday, Inc.*	5,637		44,307
Ruth’s Hospitality Group, Inc.*	3,111		22,617
Scientific Games Corp.*	4,782		41,460
SHFL Entertainment, Inc.*	4,687		67,962
Six Flags Entertainment Corp.	3,572		218,606
Sonic Corp.*	5,351		55,704
Speedway Motorsports, Inc.	1,049		18,714
Texas Roadhouse, Inc.	5,551		93,257
The Cheesecake Factory, Inc	4,746		155,289
Town Sports International Holdings, Inc.	2,088		22,237
Vail Resorts, Inc	3,157		170,762
WMS Industries, Inc.*	4,959		86,783
			3,334,104

Household Durables - 1.1%
American Greetings Corp.	2,825		47,714
Bassett Furniture Industries, Inc.	1,014		12,645
Beazer Homes USA, Inc.*	2,186		36,922
Blyth, Inc.	938		14,586
Cavco Industries, Inc.*	679		33,936
CSS Industries, Inc.	772		16,899
Ethan Allen Interiors, Inc	2,160		55,534
Flexsteel Industries, Inc	405		8,687
Helen of Troy Ltd.*	2,854		95,295
Hooker Furniture Corp.	972		14,123
Hovnanian Enterprises, Inc.*	8,985		62,895
iRobot Corp.*	2,473		46,344
KB Home	6,945		109,731
La-Z-Boy, Inc.	4,509		63,802
Libbey, Inc.*	2,000		38,700
Lifetime Brands, Inc	858		9,103
M/I Homes, Inc.*	1,923		50,960
MDC Holdings, Inc.	3,443		126,565
Meritage Homes Corp.*	2,716		101,443
NACCO Industries, Inc	503		30,527
Sealy Corp.*	4,985		10,817
Skullcandy, Inc.*	1,457		11,350
Standard Pacific Corp.*	10,270		75,485
The Ryland Group, Inc.	3,854		140,671
Universal Electronics, Inc.*	1,267		24,516
Zagg, Inc.*	2,293		16,876
			1,256,126

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 29


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Household Products - 0.2%
Central Garden and Pet Co.*	3,442	$	35,969
Harbinger Group, Inc.*	3,709		28,522
Oil-Dri Corp. of America	406		11,206
Orchids Paper Products Co	518		10,474
Spectrum Brands Holdings, Inc.*	2,067		92,870
WD-40 Co.	1,450		68,309
			247,350

Independent Power Producers & Energy Traders - 0.3%
American DG Energy, Inc.*	2,192		5,064
Atlantic Power Corp.	10,236		116,997
Genie Energy Ltd	1,313		9,322
NRG Energy, Inc	8,462		194,539
Ormat Technologies, Inc.	1,475		28,438
			354,360

Industrial Conglomerates - 0.2%
Raven Industries, Inc.	3,264		86,039
Seaboard Corp.	26		65,777
Standex International Corp	1,092		56,009
			207,825

Insurance - 2.3%
Alterra Capital Holdings Ltd	7,675		216,358
American Equity Investment Life Holding Co	5,120		62,515
American Safety Insurance Holdings Ltd.*	960		18,163
Amerisafe, Inc.*	1,651		44,990
Amtrust Financial Services, Inc.	2,416		69,315
Argo Group International Holdings Ltd.	2,408		80,885
Baldwin & Lyons, Inc., Class B	853		20,352
Citizens, Inc.*	3,380		37,349
CNO Financial Group, Inc	17,881		166,830
Crawford & Co., Class B	2,478		19,774
Donegal Group, Inc	916		12,861
Eastern Insurance Holdings, Inc.	597		10,197
eHealth, Inc.*	1,833		50,371
EMC Insurance Group, Inc.	497		11,868
Employers Holdings, Inc.	2,960		60,917
Enstar Group Ltd.*	760		85,105
FBL Financial Group, Inc	913		31,234
First American Financial Corp.	9,559		230,276
Fortegra Financial Corp.*	652		5,796
Global Indemnity plc*	1,033		22,860
Greenlight Capital Re Ltd.*	2,477		57,169
Hallmark Financial Services, Inc.*	1,205		11,315
Hilltop Holdings, Inc.*	3,467		46,943
Homeowners Choice, Inc	646		13,430
Horace Mann Educators Corp.	3,435		68,563
Independence Holding Co	665		6,331
Infinity Property & Casualty Corp.	1,095		63,773
Investors Title Co.	111		6,660

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 30


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Insurance - Cont’d
Kansas City Life Insurance Co.	365	$	13,928
Maiden Holdings Ltd.	4,341		39,894
Meadowbrook Insurance Group, Inc.	4,743		27,414
Montpelier Re Holdings Ltd	4,509		103,076
National Financial Partners Corp.*	3,733		63,984
National Interstate Corp.	681		19,626
National Western Life Insurance Co	193		30,444
OneBeacon Insurance Group Ltd.	1,823		25,340
Platinum Underwriters Holdings Ltd	2,918		134,228
Primerica, Inc	3,939		118,209
RLI Corp.	1,910		123,501
Safety Insurance Group, Inc	1,103		50,925
SeaBright Holdings, Inc.	2,042		22,605
Selective Insurance Group, Inc	4,935		95,097
State Auto Financial Corp	1,338		19,990
Stewart Information Services Corp	1,793		46,618
Symetra Financial Corp.	6,970		90,471
The Navigators Group, Inc.*	925		47,240
The Phoenix Co.’s, Inc.*	538		13,305
Tower Group, Inc	3,270		58,108
United Fire Group, Inc	1,996		43,593
Universal Insurance Holdings, Inc.	1,043		4,568
			2,724,364

Internet & Catalog Retail - 0.4%
1-800-FLOWERS.COM, Inc.*	2,081		7,637
Blue Nile, Inc.*	1,104		42,504
CafePress, Inc.*	413		2,383
Geeknet, Inc.*	360		5,796
HSN, Inc.	3,174		174,824
Kayak Software Corp.*	300		11,916
NutriSystem, Inc	2,351		19,255
Orbitz Worldwide, Inc.*	2,514		6,838
Overstock.com, Inc.*	951		13,609
PetMed Express, Inc.	1,778		19,736
Shutterfly, Inc.*	3,220		96,181
US Auto Parts Network, Inc.*	1,360		2,489
Vitacost.com, Inc.*	1,988		13,478
			416,646

Internet Software & Services - 2.1%
Active Network, Inc.*	3,497		17,170
Angie’s List, Inc.*	3,204		38,416
Bankrate, Inc.*	4,159		51,780
Bazaarvoice, Inc.*	929		8,686
Blucora, Inc.*	3,325		52,236
Brightcove, Inc.*	437		3,950
Carbonite, Inc.*	592		5,476
comScore, Inc.*	3,182		43,848
Constant Contact, Inc.*	2,738		38,907
Cornerstone OnDemand, Inc.*	3,030		89,476

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 31


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Internet Software & Services - Cont’d
CoStar Group, Inc.*	2,508	$	224,140
Dealertrack Technologies, Inc.*	3,821		109,739
Demand Media, Inc.*	2,697		25,055
Demandware, Inc.*	589		16,092
Dice Holdings, Inc.*	3,980		36,536
Digital River, Inc.*	3,259		46,897
E2open, Inc.*	400		5,664
Earthlink, Inc	9,440		60,982
Envestnet, Inc.*	1,573		21,943
ExactTarget, Inc.*	878		17,560
Internap Network Services Corp.*	4,533		31,459
IntraLinks Holdings, Inc.*	2,626		16,202
Ipass, Inc.*	4,675		8,555
j2 Global, Inc	4,165		127,366
Keynote Systems, Inc.	1,413		19,909
Limelight Networks, Inc.*	4,616		10,248
Liquidity Services, Inc.*	2,122		86,705
LivePerson, Inc.*	4,955		65,109
LogMeIn, Inc.*	1,987		44,529
Marchex, Inc., Class B	1,359		5,586
Market Leader, Inc.*	1,985		13,002
MeetMe, Inc.*	580		2,024
Millennial Media, Inc.*	1,028		12,881
Monster Worldwide, Inc.*	10,917		61,354
Move, Inc.*	3,426		26,003
NIC, Inc.	5,804		94,837
OpenTable, Inc.*	2,032		99,162
Perficient, Inc.*	2,876		33,879
QuinStreet, Inc.*	2,943		19,777
RealNetworks, Inc.*	1,733		13,101
Responsys, Inc.*	3,217		19,173
Saba Software, Inc.*	2,907		25,407
SciQuest, Inc.*	1,608		25,503
Spark Networks, Inc.*	1,033		8,057
SPS Commerce, Inc.*	1,099		40,960
Stamps.com, Inc.*	1,275		32,130
support.com, Inc.*	4,845		20,252
Synacor, Inc.*	607		3,320
TechTarget, Inc.*	1,109		6,155
Travelzoo, Inc.*	642		12,192
Trulia, Inc.*	619		10,053
United Online, Inc.	7,634		42,674
Unwired Planet, Inc.*	8,707		10,448
ValueClick, Inc.*	6,675		129,562
VistaPrint NV*	3,040		99,894
Vocus, Inc.*	1,857		32,275
Web.com Group, Inc.*	3,156		46,709
WebMD Health Corp.*	4,561		65,405
XO Group, Inc.*	2,474		23,008
Yelp, Inc.*	760		14,326
Zix Corp.*	5,001		14,003
			2,387,747

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 32


EQUITY SECURITIES - CONT’D	SHARES		VALUE
IT Services - 1.7%
Acxiom Corp.*	6,669	$	116,441
CACI International, Inc.*	2,028		111,601
Cardtronics, Inc.*	3,972		94,295
Cass Information Systems, Inc.	943		39,795
Ciber, Inc.*	6,559		21,907
Computer Task Group, Inc.*	1,181		21,530
Convergys Corp.	9,704		159,243
CSG Systems International, Inc.*	2,979		54,158
EPAM Systems, Inc.*	327		5,919
Euronet Worldwide, Inc.*	4,569		107,828
ExlService Holdings, Inc.*	2,103		55,729
Forrester Research, Inc	1,276		34,197
Global Cash Access Holdings, Inc.*	5,479		42,955
Heartland Payment Systems, Inc	3,491		102,984
Higher One Holdings, Inc.*	2,895		30,513
iGate Corp.*	2,894		45,638
Innodata, Inc.*	1,998		7,552
Lionbridge Technologies, Inc.*	6,186		24,868
Mantech International Corp.	1,948		50,531
Mattersight Corp.*	915		4,548
MAXIMUS, Inc	3,049		192,758
ModusLink Global Solutions, Inc.*	4,598		13,334
MoneyGram International, Inc.*	1,932		25,676
PRGX Global, Inc.*	1,605		10,352
Sapient Corp.*	11,091		117,121
ServiceSource International, Inc.*	4,470		26,150
Syntel, Inc	1,390		74,490
TeleTech Holdings, Inc.*	2,084		37,095
The Hackett Group, Inc.	1,931		8,265
TNS, Inc.*	2,282		47,306
Unisys Corp.*	3,725		64,442
Virtusa Corp.*	1,404		23,068
WEX, Inc.*	3,499		263,720
			2,036,009

Leisure Equipment & Products - 0.5%
Arctic Cat, Inc.*	1,125		37,564
Black Diamond, Inc.*	1,890		15,498
Brunswick Corp.	8,042		233,942
Callaway Golf Co	5,633		36,614
Jakks Pacific, Inc.	1,960		24,539
Johnson Outdoors, Inc.*	405		8,068
Leapfrog Enterprises, Inc.*	4,543		39,206
Marine Products Corp.	813		4,650
Smith & Wesson Holding Corp.*	5,544		46,791
Steinway Musical Instruments, Inc.*	547		11,569
Sturm Ruger & Co., Inc.	1,672		75,909
			534,350

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 33


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Life Sciences - Tools & Services - 0.3%
Affymetrix, Inc.*	6,207	$	19,676
BG Medicine, Inc.*	625		1,444
Cambrex Corp.*	2,637		30,009
Fluidigm Corp.*	2,157		30,867
Furiex Pharmaceuticals, Inc.*	816		15,716
Harvard Bioscience, Inc.*	1,892		8,287
Luminex Corp.*	3,754		62,917
Pacific Biosciences of California, Inc.*	2,788		4,740
PAREXEL International Corp.*	5,392		159,549
Sequenom, Inc.*	10,313		48,677
			381,882

Machinery - 3.1%
Accuride Corp.*	4,261		13,678
Actuant Corp.	6,469		180,550
Alamo Group, Inc	670		21,869
Albany International Corp.	2,370		53,752
Altra Holdings, Inc.	2,349		51,795
American Railcar Industries, Inc.	977		31,000
Ampco-Pittsburgh Corp	791		15,804
Astec Industries, Inc	1,736		57,861
Barnes Group, Inc	4,884		109,695
Blount International, Inc.*	4,185		66,207
Briggs & Stratton Corp	4,379		92,309
Cascade Corp	795		51,118
Chart Industries, Inc.*	2,692		179,476
CIRCOR International, Inc	1,493		59,108
CLARCOR, Inc	4,524		216,157
Columbus McKinnon Corp.*	1,673		27,638
Commercial Vehicle Group, Inc.*	2,272		18,653
Douglas Dynamics, Inc	1,993		28,679
Dynamic Materials Corp	1,203		16,722
Energy Recovery, Inc.*	4,261		14,487
EnPro Industries, Inc.*	1,799		73,579
ESCO Technologies, Inc.	2,314		86,567
Federal Signal Corp.*	5,446		41,444
Flow International Corp.*	4,867		17,035
FreightCar America, Inc	1,042		23,362
Gerber Scientific, Inc. (b)*	2,334		—
Gorman-Rupp Co	1,275		38,033
Graham Corp	1,022		19,929
Greenbrier Co.’s, Inc.*	2,057		33,262
Hardinge, Inc	1,051		10,447
Hurco Co.’s, Inc.*	529		12,167
Hyster-Yale Materials Handling, Inc	981		47,873
John Bean Technologies Corp.	2,463		43,768
Kadant, Inc.*	1,153		30,566
Kaydon Corp.	2,885		69,038
LB Foster Co.	815		35,404
Lindsay Corp.	1,094		87,651
Lydall, Inc.*	1,583		22,700

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 34


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Machinery - Cont’d
Meritor, Inc.*	8,688	$	41,094
Met-Pro Corp.	1,517		14,700
Middleby Corp.*	1,686		216,162
Miller Industries, Inc.	1,050		16,013
Mueller Industries, Inc	1,767		88,403
Mueller Water Products, Inc	13,480		75,623
NN, Inc.*	1,381		12,650
Omega Flex, Inc	248		3,065
PMFG, Inc.*	1,648		14,980
Proto Labs, Inc.*	401		15,807
RBC Bearings, Inc.*	1,997		99,990
Rexnord Corp.*	2,593		55,231
Robbins & Myers, Inc.	3,467		206,113
Sauer-Danfoss, Inc.	1,012		54,010
Sun Hydraulics Corp.	1,860		48,509
Tennant Co.	1,652		72,605
The Eastern Co	560		8,859
Titan International, Inc.	4,249		92,288
Trimas Corp.*	2,899		81,056
Twin Disc, Inc	694		12,096
Wabash National Corp.*	5,981		53,650
Watts Water Technologies, Inc	2,566		110,312
Woodward, Inc.	6,226		237,397
			3,629,996

Marine - 0.0%
Genco Shipping & Trading Ltd.*	2,930		10,226
International Shipholding Corp.	583		9,608
Rand Logistics, Inc.*	1,591		10,341
			30,175

Media - 1.1%
Arbitron, Inc.	2,329		108,718
Beasley Broadcasting Group, Inc	396		1,936
Belo Corp.	7,968		61,115
Carmike Cinemas, Inc.*	1,595		23,925
Central European Media Enterprises Ltd.*	3,010		18,451
Crown Media Holdings, Inc.*	3,539		6,547
Cumulus Media, Inc.*	5,053		13,492
Daily Journal Corp.*	88		8,144
Digital Generation, Inc.*	2,184		23,718
Entercom Communications Corp.*	2,183		15,237
Entravision Communications Corp	4,508		7,483
EW Scripps Co.*	2,937		31,749
Fisher Communications, Inc	676		18,245
Global Sources Ltd.*	1,547		10,025
Harte-Hanks, Inc.	4,010		23,659
Journal Communications, Inc.*	4,357		23,571
LIN TV Corp.*	2,982		22,455
Lions Gate Entertainment Corp.*	7,637		125,247

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 35


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Media - Cont’d
Live Nation Entertainment, Inc.*	12,607	$	117,371
Martha Stewart Living Omnimedia, Inc.*	2,756		6,752
McClatchy Co.*	5,532		18,090
MDC Partners, Inc.	2,060		23,278
Meredith Corp	3,261		112,342
National CineMedia, Inc.	5,048		71,328
New York Times Co.*	12,263		104,603
Nexstar Broadcasting Group, Inc.*	992		10,505
Outdoor Channel Holdings, Inc	1,282		9,743
ReachLocal, Inc.*	820		10,586
Reading International, Inc.*	1,506		9,051
Rentrak Corp.*	971		18,925
Saga Communications, Inc.	296		13,764
Salem Communications Corp.	911		4,974
Scholastic Corp.	2,251		66,540
Shutterstock, Inc.*	460		11,960
Sinclair Broadcast Group, Inc.	4,195		52,941
Valassis Communications, Inc.	3,539		91,235
Value Line, Inc.	108		969
World Wrestling Entertainment, Inc.	2,503		19,749
			1,318,423

Metals & Mining - 1.5%
AK Steel Holding Corp	12,084		55,586
AM Castle & Co.*	1,549		22,879
AMCOL International Corp	2,271		69,674
Century Aluminum Co.*	4,238		37,125
Coeur d’Alene Mines Corp.*	8,093		199,088
General Moly, Inc.*	6,675		26,767
Globe Specialty Metals, Inc	5,366		73,782
Gold Reserve, Inc.*	4,712		15,597
Gold Resource Corp.	2,687		41,407
Golden Minerals Co.*	2,295		10,534
Golden Star Resources Ltd.*	22,636		41,650
Handy & Harman Ltd.*	480		7,234
Haynes International, Inc	1,062		55,086
Hecla Mining Co.	25,688		149,761
Horsehead Holding Corp.*	3,786		38,655
Kaiser Aluminum Corp	1,737		107,155
Materion Corp.	1,774		45,734
McEwen Mining, Inc.*	19,355		74,130
Metals USA Holdings Corp.	1,062		18,574
Midway Gold Corp.*	10,276		14,284
Noranda Aluminum Holding Corp.	3,000		18,330
Olympic Steel, Inc.	846		18,730
Paramount Gold and Silver Corp.*	11,758		27,279
Revett Minerals, Inc.*	2,059		5,806
RTI International Metals, Inc.*	2,632		72,538
Schnitzer Steel Industries, Inc.	2,273		68,940
Stillwater Mining Co.*	10,423		133,206
SunCoke Energy, Inc.*	5,999		93,524

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 36


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Metals & Mining - Cont’d
Universal Stainless & Alloy Products, Inc.*	703	$	25,849
US Antimony Corp.*	4,840		8,518
US Silica Holdings, Inc	1,051		17,583
Vista Gold Corp.*	5,838		15,763
Worthington Industries, Inc.	4,540		117,995
			1,728,763

Multiline Retail - 0.2%
Bon-Ton Stores, Inc	1,090		13,211
Fred’s, Inc.	3,439		45,773
Gordmans Stores, Inc.*	571		8,576
Saks, Inc.*	9,477		99,603
Tuesday Morning Corp.*	3,766		23,538
			190,701

Multi-Utilities - 0.4%
Avista Corp.	5,283		127,373
Black Hills Corp.	3,970		144,270
CH Energy Group, Inc.	1,384		90,265
NorthWestern Corp	3,277		113,810
			475,718

Oil, Gas & Consumable Fuels - 3.7%
Abraxas Petroleum Corp.*	7,685		16,830
Adams Resources & Energy, Inc.	189		6,628
Alon USA Energy, Inc.	562		10,167
Amyris, Inc.*	2,650		8,268
Apco Oil and Gas International, Inc	813		10,008
Approach Resources, Inc.*	2,944		73,629
Arch Coal, Inc.	19,111		139,893
Berry Petroleum Co.	4,714		158,155
Bill Barrett Corp.*	4,332		77,066
Bonanza Creek Energy, Inc.*	876		24,344
BPZ Resources, Inc.*	8,517		26,829
Callon Petroleum Co.*	3,669		17,244
Carrizo Oil & Gas, Inc.*	3,564		74,559
Ceres, Inc.*	493		2,238
Clayton Williams Energy, Inc.*	515		20,600
Clean Energy Fuels Corp.*	5,949		74,065
Cloud Peak Energy, Inc.*	5,496		106,238
Comstock Resources, Inc.*	4,332		65,543
Contango Oil & Gas Co	1,149		48,672
Crimson Exploration, Inc.*	1,794		4,916
Crosstex Energy, Inc.	3,520		50,477
CVR Energy, Inc.*	1,435		70,014
Delek US Holdings, Inc	1,530		38,740
Diamondback Energy, Inc.*	1,277		24,416
Emerald Oil, Inc.*	1,426		7,472
Endeavour International Corp.*	4,135		21,419
Energy XXI Bermuda Ltd.	7,102		228,613
EPL Oil & Gas, Inc.*	2,531		57,074
Evolution Petroleum Corp.*	1,370		11,138

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 37


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
Forest Oil Corp.*	10,604	$	70,941
Frontline Ltd.*	4,236		13,809
FX Energy, Inc.*	4,491		18,458
GasLog Ltd.	2,117		26,314
Gastar Exploration Ltd.*	4,045		4,894
Gevo, Inc.*	1,872		2,883
Goodrich Petroleum Corp.*	2,138		19,926
Green Plains Renewable Energy, Inc.*	2,245		17,758
Gulfport Energy Corp.*	5,011		191,520
Halcon Resources Corp.*	10,027		69,387
Hallador Energy Co.	353		2,916
Harvest Natural Resources, Inc.*	3,086		27,990
Isramco, Inc.*	85		8,839
KiOR, Inc.*	2,376		15,230
Knightsbridge Tankers Ltd.	1,807		9,487
Kodiak Oil & Gas Corp.*	23,728		209,993
Magnum Hunter Resources Corp.:
Common*	12,516		49,939
Warrants (strike price $10.50/share, expires 10/14/2013)*	871		17
Matador Resources Co.*	1,196		9,807
McMoRan Exploration Co.*	9,136		146,633
Midstates Petroleum Co., Inc.*	2,163		14,903
Miller Energy Resources, Inc.*	2,624		10,391
Nordic American Tankers Ltd.	4,526		39,603
Northern Oil And Gas, Inc.*	5,718		96,177
Oasis Petroleum, Inc.*	7,193		228,737
Panhandle Oil and Gas, Inc.	744		21,003
PDC Energy, Inc.*	2,551		84,719
Penn Virginia Corp	3,974		17,525
Petroquest Energy, Inc.*	4,829		23,904
Quicksilver Resources, Inc.*	10,574		30,242
Renewable Energy Group, Inc.*	611		3,580
Rentech, Inc	20,009		52,624
Resolute Energy Corp.*	3,942		32,048
REX American Resources Corp.*	639		12,326
Rex Energy Corp.*	3,511		45,713
Rosetta Resources, Inc.*	4,763		216,050
Sanchez Energy Corp.*	878		15,804
Saratoga Resources, Inc.*	1,634		5,784
Scorpio Tankers, Inc.*	5,010		35,621
SemGroup Corp.*	3,763		147,058
Ship Finance International Ltd.	4,331		72,025
Solazyme, Inc.*	2,946		23,156
Stone Energy Corp.*	4,454		91,396
Swift Energy Co.*	3,858		59,375
Synergy Resources Corp.*	3,523		18,989
Targa Resources Corp.	2,610		137,912
Teekay Tankers Ltd.	5,671		16,446
Triangle Petroleum Corp.*	3,529		21,139
Uranerz Energy Corp.*	5,306		7,375
Uranium Energy Corp.*	5,621		14,390
Vaalco Energy, Inc.*	5,208		45,049

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 38


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Oil, Gas & Consumable Fuels - Cont’d
W&T Offshore, Inc	3,057	$	49,004
Warren Resources, Inc.*	6,571		18,465
Western Refining, Inc.	5,160		145,460
Westmoreland Coal Co.*	813		7,593
ZaZa Energy Corp.*	2,235		4,582
			4,258,164

Paper & Forest Products - 0.8%
Buckeye Technologies, Inc	3,437		98,676
Clearwater Paper Corp.*	2,010		78,712
Deltic Timber Corp.	942		66,524
KapStone Paper and Packaging Corp	3,638		80,727
Louisiana-Pacific Corp.*	12,382		239,220
Neenah Paper, Inc.	1,287		36,641
PH Glatfelter Co	4,002		69,955
Resolute Forest Products*	7,294		96,573
Schweitzer-Mauduit International, Inc	2,724		106,318
Wausau Paper Corp.	4,288		37,134
			910,480

Personal Products - 0.3%
Elizabeth Arden, Inc.*	2,269		102,128
Female Health Co	1,851		13,290
Inter Parfums, Inc.	1,484		28,878
Medifast, Inc.*	1,179		31,114
Nature’s Sunshine Products, Inc.	1,018		14,741
Nutraceutical International Corp.	861		14,241
Prestige Brands Holdings, Inc.*	4,259		85,308
Revlon, Inc.*	936		13,572
Star Scientific, Inc.*	13,119		35,159
Synutra International, Inc.*	1,867		8,644
USANA Health Sciences, Inc.*	626		20,614
			367,689

Pharmaceuticals - 1.3%
Acura Pharmaceuticals, Inc.*	651		1,445
Akorn, Inc.*	5,120		68,403
Ampio Pharmaceuticals, Inc.*	1,629		5,848
Auxilium Pharmaceuticals, Inc.*	4,356		80,717
AVANIR Pharmaceuticals, Inc.*	11,236		29,551
BioDelivery Sciences International, Inc.*	1,915		8,254
Cadence Pharmaceuticals, Inc.*	5,345		25,602
Cempra, Inc.*	383		2,451
Corcept Therapeutics, Inc.*	3,942		5,637
Cornerstone Therapeutics, Inc.*	514		2,431
Cumberland Pharmaceuticals, Inc.*	1,070		4,494
Depomed, Inc.*	4,576		28,325
Endocyte, Inc.*	2,665		23,932
Forest Laboratories, Inc. (b)*	1,024		—
Hi-Tech Pharmacal Co., Inc	922		32,252

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 39


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Pharmaceuticals - Cont’d
Horizon Pharma, Inc.*	1,900	$	4,427
Impax Laboratories, Inc.*	6,033		123,616
Jazz Pharmaceuticals plc*	3,739		198,915
Lannett Co., Inc.*	798		3,958
MAP Pharmaceuticals, Inc.*	2,242		35,222
Medicines Co.*	4,964		118,987
Nektar Therapeutics*	9,930		73,581
Obagi Medical Products, Inc.*	1,589		21,594
Omeros Corp.*	2,022		10,494
Optimer Pharmaceuticals, Inc.*	4,237		38,345
Pacira Pharmaceuticals, Inc.*	1,661		29,018
Pain Therapeutics, Inc.*	3,031		8,214
Pernix Therapeutics Holdings, Inc.*	280		2,170
Pozen, Inc.*	2,758		13,818
Questcor Pharmaceuticals, Inc.	4,840		129,325
Repros Therapeutics, Inc.*	1,335		21,026
Sagent Pharmaceuticals, Inc.*	845		13,596
Santarus, Inc.*	4,888		53,670
Sciclone Pharmaceuticals, Inc.*	5,114		22,041
Sucampo Pharmaceuticals, Inc.*	729		3,572
Supernus Pharmaceuticals, Inc.*	304		2,180
Transcept Pharmaceuticals, Inc.*	497		2,212
Ventrus Biosciences, Inc.*	1,124		2,428
Viropharma, Inc.*	5,860		133,374
VIVUS, Inc.*	8,977		120,471
XenoPort, Inc.*	3,819		29,674
Zogenix, Inc.*	3,279		4,361
			1,539,631

Professional Services - 1.2%
Acacia Research Corp.*	4,475		114,784
Advisory Board Co.*	3,089		144,534
Barrett Business Services, Inc.	606		23,083
CBIZ, Inc.*	3,612		21,347
CDI Corp.	1,164		19,939
Corporate Executive Board Co	3,017		143,187
CRA International, Inc.*	1,024		20,245
Exponent, Inc.*	1,204		67,219
Franklin Covey Co.*	1,007		12,990
FTI Consulting, Inc.*	3,780		124,740
GP Strategies Corp.*	1,245		25,709
Heidrick & Struggles International, Inc	1,525		23,273
Hill International, Inc.*	2,682		9,816
Hudson Global, Inc.*	2,983		13,364
Huron Consulting Group, Inc.*	1,926		64,887
ICF International, Inc.*	1,793		42,028
Insperity, Inc	1,904		61,994
Kelly Services, Inc.	2,314		36,422
Kforce, Inc.	2,687		38,505
Korn/Ferry International*	4,020		63,757
Mistras Group, Inc.*	1,338		33,035

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 40


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Professional Services - Cont’d
Navigant Consulting, Inc.*	4,439	$	49,539
Odyssey Marine Exploration, Inc.*	5,528		16,418
On Assignment, Inc.*	3,867		78,423
Pendrell Corp.*	12,424		15,778
Resources Connection, Inc	4,053		48,393
RPX Corp.*	1,905		17,221
The Dolan Co.*	2,652		10,316
TrueBlue, Inc.*	3,417		53,818
VSE Corp.	430		10,539
WageWorks, Inc.*	586		10,431
			1,415,734

Real Estate Investment Trusts - 7.6%
Acadia Realty Trust	4,504		112,960
AG Mortgage Investment Trust, Inc	2,020		47,430
Agree Realty Corp	1,030		27,594
Alexander’s, Inc	180		59,544
American Assets Trust, Inc	2,814		78,595
American Capital Mortgage Investment Corp	3,265		76,956
American Realty Capital Trust, Inc	14,269		164,807
AmREIT, Inc	360		6,174
Anworth Mortgage Asset Corp	12,353		71,400
Apollo Commercial Real Estate Finance, Inc.	2,083		33,807
Apollo Residential Mortgage, Inc	1,998		40,340
Ares Commercial Real Estate Corp.	693		11,379
ARMOUR Residential REIT, Inc	26,457		171,177
Ashford Hospitality Trust, Inc.	4,804		50,490
Associated Estates Realty Corp	4,395		70,847
Campus Crest Communities, Inc	3,423		41,966
CapLease, Inc	5,937		33,069
Capstead Mortgage Corp.	8,425		96,635
Cedar Realty Trust, Inc	5,667		29,922
Chatham Lodging Trust	1,208		18,579
Chesapeake Lodging Trust	3,513		73,351
Colonial Properties Trust	7,917		169,186
Colony Financial, Inc	4,686		91,377
Coresite Realty Corp	1,850		51,171
Cousins Properties, Inc.	8,017		66,942
CreXus Investment Corp.	6,029		73,855
CubeSmart	11,091		161,596
CYS Investments, Inc	15,572		183,905
DCT Industrial Trust, Inc.	22,239		144,331
DiamondRock Hospitality Co.	16,688		150,192
DuPont Fabros Technology, Inc	5,521		133,387
Dynex Capital, Inc	4,570		43,141
EastGroup Properties, Inc.	2,564		137,969
Education Realty Trust, Inc.	10,056		106,996
EPR Properties	4,216		194,400
Equity One, Inc.	4,939		103,768
Excel Trust, Inc	3,973		50,338
FelCor Lodging Trust, Inc.*	10,890		50,856

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 41


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Real Estate Investment Trusts - Cont’d
First Industrial Realty Trust, Inc.*	8,706	$	122,580
First Potomac Realty Trust	4,374		54,063
Franklin Street Properties Corp.	6,527		80,347
Getty Realty Corp	2,309		41,701
Gladstone Commercial Corp.	887		15,922
Glimcher Realty Trust	12,556		139,246
Government Properties Income Trust	3,827		91,733
Gramercy Capital Corp.*	4,133		12,151
Gyrodyne Co. of America, Inc.	107		7,710
Healthcare Realty Trust, Inc.	7,762		186,366
Hersha Hospitality Trust	15,483		77,415
Highwoods Properties, Inc	6,981		233,514
Hudson Pacific Properties, Inc	3,227		67,961
Inland Real Estate Corp.	6,505		54,512
Invesco Mortgage Capital, Inc.	10,391		204,807
Investors Real Estate Trust	7,714		67,343
iStar Financial, Inc.*	7,508		61,190
JAVELIN Mortgage Investment Corp.	644		12,294
Kite Realty Group Trust	5,032		28,129
LaSalle Hotel Properties	7,711		195,782
Lexington Realty Trust	11,760		122,892
LTC Properties, Inc.	2,654		93,394
Medical Properties Trust, Inc	12,207		145,996
Monmouth Real Estate Investment Corp	3,342		34,623
National Health Investors, Inc.	2,137		120,805
New York Mortgage Trust, Inc	4,412		27,884
NorthStar Realty Finance Corp.	14,543		102,383
Omega Healthcare Investors, Inc.	9,961		237,570
One Liberty Properties, Inc	1,012		20,533
Parkway Properties, Inc	1,911		26,735
Pebblebrook Hotel Trust	5,402		124,786
Pennsylvania Real Estate Investment Trust	4,838		85,342
Pennymac Mortgage Investment Trust	5,239		132,494
Potlatch Corp.	3,631		142,299
PS Business Parks, Inc	1,620		105,268
RAIT Financial Trust	4,493		25,385
Ramco-Gershenson Properties Trust	4,128		54,944
Redwood Trust, Inc.	6,814		115,088
Resource Capital Corp.	8,830		49,448
Retail Opportunity Investments Corp	4,307		55,388
RLJ Lodging Trust	9,607		186,088
Rouse Properties, Inc.	1,994		33,738
Ryman Hospitality Properties, Inc.	2,938		112,995
Sabra Healthcare REIT, Inc.	3,180		69,070
Saul Centers, Inc	656		28,070
Select Income REIT	829		20,534
Sovran Self Storage, Inc.	2,611		162,143
Spirit Realty Capital, Inc	2,964		52,700
STAG Industrial, Inc.	2,767		49,723
Starwood Property Trust, Inc	12,043		276,507
Strategic Hotels & Resorts, Inc.*	16,115		103,136
Summit Hotel Properties, Inc.	3,791		36,016

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 42


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Real Estate Investment Trusts - Cont’d
Sun Communities, Inc	2,633	$	105,030
Sunstone Hotel Investors, Inc.*	12,147		130,094
Terreno Realty Corp.	1,208		18,652
Two Harbors Investment Corp	26,258		290,939
UMH Properties, Inc.	1,025		10,588
Universal Health Realty Income Trust	985		49,851
Urstadt Biddle Properties, Inc	2,125		41,820
Washington Real Estate Investment Trust	5,971		156,142
Western Asset Mortgage Capital Corp.	1,663		32,878
Whitestone REIT	1,229		17,267
Winthrop Realty Trust	2,311		25,537
			8,817,973

Real Estate Management & Development - 0.2%
AV Homes, Inc.*	824		11,717
Consolidated-Tomoka Land Co	345		10,698
Forestar Group, Inc.*	3,184		55,179
Kennedy-Wilson Holdings, Inc	3,832		53,571
Tejon Ranch Co.*	1,147		32,208
Thomas Properties Group, Inc	2,899		15,684
Zillow, Inc.*	338		9,380
			188,437

Road & Rail - 1.1%
Amerco, Inc.	746		94,600
Arkansas Best Corp.	2,213		21,134
Avis Budget Group, Inc.*	9,557		189,420
Celadon Group, Inc.	1,805		32,617
Genesee & Wyoming, Inc.*	3,928		298,842
Heartland Express, Inc.	4,411		57,652
Knight Transportation, Inc.	5,197		76,032
Marten Transport Ltd	1,347		24,771
Old Dominion Freight Line, Inc.*	6,415		219,906
Patriot Transportation Holding, Inc.*	453		12,879
Quality Distribution, Inc.*	1,924		11,544
Roadrunner Transportation Systems, Inc.*	984		17,850
Saia, Inc.*	1,442		33,339
Swift Transportation Co.*	7,111		64,852
Universal Truckload Services, Inc.	475		8,669
Werner Enterprises, Inc.	3,982		86,290
Zipcar, Inc.*	2,420		19,941
			1,270,338


Semiconductors & Semiconductor Equipment - 3.3%
Advanced Energy Industries, Inc.*	3,684		50,876
Alpha & Omega Semiconductor Ltd.*	1,207		10,139
Amkor Technology, Inc.*	7,182		30,523
Anadigics, Inc.*	6,771		17,063
Applied Micro Circuits Corp.*	5,726		48,098
ATMI, Inc.*	2,756		57,545
Axcelis Technologies, Inc.*	9,665		13,434

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 43


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Semiconductors & Semiconductor Equipment - Cont’d
AXT, Inc.*	2,876	$	8,082
Brooks Automation, Inc	5,690		45,804
Cabot Microelectronics Corp	2,121		75,317
Cavium, Inc.*	4,476		139,696
Ceva, Inc.*	1,987		31,295
Cirrus Logic, Inc.*	5,807		168,229
Cohu, Inc	2,037		22,081
Cymer, Inc.*	2,786		251,938
Diodes, Inc.*	3,196		55,451
DSP Group, Inc.*	2,403		13,841
Entegris, Inc.*	12,359		113,456
Entropic Communications, Inc.*	7,041		37,247
Exar Corp.*	3,348		29,797
First Solar, Inc.*	5,422		167,431
Formfactor, Inc.*	4,374		19,945
GSI Technology, Inc.*	2,002		12,553
GT Advanced Technologies, Inc.*	10,346		31,245
Hittite Microwave Corp.*	2,837		176,178
Inphi Corp.*	1,686		16,152
Integrated Device Technology, Inc.*	12,177		88,892
Integrated Silicon Solution, Inc.*	2,404		21,636
Intermolecular, Inc.*	805		7,165
International Rectifier Corp.*	6,230		110,458
Intersil Corp.	11,475		95,128
IXYS Corp.	2,094		19,139
Kopin Corp.*	6,180		20,579
Lattice Semiconductor Corp.*	10,150		40,498
LTX-Credence Corp.*	4,282		28,090
M/A-COM Technology Solutions Holdings, Inc.*	547		8,189
Mattson Technology, Inc.*	5,265		4,423
MaxLinear, Inc.*	1,994		10,010
MEMC Electronic Materials, Inc.*	20,782		66,710
Micrel, Inc.	4,448		42,256
Microsemi Corp.*	8,000		168,320
Mindspeed Technologies, Inc.*	2,963		13,867
MIPS Technologies, Inc.*	4,384		34,283
MKS Instruments, Inc.	4,730		121,939
Monolithic Power Systems, Inc	2,829		63,030
MoSys, Inc.*	2,517		8,759
Nanometrics, Inc.*	2,115		30,498
NeoPhotonics Corp.*	937		5,378
NVE Corp.*	408		22,640
Omnivision Technologies, Inc.*	4,424		62,290
PDF Solutions, Inc.*	2,096		28,883
Peregrine Semiconductor Corp.*	550		8,421
Pericom Semiconductor Corp.*	2,352		18,887
Photronics, Inc.*	5,437		32,405
PLX Technology, Inc.*	3,845		13,957
Power Integrations, Inc.	2,555		85,874
QuickLogic Corp.*	3,484		7,560
Rambus, Inc.*	9,941		48,512
RF Micro Devices, Inc.*	25,044		112,197

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 44


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Semiconductors & Semiconductor Equipment - Cont’d
Rubicon Technology, Inc.*	1,417	$	8,658
Rudolph Technologies, Inc.*	2,894		38,924
Semtech Corp.*	5,722		165,652
Sigma Designs, Inc.*	2,722		14,018
Silicon Image, Inc.*	7,111		35,271
Spansion, Inc.*	4,135		57,518
STR Holdings, Inc.*	2,482		6,255
SunPower Corp.*	3,580		20,120
Supertex, Inc.	1,019		17,883
Tessera Technologies, Inc.	4,394		72,149
TriQuint Semiconductor, Inc.*	15,174		73,442
Ultra Clean Holdings, Inc.*	2,008		9,859
Ultratech, Inc.*	2,360		88,028
Veeco Instruments, Inc.*	3,572		105,445
Volterra Semiconductor Corp.*	2,168		37,225
			3,844,736

Software - 3.5%
Accelrys, Inc.*	4,811		43,540
ACI Worldwide, Inc.*	3,580		156,410
Actuate Corp.*	4,437		24,847
Advent Software, Inc.*	2,747		58,731
American Software, Inc.	1,795		13,929
Aspen Technology, Inc.*	8,425		232,867
AVG Technologies NV*	692		10,954
Blackbaud, Inc.	4,064		92,781
Bottomline Technologies, Inc.*	3,147		83,049
BroadSoft, Inc.*	2,474		89,880
Callidus Software, Inc.*	2,464		11,187
Commvault Systems, Inc.*	4,022		280,374
Comverse Technology, Inc.*	19,723		75,736
Comverse, Inc.*	1,972		56,261
Digimarc Corp	626		12,958
Ebix, Inc.	2,498		40,143
Ellie Mae, Inc.*	2,233		61,966
Eloqua, Inc.*	800		18,872
Envivio, Inc.*	698		1,187
EPIQ Systems, Inc.	2,837		36,257
ePlus, Inc.	291		12,030
Exa Corp.*	550		5,351
Fair Isaac Corp	3,024		127,099
FalconStor Software, Inc.*	2,372		5,527
FleetMatics Group plc*	798		20,078
Glu Mobile, Inc.*	4,867		11,145
Guidance Software, Inc.*	1,234		14,648
Guidewire Software, Inc.*	1,744		51,832
Imperva, Inc.*	876		27,620
Infoblox, Inc.*	699		12,561
Interactive Intelligence Group, Inc.*	1,211		40,617
Jive Software, Inc.*	1,318		19,151
Manhattan Associates, Inc.*	1,786		107,767
Mentor Graphics Corp.*	8,386		142,730

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 45


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Software - Cont’d
MicroStrategy, Inc.*	767	$	71,622
Monotype Imaging Holdings, Inc	3,293		52,622
Netscout Systems, Inc.*	3,307		85,949
Parametric Technology Corp.*	10,766		242,343
Pegasystems, Inc	1,548		35,109
Pervasive Software, Inc.*	1,192		10,621
Progress Software Corp.*	5,508		115,613
Proofpoint, Inc.*	570		7,017
PROS Holdings, Inc.*	1,967		35,976
QAD, Inc	409		5,890
QLIK Technologies, Inc.*	7,686		166,940
Qualys, Inc.*	774		11,447
RealPage, Inc.*	3,226		69,585
Rosetta Stone, Inc.*	971		11,982
Sapiens International Corp. NV*	1,230		4,920
Seachange International, Inc.*	2,173		21,013
Sourcefire, Inc.*	2,661		125,652
SS&C Technologies Holdings, Inc.*	3,050		70,516
Synchronoss Technologies, Inc.*	2,488		52,472
Take-Two Interactive Software, Inc.*	7,040		77,510
Tangoe, Inc.*	2,685		31,871
TeleNav, Inc.*	1,354		10,805
TiVo, Inc.*	11,227		138,317
Tyler Technologies, Inc.*	2,711		131,321
Ultimate Software Group, Inc.*	2,398		226,395
VASCO Data Security International, Inc.*	2,346		19,143
Verint Systems, Inc.*	1,962		57,604
VirnetX Holding Corp.*	3,778		110,620
Websense, Inc.*	3,283		49,376
			4,050,336

Specialty Retail - 3.3%
Aeropostale, Inc.*	7,078		92,085
America’s Car-Mart, Inc.*	726		29,418
ANN, Inc.*	4,278		144,768
Asbury Automotive Group, Inc.*	2,543		81,452
Barnes & Noble, Inc.*	2,386		36,005
Bebe Stores, Inc.	3,035		12,110
Big 5 Sporting Goods Corp.	1,497		19,611
Body Central Corp.*	1,439		14,332
Brown Shoe Co., Inc.	3,799		69,788
Cabela’s, Inc.*	4,200		175,350
Casual Male Retail Group, Inc.*	3,868		16,246
Cato Corp	2,436		66,819
Citi Trends, Inc.*	1,298		17,860
Conn’s, Inc.*	1,500		46,020
Destination Maternity Corp.	1,034		22,293
Express, Inc.*	8,054		121,535
Finish Line, Inc	4,450		84,239
Five Below, Inc.*	975		31,239
Francesca’s Holdings Corp.*	3,132		81,307
Genesco, Inc.*	2,204		121,220

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 45


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Specialty Retail - Cont’d
Group 1 Automotive, Inc.	2,064	$	127,947
Haverty Furniture Co.’s, Inc.	1,689		27,548
hhgregg, Inc.*	1,366		9,589
Hibbett Sports, Inc.*	2,402		126,585
HOT Topic, Inc.	4,130		39,855
Jos A Bank Clothiers, Inc.*	2,506		106,705
Kirkland’s, Inc.*	1,302		13,788
Lithia Motors, Inc	2,010		75,214
Lumber Liquidators Holdings, Inc.*	2,479		130,966
MarineMax, Inc.*	2,047		18,300
Mattress Firm Holding Corp.*	991		24,309
Men’s Wearhouse, Inc.	4,514		140,656
Monro Muffler, Inc.	2,782		97,287
New York & Co., Inc.*	1,850		7,049
Office Depot, Inc.*	25,555		83,820
OfficeMax, Inc	7,420		72,419
Orchard Supply Hardware Stores Corp.*	171		1,267
Penske Automotive Group, Inc	3,866		116,328
Perfumania Holdings, Inc.*	457		2,248
Pier 1 Imports, Inc	8,746		174,920
RadioShack Corp.	8,952		18,978
Rent-A-Center, Inc.	5,349		183,792
Restoration Hardware Holdings, Inc.*	490		16,528
Rue21, Inc.*	1,285		36,481
Select Comfort Corp.*	5,106		133,624
Shoe Carnival, Inc	1,423		29,157
Sonic Automotive, Inc.	3,796		79,298
Stage Stores, Inc	2,657		65,840
Stein Mart, Inc	2,802		21,127
Systemax, Inc.	1,000		9,650
Teavana Holdings, Inc.*	588		9,114
The Buckle, Inc.	2,498		111,511
The Childrens Place Retail Stores, Inc.*	2,185		96,774
The Pep Boys-Manny, Moe & Jack	4,589		45,110
Tilly’s, Inc.*	827		11,156
Vitamin Shoppe, Inc.*	2,651		152,061
West Marine, Inc.*	1,507		16,200
Wet Seal, Inc.*	7,596		20,965
Winmark Corp.	223		12,711
Zumiez, Inc.*	1,972		38,277
			3,788,851

Textiles, Apparel & Luxury Goods - 1.4%
Cherokee, Inc	800		10,968
Columbia Sportswear Co.	1,104		58,909
CROCS, Inc.*	8,096		116,501
Culp, Inc	785		11,783
Delta Apparel, Inc.*	555		7,759
Fifth & Pacific Co.’s, Inc.*	9,789		121,873
G-III Apparel Group Ltd.*	1,354		46,347
Iconix Brand Group, Inc.*	6,382		142,446
Jones Group, Inc	7,393		81,767

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 47


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Textiles, Apparel & Luxury Goods - Cont’d
K-Swiss, Inc.*	2,719	$	9,136
Maidenform Brands, Inc.*	2,005		39,077
Movado Group, Inc.	1,614		49,518
Oxford Industries, Inc	1,261		58,460
Perry Ellis International, Inc.	933		18,567
Quiksilver, Inc.*	11,336		48,178
RG Barry Corp.	783		11,095
Skechers U.S.A., Inc.*	3,408		63,048
Steven Madden Ltd.*	3,536		149,467
True Religion Apparel, Inc.	2,223		56,509
Tumi Holdings, Inc.*	1,943		40,512
Unifi, Inc.*	1,199		15,599
Vera Bradley, Inc.*	1,814		45,531
Warnaco Group, Inc.*	3,695		264,451
Wolverine World Wide, Inc.	4,349		178,222
			1,645,723

Thrifts & Mortgage Finance - 1.6%
Astoria Financial Corp.	7,553		70,696
Bank Mutual Corp	4,721		20,300
BankFinancial Corp.	1,984		14,721
Beneficial Mutual Bancorp, Inc.*	2,733		25,964
Berkshire Hills Bancorp, Inc.	1,996		47,625
BofI Holding, Inc.*	892		24,860
Brookline Bancorp, Inc.	6,306		53,601
Cape Bancorp, Inc.	943		8,195
Charter Financial Corp.	570		6,042
Clifton Savings Bancorp, Inc.	836		9,422
Dime Community Bancshares, Inc.	2,830		39,309
Doral Financial Corp.*	10,461		7,575
ESB Financial Corp.	871		12,081
ESSA Bancorp, Inc	931		10,139
EverBank Financial Corp.	2,011		29,984
Federal Agricultural Mortgage Corp., Class C	895		29,087
First Defiance Financial Corp.	799		15,333
First Federal Bancshares of Arkansas, Inc.*	313		3,052
First Financial Holdings, Inc	1,715		22,432
First Financial Northwest, Inc.*	1,441		10,880
First Pactrust Bancorp, Inc	699		8,577
Flushing Financial Corp	2,726		41,817
Fox Chase Bancorp, Inc.	1,196		19,913
Franklin Financial Corp	1,141		18,918
Heritage Financial Group, Inc.	781		10,770
Hingham Institution for Savings	115		7,199
Home Bancorp, Inc.*	615		11,224
Home Federal Bancorp, Inc.	1,548		19,242
Home Loan Servicing Solutions, Ltd.	2,550		48,195
HomeStreet, Inc.*	746		19,060
Kearny Financial Corp.	1,413		13,777
Meridian Interstate Bancorp, Inc.*	838		14,062
MGIC Investment Corp.*	15,423		41,025
NASB Financial, Inc.*	378		8,078
Nationstar Mortgage Holdings, Inc.*	1,726		53,471

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 48


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Thrifts & Mortgage Finance - Cont’d
Northfield Bancorp, Inc	1,401	$	21,365
Northwest Bancshares, Inc.	8,788		106,686
OceanFirst Financial Corp.	1,506		20,708
Ocwen Financial Corp.*	9,677		334,727
Oritani Financial Corp	3,882		59,472
Peoples Federal Bancshares, Inc.	549		9,547
Provident Financial Holdings, Inc.	876		15,330
Provident Financial Services, Inc	5,242		78,211
Provident New York Bancorp	3,407		31,719
Radian Group, Inc.	11,633		71,078
Rockville Financial, Inc	2,425		31,282
Roma Financial Corp	676		10,221
SI Financial Group, Inc.	952		10,948
Simplicity Bancorp, Inc.	815		12,184
Territorial Bancorp, Inc.	940		21,479
Tree.com, Inc	543		9,790
Trustco Bank Corp. NY	7,825		41,316
United Financial Bancorp, Inc.	1,552		24,397
ViewPoint Financial Group, Inc.	2,863		59,951
Walker & Dunlop, Inc.*	1,163		19,376
Waterstone Financial, Inc.*	658		5,132
Westfield Financial, Inc.	2,745		19,846
WSFS Financial Corp.	686		28,983
			1,840,374

Tobacco - 0.2%
Alliance One International, Inc.*	7,793		28,366
Universal Corp	2,094		104,512
Vector Group Ltd.	5,002		74,380
			207,258

Trading Companies & Distributors - 0.9%
Aceto Corp	2,638		26,486
Aircastle Ltd	5,288		66,311
Applied Industrial Technologies, Inc.	3,712		155,941
Beacon Roofing Supply, Inc.*	4,219		140,408
BlueLinx Holdings, Inc.*	2,174		6,109
CAI International, Inc.*	1,289		28,294
DXP Enterprises, Inc.*	857		42,053
Edgen Group, Inc.*	1,349		9,524
H&E Equipment Services, Inc	2,568		38,700
Houston Wire & Cable Co	1,646		20,196
Kaman Corp.	2,263		83,278
Rush Enterprises, Inc.*	2,789		57,649
SeaCube Container Leasing Ltd	1,121		21,131
TAL International Group, Inc.	2,630		95,679
Textainer Group Holdings Ltd.	1,106		34,795
Titan Machinery, Inc.*	1,521		37,569
Watsco, Inc	2,648		198,335
Willis Lease Finance Corp.*	490		7,012
			1,069,470

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 49


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Transportation Infrastructure - 0.0%
Wesco Aircraft Holdings, Inc.*	1,730	$	22,853

Water Utilities - 0.3%
American States Water Co.	1,623		77,872
Artesian Resources Corp.	490		10,991
Cadiz, Inc.*	1,262		9,995
California Water Service Group	3,773		69,235
Connecticut Water Service, Inc	883		26,296
Consolidated Water Co., Inc.	1,510		11,174
Middlesex Water Co.	1,560		30,514
SJW Corp.	1,344		35,750
York Water Co	1,309		22,999
			294,826

Wireless Telecommunication Services - 0.1%
Boingo Wireless, Inc.*	1,422		10,736
Leap Wireless International, Inc.*	5,019		33,376
NTELOS Holdings Corp.	1,286		16,860
Shenandoah Telecommunications Co.	2,077		31,799
USA Mobility, Inc.	1,934		22,589
			115,360

Total Equity Securities (Cost $96,377,555)			107,086,946



CLOSED-END FUNDS - 0.0%
Firsthand Technology Value Fund, Inc.*	770		13,429

Total Closed-End Funds (Cost $14,654)			13,429



EXCHANGE TRADED FUNDS - 3.7%
iSares Russell 2000 Index Fund	50,500		4,256,645

Total Exchange Traded Funds (Cost $3,946,198)			4,256,645


	PRINCIPAL
U.S. TREASURY OBLIGATIONS - 0.3%	AMOUNT
United States Treasury Bills, 0.135%, 5/2/13^	$400,000		399,819

Total U.S. Treasury Obligations (Cost $399,819)			399,819

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 50


		PRINCIPAL
TIME DEPOSIT - 3.5%		AMOUNT		VALUE
State Street Bank Time Deposit, 0.12%, 1/2/13	$	4,026,954	$	4,026,954

Total Time Deposit (Cost $4,026,954)				4,026,954



TOTAL INVESTMENTS (Cost $104,765,180) - 99.7%				115,783,793
Other assets and liabilities, net - 0.3%				365,583
NET ASSETS - 100%			$	116,149,376



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: 1,712,319 shares outstanding			$	95,278,236
Class F: 148,730 shares outstanding				8,118,760
Undistributed net investment income				432,795
Accumulated net realized gain (loss)				1,229,040
Net unrealized appreciation (depreciation)				11,090,545


NET ASSETS			$	116,149,376


NET ASSET VALUE PER SHARE
Class I (based on net assets of $106,826,653)			$	62.39
Class F (based on net assets of $9,322,723)			$	62.68

			UNDERLYING	UNREALIZED
	NUMBER OF	EXPIRATION	FACE AMOUNT	APPRECIATION
FUTURES	CONTRACTS	DATE	AT VALUE	(DEPRECIATION)
Purchased:
E-Mini Russell 2000 Index^	58	3/13	$4,910,280	$71,932

(b) This security was valued by the Board of Directors. See Note A.

^ Futures collateralized by $400,000 par value of U.S. Treasury Bills.

* Non-income producing security.

See notes to financial statements.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 51


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $2,331)	$	2,320,173
Interest income		4,683
Total investment income		2,324,856


Expenses:
Investment advisory fee		381,032
Transfer agency fees and expenses		9,649
Accounting fees		17,572
Distribution Plan expenses:
Class F		16,505
Directors’ fees and expenses		20,078
Administrative fees		108,866
Custodian fees		101,540
Reports to shareholders		80,306
Professional fees		27,409
Contract Services		80,986
Miscellaneous		2,659
Total expenses		846,602
Reimbursement from Advisor:
Class F		(4,071	)
Class I		(27,125	)
Fees paid indirectly		(85	)
Net expenses		815,321


NET INVESTMENT INCOME		1,509,535


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		2,673,014
Foreign currency transactions		20
Futures		450,046
		3,123,080

Change in unrealized appreciation (depreciation) on:
Investments		10,707,528
Futures		35,972
		10,743,500

NET REALIZED AND UNREALIZED
GAIN (LOSS)		13,866,580

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	15,376,115

See notes to financial statements.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 52


STATEMENTS OF CHANGES IN NET ASSETS

	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$1,509,535		$656,297
Net realized gain (loss)	3,123,080		9,369,032
Change in unrealized appreciation (depreciation)	10,743,500		(13,743,820	)


INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	15,376,115		(3,718,491	)

Distributions to shareholders from:
Net investment income:
Class I shares	(1,018,220	)	(492,285	)
Class F shares	(67,214	)	(19,554	)
Net realized gain:
Class I shares	(5,221,430	)	(3,238,579	)
Class F shares	(453,031	)	(237,421	)
Total distributions	(6,759,895	)	(3,987,839	)

Capital share transactions:
Shares sold:
Class I shares	16,410,178		10,833,216
Class F shares	3,742,501		2,963,381
Reinvestment of distributions:
Class I shares	6,239,650		3,730,864
Class F shares	520,244		256,975
Shares redeemed:
Class I shares	(14,211,941	)	(36,390,404	)
Class F shares	(2,130,325	)	(2,032,960	)
Total capital share transactions	10,570,307		(20,638,928	)


TOTAL INCREASE (DECREASE) IN NET ASSETS	19,186,527		(28,345,258	)

NET ASSETS
Beginning of year	96,962,849		125,308,107
End of year (including undistributed net investment income
of $432,795 and $174,753, respectively)	$116,149,376		$96,962,849


CAPITAL SHARE ACTIVITY
Shares sold:
Class I shares	264,916		177,433
Class F shares	59,388		47,428
Reinvestment of distributions:
Class I shares	102,122		64,593
Class F shares	8,474		4,431
Shares redeemed:
Class I shares	(227,142	)	(562,700	)
Class F shares	(34,194	)	(33,065	)
Total capital share activity	173,564		(301,880	)

See notes to financial statements.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 53

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Russell 2000 Small Cap Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class F and Class I shares. Class F shares are subject to Distribution Plan Expenses, while Class I shares are not. 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.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 54

Exchange traded funds and closed-end funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 55

calculate a present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. A cost based approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). From the seller’s perspective, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

At December 31, 2012, securities valued at $16 or 0% of net assets, were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

		VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1	LEVEL 2	LEVEL 3		TOTAL
Equity securities**	$107,086,930	—	$16		$107,086,946
Exchange traded funds	4,256,645	—	—		4,256,645
Closed-end funds	13,429	—	—		13,429
U.S. government obligations	—	$399,819	—		399,819
Other debt obligations	—	4,026,954	—		4,026,954
TOTAL	$111,357,004	$4,426,773	$16	*	$115,783,793

Other financial instruments***	$71,932	—	—		$71,932

*Level 3 securities represent 0.0% of net assets.

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

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 56

associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Portfolio’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. During the year, futures contracts were used to hedge the lack of equity exposure inherent in a cash position. The Portfolio’s futures contracts at year end are presented in the Statement of Net Assets.

During the year, the Portfolio invested in E-Mini Russell 2000 Index Futures. The volume of activity has varied throughout the year with a weighted average of 18 contracts and $660,617 weighted average notional value.

Security Transactions and Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of certain foreign securities, as soon as the Portfolio is informed of the ex-dividend date. 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. 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 specific class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 57

arrangement was suspended effective January 1, 2013, until further notice, due to low interest rates. Such a deposit arrangement was an alternative to overnight investments.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as UNIFI Mutual Holding Company). The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .35% of the Portfolio’s average daily net assets. Under the terms of the agreement, $33,666 was payable at year end. In addition, $26,886 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense caps are .95% for Class F and .74% for Class I, respectively. (Prior to May 1, 2012, the expense caps were .93% and .72%, respectively.) For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Distributors, Inc. (“CID”), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of average daily net assets of Class F. Under the terms of the agreement, $1,532 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $222 for the year ended December 31, 2012. Under the terms of the

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 58

agreement, $18 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $22,385,964 and $13,110,861, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$1,085,434	$511,839
Long term capital gain	5,674,461	3,476,000
Total	$6,759,895	$3,987,839

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$24,408,309
Unrealized (depreciation)	(13,389,054	)
Net unrealized appreciation/(depreciation)	$11,019,255
Undistributed ordinary income	$448,844
Undistributed long term capital gain	$1,284,281

Federal income tax cost of investments	$104,764,538

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.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 59

Undistributed net investment income	($166,059	)
Accumulated net realized gain (loss)	166,059

NOTE D — LINE OF CREDIT

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 60


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
CLASS I SHARES	2012	(z)	2011		2010	(z)
Net asset value, beginning	$57.44		$62.98		$50.19
Income from investment operations:
Net investment income	.87		.44		.43
Net realized and unrealized gain (loss)	7.95		(3.50	)	12.66
Total from investment operations	8.82		(3.06	)	13.09
Distributions from:
Net investment income	(.63	)	(.33	)	(.30	)
Net realized gain	(3.24	)	(2.15	)	—
Total distributions	(3.87	)	(2.48	)	(.30	)
Total increase (decrease) in net asset value	4.95		(5.54	)	12.79
Net asset value, ending	$62.39		$57.44		$62.98

Total return*	15.50	%	(4.89	%)	26.08	%
Ratios to average net assets:A
Net investment income	1.40	%	.60	%	.79	%
Total expenses	.76	%	.79	%	.82	%
Expenses before offsets	.73	%	.71	%	.70	%
Net expenses	.73	%	.71	%	.70	%
Portfolio turnover	13	%	17	%	42	%
Net assets, ending (in thousands)	$106,827		$90,325		$119,223


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS I SHARES			2009		2008	(z)
Net asset value, beginning			$40.42		$67.00
Income from investment operations:
Net investment income			.40		.62
Net realized and unrealized gain (loss)			10.19		(22.38	)
Total from investment operations			10.59		(21.76	)
Distributions from:
Net investment income			(.27	)	(1.13	)
Net realized gain			(.55	)	(3.69	)
Total distributions			(.82	)	(4.82	)
Total increase (decrease) in net asset value			9.77		(26.58	)
Net asset value, ending			$50.19		$40.42

Total return*			26.17	%	(33.95	%)
Ratios to average net assets: A
Net investment income			.83	%	1.13	%
Total expenses			.86	%	.70	%
Expenses before offsets			.70	%	.70	%
Net expenses			.70	%	.70	%
Portfolio turnover			24	%	30	%
Net assets, ending (in thousands)			$63,320		$58,414

See notes to financial highlights.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 61


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
CLASS F SHARES	2012	(z)	2011		2010	(z)
Net asset value, beginning	$57.69		$63.21		$50.38
Income from investment operations:
Net investment income	.77		.25		.32
Net realized and unrealized gain (loss)	7.94		(3.44	)	12.70
Total from investment operations	8.71		(3.19	)	13.02
Distributions from:
Net investment income	(.48	)	(.18	)	(.19	)
Net realized gain	(3.24	)	(2.15	)	—
Total distributions	(3.72	)	(2.33	)	(.19	)
Total increase (decrease) in net asset value	4.99		(5.52	)	12.83
Net asset value, ending	$62.68		$57.69		$63.21

Total return*	15.23	%	(5.07	%)	25.83	%
Ratios to average net assets: A
Net investment income	1.23	%	.42	%	.58	%
Total expenses	.99	%	1.03	%	1.06	%
Expenses before offsets	.94	%	.92	%	.91	%
Net expenses	.94	%	.92	%	.91	%
Portfolio turnover	13	%	17	%	42	%
Net assets, ending (in thousands)	$9,323		$6,638		$6,085


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS F SHARES			2009		2008	(z)
Net asset value, beginning			$40.55		$66.78
Income from investment operations:
Net investment income			.19		.58
Net realized and unrealized gain (loss)			10.32		(22.36	)
Total from investment operations			10.51		(21.78	)
Distributions from:
Net investment income			(.13	)	(.76	)
Net realized gain			(.55	)	(3.69	)
Total distributions			(.68	)	(4.45	)
Total increase (decrease) in net asset value			9.38		(26.23	)
Net asset value, ending			$50.38		$40.55

Total return*			25.91	%	(34.05	%)
Ratios to average net assets: A
Net investment income			.63	%	1.09	%
Total expenses			1.25	%	.91	%
Expenses before offsets			.91	%	.91	%
Net expenses			.91	%	.91	%
Portfolio turnover			24	%	30	%
Net assets, ending (in thousands)			$3,299		$977

See notes to financial highlights.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 62

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 of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT 63

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 64

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 65

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 66

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

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, 2012. The data also indicated that the Portfolio outperformed its Lipper index for the one-year period ended June 30, 2012 and underperformed its Lipper index for the three- and five-year periods ended June 30, 2012. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of differing fees and expenses among the portfolios in the peer group on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 67

Advisor paid the subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed a portion of the expenses of the Portfolio. Based upon its review, the Board concluded that the Advisor’s and its af-filiates’ level of profitability from their relationship with the Portfolio was reasonable.

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 68

CONCLUSIONS

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

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

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 69

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 70

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 71

www.calvert.com CALVERT VP RUSSELL 2000 SMALL CAP INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 72

CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by World Asset Management, Inc., Subadvisor

PERFORMANCE

For the year ended December 31, 2012, Calvert VP EAFE International Index Portfolio (Class I) returned 17.34% versus a return of 17.90% for the MSCI Europe, Australasia, Far East (EAFE) Index. The relative underperformance was largely attributable to fees and operating expenses, which an Index does not have.

INVESTMENT CLIMATE

Equities started the year strong as global inflation remained tame, and aggressive, accommodative monetary policy by central banks around the globe helped equity markets rally hard off the lows posted in the fall of 2011. Continuously improving U.S. economic data, strong corporate earnings, and policy steps toward mitigating the sovereign debt crisis in Europe also provided support for equity markets worldwide.

Despite the eurozone entering a double-dip recession, a material slowdown in emerging markets, particularly China, and the intensifying policy stalemate in the United States, the S&P 500, Russell 1000, Russell 2000, and MSCI Emerging Markets Indices were all up for the year, returning 16.00%, 16.42%, 16.35%, and 18.63%, respectively.

Gradual Economic Recovery in the U.S. Boosted by the Housing Market

Recession in Europe and the global economic slowdown have been de-emphasizing the contribution of exports to U.S. GDP, diminishing the manufacturing sector’s ability to be the main driver of U.S. economic growth. Conveniently, improvements in the U.S. consumer sector, helped by recovery in the housing sector, filled the gap and became a more important factor for a self-sustained U.S. economic recovery.

	AVERAGE ANNUAL TOTAL RETURN
	(period ended 12.31.12)
	Class I	Class F
One year	17.34%	17.05%
Five year	-4.34%	-4.57%
Ten year	6.92%	6.69%*

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for Class I Shares is 1.00%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

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

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 4

The U.S. labor market, while still weak, showed very encouraging signs of improvement during the year as the unemployment rate dropped as low as 7.8% by year end, the lowest in four years. Construction spending increased throughout the year, vehicle sales remained strong, and the U.S. service sector also continued to show signs of recovery. An improving consumer balance sheet allowed banks to increase lending. Consumer confidence showed signs of improvement while consumer spending patterns remained promising. The U.S. housing market continued to bottom out and recover during the year as historically low mortgage rates and low home prices supported housing activity.

Accommodative Policy by the Fed as Global Easing Cycle Continues

For much of the year, the Federal Open Market Committee (FOMC) maintained it was ready to act should economic conditions in the United States deteriorate and warrant further action. This so-called “Bernanke put” provided support for U.S. equity markets throughout the year, with investors believing the Fed would provide future liquidity injections if the economy faltered.

In June, the FOMC announced an extension of “Operation Twist” through the end of 2012 and later announced a third round of quantitative easing (QE3), making an open-ended commitment to purchase $40 billion of mortgage-backed securities each month until substantial improvements in the labor market could be seen. Outside the United States, the global easing cycle continued as policymakers around the globe continued their efforts toward easing monetary policies.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Consumer Discretionary	10.8	%
Consumer Staples	11.3	%
Energy	7.6	%
Exchange Traded Funds	1.1	%
Financials	24.4	%
Health Care	9.7	%
Industrials	12.4	%
Information Technology	4.4	%
Materials	9.9	%
Telecommunication Services	4.6	%
Utilities	3.8	%
Total	100	%

Good Corporate Earnings Support Equity Markets

Markets also found support in a string of good corporate earnings reports throughout the year, which helped drive improvements in investor sentiment. Improvements in top-line numbers driven by the economic recovery were encouraging. However, large companies began to face headwinds in their profits linked to the eurozone and some of the largest emerging-market economies, like China and Brazil.

“Fiscal Cliff” Fears Drive Investor Uncertainty

Despite positive macroeconomic data in the United States, the fiscal cliff became a major source of concern for investors as the year-end deadline approached. Despite initial positive rhetoric from policymakers, negotiations were visibly contentious before Congress reached a last-minute deal.

Double-Dip Recession in Eurozone

Europe continued to provide a negative backdrop to investor confidence and was a drag on the global economy throughout the year. Unemployment in the euro region reached a record high of 11.7% while the Purchasing Managers Index (PMI) remained mired deep in contraction territory. With GDP contracting in the third quarter, the eurozone officially entered a recession for the second time in four years.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 5

There was some progress on the policy front, however. The LTRO (long term refinancing operation) helped the eurozone sovereign bond markets by driving down short-end yields and reducing investor perception of the probability of a tail risk event. A broad agreement to create a single bank supervisory body for the eurozone was another positive policy development. There were some notable improvements on the European sovereign debt side as yields on government debt of peripheral eurozone countries including Spain, Italy, Portugal, Ireland, and Greece declined after the European Central Bank made an open-ended commitment to purchase sovereign debt of countries under severe fiscal stress.

Economic Growth Slows in China

The Chinese economy decelerated in 2012 as foreign direct investment (FDI), one of the major drivers of economic growth in China, declined throughout the year. With export revenues deteriorating and a slumping real-estate sector, investors feared a “hard landing” for the Chinese economy. However, a slower inflation trend allowed the Chinese government to reposition its economic and monetary policy from contractionary for most of 2011 to stimulative. More recent data has suggested that China’s economic slowdown may be stabilizing.

FUND PERFORMANCE

As an index fund, the Portfolio 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.

The Index held shares in 22 countries at the end of 2012. Japan and the United Kingdom, which accounted for 20.9% and 23.2% of the benchmark’s holdings, respectively, were the most heavily weighted for a combined 44.1% of the Index.

The strongest gains for the year came from Belgium, Germany, and Denmark, which rose 39.6%, 32.3%, and 31.9%, respectively. Israel (-4.0%), Spain (3.5%), and Greece (5.7%) were the worst performers. At year end, the Index had the greatest exposure to the Financials sector, which comprised 22.9% of holdings. This was followed by Industrials at 12.5% and Consumer Staples at 11.8%.

During 2012, 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.

OUTLOOK

We expect continued uncertainty surrounding the looming debt-ceiling debate and budget negotiations in the United States. We remain hopeful, however, that reason will prevail and policymakers will be able to reach a compromise.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 6

We believe if the housing market continues to recover and gather momentum the way it did in 2012, an additional positive multiplier effect could be felt throughout the U.S. economy as consumer confidence and spending improve. At the same time, we see the eurozone’s problems continuing to drag on and negatively impacting global economic growth, although we believe this is unlikely to derail the U.S. economic recovery.

Overall, we believe 2013 could be another good year for equity markets, despite the political dysfunction in Washington. This time, however, in addition to attractive positive returns in equities, we may also see positive asset flows as retail and institutional investors gain further confidence in the U.S. economic recovery and improvements in the labor and housing markets, reversing a multi-year trend of outflows from equity funds.

January 2013

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 7

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, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Class I
Actual	$1,000.00	$1,136.88	$5.38

Hypothetical (5% return per year before expenses)	$1,000.00	$1,020.10	$5.08

Class F
Actual	$1,000.00	$1,135.60	$6.51

Hypothetical (5% return per year before expenses)	$1,000.00	$1,019.04	$6.15

* Expenses are equal to the Fund’s annualized expense ratio of 1.00% and 1.21%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 8

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of net assets of the Calvert VP EAFE International Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 9


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


EQUITY SECURITIES - 99.0%	SHARES		VALUE
Australia - 8.8%
AGL Energy Ltd.	7,104	$	114,169
ALS Ltd.	4,430		50,395
Alumina Ltd	32,052		31,017
Amcor Ltd.	15,705		132,902
AMP Ltd	37,677		191,657
APA Group	10,768		62,204
Asciano Ltd.	12,694		62,084
ASX Ltd.	2,279		74,409
Aurizon Holdings Ltd.	22,229		87,369
Australia & New Zealand Banking Group Ltd.	35,349		926,182
Bendigo and Adelaide Bank Ltd	5,162		46,062
BGP Holdings plc (b)*	77,172		—
BHP Billiton Ltd.	41,966		1,640,166
Boral Ltd	9,782		45,029
Brambles Ltd	20,241		161,205
Caltex Australia Ltd.	1,773		35,760
Centro Retail Australia	17,648		41,816
CFS Retail Property Trust Group	25,769		51,673
Coca-Cola Amatil Ltd	7,431		104,556
Cochlear Ltd.	747		61,846
Commonwealth Bank of Australia	20,722		1,347,085
Computershare Ltd.	5,838		55,016
Crown Ltd.	5,262		58,663
CSL Ltd.	6,570		371,439
Dexus Property Group	59,831		63,488
Echo Entertainment Group Ltd	9,671		34,898
Flight Centre Ltd.	716		20,321
Fortescue Metals Group Ltd.	18,236		90,545
Goodman Group	22,147		100,833
GPT Group	18,312		70,815
Harvey Norman Holdings Ltd	6,976		13,870
Iluka Resources Ltd	5,499		53,331
Incitec Pivot Ltd.	21,198		72,091
Insurance Australia Group Ltd	27,058		133,172
Leighton Holdings Ltd	1,989		37,450
Lend Lease Group	7,082		69,049
Macquarie Group Ltd.	4,189		155,911
Metcash Ltd.	11,462		39,947
Mirvac Group	44,584		69,530
National Australia Bank Ltd.	29,585		774,327
Newcrest Mining Ltd	9,956		232,621
Orica Ltd.	4,758		125,215
Origin Energy Ltd	14,187		173,750
OZ Minerals Ltd	3,949		28,140
Qantas Airways Ltd.*	14,578		22,939
QBE Insurance Group Ltd.	15,379		176,158
Ramsay Health Care Ltd	1,725		49,046
Rio Tinto Ltd.	5,671		395,028
Santos Ltd	12,436		145,757
Shopping Centres Australasia Property Group*	3,104		4,839

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 10


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Australia - Cont’d
Sims Metal Management Ltd	2,177	$	21,241
Sonic Healthcare Ltd.	4,853		67,819
SP AusNet	21,532		24,749
Stockland	28,674		105,797
Suncorp Group Ltd	16,745		178,169
Sydney Airport	2,422		8,554
TABCORP Holdings Ltd.	9,362		29,943
Tatts Group Ltd	17,611		55,493
Telstra Corp. Ltd.	56,681		258,410
Toll Holdings Ltd.	8,948		42,869
Transurban Group	17,121		108,821
Treasury Wine Estates Ltd.	8,423		41,513
Wesfarmers Ltd. PPS	13,100		505,897
Westfield Group	27,949		308,638
Westfield Retail Trust	37,762		118,940
Westpac Banking Corp.	40,087		1,096,760
Whitehaven Coal Ltd	5,850		21,649
Woodside Petroleum Ltd.	8,578		305,951
Woolworths Ltd	16,038		490,565
WorleyParsons Ltd	2,678		66,115
			12,763,668

Austria - 0.3%
Andritz AG	947		60,776
Erste Group Bank AG*	2,824		90,200
IMMOFINANZ AG*	11,770		49,566
OMV AG	1,916		69,497
Raiffeisen Bank International AG	641		26,765
Telekom Austria AG	2,882		21,785
Verbund AG	894		22,116
Vienna Insurance Group AG Wiener Versicherung Gruppe	504		27,007
Voestalpine AG	1,443		53,003
			420,715

Belgium - 1.1%
Ageas SA/NV	3,006		89,587
Anheuser-Busch InBev NV	10,453		912,469
Belgacom SA	1,979		58,270
Colruyt SA	994		49,299
Delhaize Group	1,337		53,495
Groupe Bruxelles Lambert SA	1,050		82,685
KBC Groep NV	2,115		73,537
Solvay SA	771		110,864
Telenet Group Holding NV	744		34,531
UCB SA	1,431		82,234
Umicore SA	1,483		81,684
			1,628,655

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 11


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Denmark - 1.1%
AP Moeller - Maersk A/S:
Series A	7	$	49,794
Series B	17		129,983
Carlsberg A/S, Series B	1,392		136,704
Coloplast A/S	1,480		72,456
Danske Bank A/S*	8,532		144,889
DSV A/S	2,403		62,593
Novo Nordisk A/S, Series B	5,300		864,647
Novozymes A/S, Series B	3,177		89,812
TDC A/S	6,501		46,020
Tryg A/S	322		24,319
William Demant Holding A/S*	332		28,462
			1,649,679

Finland - 0.8%
Elisa Oyj	1,857		41,451
Fortum Oyj	5,781		108,595
Kesko Oyj, Series B	827		27,078
Kone Oyj, Series B	2,026		149,855
Metso Oyj	1,663		72,365
Neste Oil Oyj	1,683		21,919
Nokia Oyj	48,740		191,464
Nokian Renkaat Oyj	1,446		58,121
Orion Oyj, Class B	1,261		37,022
Pohjola Bank plc	1,814		27,059
Sampo Oyj	5,454		176,169
Stora Enso Oyj, Series R	6,972		49,258
UPM-Kymmene Oyj	6,843		81,230
Wartsila Oyj Abp	2,182		96,402
			1,137,988

France - 9.0%
Accor SA	1,922		68,867
Aeroports de Paris	375		28,922
Air Liquide SA	4,060		508,226
Alstom SA	2,685		109,902
Arkema SA	812		85,283
Atos SA	715		50,892
AXA SA	23,010		415,746
BNP Paribas SA	13,053		734,951
Bouygues	2,458		72,398
Bureau Veritas SA	719		79,853
Cap Gemini SA	1,925		83,799
Carrefour SA	7,845		202,926
Casino Guichard-Perrachon SA	733		70,433
Christian Dior SA	709		122,441
Cie de Saint-Gobain	5,183		221,529
Cie Generale de Geophysique - Veritas*	2,064		62,138
Cie Generale des Etablissements Michelin	2,368		224,247
Cie Generale d’Optique Essilor International SA	2,634		266,769
CNP Assurances SA	2,093		31,846
Credit Agricole SA*	13,004		105,465

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 12


EQUITY SECURITIES - CONT’D	SHARES		VALUE
France - Cont’d
Danone SA	7,533	$	497,155
Dassault Systemes SA	813		90,911
Edenred	2,205		68,494
Electricite de France SA	3,128		58,561
Eurazeo SA	377		18,269
Eutelsat Communications SA	1,670		55,389
Fonciere Des Regions	339		28,380
France Telecom SA	24,132		269,948
GDF Suez	16,621		342,081
Gecina SA	288		32,108
Groupe Eurotunnel SA	7,183		55,401
Icade SA	306		27,421
Iliad SA	288		49,520
Imerys SA	446		28,907
JC Decaux SA	873		21,046
Klepierre SA	1,298		52,260
Lafarge SA	2,430		155,539
Lagardere SCA	1,550		52,572
Legrand SA	3,085		130,065
L’Oreal SA	3,139		438,005
LVMH Moet Hennessy Louis Vuitton SA	3,307		615,572
Natixis	12,146		41,975
Pernod-Ricard SA	2,762		324,418
Peugeot SA*	3,029		22,430
PPR SA	983		183,013
Publicis Groupe	2,305		137,954
Remy Cointreau SA	292		31,887
Renault SA	2,501		137,833
Rexel SA	1,360		27,759
Safran SA	2,985		130,109
Sanofi SA	15,521		1,470,319
Schneider Electric SA	6,840		509,590
SCOR SE	2,123		57,182
Societe BIC SA	377		44,955
Societe Generale SA*	9,139		343,378
Sodexo	1,227		102,704
Suez Environnement SA	3,675		44,263
Technip SA	1,322		152,033
Thales SA	1,151		39,691
Total SA	27,704		1,432,314
Unibail-Rodamco	1,196		292,467
Vallourec SA	1,345		70,113
Veolia Environnement SA	4,416		53,771
Vinci SA	5,990		284,765
Vivendi	16,934		380,929
Wendel SA	431		44,571
Zodiac Aerospace	431		48,083
			13,042,743

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 13


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Germany - 8.6%
adidas AG	2,722	$	242,313
Allianz SE	5,925		819,927
Axel Springer AG	519		22,126
BASF SE	11,954		1,122,337
Bayer AG	10,762		1,020,863
Bayerische Motoren Werke AG:
Common	4,309		415,112
Preferred	685		44,217
Beiersdorf AG	1,311		107,004
Brenntag AG	670		87,926
Celesio AG	1,117		19,215
Commerzbank AG*	49,316		93,748
Continental AG	1,431		165,392
Daimler AG	11,806		644,427
Deutsche Bank AG	12,097		526,457
Deutsche Boerse AG	2,511		153,093
Deutsche Lufthansa AG	3,007		56,459
Deutsche Post AG	11,801		258,480
Deutsche Telekom AG	36,557		414,876
E.ON SE	23,438		435,996
Fraport AG Frankfurt Airport Services Worldwide	482		28,037
Fresenius Medical Care AG & Co. KGaA	2,751		189,864
Fresenius SE & Co. KGaA	1,619		186,131
GEA Group AG	2,272		73,302
Hannover Rueckversicherung AG	792		61,577
HeidelbergCement AG	1,830		110,745
Henkel AG & Co. KGaA:
Common	1,690		115,622
Preferred	2,318		190,152
Hochtief AG*	389		22,578
Hugo Boss AG	311		32,941
Infineon Technologies AG	14,150		114,698
K+S AG	2,241		103,495
Kabel Deutschland Holding AG	1,138		85,004
Lanxess AG	1,082		94,524
Linde AG	2,407		419,294
MAN SE	550		58,746
Merck KGAA	841		110,838
Metro AG	1,702		47,130
Muenchener Rueckversicherungs AG	2,334		418,594
Porsche Automobil Holding SE, Preferred	1,992		162,143
ProSiebenSat.1 Media AG, Preferred	1,107		31,116
RWE AG:
Common	6,369		262,641
Preferred	512		19,290
Salzgitter AG	513		26,703
SAP AG	11,990		959,421
Siemens AG	10,708		1,162,569
Suedzucker AG	870		35,560
ThyssenKrupp AG	5,022		117,868
United Internet AG	1,223		26,369

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 14


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Germany - Cont’d
Volkswagen AG:
Common	384	$	82,405
Preferred	1,882		427,695
			12,427,020

Greece - 0.1%
Coca Cola Hellenic Bottling Co. SA*	2,623		61,986
OPAP SA	2,933		20,986
			82,972

Hong Kong - 3.2%
AIA Group Ltd.	141,078		562,261
ASM Pacific Technology Ltd.	2,601		31,928
Bank of East Asia Ltd	17,767		69,006
BOC Hong Kong Holdings Ltd.	48,161		151,096
Cathay Pacific Airways Ltd.	15,501		28,818
Cheung Kong Holdings Ltd.	18,087		279,968
Cheung Kong Infrastructure Holdings Ltd.	6,496		39,905
CLP Holdings Ltd.	23,487		197,684
First Pacific Co. Ltd	27,850		30,857
Galaxy Entertainment Group Ltd.*	24,554		97,782
Genting Singapore plc	79,391		90,845
Hang Lung Properties Ltd.	29,112		116,725
Hang Seng Bank Ltd	9,953		153,758
Henderson Land Development Co. Ltd	12,500		89,044
HKT Trust / HKT Ltd	29,229		28,682
Hong Kong & China Gas Co. Ltd.	67,865		186,127
Hong Kong Exchanges and Clearing Ltd.	13,363		230,212
Hopewell Holdings	7,476		32,326
Hutchison Whampoa Ltd.	27,744		294,319
Hysan Development Co. Ltd.	8,352		40,445
Kerry Properties Ltd	9,446		49,277
Li & Fung Ltd.	76,133		137,174
Link REIT	29,731		148,891
MGM China Holdings Ltd.	12,017		21,991
MTR Corp. Ltd.	18,828		74,531
New World Development Co. Ltd.	47,169		74,150
Noble Group Ltd	50,628		48,822
NWS Holdings Ltd	17,805		30,390
Orient Overseas International Ltd	2,876		18,956
PCCW Ltd.	52,537		23,209
Power Assets Holdings Ltd.	18,055		154,968
Sands China Ltd.	31,436		141,021
Shangri-La Asia Ltd.	19,804		39,905
Sino Land Co	38,471		69,274
SJM Holdings Ltd.	25,265		59,455
Sun Hung Kai Properties Ltd	20,426		309,356
Swire Pacific Ltd.	8,839		109,842
Swire Properties Ltd	15,227		51,207
Wharf Holdings Ltd.	19,712		156,098
Wheelock & Co. Ltd.	12,009		60,957
Wing Hang Bank Ltd.	2,354		24,816

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 15


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Hong Kong - Cont’d
Wynn Macau Ltd.*	20,441	$	56,334
Yue Yuen Industrial Holdings Ltd.	9,746		32,902
			4,645,314

Ireland - 0.4%
CRH plc	9,400		194,844
Elan Corp. plc*	6,561		67,684
Experian plc	13,139		212,513
James Hardie Industries plc	5,723		55,408
Kerry Group plc	1,942		102,970
Prothena Corp. plc*	160		1,173
Ryanair Holdings plc	2,499		15,552
			650,144

Israel - 0.5%
Bank Hapoalim BM*	13,896		59,794
Bank Leumi Le-Israel BM*	16,301		55,753
Bezeq Israeli Telecommunication Corp. Ltd.	24,792		28,636
Delek Group Ltd.	59		13,903
Israel Chemicals Ltd	5,795		69,876
Israel Corp. Ltd	30		19,705
Mellanox Technologies Ltd.*	453		27,274
Mizrahi Tefahot Bank Ltd.*	1,623		16,771
NICE Systems Ltd.*	792		26,540
Teva Pharmaceutical Industries Ltd.	12,275		459,534
			777,786

Italy - 2.2%
Assicurazioni Generali SpA	15,197		276,899
Atlantia SpA	4,306		78,012
Banca Monte dei Paschi di Siena SpA*	81,276		25,072
Banco Popolare SC*	23,164		38,730
Enel Green Power SpA	22,986		42,942
Enel SpA	85,669		356,024
ENI SpA	33,109		815,886
Exor SpA	842		21,192
Fiat Industrial SpA	11,138		121,988
Fiat SpA*	11,072		55,865
Finmeccanica SpA*	5,315		30,769
Intesa Sanpaolo SpA	131,137		226,618
Intesa Sanpaolo SpA-RSP	12,248		17,355
Luxottica Group SpA	2,142		88,905
Mediobanca SpA	6,786		41,988
Pirelli & C. SpA	3,124		35,802
Prysmian SpA	2,675		54,061
Saipem SpA	3,446		133,549
Snam SpA	22,006		102,217
Telecom Italia SpA	122,234		110,368
Telecom Italia SpA - RSP	78,430		61,994
Terna Rete Elettrica Nazionale SpA	17,004		68,023
UniCredit SpA*	52,723		260,065
Unione di Banche Italiane SCPA	11,149		51,946
			3,116,270

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 16


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - 19.8%
ABC-Mart, Inc	346	$	15,041
Acom Co. Ltd.*	519		14,927
Advantest Corp.	1,965		31,010
Aeon Co. Ltd.	7,813		89,302
Aeon Credit Service Co. Ltd.	847		17,100
Aeon Mall Co. Ltd	951		23,244
Air Water, Inc	1,932		24,590
Aisin Seiki Co. Ltd	2,492		77,714
Ajinomoto Co., Inc	8,395		111,069
Alfresa Holdings Corp.	511		19,968
All Nippon Airways Co. Ltd.	15,102		31,660
Amada Co. Ltd.	4,687		30,496
Aozora Bank Ltd.	7,586		23,308
Asahi Glass Co. Ltd.	13,128		95,374
Asahi Group Holdings Ltd	5,035		106,722
Asahi Kasei Corp	16,429		97,013
Asics Corp	1,969		29,996
Astellas Pharma, Inc	5,786		259,900
Bank of Kyoto Ltd.	4,233		35,612
Benesse Holdings, Inc.	889		36,845
Bridgestone Corp.	8,466		219,435
Brother Industries Ltd	3,098		33,423
Calbee, Inc	212		14,922
Canon, Inc	14,755		578,690
Casio Computer Co. Ltd.	2,905		25,473
Central Japan Railway Co.	1,876		152,202
Chiba Bank Ltd.	9,629		56,333
Chiyoda Corp.	2,051		29,366
Chubu Electric Power Co., Inc.	8,385		111,877
Chugai Pharmaceutical Co. Ltd.	2,913		55,825
Chugoku Bank Ltd.	2,278		31,798
Chugoku Electric Power Co., Inc.	3,899		61,140
Citizen Holdings Co. Ltd.	3,451		18,242
Coca-Cola West Co. Ltd	802		12,347
Cosmo Oil Co. Ltd	7,794		17,297
Credit Saison Co. Ltd.	2,051		51,286
Dai Nippon Printing Co. Ltd.	7,360		57,675
Daicel Corp.	3,834		25,367
Daido Steel Co. Ltd.	3,709		18,616
Daihatsu Motor Co. Ltd.	2,524		49,921
Dai-ichi Life Insurance Co. Ltd.	110		154,766
Daiichi Sankyo Co. Ltd.	8,766		134,458
Daikin Industries Ltd	3,051		104,828
Dainippon Sumitomo Pharma Co. Ltd	2,090		25,107
Daito Trust Construction Co. Ltd	944		88,827
Daiwa House Industry Co. Ltd	6,636		114,177
Daiwa Securities Group, Inc.	21,629		120,460
Dena Co. Ltd	1,373		45,143
Denki Kagaku Kogyo K K	6,311		21,599
Denso Corp.	6,328		220,170
Dentsu, Inc.	2,353		63,202
Don Quijote Co. Ltd	702		25,716

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 17


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
East Japan Railway Co.	4,425	$	286,088
Eisai Co. Ltd	3,280		136,946
Electric Power Development Co. Ltd	1,531		36,291
FamilyMart Co. Ltd	741		30,501
FANUC Corp	2,493		463,581
Fast Retailing Co. Ltd	690		175,232
Fuji Electric Co. Ltd.	7,353		18,138
Fuji Heavy Industries Ltd.	7,641		96,204
FUJIFILM Holdings Corp	6,028		121,406
Fujitsu Ltd.	24,247		101,799
Fukuoka Financial Group, Inc.	10,163		40,675
Furukawa Electric Co. Ltd.*	8,353		18,767
Gree, Inc.	1,216		18,852
GS Yuasa Corp.	4,617		18,583
Gunma Bank Ltd.	5,084		24,734
Hachijuni Bank Ltd.	5,475		27,482
Hakuhodo DY Holdings, Inc	306		19,806
Hamamatsu Photonics KK	926		33,405
Hankyu Hanshin Holdings, Inc	14,892		76,876
Hino Motors Ltd.	3,396		30,451
Hirose Electric Co. Ltd.	379		45,373
Hisamitsu Pharmaceutical Co., Inc.	812		40,259
Hitachi Chemical Co. Ltd.	1,368		20,389
Hitachi Construction Machinery Co. Ltd	1,412		29,639
Hitachi High-Technologies Corp	814		16,840
Hitachi Ltd.	60,361		355,212
Hitachi Metals Ltd	2,166		18,316
Hokkaido Electric Power Co., Inc.	2,403		29,178
Hokuriku Electric Power Co	2,210		26,127
Honda Motor Co. Ltd.	21,218		782,017
HOYA Corp.	5,661		111,453
Hulic Co. Ltd.	3,139		21,314
Ibiden Co. Ltd.	1,585		25,299
Idemitsu Kosan Co. Ltd	288		25,082
IHI Corp.	17,342		44,573
INPEX Corp	28		149,423
Isetan Mitsukoshi Holdings Ltd	4,494		43,738
Isuzu Motors Ltd.	15,459		92,082
ITOCHU Corp.	19,596		206,841
Itochu Techno-Solutions Corp.	316		13,021
Iyo Bank Ltd	3,189		25,168
J Front Retailing Co. Ltd	6,339		34,947
Japan Airlines Co. Ltd.*	758		32,442
Japan Petroleum Exploration Co.	375		13,105
Japan Prime Realty Investment Corp.	10		28,850
Japan Real Estate Investment Corp.	7		68,657
Japan Retail Fund Investment Corp	26		47,689
Japan Steel Works Ltd.	4,147		26,864
Japan Tobacco, Inc.	11,713		330,190
JFE Holdings, Inc.	6,397		120,594
JGC Corp.	2,697		84,013
Joyo Bank Ltd	8,577		40,529

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 18


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
JSR Corp.	2,352	$	44,431
JTEKT Corp	2,921		27,855
Jupiter Telecommunications Co. Ltd	26		32,294
JX Holdings, Inc.	29,231		164,626
Kajima Corp.	11,110		36,692
Kamigumi Co. Ltd	2,949		23,409
Kaneka Corp	3,677		18,492
Kansai Electric Power Co., Inc	9,774		102,687
Kansai Paint Co. Ltd	2,864		30,844
Kao Corp.	6,848		178,410
Kawasaki Heavy Industries Ltd.	18,666		50,723
KDDI Corp.	3,502		247,350
Keikyu Corp.	6,101		53,993
Keio Corp.	7,528		56,127
Keisei Electric Railway Co. Ltd	3,623		30,581
Keyence Corp.	593		163,653
Kikkoman Corp.	2,190		31,282
Kinden Corp	1,747		11,327
Kintetsu Corp.	21,156		86,542
Kirin Holdings Co. Ltd.	11,303		132,807
Kobe Steel Ltd.*	32,733		41,794
Koito Manufacturing Co. Ltd.	1,267		18,475
Komatsu Ltd.	12,155		311,022
Konami Corp	1,307		29,384
Konica Minolta Holdings, Inc.	6,285		45,277
Kubota Corp	14,225		163,371
Kuraray Co. Ltd	4,526		59,253
Kurita Water Industries Ltd.	1,482		32,559
Kyocera Corp	1,991		180,536
Kyowa Hakko Kirin Co. Ltd.	3,407		33,644
Kyushu Electric Power Co., Inc.	5,554		63,397
Lawson, Inc	761		51,725
LIXIL Group Corp.	3,463		77,113
M3, Inc	8		12,716
Mabuchi Motor Co. Ltd.	314		13,386
Makita Corp.	1,471		68,416
Marubeni Corp.	21,488		153,976
Marui Group Co. Ltd.	2,929		23,436
Maruichi Steel Tube Ltd	617		14,129
Mazda Motor Corp.*	35,133		71,738
McDonald’s Holdings Company (Japan), Ltd.	873		23,027
Medipal Holdings Corp.	1,927		21,231
MEIJI Holdings Co. Ltd	772		33,459
Miraca Holdings, Inc.	730		29,391
Mitsubishi Chemical Holdings Corp.	17,644		88,007
Mitsubishi Corp	18,292		351,583
Mitsubishi Electric Corp.	25,151		214,059
Mitsubishi Estate Co. Ltd.	16,286		389,316
Mitsubishi Gas Chemical Co., Inc.	5,080		31,124
Mitsubishi Heavy Industries Ltd.	39,517		191,085
Mitsubishi Logistics Corp.	1,501		21,530
Mitsubishi Materials Corp.	14,680		50,035

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 19


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
Mitsubishi Motors Corp.*	50,919	$	52,631
Mitsubishi Tanabe Pharma Corp.	2,949		38,448
Mitsubishi UFJ Financial Group, Inc.	165,847		892,394
Mitsubishi UFJ Lease & Finance Co. Ltd	764		32,857
Mitsui & Co. Ltd.	22,616		338,322
Mitsui Chemicals, Inc.	10,739		28,049
Mitsui Fudosan Co. Ltd	10,898		266,235
Mitsui OSK Lines Ltd.	13,733		40,922
Mizuho Financial Group, Inc.	297,416		544,134
MS&AD Insurance Group Holdings	6,593		131,711
Murata Manufacturing Co. Ltd.	2,638		155,577
Nabtesco Corp.	1,335		29,541
Namco Bandai Holdings, Inc	2,246		29,127
NEC Corp.*	34,585		72,820
Nexon Co. Ltd.*	1,396		14,089
NGK Insulators Ltd	3,514		41,324
NGK Spark Plug Co. Ltd.	2,262		30,059
NHK Spring Co. Ltd	2,083		17,164
Nidec Corp.	1,416		82,796
Nikon Corp.	4,434		130,900
Nintendo Co. Ltd.	1,382		147,451
Nippon Building Fund, Inc.	7		72,168
Nippon Electric Glass Co. Ltd	4,721		26,822
Nippon Express Co. Ltd.	11,162		46,101
Nippon Meat Packers, Inc.	2,250		30,974
Nippon Paper Group, Inc	1,297		18,029
Nippon Steel & Sumitomo Metal Corp	98,948		243,377
Nippon Telegraph & Telephone Corp.	5,683		238,708
Nippon Yusen KK	21,026		49,481
Nishi-Nippon City Bank Ltd	8,895		21,912
Nissan Motor Co. Ltd.	32,360		307,126
Nisshin Seifun Group, Inc.	2,477		30,993
Nissin Foods Holdings Co. Ltd.	771		29,233
Nitori Holdings Co. Ltd.	434		31,770
Nitto Denko Corp.	2,148		105,677
NKSJ Holdings, Inc	4,865		103,603
NOK Corp.	1,364		21,130
Nomura Holdings, Inc	47,263		279,038
Nomura Real Estate Holdings, Inc.	1,250		23,845
Nomura Real Estate Office Fund, Inc	3		17,212
Nomura Research Institute Ltd	1,329		27,509
NSK Ltd.	5,792		41,273
NTT Data Corp.	16		50,023
NTT DoCoMo, Inc.	198		284,341
NTT Urban Development Corp	15		14,486
Obayashi Corp	8,529		48,006
Odakyu Electric Railway Co. Ltd.	8,153		84,812
Oji Holdings Corp	10,098		34,870
Olympus Corp.*	2,850		55,313
Omron Corp	2,669		63,994
Ono Pharmaceutical Co. Ltd.	1,073		54,753
Oracle Corp. Japan	500		20,838

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 20


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
Oriental Land Co. Ltd.	650	$	78,541
ORIX Corp	1,363		153,791
Osaka Gas Co. Ltd	24,404		88,636
Otsuka Corp.	207		15,661
Otsuka Holdings Co. Ltd.	4,719		132,478
Panasonic Corp	28,734		174,578
Park24 Co. Ltd.	1,271		20,043
Rakuten, Inc.	9,449		73,686
Resona Holdings, Inc	24,549		111,294
Ricoh Co. Ltd.	8,240		87,536
Rinnai Corp.	427		29,009
Rohm Co. Ltd.	1,266		41,125
Sankyo Co. Ltd	617		24,413
Sanrio Co. Ltd.	584		18,584
Santen Pharmaceutical Co. Ltd	972		37,212
SBI Holdings, Inc.	2,893		25,821
Secom Co. Ltd.	2,732		137,683
Sega Sammy Holdings, Inc.	2,525		42,644
Sekisui Chemical Co. Ltd.	5,669		49,091
Sekisui House Ltd.	7,047		77,132
Seven & I Holdings Co. Ltd	9,806		275,973
Seven Bank Ltd	6,779		17,856
Sharp Corp.	13,130		46,043
Shikoku Electric Power Co., Inc.	2,164		34,510
Shimadzu Corp.	3,111		20,986
Shimamura Co. Ltd.	290		28,083
Shimano, Inc	965		61,527
Shimizu Corp	7,767		29,209
Shin-Etsu Chemical Co. Ltd.	5,342		326,268
Shinsei Bank Ltd	19,687		39,417
Shionogi & Co. Ltd.	3,884		64,695
Shiseido Co. Ltd.	4,685		65,879
Shizuoka Bank Ltd	6,933		67,707
Showa Denko KK	17,992		27,509
Showa Shell Sekiyu KK	2,474		14,046
SMC Corp.	701		127,163
Softbank Corp.	11,533		421,988
Sojitz Corp	16,438		24,316
Sony Corp	13,075		146,294
Sony Financial Holdings, Inc	2,285		41,100
Square Enix Holdings Co. Ltd	833		10,525
Stanley Electric Co. Ltd.	1,891		26,916
Sumco Corp.*	1,523		14,817
Sumitomo Chemical Co. Ltd	19,391		61,176
Sumitomo Corp.	14,649		187,757
Sumitomo Electric Industries Ltd.	9,816		113,586
Sumitomo Heavy Industries Ltd.	7,264		34,692
Sumitomo Metal Mining Co. Ltd	6,812		96,122
Sumitomo Mitsui Financial Group, Inc	17,483		635,104
Sumitomo Mitsui Trust Holdings, Inc.	40,543		142,438
Sumitomo Realty & Development Co. Ltd.	4,647		154,398
Sumitomo Rubber Industries, Inc.	2,245		27,123

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 21


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
Suruga Bank Ltd.	2,373	$	29,147
Suzuken Co. Ltd.	925		26,065
Suzuki Motor Corp	4,746		124,062
Sysmex Corp.	946		43,340
T&D Holdings, Inc	7,539		91,880
Taiheiyo Cement Corp.	14,632		40,261
Taisei Corp.	13,479		44,557
Taisho Pharmaceutical Holdings Co. Ltd.	473		32,303
Taiyo Nippon Sanso Corp.	3,147		17,976
Takashimaya Co. Ltd	3,476		24,773
Takeda Pharmaceutical Co. Ltd.	10,277		459,249
TDK Corp.	1,602		58,252
Teijin Ltd	12,288		30,305
Terumo Corp	1,977		78,548
The Bank of Yokohama Ltd	15,496		71,926
The Hiroshima Bank Ltd	6,510		27,275
THK Co. Ltd	1,582		28,426
Tobu Railway Co. Ltd.	13,298		70,368
Toho Co. Ltd	1,489		26,223
Toho Gas Co. Ltd	5,378		28,867
Tohoku Electric Power Co., Inc.*	5,944		55,312
Tokio Marine Holdings, Inc.	9,013		251,286
Tokyo Electric Power Co., Inc.*	18,997		45,529
Tokyo Electron Ltd	2,233		102,742
Tokyo Gas Co. Ltd.	31,874		145,718
Tokyu Corp.	14,800		83,109
Tokyu Land Corp.	5,604		40,964
TonenGeneral Sekiyu KK	3,711		31,976
Toppan Printing Co. Ltd.	7,349		45,276
Toray Industries, Inc	19,110		116,522
Toshiba Corp	52,395		207,169
TOTO Ltd.	3,526		26,484
Toyo Seikan Kaisha Ltd.	1,991		26,820
Toyo Suisan Kaisha Ltd.	1,165		31,046
Toyoda Gosei Co. Ltd.	853		17,352
Toyota Boshoku Corp.	862		9,998
Toyota Industries Corp	2,120		67,668
Toyota Motor Corp.	35,900		1,675,592
Toyota Tsusho Corp	2,790		68,881
Trend Micro, Inc.	1,382		41,704
Tsumura & Co.	790		23,807
Ube Industries Ltd.	13,255		31,874
Unicharm Corp.	1,481		77,091
Ushio, Inc.	1,375		15,016
USS Co. Ltd.	288		29,851
West Japan Railway Co	2,212		87,109
Yahoo! Japan Corp	189		61,170
Yakult Honsha Co. Ltd	1,270		55,646
Yamada Denki Co. Ltd.	1,132		43,651
Yamaguchi Financial Group, Inc.	2,777		24,534
Yamaha Corp.	2,072		21,943
Yamaha Motor Co. Ltd	3,675		40,733

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 22


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Japan - Cont’d
Yamato Holdings Co. Ltd	4,873	$	74,092
Yamato Kogyo Co. Ltd.	551		16,127
Yamazaki Baking Co. Ltd.	1,393		15,513
Yaskawa Electric Corp	2,817		27,167
Yokogawa Electric Corp	2,548		27,717
			28,585,080

Luxembourg - 0.4%
ArcelorMittal	12,189		210,772
Millicom International Cellular SA (SDR)	822		71,366
SES SA (FDR)	3,954		114,259
Tenaris SA	6,145		127,958
			524,355

Netherlands - 4.8%
Aegon NV	22,757		144,867
Akzo Nobel NV	3,100		204,335
ASML Holding NV	5,464		353,349
Corio NV	876		39,808
DE Master Blenders 1753 NV*	7,742		89,956
Delta Lloyd NV	1,804		29,990
European Aeronautic Defence and Space Co. NV	5,381		210,667
Fugro NV (CVA)	875		51,202
Gemalto NV	1,030		93,150
Heineken Holding NV	1,312		71,788
Heineken NV	2,998		199,755
ING Groep NV (CVA)*	49,850		476,176
Koninklijke Ahold NV	13,230		175,537
Koninklijke Boskalis Westminster NV	977		44,492
Koninklijke DSM NV	2,007		120,757
Koninklijke KPN NV	13,041		64,420
Koninklijke Philips Electronics NV	13,529		362,561
Koninklijke Vopak NV	915		64,445
QIAGEN NV*	3,075		55,709
Randstad Holding NV	1,571		57,928
Reed Elsevier NV	8,953		132,502
Royal Dutch Shell plc:
Series A	48,361		1,710,603
Series B	34,238		1,213,032
TNT Express NV	4,123		46,588
Unilever NV (CVA)	21,201		799,114
Wolters Kluwer NV	3,929		81,154
Ziggo NV	1,561		50,394
			6,944,279

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 23


EQUITY SECURITIES - CONT’D	SHARES		VALUE
New Zealand - 0.1%
Auckland International Airport Ltd.	12,169	$	26,917
Contact Energy Ltd.*	4,748		20,498
Fletcher Building Ltd.	8,941		62,579
SKYCITY Entertainment Group Ltd	7,578		23,800
Telecom Corp. of New Zealand Ltd.	24,357		46,074
			179,868

Norway - 0.9%
Aker Solutions ASA	2,159		44,374
DnB ASA	12,719		161,933
Gjensidige Forsikring ASA	2,627		37,761
Norsk Hydro ASA	12,229		62,224
Orkla ASA	10,043		87,819
Seadrill Ltd.	4,580		168,589
StatoilHydro ASA	14,525		364,053
Telenor ASA	9,154		185,755
Yara International ASA	2,433		120,619
			1,233,127

Portugal - 0.2%
Banco Espirito Santo SA*	26,391		31,824
Energias de Portugal SA	24,839		74,581
Galp Energia SGPS SA, B Shares	3,038		47,144
Jeronimo Martins SGPS SA	2,893		55,764
Portugal Telecom SGPS SA	7,938		39,664
			248,977

Singapore - 1.7%
Ascendas Real Estate Investment Trust	24,964		48,909
CapitaCommercial Trust	25,881		35,778
CapitaLand Ltd	33,345		102,300
CapitaMall Trust	30,331		53,149
CapitaMalls Asia Ltd	17,860		28,729
City Developments Ltd	6,509		69,431
ComfortDelgro Corp. Ltd.	24,714		36,223
DBS Group Holdings Ltd	23,767		290,951
Fraser and Neave Ltd.	12,055		95,952
Global Logistic Properties Ltd	26,922		61,906
Golden Agri-Resources Ltd.	91,894		49,472
Hutchison Port Holdings Trust	68,635		54,643
Jardine Cycle & Carriage Ltd	1,388		55,226
Keppel Corp. Ltd	18,703		169,951
Keppel Land Ltd.	9,785		32,708
Olam International Ltd.:
Common	20,662		26,500
Rights (b)*	6,467		—
Oversea-Chinese Banking Corp. Ltd	33,589		270,256
SembCorp Industries Ltd	12,447		54,237
SembCorp Marine Ltd	10,955		41,708
Singapore Airlines Ltd	7,027		62,149
Singapore Exchange Ltd	11,157		64,684
Singapore Press Holdings Ltd.	20,987		69,439

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 24


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Singapore - Cont’d
Singapore Technologies Engineering Ltd.	20,072	$	63,361
Singapore Telecommunications Ltd	103,753		282,174
StarHub Ltd	7,894		24,651
United Overseas Bank Ltd.	16,560		271,238
UOL Group Ltd.	6,054		29,885
Wilmar International Ltd	24,999		69,095
Yangzijiang Shipbuilding Holdings Ltd.	25,200		19,966
			2,534,671

Spain - 3.0%
Abertis Infraestructuras SA	4,772		79,441
Acciona SA	335		25,376
ACS Actividades de Construccion y Servicios SA	1,859		47,523
Amadeus IT Holding SA	4,077		102,197
Banco Bilbao Vizcaya Argentaria SA	70,917		650,327
Banco de Sabadell SA*	36,534		96,699
Banco Popular Espanol SA	69,281		53,331
Banco Santander SA	134,330		1,081,923
Bankia SA*	12,975		6,625
CaixaBank	10,640		37,156
Distribuidora Internacional de Alimentacion SA	7,957		51,073
Enagas SA	2,485		53,118
Ferrovial SA	5,250		77,322
Gas Natural SDG SA	4,558		83,255
Grifols SA*	1,941		68,216
Iberdrola SA	51,933		289,280
Inditex SA	2,839		397,300
International Consolidated Airlines Group SA, OTC*	12,185		35,972
Mapfre SA	10,112		31,176
Red Electrica de Espana SA	1,408		69,489
Repsol SA:.
Common	10,627		218,003
Rights*	10,627		6,473
Telefonica SA	53,308		723,059
Zardoya Otis SA	1,927		27,744
			4,312,078

Sweden - 3.1%
Alfa Laval AB	4,367		91,434
Assa Abloy AB, Series B	4,348		163,544
Atlas Copco AB:
Series A	8,739		241,653
Series B	5,078		124,445
Boliden AB	3,559		67,571
Electrolux AB, Series B	3,130		82,114
Elekta AB, Series B	4,784		75,358
Getinge AB, Series B	2,604		88,115
Hennes & Mauritz AB, B Shares	12,356		428,885
Hexagon AB, B Shares	3,081		77,363
Husqvarna AB, Series B	5,093		30,838
Industrivarden AB, C Shares	1,546		25,682

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 25


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Sweden - Cont’d
Investment AB Kinnevik, Series B	2,601	$	54,288
Investor AB, Series B	5,928		155,308
Lundin Petroleum AB*	2,896		66,748
Nordea Bank AB	34,261		327,759
Ratos AB, Series B	2,516		24,208
Sandvik AB	13,060		209,673
Scania AB, Series B	4,164		86,507
Securitas AB, Series B	4,112		36,080
Skandinaviska Enskilda Banken AB	18,357		156,366
Skanska AB, Series B	4,945		81,269
SKF AB, Series B	5,102		128,960
Svenska Cellulosa AB, Series B	7,535		164,762
Svenska Handelsbanken AB	6,452		230,918
Swedbank AB	10,378		203,995
Swedish Match AB	2,694		90,635
Tele2 AB, Series B	4,136		74,928
Telefonaktiebolaget LM Ericsson, Series B	39,608		397,944
TeliaSonera AB	28,178		191,721
Volvo AB, Series B	18,157		250,101
			4,429,172

Switzerland - 9.2%
ABB Ltd.*	28,620		593,614
Actelion Ltd.*	1,402		67,270
Adecco SA*	1,724		91,282
Aryzta AG*	1,135		58,171
Baloise Holding AG	623		54,309
Banque Cantonale Vaudoise	39		20,681
Barry Callebaut AG*	23		22,185
Compagnie Financiere Richemont SA	6,793		542,599
Credit Suisse Group AG*	16,321		409,068
EMS-Chemie Holding AG	106		24,974
Geberit AG*	478		105,703
Givaudan SA*	108		114,374
Glencore International plc	49,554		289,088
Holcim Ltd.*	2,979		219,173
Julius Baer Group Ltd.*	2,820		101,349
Kuehne + Nagel International AG	702		85,341
Lindt & Spruengli AG:
Participation Certificate*	11		35,837
Registered Shares*	1		37,697
Lonza Group AG*	660		35,659
Nestle SA	41,971		2,732,435
Novartis AG	29,938		1,893,350
Pargesa Holding SA	354		24,471
Partners Group Holding AG	225		51,912
Roche Holding AG	9,143		1,860,623
Schindler Holding AG:
Participation Certificates	632		91,187
Registered Shares	282		39,925
SGS SA	71		157,550
Sika AG	27		62,507

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 26


EQUITY SECURITIES - CONT’D	SHARES		VALUE
Switzerland - Cont’d
Sonova Holding AG*	639	$	70,716
STMicroelectronics NV	8,372		60,973
Sulzer AG	315		49,866
Swatch Group AG:
Bearer Shares	401		206,143
Registered Shares	570		49,727
Swiss Life Holding AG*	400		53,327
Swiss Prime Site AG*	636		53,158
Swiss Re AG*	4,583		334,122
Swisscom AG	303		130,539
Syngenta AG	1,212		488,366
Transocean Ltd.	4,677		208,747
UBS AG*	47,393		744,497
Xstrata plc*	27,356		487,065
Zurich Insurance Group AG*	1,918		512,297
			13,271,877

United Kingdom - 19.7%
3i Group plc	12,753		44,628
Aberdeen Asset Management plc	11,219		66,597
Admiral Group plc	2,667		51,124
Aggreko plc	3,492		100,250
AMEC plc	4,068		66,626
Anglo American plc	18,096		578,257
Antofagasta plc	5,132		114,157
ARM Holdings plc	17,947		229,727
Associated British Foods plc	4,636		118,128
AstraZeneca plc	16,229		768,036
Aviva plc	37,982		229,530
Babcock International Group plc	4,688		72,828
BAE Systems plc	42,289		232,578
Balfour Beatty plc	9,028		40,387
Barclays plc	151,313		654,112
BG Group plc	44,218		742,236
BHP Billiton plc	27,488		966,926
BP plc	247,824		1,718,912
British American Tobacco plc	25,293		1,282,939
British Land Co. plc	10,994		102,316
British Sky Broadcasting Group plc	14,144		176,870
BT Group plc	102,473		386,676
Bunzl plc	4,314		70,512
Burberry Group plc	5,747		117,790
Capita plc	8,511		105,499
Capital Shopping Centres Group plc	7,345		41,370
Carnival plc	2,373		91,828
Centrica plc	67,634		367,799
Cobham plc	14,167		51,576
Compass Group plc	24,225		286,803
Croda International plc	1,760		68,258
Diageo plc	32,620		950,645
Eurasian Natural Resources Corp	3,382		16,288

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 27


EQUITY SECURITIES - CONT’D	SHARES		VALUE
United Kingdom - Cont’d
Evraz plc	4,388	$	19,388
Fresnillo plc	2,333		72,466
G4S plc	18,359		76,741
GKN plc	21,199		79,182
GlaxoSmithKline plc	64,734		1,406,950
Hammerson plc	9,277		74,824
Hargreaves Lansdown plc	3,086		34,328
HSBC Holdings plc	238,320		2,523,310
ICAP plc	7,239		37,074
IMI plc	4,183		74,476
Imperial Tobacco Group plc	12,906		498,885
Inmarsat plc	5,884		56,859
InterContinental Hotels Group plc	3,542		99,711
Intertek Group plc	2,092		105,685
Invensys plc	10,667		58,015
Investec plc	7,055		48,102
ITV plc	48,276		82,906
J Sainsbury plc	15,971		89,954
Johnson Matthey plc	2,667		102,534
Kazakhmys plc	2,791		36,739
Kingfisher plc	30,839		142,591
Land Securities Group plc	10,156		137,451
Legal & General Group plc	76,900		185,848
Lloyds TSB Group plc*	549,310		440,611
London Stock Exchange Group plc	2,229		38,975
Marks & Spencer Group plc	20,922		130,579
Meggitt plc	10,182		63,539
Melrose Industries plc	15,781		58,854
National Grid plc	47,348		542,912
Next plc	2,128		131,479
Old Mutual plc	63,607		189,130
Pearson plc	10,624		207,910
Petrofac Ltd.	3,376		91,561
Prudential plc	33,273		464,754
Randgold Resources Ltd	1,135		111,978
Reckitt Benckiser Group plc	8,470		531,148
Reed Elsevier plc	15,874		166,850
Resolution Ltd.	18,112		72,377
Rexam plc	11,418		80,320
Rio Tinto plc	17,446		1,017,686
Rolls-Royce Holdings plc*	24,367		351,454
Royal Bank of Scotland Group plc*	27,410		147,781
RSA Insurance Group plc	46,229		93,402
SABMiller plc	12,451		586,658
Sage Group plc	16,100		77,210
Schroders plc	1,484		41,736
Segro plc	9,741		39,983
Serco Group plc	6,486		55,897
Severn Trent plc	3,101		79,532
Shire plc	7,321		225,085
Smith & Nephew plc	11,703		129,648

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 28


EQUITY SECURITIES - CONT’D	SHARES		VALUE
United Kingdom - Cont’d
Smiths Group plc	5,114	$	100,765
SSE plc	12,295		284,448
Standard Chartered plc	31,139		790,159
Standard Life plc	30,687		164,081
Subsea 7 SA	3,662		87,479
Tate & Lyle plc	6,066		75,299
Tesco plc	104,656		575,511
The Weir Group plc	2,765		85,914
TUI Travel plc	5,657		26,354
Tullow Oil plc	11,806		240,673
Unilever plc	16,704		634,711
United Utilities Group plc	8,874		97,479
Vedanta Resources plc	1,344		26,295
Vodafone Group plc	640,001		1,611,202
Whitbread plc	2,323		92,707
William Morrison Supermarkets plc	30,122		128,971
Wolseley plc	3,564		169,578
WPP plc*	16,439		239,228
			28,556,130


Total Equity Securities (Cost $127,842,592)			143,162,568



EXCHANGE TRADED FUNDS - 1.1%
iShares MSCI EAFE Index Fund	28,578		1,623,802

Total Exchange Traded Funds (Cost $1,544,342)			1,623,802



TOTAL INVESTMENTS (Cost $129,386,934) - 100.1%			144,786,370
Other assets and liabilities, net - (0.1%)			(192,519	)
NET ASSETS - 100%		$	144,593,851

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 29


NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of common stock outstanding
with 20,000,000 shares of $0.10 par value shares authorized:
Class I: 1,954,840 shares outstanding	$	148,301,655
Class F: 29,381 shares outstanding		1,531,409
Undistributed net investment income		548,014
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,182,333	)
Net unrealized appreciation (depreciation) on investments, foreign currencies,
and assets and liabilities denominated in foreign currencies		15,395,106


NET ASSETS	$	144,593,851


NET ASSET VALUE PER SHARE
Class I (based on net assets of $142,443,358)	$	72.87
Class F (based on net assets of $2,150,493)	$	73.19

(b) This security was valued by the Board of Directors. See Note A.

* Non-income producing security.

Abbreviations:
CVA: Certificaten Van Aandelen
FDR: Fiduciary Depositary Receipts
plc: Public Limited Company
REIT: Real Estate Investment Trust
SDR: Swedish Depositary Receipts

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 30


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012

NET INVESTMENT INCOME
Investment Income:
Dividend income (net of foreign taxes withheld of $359,578)	$	4,700,503
Interest income		414
Total investment income		4,700,917


Expenses:
Investment advisory fee		754,647
Transfer agency fees and expenses		7,717
Administrative fees		134,758
Distribution Plan expenses:
Class F		9,908
Directors’ fees and expenses		24,528
Custodian fees		191,320
Reports to shareholders		50,726
Professional fees		29,167
Accounting fees		21,437
Contracts services		68,398
Miscellaneous		18,195
Total expenses		1,310,801
Reimbursement from Advisor
Class F		(3,333	)
Fees paid indirectly		(27	)
Net expenses		1,307,441


NET INVESTMENT INCOME		3,393,476


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		(1,246,486	)
Foreign currency transactions		(49,280	)
		(1,295,766	)

Change in unrealized appreciation (depreciation) on:
Investments and foreign currencies		19,687,286
Assets and liabilities denominated in foreign currencies		5,767
		19,693,053

NET REALIZED AND UNREALIZED
GAIN (LOSS)		18,397,287

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	21,790,763

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 31


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED			YEAR ENDED
	DECEMBER 31,			DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012			2011
Operations:
Net investment income	$3,393,476		$	4,341,094
Net realized gain (loss)*	(1,295,766	)		(5,006,316	)
Change in unrealized appreciation (depreciation)	19,693,053			(20,034,125	)

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	21,790,763			(20,699,347	)

Distributions to shareholders from:
Net investment income:
Class I shares	(3,204,401	)		(3,205,409	)
Class F shares	(101,535	)		(125,473	)
Total distributions	(3,305,936	)		(3,330,882	)

Capital share transactions:
Shares sold:
Class I shares	16,979,320			22,276,052
Class F shares	1,337,754			1,290,358
Reinvestment of distributions:
Class I shares	3,204,401			3,205,409
Class F shares	101,535			125,473
Shares redeemed:
Class I shares**	(18,055,241	)		(62,357,527	)
Class F shares	(6,216,322	)		(1,096,144	)
Total capital share transactions	(2,648,553	)		(36,556,379	)



TOTAL INCREASE (DECREASE) IN NET ASSETS	15,836,274			(60,586,608	)


NET ASSETS
Beginning of year	128,757,577			189,344,185
End of year (including undistributed net investment income
of $548,014 and $504,307, respectively)	$144,593,851		$	128,757,577

* Includes realized loss of $4,263,869 due to an in-kind redemption during the year ended December 31, 2011. See Note F.

** Includes an in-kind redemption in the amount of $23,187,479 during the year ended December 31, 2011. See Note F.

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 32


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
CAPITAL SHARE ACTIVITY	2012		2011
Shares sold:
Class I shares	248,487		314,572
Class F shares	19,684		17,293
Reinvestment of distributions:
Class I shares	44,389		50,831
Class F shares	1,400		1,926
Shares redeemed:
Class I shares*	(263,301	)	(876,396	)
Class F shares	(89,611	)	(14,312	)
Total capital share activity	(38,952	)	(506,086	)

* Includes in-kind redemption shares of 353,253 during the year ended December 31, 2011. See Note F.

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 33

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP EAFE International Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts. The Portfolio offers Class F and Class I shares. Class F shares are subject to Distribution Plan Expenses, while Class I shares are not. 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.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 34

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are categorized as Level 2 in the hierarchy. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Portfolio, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. The Portfolio has retained a third party fair value pricing service to quantitatively analyze the price movement of its holdings on foreign exchanges and to automatically fair value if the variation from the prior day’s closing price exceeds specified parameters. Such securities would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing this technique may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and such securities are categorized as Level 3 in the hierarchy.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 35

At December 31, 2012, securities valued at $0 or 0% of net assets were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

		VALUATION INPUTS
INVESTMENTS IN SECURITIES	LEVEL 1	LEVEL 2		LEVEL 3	TOTAL
Equity securities*	$459,761	$142,702,807	**	—	$143,162,568
Exchange traded funds	1,623,802	—		—	1,623,802
TOTALS	$2,083,563	$142,702,807		—	$144,786,370

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

** Includes certain securities trading primarily outside the U.S. whose value was adjusted as a result of significant market movements following the close of local trading.

At December 31, 2012, a significant transfer out of Level 1 and into Level 2 occurred. On December 31, 2012, price movements exceeded specified parameters and the third party fair value pricing service quantitatively fair valued the affected securities.

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.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 36

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $67,870 was payable at year end. In addition, $26,824 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense caps are 1.19% for Class F and .99% for Class I, respectively. (Prior to May 1, 2012, the expense caps were 1.17% and .97%, respectively.) For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $12,120 was payable at year end.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 37

Calvert Investment Distributors, Inc. (“CID”), an affiliate of the Advisor, is the distributor and principal underwriter for the Portfolio. Distribution plans, adopted by Class F shares, allow the Portfolio to pay CID for expenses and services associated with the distribution of shares. The expenses paid may not exceed .20% annually of the average daily net assets of Class F. Under the terms of the agreement, $356 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $202 for the year ended December 30, 2012. Under the terms of the agreement, $16 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 ($40,000 effective January 1, 2013). Committee chairs receive an additional $5,000 annual retainer. Director’s fees are allocated to each of the portfolios served.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $22,165,093 and $23,147,381, respectively.

CAPITAL LOSS CARRYFORWARD

EXPIRATION DATE
31-Dec-15	($186,055	)
31-Dec-16	(15,302,273	)
31-Dec-17	(15,978	)

NO EXPIRATION DATE
Long-term	($2,540,842	)

Capital losses may be utilized to offset future capital gains until expiration; however, the Portfolio’s use of capital loss carryforwards acquired from CVS Calvert Social International Equity Portfolio may be limited under certain tax provisions. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses will be required to be utilized prior to the losses incurred in pre-enactment taxable years and will retain their character as either short-term or long-term losses.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$3,305,936	$3,330,882
Total	$3,305,936	$3,330,882

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 38

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$24,273,266
Unrealized (depreciation)	(12,194,907	)
Net unrealized appreciation/(depreciation)	$12,078,359
Undistributed ordinary income	$731,906
Capital loss carryforward	($18,045,148	)

Federal income tax cost of investments	$132,708,011

Undistributed net investment income	($43,833	)
Accumulated net realized gain (loss)	43,833

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had $421,662 outstanding pursuant to this line of credit at December 31, 2012 with an interest rate of 1.44%.

For the year ended December 31, 2012, 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
$60,944	1.44%	$4,449,528	August 2012

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 39

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

NOTE F — IN-KIND TRANSFER OF SECURITIES

During the year ended December 31, 2011, the Calvert VP EAFE International Index Portfolio redeemed shares of beneficial interest in exchange for securities. The securities were transferred at their current value on the date of transaction.

		REDEEMED
TRANSACTION DATE	SHARES	VALUE	GAIN (LOSS)
11/9/2011	353,253	$23,187,479	($4,263,869	)

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 40


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
CLASS I SHARES	2012	(z)	2011	(z)	2010	(z)
Net asset value, beginning	$63.54		$74.78		$70.89
Income from investment operations:
Net investment income	1.70		1.85		1.27
Net realized and unrealized gain (loss)	9.30		(11.37	)	3.49
Total from investment operations	11.00		(9.52	)	4.76
Distributions from:
Net investment income	(1.67	)	(1.72	)	(.87	)
Total distributions	(1.67	)	(1.72	)	(.87	)
Total increase (decrease) in net asset value	9.33		(11.24	)	3.89
Net asset value, ending	$72.87		$63.54		$74.78

Total return*	17.34	%	(12.71	%)	6.71	%
Ratios to average net assets: A
Net investment income	2.51	%	2.53	%	1.84	%
Total expenses	.96	%	1.00	%	1.07	%
Expenses before offsets	.96	%	.95	%	.95	%
Net expenses	.96	%	.95	%	.95	%
Portfolio turnover	16	%	24	%	77	%
Net assets, ending (in thousands)	$142,443		$122,329		$182,192


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS I SHARES			2009		2008
Net asset value, beginning			$56.55		$104.77
Income from investment operations:
Net investment income			1.33		2.17
Net realized and unrealized gain (loss)			14.41		(45.83	)
Total from investment operations			15.74		(43.66	)
Distributions from:
Net investment income			(1.40	)	(2.77	)
Net realized gain			—		(1.79	)
Total distributions			(1.40	)	(4.56	)
Total increase (decrease) in net asset value			14.34		(48.22	)
Net asset value, ending			$70.89		$56.55

Total return*			27.83	%	(42.68	%)
Ratios to average net assets: A
Net investment income			2.10	%	2.51	%
Total expenses			1.05	%	1.22	%
Expenses before offsets			.95	%	.95	%
Net expenses			.95	%	.95	%
Portfolio turnover			29	%	47	%
Net assets, ending (in thousands)			$81,899		$65,973

See notes to financial highlights.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 41

FINANCIAL HIGHLIGHTS

			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
CLASS F SHARES	2012	(z)	2011	(z)	2010	(z)
Net asset value, beginning	$65.66		$76.90		$73.19
Income from investment operations:
Net investment income	1.80		1.67		1.33
Net realized and unrealized gain (loss)	9.36		(11.60	)	3.42
Total from investment operations	11.16		(9.93	)	4.75
Distributions from:
Net investment income	(3.63	)	(1.31	)	(1.04	)
Total distributions	(3.63	)	(1.31	)	(1.04	)
Total increase (decrease) in net asset value	7.53		(11.24	)	3.71
Net asset value, ending	$73.19		$65.66		$76.90

Total return*	17.05	%	(12.90	%)	6.50	%
Ratios to average net assets:A
Net investment income	2.66	%	2.24	%	1.86	%
Total expenses	1.25	%	1.25	%	1.30	%
Expenses before offsets	1.18	%	1.16	%	1.15	%
Net expenses	1.18	%	1.16	%	1.15	%
Portfolio turnover	16	%	24	%	77	%
Net assets, ending (in thousands)	$2,150		$6,429		$7,152


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
CLASS F SHARES			2009		2008
Net asset value, beginning			$57.91		$104.76
Income from investment operations:
Net investment income			.68		1.25
Net realized and unrealized gain (loss)			15.23		(45.05	)
Total from investment operations			15.91		(43.80	)
Distributions from:
Net investment income			(.63	)	(1.26	)
Net realized gain			—		(1.79	)
Total distributions			(.63	)	(3.05	)
Total increase (decrease) in net asset value			15.28		(46.85	)
Net asset value, ending			$73.19		$57.91

Total return*			27.47	%	(42.81	%)
Ratios to average net assets: A
Net investment income			1.67	%	1.33	%
Total expenses			1.42	%	1.42	%
Expenses before offsets			1.15	%	1.15	%
Net expenses			1.15	%	1.15	%
Portfolio turnover			29	%	47	%
Net assets, ending (in thousands)			$4,943		$1,324

See notes to financial highlights.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 42

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 of less than one year and does not reflect charges and expenses of the variable annuity
or variable universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT 43

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 44

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 45

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 46

other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

The data also indicated that the Portfolio underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2012. The Board took into account management’s discussion of the Portfolio’s performance, including the impact of Portfolio expenses and fair valuation determinations on the Portfolio’s relative performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

In considering the Portfolio’s fees and expenses, the Board compared the Portfolio’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Portfolio’s advisory fee (after taking into account expense reimbursements) was above 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 noted that the Advisor had reimbursed a portion of the Portfolio’s expenses. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Portfolio. The Board noted that the Advisor paid the Subadvisor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an overall reduction in the transfer agency fees across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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

The Board considered the effect of the Portfolio’s current size and potential growth on its performance and fees.

Although the Portfolio’s advisory fee did not contain breakpoints that would reduce the advisory fee rate on assets

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 47

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2012 as compared to the Portfolio’s peer group or peer universe, as applicable, and noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk adjusted performance of the Subadvisor.

In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the Portfolio, the Board noted that the subadvisory fee under the Investment Subadvisory Agreement was paid by the Advisor out of the advisory fee that the Advisor received under the Investment Advisory Agreement. The Board also relied on the ability of the Advisor to negotiate the Investment Subadvisory Agreement and the corresponding subadvisory fee at arm’s length. In addition, the Board took into account the fees the Subadvisor charged to its other clients and considered these fee comparisons in light of the differences in managing these other accounts. Based upon its review, the Board determined that the subadvisory fee was reasonable. Because the Advisor pays the Subadvisor’s subadvisory fee and the subadvisory fee was negotiated at arm’s length by the Advisor, the cost of services to be provided by the Subadvisor was not a material factor in the Board’s deliberations. For similar reasons, the Board did not consider the potential economies of scale in the Subadvisor’s management of the Portfolio to be a material factor in its consideration, although the Board noted that the subadvisory fee included breakpoints that would reduce the subadvisory fee on assets above certain specified asset levels.

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 48

CONCLUSIONS

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

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

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

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 49

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 50

DIRECTOR AND OFFICER INFORMATION TABLE

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 51

www.calvert.com CALVERT VP EAFE INTERNATIONAL INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 52

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, 2012, Calvert VP Barclays Capital Aggregate Bond Index Portfolio returned 3.83% compared with 4.21% for the Barclays U.S. Aggregate Bond Index. The underperformance was largely due to fees and operating expenses, which the Index does not incur.

INVESTMENT CLIMATE

Fixed-income markets performed well in 2012 as interest rates declined slightly during the year. The Federal Reserve (Fed) continued its accommodative policy by purchasing Treasury and mortgage-backed securities in the open market to keep interest rates low.

In support of its dual mandate, the Fed announced it will continue quantitative easing until the unemployment rate declines to 6.5%. It is also targeting an inflation rate below 2.5%. Given that the unemployment rate stood at 7.8% as of December and the core inflation rate during 2012 was 1.9%, it is clear the Fed will continue to be accommodative for some time.

During the year, the 10-year Treasury rate declined from 1.88% to 1.76%, providing positive returns for fixed-income investors. Interest rates at the front end of the yield curve also remained extremely low, with the two-year Treasury closing the year with a yield of 0.25%.

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.12)
One year	3.83	%
Five year	5.94	%
Since inception (3/31/2003)	4.86	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.50%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

Corporate bonds performed the best within the Index with a gain of 9.82%. Securitized bonds, which are primarily mortgage-backed securities, earned 3.01% for the year while Treasury securities in the Index returned 1.99%.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 4

PORTFOLIO STRATEGY

As an index fund, the Portfolio employs a passive management approach in pursuit of its goal to mirror, as closely as possible, the performance of the Barclays U.S. Aggregate Bond Index. However, with more than 8,100 securities, full replication of the Index is not feasible.

Therefore, the Portfolio employs a stratified sampling strategy to create a portfolio of securities with similar characteristics to the Index, such as duration, sector allocation, quality, and others. Stratified sampling requires the portfolio manager to select securities in each sector to represent sectors in the Index. Since the Barclays U.S. Aggregate Bond Index is not an actual mutual fund, it is not possible to invest directly in it. Unlike the Index, the Portfolio incurs operating expenses.

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Asset Backed Securities	0.1	%
Basic Materials	1.0	%
Communications	1.2	%
Consumer, Cyclical	1.5	%
Consumer, Non-cyclical	1.9	%
Energy	2.7	%
Financials	7.2	%
Government	46.0	%
Industrials	3.9	%
Mortgage Securities	32.0	%
Short-Term Investments	0.3	%
Technology	0.6	%
Utilities	1.6	%
Total	100	%

OUTLOOK

The outlook for 2013 is for modest economic growth in the United States and a sluggish global economy. The Fed is expected to remain accommodative as long as the unemployment rate is above the Fed’s target and the inflation rate is below its target.

Furthermore, there is enough slack in the system that inflation should not be a problem this year.

Corporate earnings and balance sheets are healthy and the housing market is improving modestly. This environment should support fixed-income markets in 2013. However, given the current levels of interest rates and inflation, the real return in Treasury securities is negative. If the economy strengthens quickly, interest rates may rise as the Fed is forced to end its accommodative stance. Markets will attempt to front-run this eventuality, so the risk to this outlook is to the downside.

January 2013

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,013.10	$2.48

Hypothetical (5% return per year before expenses)	$1,000.00	$1,022.68	$2.49

* Expenses are equal to the Fund’s annualized expense ratio of 0.49%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Barclays Capital Aggregate Bond Index Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Barclays Capital Aggregate Bond Index Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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 Capital Aggregate Bond Index Portfolio as of December 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


		PRINCIPAL
ASSET-BACKED SECURITIES - 0.1%		AMOUNT		VALUE
Citibank Omni Master Trust, 4.90%, 11/15/18 (e)	$	100,000	$	107,877
RASC Trust, STEP, 4.61% to 3/25/13, 5.11% thereafter to 6/25/33 (r)		72,433		47,170

Total Asset-Backed Securities (Cost $178,864)				155,047


COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.3%
Banc of America Commercial Mortgage Trust, 5.625%, 4/10/49 (r)		550,000		643,269
DBUBS Mortgage Trust:
3.386%, 7/10/44 (e)		500,000		539,094
3.742%, 11/10/46 (e)		913,188		987,713
Morgan Stanley Capital I Trust, 3.476%, 6/15/44 (e)		500,000		541,309

Total Commercial Mortgage-Backed Securities (Cost $2,431,789)				2,711,385


CORPORATE BONDS - 21.5%
Alcoa, Inc.:
5.72%, 2/23/19		149,000		158,270
6.15%, 8/15/20		500,000		546,072
American Express Credit Corp., 2.75%, 9/15/15		200,000		209,676
American Honda Finance Corp., 1.50%, 9/11/17 (e)		900,000		899,751
Amgen, Inc., 4.10%, 6/15/21		700,000		775,489
Apache Corp., 5.625%, 1/15/17		100,000		117,130
AstraZeneca plc, 6.45%, 9/15/37		350,000		474,019
Australia & New Zealand Banking Group Ltd., 4.875%, 1/12/21 (e)		800,000		937,628
Bank of America Corp.:
7.375%, 5/15/14		100,000		108,285
3.75%, 7/12/16		700,000		748,249
5.65%, 5/1/18		250,000		290,861
Bank of New York Mellon Corp., 1.30%, 1/25/18		850,000		847,247
BB&T Corp., 5.20%, 12/23/15		405,000		451,519
BorgWarner, Inc., 5.75%, 11/1/16		500,000		562,530
BP Capital Markets plc:
4.50%, 10/1/20		400,000		460,984
2.50%, 11/6/22		500,000		495,416
CA, Inc., 5.375%, 12/1/19		100,000		113,884
Caterpillar Financial Services Corp., 1.25%, 11/6/17		650,000		649,511
Cigna Corp., 4.00%, 2/15/22		300,000		327,946
Cintas Corp. No. 2, 3.25%, 6/1/22		200,000		205,338
Citigroup, Inc.:
4.587%, 12/15/15		250,000		272,938
3.953%, 6/15/16		450,000		484,362
6.125%, 5/15/18		200,000		239,682
4.50%, 1/14/22		250,000		278,926
Colonial Pipeline Co., 6.58%, 8/28/32 (e)		100,000		129,660
Connecticut Light & Power Co., 5.65%, 5/1/18		200,000		242,160

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 8


		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Deere & Co., 6.55%, 10/1/28	$	250,000	$	327,240
DIRECTV Holdings LLC, 5.20%, 3/15/20		1,000,000		1,134,814
Discovery Communications LLC, 5.05%, 6/1/20		200,000		231,431
Emerson Electric Co., 4.75%, 10/15/15		200,000		221,460
Enbridge Energy Partners LP, 5.20%, 3/15/20		200,000		225,587
Energizer Holdings, Inc., 4.70%, 5/19/21		700,000		750,213
Energy Transfer Partners LP, 4.65%, 6/1/21		1,000,000		1,098,731
Ensco plc, 4.70%, 3/15/21		700,000		787,750
EOG Resources, Inc., 2.625%, 3/15/23		750,000		755,277
Equifax, Inc., 3.30%, 12/15/22		350,000		347,180
Florida Gas Transmission Co. LLC, 3.875%, 7/15/22 (e)		600,000		632,513
GATX Corp., 4.85%, 6/1/21		700,000		735,685
General Dynamics Corp., 3.875%, 7/15/21		500,000		560,862
General Electric Capital Corp., 3.75%, 11/14/14		250,000		263,614
Goldman Sachs Group, Inc.:
5.35%, 1/15/16		200,000		221,079
5.375%, 3/15/20		150,000		171,904
GTE Corp., 6.94%, 4/15/28		80,000		106,431
Harley-Davidson Financial Services, Inc., 3.875%, 3/15/16 (e)		200,000		214,679
HCP, Inc., 2.625%, 2/1/20		700,000		697,268
Health Care REIT, Inc., 5.25%, 1/15/22		800,000		890,838
Intel Corp., 1.35%, 12/15/17		750,000		749,783
John Deere Capital Corp., 1.20%, 10/10/17		250,000		250,391
JPMorgan Chase & Co.:
3.15%, 7/5/16		700,000		741,615
4.50%, 1/24/22		400,000		452,495
Kellogg Co., 3.125%, 5/17/22		500,000		523,994
Kennametal, Inc., 2.65%, 11/1/19		950,000		951,396
Kimco Realty Corp., 4.30%, 2/1/18		300,000		329,865
Kinder Morgan Energy Partners LP, 3.50%, 3/1/16		600,000		641,399
L-3 Communications Corp.:
5.20%, 10/15/19		200,000		228,053
4.75%, 7/15/20		800,000		891,709
Liberty Property LP, 3.375%, 6/15/23		250,000		247,366
Lockheed Martin Corp., 4.85%, 9/15/41		1,000,000		1,103,488
McCormick & Company, Inc., 3.90%, 7/15/21		500,000		545,985
MDC Holdings, Inc., 5.625%, 2/1/20		200,000		218,438
Metropolitan Life Global Funding I, 5.125%, 4/10/13 (e)		100,000		101,252
Morgan Stanley, 5.95%, 12/28/17		950,000		1,075,784
Northern Trust Corp., 3.45%, 11/4/20		100,000		107,858
NYSE Euronext, 2.00%, 10/5/17		450,000		457,461
Omnicom Group, Inc., 4.45%, 8/15/20		500,000		556,368
Oracle Corp., 5.75%, 4/15/18		250,000		304,251
Pacific Gas & Electric Co., 4.25%, 5/15/21		1,000,000		1,147,948
Pearson Funding Two plc, 4.00%, 5/17/16 (e)		250,000		268,797
Plains All American Pipeline LP / PAA Finance Corp., 2.85%, 1/31/23		250,000		247,693
PNC Bank NA, 2.70%, 11/1/22		850,000		850,269
Post Apartment Homes LP, 3.375%, 12/1/22		950,000		945,117
Precision Castparts Corp., 1.25%, 1/15/18		750,000		751,238
Public Service Co. of Colorado, 2.25%, 9/15/22		250,000		248,139
Public Service Electric & Gas Co., 3.95%, 5/1/42		1,000,000		1,027,420

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 9


		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Rio Tinto Finance USA Ltd.:
2.25%, 9/20/16	$	400,000	$	414,971
3.75%, 9/20/21		400,000		427,720
Stanley Black & Decker, Inc., 2.90%, 11/1/22		500,000		505,291
TCI Communications, Inc., 8.75%, 8/1/15		100,000		119,330
Teck Resources Ltd., 4.75%, 1/15/22		400,000		440,190
Texas Eastern Transmission LP, 2.80%, 10/15/22 (e)		400,000		400,129
The Coca-Cola Co., 5.35%, 11/15/17		100,000		119,738
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21		500,000		531,765
Time Warner Cable, Inc., 5.00%, 2/1/20		100,000		116,434
Time Warner, Inc., 4.875%, 3/15/20		100,000		116,805
United Parcel Service, Inc., 6.20%, 1/15/38		250,000		335,317
US Bank, 4.95%, 10/30/14		100,000		107,520
VF Corp., 3.50%, 9/1/21		400,000		423,130
Wal-Mart Stores, Inc., 6.50%, 8/15/37		250,000		351,549
WellPoint, Inc., 3.70%, 8/15/21		800,000		841,409
Williams Partners LP, 3.80%, 2/15/15		100,000		105,739
Yum! Brands, Inc., 3.75%, 11/1/21		1,000,000		1,064,450

Total Corporate Bonds (Cost $40,826,335)				43,789,148


SOVEREIGN GOVERNMENT BONDS - 0.1%
Province of New Brunswick Canada, 6.75%, 8/15/13		100,000		103,880

Total Sovereign Government Bonds (Cost $101,334)				103,880


U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 10.3%
Fannie Mae:
2.625%, 11/20/14		600,000		626,773
2.375%, 7/28/15		1,000,000		1,051,357
4.875%, 12/15/16		1,000,000		1,165,133
6.25%, 5/15/29		900,000		1,292,932
Federal Home Loan Bank:
1.875%, 6/21/13		1,400,000		1,411,465
4.875%, 5/17/17		1,000,000		1,178,445
Freddie Mac:
5.25%, 4/18/16		1,000,000		1,156,665
2.00%, 8/25/16		700,000		736,705
5.00%, 2/16/17		1,000,000		1,178,062
5.125%, 11/17/17		1,000,000		1,205,129
4.875%, 6/13/18		4,000,000		4,828,664
3.75%, 3/27/19		2,700,000		3,120,978
2.375%, 1/13/22		1,900,000		1,984,882

Total U.S. Government Agencies and Instrumentalities (Cost $19,622,966)				20,937,190

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 10


	PRINCIPAL
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 30.5%	AMOUNT		VALUE
Fannie Mae:
5.00%, 12/1/16	$ 201,752	$	219,441
5.00%, 11/1/17	35,895		39,008
5.50%, 8/1/18	129,749		139,757
4.61%, 12/1/19	479,727		541,854
5.00%, 6/1/20	50,996		55,124
6.50%, 4/1/23	52,618		58,547
3.50%, 5/1/26	1,339,641		1,421,931
4.50%, 5/1/31	1,107,298		1,203,773
6.50%, 8/1/32	131,279		148,064
5.50%, 7/1/33	165,355		181,730
5.50%, 7/1/33	267,972		303,218
6.00%, 8/1/33	67,613		75,543
5.50%, 11/1/33	185,307		203,658
5.50%, 3/1/34	383,843		421,855
6.00%, 6/1/34	222,932		249,085
5.00%, 7/1/34	391,441		425,496
5.00%, 10/1/34	299,262		325,297
5.50%, 3/1/35	516,558		565,130
5.50%, 6/1/35	347,319		386,055
5.50%, 9/1/35	250,545		273,790
5.50%, 2/1/36	131,541		143,746
5.50%, 4/1/36	753,029		808,305
5.00%, 7/1/36	1,588,508		1,733,936
6.50%, 9/1/36	462,667		519,000
5.50%, 11/1/36	185,915		202,235
6.00%, 8/1/37	1,894,926		2,074,585
6.00%, 5/1/38	251,373		274,656
5.50%, 6/1/38	310,798		339,702
6.00%, 7/1/38	1,045,602		1,152,088
5.524%, 9/1/38 (r)	700,920		755,648
4.00%, 3/1/39	391,396		419,869
4.50%, 5/1/40	1,194,509		1,326,207
4.50%, 7/1/40	773,034		837,729
4.50%, 10/1/40	2,280,111		2,470,933
3.50%, 2/1/41	1,217,728		1,299,309
4.00%, 2/1/41	1,678,673		1,801,314
3.50%, 3/1/41	1,287,715		1,373,985
4.00%, 3/1/41	770,245		826,758
4.00%, 7/1/42	1,200,520		1,302,860
Freddie Mac:
4.50%, 9/1/18	139,291		151,863
5.00%, 11/1/20	151,440		163,097
4.00%, 3/1/25	1,480,799		1,565,513
3.50%, 11/1/25	1,160,605		1,220,473
3.50%, 7/1/26	821,236		863,598
5.00%, 2/1/33	358,335		389,174
5.00%, 4/1/35	190,650		205,866
5.00%, 12/1/35	463,393		500,376
6.00%, 8/1/36	170,857		186,202
5.00%, 10/1/36	879,918		947,670
6.50%, 10/1/37	144,195		159,759

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 11


	PRINCIPAL
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - CONT’D	AMOUNT		VALUE
Freddie Mac (Cont’d):
5.00%, 1/1/38	$ 2,161,736	$	2,326,159
5.00%, 7/1/39	499,562		546,270
4.00%, 11/1/39	1,147,023		1,224,871
4.50%, 1/1/40	612,150		656,893
5.00%, 1/1/40	1,848,463		2,039,891
4.50%, 4/1/40	1,341,132		1,439,157
6.00%, 4/1/40	426,823		464,489
4.50%, 5/1/40	547,759		604,400
4.50%, 5/1/40	1,098,949		1,183,394
4.00%, 2/1/41	734,434		784,739
4.50%, 6/1/41	884,648		954,561
3.50%, 10/1/41	1,479,144		1,574,136
3.50%, 7/1/42	1,612,171		1,719,233
Ginnie Mae:
4.50%, 7/20/33	564,259		623,001
5.50%, 7/20/34	273,393		304,048
6.00%, 11/20/37	436,268		486,888
5.00%, 12/15/38	1,093,092		1,192,542
5.00%, 5/15/39	1,000,940		1,112,024
4.50%, 10/15/39	782,503		861,089
5.00%, 10/15/39	1,072,915		1,191,987
4.50%, 8/15/40	1,772,182		1,972,736
4.00%, 12/20/40	1,662,328		1,844,358
4.00%, 11/20/41	1,567,567		1,707,869
4.00%, 8/20/42	1,840,530		2,005,262

Total U.S. Government Agency Mortgage-Backed Securities (Cost $60,161,298)			62,074,809

U.S. TREASURY OBLIGATIONS - 35.5%
United States Treasury Bonds:
8.125%, 5/15/21	1,000,000		1,534,688
8.00%, 11/15/21	1,000,000		1,544,141
6.25%, 8/15/23	1,000,000		1,433,750
5.50%, 8/15/28	1,000,000		1,413,281
5.375%, 2/15/31	1,000,000		1,427,500
4.50%, 2/15/36	1,000,000		1,316,094
4.375%, 11/15/39	1,000,000		1,300,938
3.875%, 8/15/40	1,000,000		1,201,875
4.375%, 5/15/41	1,000,000		1,302,812
3.125%, 11/15/41	1,000,000		1,046,719
3.00%, 5/15/42	1,500,000		1,528,125
United States Treasury Notes:
1.375%, 2/15/13	1,000,000		1,001,523
0.625%, 4/30/13	1,000,000		1,001,758
1.125%, 6/15/13	1,000,000		1,004,531
0.75%, 8/15/13	1,000,000		1,003,750
0.25%, 10/31/13	1,000,000		1,000,625
2.00%, 11/30/13	1,000,000		1,016,484
1.75%, 1/31/14	1,000,000		1,016,680

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 12


		PRINCIPAL
U.S. TREASURY OBLIGATIONS - CONT’D		AMOUNT		VALUE
United States Treasury Notes (Cont’d):
1.875%, 2/28/14	$	1,000,000	$	1,019,258
1.25%, 4/15/14		1,000,000		1,013,203
2.25%, 5/31/14		1,000,000		1,028,438
2.625%, 6/30/14		1,000,000		1,035,703
4.25%, 8/15/14		1,000,000		1,064,766
2.375%, 10/31/14		1,000,000		1,038,516
2.125%, 11/30/14		1,000,000		1,035,469
2.25%, 1/31/15		1,000,000		1,040,938
2.375%, 2/28/15		1,000,000		1,045,000
2.50%, 4/30/15		1,000,000		1,050,938
2.125%, 5/31/15		1,000,000		1,043,359
1.75%, 7/31/15		1,000,000		1,036,562
1.25%, 8/31/15		1,000,000		1,024,297
1.25%, 10/31/15		1,000,000		1,025,391
4.50%, 11/15/15		1,000,000		1,118,125
2.00%, 1/31/16		2,000,000		2,098,906
2.375%, 3/31/16		1,000,000		1,063,125
2.00%, 4/30/16		1,000,000		1,052,109
1.50%, 7/31/16		1,000,000		1,036,875
4.875%, 8/15/16		1,000,000		1,157,500
2.75%, 11/30/16		1,000,000		1,086,250
0.875%, 1/31/17		1,000,000		1,013,281
3.00%, 2/28/17		1,000,000		1,100,000
4.50%, 5/15/17		2,000,000		2,335,782
2.375%, 7/31/17		1,000,000		1,078,359
1.875%, 9/30/17		1,000,000		1,055,938
4.25%, 11/15/17		1,000,000		1,170,938
2.625%, 1/31/18		1,000,000		1,094,375
3.50%, 2/15/18		1,000,000		1,138,672
2.375%, 5/31/18		1,000,000		1,083,438
4.00%, 8/15/18		2,000,000		2,350,000
3.75%, 11/15/18		1,000,000		1,164,453
3.125%, 5/15/19		1,000,000		1,132,500
3.625%, 8/15/19		1,000,000		1,164,453
3.375%, 11/15/19		1,000,000		1,149,766
3.625%, 2/15/20		1,000,000		1,168,438
2.625%, 8/15/20		1,000,000		1,098,125
2.625%, 11/15/20		1,000,000		1,097,500
3.625%, 2/15/21		1,000,000		1,173,828
3.125%, 5/15/21		1,000,000		1,133,984
1.75%, 5/15/22		2,200,000		2,219,078
1.625%, 11/15/22		1,000,000		989,062

Total U.S. Treasury Obligations (Cost $68,948,362)				72,121,972

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 13


		PRINCIPAL
TIME DEPOSIT - 0.3%		AMOUNT		VALUE
State Street Bank Time Deposit, 0.12%, 1/2/13	$	706,532	$	706,532

Total Time Deposit (Cost $706,532)				706,532



TOTAL INVESTMENTS (Cost $192,977,480) - 99.6%				202,599,963
Other assets and liabilities, net - 0.4%				842,223
NET ASSETS - 100%			$	203,442,186



NET ASSETS CONSIST OF:
Paid-in capital applicable to 3,628,934 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	193,018,270
Undistributed net investment income (loss)	��			535,919
Accumulated net realized gain (loss)				265,514
Net unrealized appreciation (depreciation)				9,622,483


NET ASSETS			$	203,442,186

NET ASSET VALUE PER SHARE			$	56.06

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
LLC: Limited Liability Corporation
LP: Limited Partnership
plc: Public Limited Company
REIT: Real Estate Investment Trust
STEP: Stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)

See notes to financial statements.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 14


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income	$	28,287
Interest income		4,754,548
Total investment income		4,782,835


Expenses:
Investment advisory fee		560,961
Transfer agency fees and expenses		2,634
Directors’ fees and expenses		35,308
Administrative fees		186,987
Accounting fees		30,178
Custodian fees		31,569
Reports to shareholders		22,678
Professional fees		30,763
Miscellaneous		11,538
Total expenses		912,616
Fees paid indirectly		(145	)
Net expenses		912,471


NET INVESTMENT INCOME		3,870,364


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)		1,442,780
Change in unrealized appreciation (depreciation)		1,634,051

NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS		3,076,831

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	6,947,195

See notes to financial statements.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 15


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED			YEAR ENDED
	DECEMBER 31,			DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012			2011
Operations:
Net investment income	$ 3,870,364		$	3,679,387
Net realized gain (loss)	1,442,780			1,519,921
Change in unrealized appreciation (depreciation)	1,634,051			6,785,212


INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	6,947,195			11,984,520


Distributions to shareholders from:
Net investment income	(4,523,142	)		(3,974,995	)
Net realized gain	(999,300	)		(1,121,845	)
Total distributions	(5,522,442	)		(5,096,840	)


Capital share transactions:
Shares sold	48,085,664			69,619,998
Reinvestment of distributions	5,522,442			5,096,840
Shares redeemed	(20,420,976	)		(22,389,876	)
Total capital share transactions	33,187,130			52,326,962

TOTAL INCREASE (DECREASE) IN NET ASSETS	34,611,883			59,214,642


NET ASSETS
Beginning of year	168,830,303			109,615,661
End of year (including undistributed net investment income of $535,919 and $445,945, respectively)	$ 203,442,186		$	168,830,303


CAPITAL SHARE ACTIVITY
Shares sold	848,618			1,276,938
Reinvestment of distributions	98,404			91,951
Shares redeemed	(359,942	)		(403,173	)
Total capital share activity	587,080			965,716

See notes to financial statements.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 16

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Barclays Capital Aggregate Bond Index Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaf-filiated insurance companies for allocation to certain of their variable separate accounts.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 17

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

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 18

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

		VALUATION INPUTS
INVESTMENTS IN SECURITIES*	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Asset-backed securities	—	$155,047	—	$155,047
Commercial mortgage-backed securities	—	2,711,385	—	2,711,385
Corporate debt	—	43,789,148	—	43,789,148
Other debt obligations	—	810,412	—	810,412
U.S. government obligations	—	155,133,971	—	155,133,971
TOTAL	—	$202,599,963	—	$202,599,963

* For a complete listing of investments, please refer to the Statement of Net Assets.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 19

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $51,259 was payable at year end. In addition, $25,231 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. 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 Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $17,086 was payable at year end.

Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, acts as shareholder servicing agent for the Portfolio. For its services, CIS received a fee of $80 for the year ended December 31, 2012. Under the terms of the agreement, $7 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 ($40,000 effective January 1, 2013). Committee chairs receive an additional $5,000 annual retainer. Director’s fees are allocated to each of the portfolios served.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than U.S. government and short-term securities, were $41,841,416 and $33,230,207, respectively. U.S. government security purchases and sales were $70,158,420 and $45,738,030, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$5,129,135	$4,902,345
Long term capital gain	393,307	194,495
Total	$5,522,442	$5,096,840

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 20

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$9,839,078
Unrealized (depreciation)	(234,573	)
Net unrealized appreciation/(depreciation)	$9,604,505
Undistributed ordinary income	$620,330
Undistributed long term capital gain	$199,081

Federal income tax cost of investments	$192,995,458

Undistributed net investment income	$742,752
Accumulated net realized gain (loss)	(742,752	)

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2012.

For the year ended December 31, 2012, borrowing information by the Portfolio under the agreement was as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$2,249	1.46%	$370,881	May 2012

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 21

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 22


FINANCIAL HIGHLIGHTS

			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012		2011	(z)	2010	(z)
Net asset value, beginning	$55.50		$52.80		$50.82
Income from investment operations:
Net investment income	1.08		1.42		1.56
Net realized and unrealized gain (loss)	1.04		3.01		1.67
Total from investment operations	2.12		4.43		3.23
Distributions from:
Net investment income	(1.28	)	(1.35	)	(1.08	)
Net realized gain	(.28	)	(.38	)	(.17	)
Total distributions	(1.56	)	(1.73	)	(1.25	)
Total increase (decrease) in net asset value	.56		2.70		1.98
Net asset value, ending	$56.06		$55.50		$52.80

Total return*	3.83	%	8.39	%	6.37	%
Ratios to average net assets:A
Net investment income	2.07	%	2.58	%	2.89	%
Total expenses	.49	%	.50	%	.53	%
Expenses before offsets	.49	%	.50	%	.53	%
Net expenses	.49	%	.50	%	.52	%
Portfolio turnover	43	%	40	%	99	%
Net assets, ending (in thousands)	$203,442		$168,830		$109,616


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009	(z)	2008
Net asset value, beginning			$51.17		$50.27
Income from investment operations:
Net investment income			2.00		2.13
Net realized and unrealized gain (loss)			.35		1.07
Total from investment operations			2.35		3.20
Distributions from:
Net investment income			(2.50	)	(2.30	)
Net realized gain			(.20	)	—
Total distributions			(2.70	)	(2.30	)
Total increase (decrease) in net asset value			(.35	)	.90
Net asset value, ending			$50.82		$51.17

Total return*			4.59	%	6.56	%
Ratios to average net assets:A
Net investment income			3.83	%	4.29	%
Total expenses			.54	%	.61	%
Expenses before offsets			.54	%	.60	%
Net expenses			.54	%	.60	%
Portfolio turnover			71	%	30	%
Net assets, ending (in thousands)			$37,629		$51,287

See notes to financial highlights.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 23

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 of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT 24

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 25

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 26

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 27

other changes. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Portfolio by the Advisor under the Investment Advisory Agreement.

In considering the Portfolio’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Portfolio’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Portfolio’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Portfolio performed above the median of its peer universe for the one- and five-year periods ended June 30, 2012, and below the median of its peer universe for the three-year period ended June 30, 2012. The data also indicated that the Portfolio outperformed its Lipper index for the one- and five-year periods ended June 30, 2012 and underperformed its Lipper index for the three-year period ended June 30, 2012. The Board also took into account management’s discussion of the Portfolio’s performance, including the composition of the peer universe against which the Portfolio was being measured. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

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

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 28

noted that given the Portfolio’s current level of assets, the Portfolio would be unlikely to recognize economies of scale by implementing a breakpoint in the advisory fee at this time.

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2012 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.

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 29

CONCLUSIONS

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

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

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 30

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 31

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 32

www.calvert.com CALVERT VP BARCLAYS CAPITAL AGGREGATE BOND INDEX PORTFOLIO ANNUAL REPORT (UNAUDITED) 33

CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO

Portfolio within Calvert Variable Products, Inc.

Managed by Summit Investment Advisors, Inc., Subadvisor

PERFORMANCE

For the 12-month period ended December 31, 2012, Calvert VP Inflation Protected Plus Portfolio returned 7.73% compared with 6.98% for the Barclays U.S. Treasury Inflation Protected Securities (TIPs) Index. The outperformance was primarily due to the Portfolio’s exposure to higher-yielding corporate bonds.

INVESTMENT CLIMATE

In support of its dual mandate, the Fed announced it will continue its quantitative easing program until the unemployment rate declines to 6.5%. It is also targeting an inflation rate below 2.5%. Given that the unemployment rate stood at 7.8% as of December and the inflation rate for 2012 was 1.9%, it is clear the Fed will continue to be accommodative for some time.

During the year, the 10-year Treasury yield declined from 1.88% to 1.76%, providing positive returns for fixed-income investors. Interest rates at the front end of the yield curve also remained extremely low, with the two-year Treasury closing the year with a yield of 0.25%.

The rate of inflation, as measured by the consumer price index (CPI) for urban consumers, was 1.7% last year versus 3.0% in 2011. Core inflation, which excludes food and energy,

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.12)
One year	7.73	%
Five year	5.86	%
Since inception (12/28/2006)	6.68	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 0.79%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 4

advanced at a rate of 1.9% in 2012, which is down from 2.2% in 2011. Inflation decreased last year and appears to be under control at this point in time.

The difference between the yield on a 10-year Treasury bond and a 10-year TIPs was 2.49 percentage points at the end of the year 2012. At the end of 2011, the difference was 1.98 percentage points. The increase in this spread implies that investors’ expectations of future inflation increased slightly during the year.

	% OF TOTAL INVESTMENTS
INVESTMENT ALLOCATION	(at 12.31.12)

Long Term	32	%
Intermediate Term	37	%
Short Term	31	%

Total	100	%

PORTFOLIO STRATEGY

The Portfolio primarily invests in TIPs and floating-rate securities as well as a smaller amount of fixed-rate corporate and agency bonds. The combination of longer-dated TIPs, floating-rate notes, and intermediate-term corporate and agency bonds created an intermediate-duration profile slightly shorter than the Barclays Capital TIPs Index throughout 2012.¹

The Portfolio continues to hold TIPs to protect against future inflation expectations. It also holds floating-rate securities, which generally provide greater income during times of inflation. Lastly, the Portfolio selectively holds other fixed-rate securities we expect will provide excess relative performance in a stable market.

OUTLOOK

The outlook for inflation-protected securities depends heavily on the rate of future inflation. The rate of inflation decreased in 2012, while the expected rate of future inflation increased slightly during the year. Given the slack in the labor market, coupled with sluggish worldwide growth, the near-term outlook for inflation is benign.

However, as central bankers around the world continue to monetize their debts, the risk of future inflation in the intermediate and longer term is real. If economic growth accelerates in the United States and abroad, inflation will likely become more of a concern to the marketplace and will impact the performance of inflation-protected securities.

January 2013

¹Duration measures a portfolio’s sensitivity to changes in interest rates. Generally, the longer the duration, the greater the change in value in response to a given change in interest rates.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,031.66	$3.56

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.63	$3.55

* Expenses are equal to the Fund’s annualized expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Inflation Protected Plus Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Inflation Protected Plus Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


		PRINCIPAL
U.S. TREASURY OBLIGATIONS - 51.8%		AMOUNT		VALUE
United States Treasury Inflation Indexed Bonds:
2.375%, 1/15/25	$	1,718,052	$	2,317,625
2.00%, 1/15/26		1,631,658		2,139,766
2.375%, 1/15/27		1,949,985		2,688,542
1.75%, 1/15/28		2,097,923		2,715,663
3.625%, 4/15/28		1,859,260		2,947,217
2.50%, 1/15/29		1,723,856		2,458,650
3.875%, 4/15/29		1,407,110		2,332,285
3.375%, 4/15/32		1,629,013		2,684,943
2.125%, 2/15/40		1,765,880		2,591,153
2.125%, 2/15/41		1,795,710		2,651,619
0.75%, 2/15/42		2,610,486		2,859,093
United States Treasury Inflation Indexed Notes:
0.125%, 4/15/17		814,752		872,485
2.625%, 7/15/17		1,116,110		1,337,413
1.625%, 1/15/18		1,104,170		1,280,579
1.375%, 7/15/18		1,072,710		1,248,701
2.125%, 1/15/19		1,077,410		1,308,128
1.875%, 7/15/19		1,300,044		1,582,295
1.375%, 1/15/20		1,711,536		2,028,839
1.25%, 7/15/20		1,803,173		2,139,014
1.125%, 1/15/21		1,797,665		2,111,413
0.625%, 7/15/21		1,847,412		2,099,988
0.125%, 1/15/22		1,941,857		2,108,736
0.125%, 7/15/22		2,011,800		2,183,903

Total U.S. Treasury Obligations (Cost $41,865,472)				48,688,050


CORPORATE BONDS - 47.2%
Alcoa, Inc., 6.15%, 8/15/20		300,000		327,643
American Express Credit Corp., 1.16%, 6/24/14 (r)		1,000,000		1,008,972
American Honda Finance Corp., 0.53%, 11/3/14 (e)(r)		1,000,000		1,000,372
Amgen, Inc., 4.10%, 6/15/21		300,000		332,353
Appalachian Power Co., 0.685%, 8/16/13 (r)		1,000,000		1,001,283
Australia & New Zealand Banking Group Ltd., 1.018%, 10/6/15 (e)(r)		1,000,000		1,002,323
B/E Aerospace, Inc., 5.25%, 4/1/22		250,000		265,000
Bank of America Corp.:
7.375%, 5/15/14		100,000		108,285
3.75%, 7/12/16		300,000		320,678
Bank of Montreal, 0.78%, 9/11/15 (r)		1,000,000		1,004,170
Bank of New York Mellon Corp.:
0.593%, 1/31/14 (r)		100,000		100,246
0.545%, 10/23/15 (r)		1,000,000		999,445
Barclays Bank plc, 1.38%, 1/13/14 (r)		500,000		502,527

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 8


		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
BB&T Corp., 1.013%, 4/28/14 (r)	$	500,000	$	503,142
Bottling Group LLC, 6.95%, 3/15/14		100,000		107,528
BP Capital Markets plc:
4.50%, 10/1/20		100,000		115,246
2.50%, 11/6/22		250,000		247,708
CA, Inc., 5.375%, 12/1/19		100,000		113,884
Capital One Financial Corp., 0.953%, 11/6/15 (r)		1,000,000		1,002,525
CCO Holdings LLC / CCO Holdings Capital Corp., 7.25%, 10/30/17		200,000		218,000
Chesapeake Energy Corp., 6.625%, 8/15/20		250,000		268,125
Cigna Corp., 4.00%, 2/15/22		100,000		109,315
Cintas Corp. No 2, 3.25%, 6/1/22		150,000		154,003
Citigroup, Inc., 0.581%, 6/9/16 (r)		1,000,000		944,951
CMS Energy Corp., 5.05%, 3/15/22		250,000		278,617
Constellation Brands, Inc., 6.00%, 5/1/22		100,000		114,500
Credit Suisse USA, Inc., 0.593%, 4/12/13 (r)		500,000		500,231
Daimler Finance North America LLC, 0.92%, 3/28/14 (e)(r)		1,000,000		1,002,109
Danaher Corp., 0.56%, 6/21/13 (r)		200,000		200,189
DIRECTV Holdings LLC, 5.20%, 3/15/20		200,000		226,963
DISH DBS Corp., 5.00%, 3/15/23 (e)		250,000		250,000
Eaton Corp. plc, 0.638%, 6/16/14 (r)		500,000		499,287
Eli Lilly & Co., 4.20%, 3/6/14		100,000		104,328
Enbridge Energy Partners LP, 5.20%, 3/15/20		100,000		112,793
Energizer Holdings, Inc., 4.70%, 5/19/21		200,000		214,347
Energy Transfer Partners LP, 5.20%, 2/1/22		500,000		570,356
Equifax, Inc., 3.30%, 12/15/22		100,000		99,194
Florida Gas Transmission Co. LLC, 3.875%, 7/15/22 (e)		200,000		210,838
Ford Motor Credit Co. LLC:
3.00%, 6/12/17		500,000		513,712
8.125%, 1/15/20		400,000		512,551
GATX Corp., 4.85%, 6/1/21		200,000		210,196
General Dynamics Corp., 3.875%, 7/15/21		500,000		560,862
General Electric Capital Corp., 0.535%, 11/5/13 (r)		1,000,000		998,413
General Mills, Inc., 5.65%, 2/15/19		100,000		121,582
Goldman Sachs Group, Inc., 0.76%, 3/22/16 (r)		1,000,000		970,665
Harley-Davidson Financial Services, Inc., 3.875%, 3/15/16 (e)		600,000		644,038
HCP, Inc., 2.625%, 2/1/20		100,000		99,610
HDTFS, Inc., 6.25%, 10/15/22 (e)		100,000		106,500
Hewlett-Packard Co.:
0.711%, 5/30/14 (r)		1,000,000		980,125
4.75%, 6/2/14		100,000		104,240
Hornbeck Offshore Services, Inc., 5.875%, 4/1/20		250,000		261,250
Huntington Ingalls Industries, Inc., 6.875%, 3/15/18		500,000		543,750
Inmet Mining Corp., 8.75%, 6/1/20 (e)		500,000		546,250
Intelsat Jackson Holdings SA, 7.25%, 10/15/20 (e)		500,000		542,500
Jabil Circuit, Inc., 5.625%, 12/15/20		250,000		277,500
John Deere Capital Corp., 0.49%, 7/15/13 (r)		250,000		250,294
JPMorgan Chase & Co., 3.15%, 7/5/16		300,000		317,835
JPMorgan Chase Bank, 0.64%, 6/13/16 (r)		1,250,000		1,215,204
Kellogg Co., 3.125%, 5/17/22		400,000		419,195
Kinder Morgan Energy Partners LP, 3.50%, 3/1/16		100,000		106,900
L-3 Communications Corp., 5.20%, 10/15/19		200,000		228,053
Liberty Mutual Group, Inc., 4.95%, 5/1/22 (e)		250,000		272,472

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 9


		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Liberty Property LP, 3.375%, 6/15/23	$	100,000	$	98,946
MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 6.25%, 6/15/22		250,000		272,500
McCormick & Company, Inc., 3.90%, 7/15/21		500,000		545,985
MDC Holdings, Inc., 5.625%, 2/1/20		700,000		764,533
Metropolitan Life Global Funding I, 1.10%, 1/10/14 (e)(r)		250,000		251,244
Morgan Stanley, 0.651%, 1/9/14 (r)		500,000		496,469
Mueller Water Products, Inc., 8.75%, 9/1/20		334,000		380,760
National Australia Bank Ltd., 1.067%, 4/11/14 (e)(r)		500,000		503,102
Northern Trust Corp., 3.45%, 11/4/20		100,000		107,858
PACCAR Financial Corp., 0.561%, 6/5/14 (r)		500,000		501,067
Plains All American Pipeline LP / PAA Finance Corp., 2.85%, 1/31/23		100,000		99,077
PNC Funding Corp., 0.513%, 1/31/14 (r)		500,000		500,213
Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/14		100,000		106,176
Precision Castparts Corp., 1.25%, 1/15/18		200,000		200,330
Procter & Gamble Co., 3.50%, 2/15/15		100,000		106,175
Qwest Corp., 3.558%, 6/15/13 (r)		1,000,000		1,007,695
Rio Tinto Finance USA Ltd., 3.75%, 9/20/21		500,000		534,649
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		250,000		264,375
Ryland Group, Inc., 5.375%, 10/1/22		500,000		511,875
Safeway, Inc., 1.811%, 12/12/13 (r)		1,000,000		1,000,310
Sempra Energy, 1.068%, 3/15/14 (r)		550,000		552,886
Stanley Black & Decker, Inc., 2.90%, 11/1/22		150,000		151,587
Teck Resources Ltd., 4.75%, 1/15/22		100,000		110,048
Time Warner Cable, Inc., 5.00%, 2/1/20		200,000		232,867
Toronto-Dominion Bank, 0.64%, 7/14/14 (r)		500,000		501,700
Unilever Capital Corp., 4.80%, 2/15/19		100,000		117,897
US Bank NA, 0.62%, 10/14/14 (r)		1,000,000		1,000,665
Valspar Corp., 4.20%, 1/15/22		300,000		327,719
VF Corp., 1.062%, 8/23/13 (r)		500,000		502,416
Volkswagen International Finance NV, 1.06%, 3/21/14 (e)(r)		1,000,000		1,005,328
Vulcan Materials Co., 7.50%, 6/15/21		600,000		684,000
WellPoint, Inc., 3.70%, 8/15/21		200,000		210,352
Wells Fargo & Co., 1.23%, 6/26/15 (r)		1,000,000		1,009,448
Westpac Banking Corp., 1.041%, 3/31/14 (e)(r)		1,000,000		1,006,308
Williams Partners LP, 3.80%, 2/15/15		200,000		211,477
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.375%, 3/15/22		500,000		531,250
Xerox Corp., 1.13%, 5/16/14 (r)		1,000,000		997,906

Total Corporate Bonds (Cost $42,895,508)				44,352,366


U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 0.5%
Freddie Mac:
3.75%, 3/27/19		300,000		346,775
2.375%, 1/13/22		100,000		104,468

Total U.S. Government Agencies and Instrumentalities (Cost $450,937)				451,243

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 10


		PRINCIPAL
TIME DEPOSIT - 0.1%		AMOUNT		VALUE
State Street Bank Time Deposit, 0.12%, 1/2/13	$	62,365	$	62,365

Total Time Deposit (Cost $62,365)				62,365


TOTAL INVESTMENTS (Cost $85,274,282) - 99.6%				93,554,024
Other assets and liabilities, net - 0.4%				330,506
NET ASSETS - 100%			$	93,884,530


NET ASSETS CONSIST OF:
Paid-in capital applicable to 1,503,699 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	85,326,251
Undistributed net investment income				168,231
Accumulated net realized gain (loss)				110,306
Net unrealized appreciation (depreciation)				8,279,742


NET ASSETS			$	93,884,530

NET ASSET VALUE PER SHARE			$	62.44

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
LLC: Limited Liability Corporation
LP: Limited Partnership
plc: Public Company Limited

See notes to financial statements.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 11


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Interest income	$	1,365,731
Inflation principal income		708,475
Total investment income		2,074,206

Expenses:
Investment advisory fee		402,235
Transfer agency fees and expenses		1,750
Accounting fees		13,021
Directors’ fees and expenses		15,417
Administrative fees		80,447
Custodian fees		15,405
Reports to shareholders		18,333
Professional fees		22,895
Miscellaneous		3,316
Total expenses		572,819
Fees paid indirectly		(53	)
Net expenses		572,766


NET INVESTMENT INCOME		1,501,440


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)		275,534
Change in unrealized appreciation (depreciation)		3,970,890


NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS		4,246,424

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	5,747,864

See notes to financial statements.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 12


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$1,501,440		$1,147,557
Net realized gain (loss)	275,534		203,976
Change in unrealized appreciation (depreciation)	3,970,890		3,419,149


IINCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	5,747,864		4,770,682

Distributions to shareholders from:
Net investment income	(1,451,535	)	(1,100,857	)
Net realized gain	(263,520	)	(462,627	)
Total distributions	(1,715,055	)	(1,563,484	)


Capital share transactions:
Shares sold	33,857,069		40,194,557
Reinvestment of distributions	1,715,055		1,563,483
Shares redeemed	(8,111,758	)	(12,347,327	)
Total capital share transactions	27,460,366		29,410,713


TOTAL INCREASE (DECREASE) IN NET ASSETS	31,493,175		32,617,911


NET ASSETS
Beginning of year	62,391,355		29,773,444
End of year (including undistributed net investment
income of $168,231 and $118,326, respectively)	$93,884,530		$62,391,355


CAPITAL SHARE ACTIVITY
Shares sold	550,875		701,412
Shares reinvested	27,401		26,504
Shares redeemed	(131,473	)	(213,936	)
Total capital share activity	446,803		513,980

See notes to financial statements.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 13

NOTES TO FINANCIAL STATEMENTS

NOTE A — SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Inflation Protected Plus Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc., (the “Fund”), is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge to affiliated and unaffiliated insurance companies for allocation to certain of their variable separate accounts.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 14

If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, the market value does not constitute a readily available market quotation, or if a sig-nificant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by the Valuation Committee.

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 15

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

		VALUATION INPUTS
INVESTMENTS IN SECURITIES*	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
U.S. government obligations	—	$49,139,293	—	$49,139,293
Corporate debt	—	44,352,366	—	44,352,366
Other debt obligations	—	62,365	—	62,365
TOTAL	—	$93,554,024	—	$93,554,024

*For a complete listing of investments, please refer to the Statement of Net Assets.

Treasury Inflation-Protected Securities: The Portfolio invests in Treasury Inflation-Protected Securities (“TIPS”), in which the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to inflation principal income in the accompanying Statement of Operations. Such adjustments may have a significant impact on the Portfolio’s distributions.

Security Transactions and Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 16

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $39,909 was payable at year end. In addition, $16,158 was payable at year end for operating expenses paid by the Advisor during December 2012.

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense cap is .79% (.77% prior to May 1, 2012). For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $7,982 was payable at year end.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. Government securities, were $24,879,655 and $9,246,818, respectively. U.S. Government security purchases and sales were $22,067,285 and $9,794,959, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$1,603,858	$1,376,461
Long term capital gain	111,197	187,023
Total	$1,715,055	$1,563,484

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 17

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$8,308,782
Unrealized (depreciation)	(29,224	)
Net unrealized appreciation/(depreciation)	$8,279,558
Undistributed ordinary income	$210,267
Undistributed long term capital gain	$68,454

Federal income tax cost of investments	$85,274,466

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2012.

For the year ended December 31, 2012, 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
$639	1.45%	$203,219	September 2012

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 18


FINANCIAL HIGHLIGHTS

			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012	(z)	2011	(z)	2010
Net asset value, beginning	$59.03		$54.84		$53.29
Income from investment operations:
Net investment income	1.15		1.42		1.23
Net realized and unrealized gain (loss)	3.42		4.29		2.13
Total from investment operations	4.57		5.71		3.36
Distributions from:
Net investment income	(.98	)	(1.07	)	(1.13	)
Net realized gain	(.18	)	(.45	)	(.68	)
Total distributions	(1.16	)	(1.52	)	(1.81	)
Total increase (decrease) in net asset value	3.41		4.19		1.55
Net asset value, ending	$62.44		$59.03		$54.84

Total return*	7.73	%	10.41	%	6.33	%
Ratios to average net assets: A
Net investment income	1.87	%	2.45	%	1.96	%
Total expenses	.71	%	.79	%	.82	%
Expenses before offsets	.71	%	.77	%	.75	%
Net expenses	.71	%	.77	%	.75	%
Portfolio turnover	24	%	38	%	96	%
Net assets, ending (in thousands)	$93,885		$62,391		$29,773


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009		2008	(z)
Net asset value, beginning			$49.69		$53.00
Income from investment operations:
Net investment income			.22		1.35
Net realized and unrealized gain (loss)			3.57		(2.47	)
Total from investment operations			3.79		(1.12	)
Distributions from:
Net investment income			(.19	)	(1.37	)
Return of capital			—		(.82	)
Total distributions			(.19	)	(2.19	)
Total increase (decrease) in net asset value			3.60		(3.31	)
Net asset value, ending			$53.29		$49.69

Total return*			7.62	%	(2.33	%)
Ratios to average net assets: A
Net investment income			.57	%	2.59	%
Total expenses			.81	%	1.25	%
Expenses before offsets			.75	%	.75	%
Net expenses			.75	%	.75	%
Portfolio turnover			123	%	56	%
Net assets, ending (in thousands)			$35,525		$17,492

See notes to financial highlights.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 19

A Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before
offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses
are net of all reductions and represent the net expenses paid by the portfolio.

(z) Per share figures are calculated using Average Shares Method.

* Total return is not annualized for periods of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT 20

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 21

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 22

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

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

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 23

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 group or peer universe, as applicable, by an independent third party in its report. This comparison indicated that the performance of the Portfolio was below the median of its peer group for the one-year period, and below the median of its peer universe for the three- and five-year periods ended June 30, 2012. The Board took into account the Portfolio’s more recent performance. The Board also took into account management’s discussion of the Portfolio’s performance, including the differences in the investment strategies used by the funds in the Portfolio’s peer group that also affect relative performance, and measures the Subadvisor was implementing to enhance the Portfolio’s relative performance. Based upon its review, the Board concluded that 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 Subadvi-sor’s subadvisory fee under the Investment Subadvisory Agreement with respect to the Portfolio. The Board also took into account management’s discussion of the Portfolio’s expenses and certain factors that affected the level of such expenses, including the current size of the Portfolio. The Board noted that in 2011, the transfer agency fees paid by the Calvert Family of Funds had been renegotiated, resulting in an overall reduction in the transfer agency fees across the Calvert Family of Funds complex. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 24

As noted above, the Board considered, among other information, the Portfolio’s performance during the one-, three- and five-year periods ended June 30, 2012 as compared to the Portfolio’s peer group or peer universe, as applicable, 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.

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 25

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 Portfolio’s performance; and (f) the Portfolio’s advisory and subadvisory fees are reasonable relative to those of similar funds and to the services to be provided by the Advisor and the Subadvisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement and the Investment Subadvisory Agreement would be in the best interests of the Portfolio and its shareholders.

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

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

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 26

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 27

DIRECTOR AND OFFICER INFORMATION TABLE

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 28

www.calvert.com CALVERT VP INFLATION PROTECTED PLUS PORTFOLIO ANNUAL REPORT (UNAUDITED) 29

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, 2012, Calvert VP Natural Resources Portfolio returned 4.90% compared with 16.00% for the benchmark Standard & Poor’s (S&P) 500 Index. Concentrated holdings in the commodity and natural resource sectors caused the Portfolio to underperform the benchmark. The S&P 500 Index has a more diversified allocation of holdings across industry sectors.

However, the Portfolio outperformed relative to the Natural Resources Composite Benchmark, which returned 0.65% for the year.¹

INVESTMENT CLIMATE

Concerns about the recession in Europe and the slowdown in China held most commodity prices in check for the year, which led natural resource and commodity stocks to underperform the overall market in 2012. Crude oil prices were mostly flat for the year, with West Texas Intermediate (WTI) crude declining slightly, offset by a slight increase in the price of Brent crude oil. Spot natural gas prices declined almost 15% for the year but stabilized as the year progressed.

Metals prices were mixed, with copper increasing, aluminum remaining flat, and steel declining materially. Prices of precious metals such as gold also rose for the year. The U.S. dollar was mostly unchanged, which didn’t provide either a catalyst or headwind for commodity and natural resource prices.

PORTFOLIO STRATEGY

The Portfolio invests in exchange-traded funds (ETFs) and notes (ETNs) that track various commodity, natural resource, raw materials, and

AVERAGE ANNUAL TOTAL RETURN
(period ended 12.31.12)

One year	4.90	%
Five year	-2.78	%
Since inception (12/28/2006)	0.94	%

The performance data shown represents past performance, does not guarantee future results and assumes reinvestment of all dividends and distributions. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Visit www.calvert.com/ institutional-VP-performance.html for current performance data. The gross expense ratio from the current prospectus for the Portfolio is 1.43%. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. The performance data and expense ratio reflect deduction of Portfolio operating expenses, but do not reflect charges and expenses imposed under the variable annuity or life insurance contract.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 4

utility indices. As of December 31, 2012, the Portfolio’s largest exposure was to Energy at 44%, followed by Metals at 13% and Materials at 13%. Other exposures include Grains (9%) and Forest Products (3%), as well as Water, Utilities, Real Estate, and Soft Goods.

These exposures remained fairly stable throughout 2012, as the objective of the fund is to maintain broad exposure to a basket of commodities and natural resources. However, exposure to the Energy sector increased slightly during the year, while exposure to Materials decreased slightly.

The top performers for the period were the Guggenheim Timber ETF (+25.11%) and the PowerShares Water Resources ETF (+24.35%), while the Portfolio’s weakest performer was the Market Vectors Gold Miners ETF (-8.87%).²

	% OF TOTAL
ECONOMIC SECTORS	INVESTMENTS

Materials Stocks	13.1	%
Energy Stocks	23.5	%
Forestry Stocks	3.0	%
Water Stocks	3.0	%
Utilities Stocks	4.0	%
Real Estate Stocks	4.0	%
Gold Mining Stocks	3.1	%
Energy Commodities	20.3	%
Grain Commodities	9.2	%
Industrial Metals Commodities	7.4	%
Precious Metals Commodities	5.2	%
Soft Commodities	2.8	%
Livestock Commodities	1.4	%
Total	100	%

OUTLOOK

Commodity and natural resource prices will likely follow the growth of the global economy in 2013. The United States is expected to post moderate growth while Europe will likely remain in recession.

China appears to have engineered a soft landing, which would be positive for commodity and natural resources prices. Current monetary policy in the United States, Europe, and Japan should be supportive of commodity and natural resource pricing, and this trend is likely to continue for some time.

January 2013

¹The Natural Resources Composite Benchmark is an internally constructed index comprised of 50% DJ-UBS Commodity Total Return Index and 50% S&P North American Sector/Natural Resources Index.

²Individual security returns reflect total returns for period held in portfolio.

As of December 31, 2012, the following companies held the following percentages of Portfolio net assets: the Guggenheim Timber ETF 2.94%, PowerShares Water Resources ETF 2.99%, and Market Vectors Gold Miners ETF 3.04%. Holdings are subject to change.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 5

SHAREHOLDER EXPENSE EXAMPLE

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2012 to December 31, 2012).

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*
	7/1/12	12/31/12	7/1/12 - 12/31/12

Actual	$1,000.00	$1,068.29	$4.08

Hypothetical (5% return per year before expenses)	$1,000.00	$1,021.19	$3.99

* Expenses are equal to the Fund’s annualized expense ratio of 0.78%, multiplied by the average account value over the period, multiplied by 184/366 (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.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors of Calvert Variable Products, Inc. and Shareholders of Calvert VP Natural Resources Portfolio:

We have audited the accompanying statement of net assets of the Calvert VP Natural Resources Portfolio (the Portfolio), a series of Calvert Variable Products, Inc., as of December 31, 2012, 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 five-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.

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, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

February 25, 2013

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 7


STATEMENT OF NET ASSETS
DECEMBER 31, 2012


EXCHANGE TRADED PRODUCTS - 98.8%		SHARES		VALUE
Guggenheim Timber Index ETF		79,000	$	1,614,760
iPath Dow Jones-UBS Commodity Index Total Return ETN*		302,000		12,487,700
iShares Dow Jones US Utilities Sector Index ETF		25,000		2,159,000
iShares S&P Global Materials Sector Index ETF		35,000		2,185,750
iShares S&P North American Natural Resources Sector Index ETF		333,000		12,707,280
Market Vectors Gold Miners ETF		36,000		1,670,040
PowerShares DB Commodity Index Tracking Fund*		449,000		12,473,220
PowerShares Water Resources Portfolio ETF		79,000		1,639,250
Vanguard Materials ETF		58,000		4,884,180
Vanguard REIT ETF		33,000		2,171,400

Total Exchange Traded Products (Cost $53,729,976)				53,992,580


		PRINCIPAL
TIME DEPOSIT - 1.6%		AMOUNT
State Street Bank Time Deposit, 0.12%, 1/2/13	$	868,393		868,393

Total Time Deposit (Cost $868,393)				868,393



TOTAL INVESTMENTS (Cost $54,598,369) - 100.4%				54,860,973
Other assets and liabilities, net - (0.4%)				(196,450	)
NET ASSETS - 100%			$	54,664,523


NET ASSETS CONSIST OF:
Paid-in capital applicable to 1,072,188 shares of common stock outstanding;
$0.10 par value, 20,000,000 shares authorized			$	54,835,996
Undistributed net investment income				98,758
Accumulated net realized gain (loss)				(532,835	)
Net unrealized appreciation (depreciation)				262,604


NET ASSETS			$	54,664,523

NET ASSET VALUE PER SHARE			$	50.98

* Non-income producing security.

Abbreviations:
ETF: Exchange-traded fund
ETN: Exchange-traded note
REIT: Real Estate Investment Trust

See notes to financial statements.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 8


STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2012


NET INVESTMENT INCOME
Investment Income:
Dividend income	$	510,446
Interest income		690
Total investment income		511,136

Expenses:
Investment advisory fee		289,663
Transfer agency fees and expenses		1,809
Accounting fees		8,514
Directors’ fees and expenses		9,679
Administrative fees		52,666
Custodian fees		6,207
Reports to shareholders		24,364
Professional fees		20,649
Miscellaneous		2,948
Total expenses		416,499
Reimbursement from Advisor		(4,087	)
Fees paid indirectly		(36	)
Net expenses		412,376


NET INVESTMENT INCOME		98,760


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)		2,542,107
Change in unrealized appreciation (depreciation)		(21,712	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		2,520,395

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	2,619,155

See notes to financial statements.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 9


STATEMENTS OF CHANGES IN NET ASSETS


	YEAR ENDED		YEAR ENDED
	DECEMBER 31,		DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS	2012		2011
Operations:
Net investment income	$98,760		$136,213
Net realized gain (loss)	2,542,107		2,318,207
Change in unrealized appreciation (depreciation)	(21,712	)	(7,866,105	)



INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	2,619,155		(5,411,685	)

Distributions to shareholders from:
Net investment income	(9,016	)	(159,240	)
Net realized gain	(1,328,994	)	—
Total distributions	(1,338,010	)	(159,240	)

Capital share transactions:
Shares sold	11,351,075		18,553,487
Reinvestment of distributions	1,338,010		159,240
Shares redeemed	(8,051,767	)	(6,764,050	)
Total capital share transactions	4,637,318		11,948,677


TOTAL INCREASE (DECREASE) IN NET ASSETS	5,918,463		6,377,752


NET ASSETS
Beginning of year	48,746,060		42,368,308
End of year (including undistributed net investment income
of $98,758 and $85,016, respectively)	$54,664,523		$48,746,060


CAPITAL SHARE ACTIVITY
Shares sold	223,041		335,955
Reinvestment of distributions	26,590		3,200
Shares redeemed	(155,452	)	(122,655	)
Total capital share activity	94,179		216,500

See notes to financial statements.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 10

NOTES TO FINANCIAL STATEMENTS

NOTE A –- SIGNIFICANT ACCOUNTING POLICIES

General: Calvert VP Natural Resources Portfolio (the “Portfolio”), a series of Calvert Variable Products, Inc. (the “Fund”), is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund is comprised of nine separate portfolios. The operations of each series of the Fund are accounted for separately. Shares of the Portfolio are sold without sales charge 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 exposure.

Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.

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

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 11

Exchange traded funds and notes are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, the market value does not constitute a readily available market quotation, or if a sig-nificant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by the Valuation Committee.

At December 31, 2012, no securities were fair valued in good faith under the direction of the Board.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2012:

��		VALUATION INPUTS
INVESTMENTS IN SECURITIES*	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Exchange traded funds & notes	$53,992,580	—	—	$53,992,580
Other debt obligations	—	$868,393	—	868,393
TOTAL	$53,992,580	$868,393	—	$54,860,973

* For a complete listing of investments, please refer to the Statement of Net Assets.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 12

Security Transactions and Investment Income: Security transactions, normally related to shares of the Underlying Funds, are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Income and capital gain distributions from the Underlying Funds, if any, are recorded on 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. 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 Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as 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, $25,017 was payable at year end. In addition, $12,744 was payable at year end for operating expenses paid by the Advisor during December 2012.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 13

The Advisor has contractually agreed to limit net annual portfolio operating expenses through April 30, 2013. The contractual expense cap is .79% (.77% prior to May 1, 2012). For the purpose of this expense limit, operating expenses do not include expenses associated with the Underlying Funds, interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Portfolio for an annual fee, payable monthly, of .10% of the Portfolio’s average daily net assets. Under the terms of the agreement, $4,549 was payable at year end.

NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION

During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $22,800,085 and $19,407,840, respectively.

The tax character of dividends and distributions paid during the years ended December 31, 2012 and December 31, 2011 was as follows:

Distributions paid from:	2012	2011
Ordinary income	$309,960	$159,240
Long term capital gain	1,028,050	—
Total	$1,338,010	$159,240

As of December 31, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:

Unrealized appreciation	$584,950
Unrealized (depreciation)	(1,208,550	)
Net unrealized appreciation/(depreciation)	($623,600	)
Undistributed ordinary income	$98,758
Undistributed long term capital gain	$353,369

Federal income tax cost of investments	$55,484,573

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 14

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

Undistributed net investment income	($76,002	)
Accumulated net realized gain (loss)	76,002

NOTE D — LINE OF CREDIT

A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Portfolio had no loans outstanding pursuant to this line of credit at December 31, 2012.

For the year ended December 31, 2012, 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
$8,954	1.45%	$1,149,930	May 2012

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of December 31, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 15


FINANCIAL HIGHLIGHTS


			YEARS ENDED
	DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
	2012		2011		2010	(z)
Net asset value, beginning	$49.84		$55.64		$47.61
Income from investment operations:
Net investment income	.08		.10		.47
Net realized and unrealized gain (loss)	2.35		(5.74	)	7.73
Total from investment operations	2.43		(5.64	)	8.20
Distributions from:
Net investment income	(.01	)	(.16	)	(.17	)
Net realized gain	(1.28	)	—		—
Total distributions	(1.29	)	(.16	)	(.17	)
Total increase (decrease) in net asset value	1.14		(5.80	)	8.03
Net asset value, ending	$50.98		$49.84		$55.64

Total return*	4.90	%	(10.13	%)	17.22	%
Ratios to average net assets: A,B
Net investment income	.19	%	.29	%	.98	%
Total expenses	.79	%	.84	%	.87	%
Expenses before offsets	.78	%	.76	%	.75	%
Net expenses	.78	%	.76	%	.75	%
Portfolio turnover	37	%	28	%	30	%
Net assets, ending (in thousands)	$54,665		$48,746		$42,368


			YEARS ENDED
			DECEMBER 31,		DECEMBER 31,
			2009	(z)	2008
Net asset value, beginning			$36.42		$60.90
Income from investment operations:
Net investment income			.08		.10
Net realized and unrealized gain (loss)			11.22		(24.46	)
Total from investment operations			11.30		(24.36	)
Distributions from:
Net investment income			(.11	)	(.12	)
Total distributions			(.11	)	(.12	)
Total increase (decrease) in net asset value			11.19		(24.48	)
Net asset value, ending			$47.61		$36.42

Total return*			31.04	%	(40.03	%)
Ratios to average net assets: A,B
Net investment income			.20	%	.40	%
Total expenses			.90	%	1.38	%
Expenses before offsets			.75	%	.75	%
Net expenses			.75	%	.75	%
Portfolio turnover			35	%	101	%
Net assets, ending (in thousands)			$17,369		$7,674

See notes to financial highlights.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 16

A Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before
offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses
are net of all reductions and represent the net expenses paid by the portfolio.

B Amounts do not include the activity of the Underlying Funds.

(z) Per share figures are calculated using the Average Shares Method.

* Total return is not annualized for periods of less than one year and does not reflect charges and expenses of the variable annuity or variable
universal life contract.

See notes to financial statements.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT 17

EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF NET ASSETS

STATEMENT OF OPERATIONS

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 18

STATEMENT OF CHANGES IN NET ASSETS

FINANCIAL HIGHLIGHTS

PROXY VOTING

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 19

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACTS

At a meeting held on December 12, 2012, the Board of Directors, and by a separate vote, the disinterested Directors, approved the continuance of the Investment Advisory Agreement between the Portfolio and the Advisor and the Investment Subadvisory Agreement between the Advisor and the Subadvisor with respect to the Portfolio.

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

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

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 20

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- and five-year periods ended June 30, 2012, and below the median of its peer universe for the three-year period ended June 30, 2012. The data also indicated that the Portfolio outperformed its Lipper index for the one- and five-year periods ended June 30, 2012, and underperformed its Lipper index for the three-year period ended June 30, 2012. The Board took into account management’s discussion of the limitations on the passive and active benchmarks against which the Portfolio’s performance was measured as well as the Portfolio’s recent performance. Based upon its review, the Board concluded that the Portfolio’s performance was satisfactory.

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

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 21

subadvisory fee to the Subadvisor, an affiliate of the Advisor, and that the Advisor had reimbursed a portion of the 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, 2012 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.

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 22

CONCLUSIONS

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

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

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

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 23

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 24

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 25

www.calvert.com CALVERT VP NATURAL RESOURCES PORTFOLIO ANNUAL REPORT (UNAUDITED) 26

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 12/31/11		Fiscal Year ended 12/31/12
	$	%*	$	% *

(a) Audit Fees	$166,320	0%	$166,320	0%
(b) Audit-Related Fees	$0	0%	$0	0%
(c) Tax Fees (tax return preparation and filing for the registrant)	$25,380	0%	$25,380	0%
(d) All Other Fees	$0	0%	$0	0%

Total	$191,700	0%	$191,700	0%

* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve)

(e) Audit Committee pre-approval policies and procedures:

The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment advisor in each instance.

(f) Not applicable.

(g) Aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:

Fiscal Year ended 12/31/11		Fiscal Year ended 12/31/12
$	%*	$	% *

$42,500	0%	$15,000	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 registrant's 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, 2013

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, 2013

__/s/ Ronald M. Wolfsheimer_________

Ronald M. Wolfsheimer

Treasurer -- Principal Financial Officer

Date: March 1, 2013

Calvert Variable Products N-CSRCertified annual shareholder report (management investment company)

FORM N-CSR

Item 6. Schedule of Investments.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.