Calvert VP EAFE International Index Portfolio Semiannual Report June 30, 2021 Commodity Futures Trading Commission Registration

Calvert VP EAFE International Index Portfolio Semiannual Report June 30, 2021 Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

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

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745. Semiannual Report June 30, 2021 Calvert VP EAFE International Index Portfolio

Table of Contents Performance 2 Fund Profile 3 Endnotes and Additional Disclosures 4 Fund Expenses 5 Financial Statements 6 Joint Special Meeting of Shareholders 29 Liquidity Risk Management Program 30 Officers and Directors 31 Privacy Notice 32 Important Notices 34 Calvert VP EAFE International Index Portfolio June 30, 2021

Performance Portfolio Manager Thomas Seto of Calvert Research and Management

Class Performance % Average Annual Total Returns1,2 Inception Date Inception Date Six Months One Year Five Years Ten Years Class I at NAV 11/12/2002 11/12/2002 8.72% 31.37% 9.75% 5.23% Class F at NAV 12/17/2007 11/12/2002 8.62 31.11 9.51 4.99 ································································································································································································································································································································ MSCI EAFE Index — — 8.83% 32.35% 10.27% 5.89%

% Total Annual Operating Expense Ratios3 Class I Class F Gross 0.74% 0.94% Net 0.48 0.68

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

2 Calvert VP EAFE International Index Portfolio June 30, 2021

Fund Profile Sector Allocation (% of net assets)* Top 10 Holdings (% of net assets)*

Financials 16.8% Nestle S.A. 2.1% Industrials 15.4 ASML Holding NV 1.7 Roche Holding AG PC 1.6 Consumer Discretionary 13.0 LVMH Moet Hennessy Louis Vuitton SE 1.3 Health Care 12.3 Novartis AG 1.2 Consumer Staples 10.5 Toyota Motor Corp. 1.1 Information Technology 9.1 AstraZeneca PLC 0.9 Materials 7.9 Unilever PLC 0.9 Communication Services 4.8 AIA Group, Ltd. 0.9 Utilities 3.4 SAP SE 0.9 Energy 3.2 Total 12.6% Real Estate 3.0

* Excludes cash and cash equivalents. * Excludes cash and cash equivalents.

See Endnotes and Additional Disclosures in this report.

3 Calvert VP EAFE International Index Portfolio June 30, 2021

Endnotes and Additional Disclosures

1 MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

3 Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/22. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

4 Calvert VP EAFE International Index Portfolio June 30, 2021

Fund Expenses

Example

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 to June 30, 2021). Actual Expenses The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investmentinthe Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher.

Beginning Ending Expenses Paid Annualized Account Value Account Value During Period* Expense (1/1/21) (6/30/21) (1/1/21 – 6/30/21) Ratio Actual Class I $1,000.00 $1,087.20 $2.48** 0.48% Class F $1,000.00 $1,086.20 $3.52** 0.68%

Hypothetical (5% return per year before expenses) Class I $1,000.00 $1,022.41 $2.41** 0.48% Class F $1,000.00 $1,021.42 $3.41** 0.68% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2020. Expenses shown do not include insurance-related charges. ** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

5 Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited)

Common Stocks — 99.4% Security Shares Value Australia (continued) Security Shares Value Australia — 7.0% Seek, Ltd. 2,474 $ 61,501 Sonic Healthcare, Ltd. 3,614 104,139 Afterpay, Ltd.(1)(2) 1,693 $ 150,271 South32, Ltd. 39,130 85,811 AGL Energy, Ltd. 5,138 31,567 Stockland 19,317 67,267 Ampol, Ltd. 1,867 39,516 Suncorp Group, Ltd. 10,030 83,502 APA Group(2) 9,428 62,909 Sydney Airport(1)(2) 10,017 43,464 Aristocrat Leisure, Ltd. 4,401 142,075 Tabcorp Holdings, Ltd. 15,814 61,357 (2) 1,431 83,421 ASX, Ltd. Telstra Corp., Ltd. 33,270 93,834 Aurizon Holdings, Ltd. 13,234 36,861 Transurban Group(2) 21,018 224,159 AusNet Services, Ltd. 15,503 20,319 Treasury Wine Estates, Ltd. 5,227 45,769 Australia & New Zealand Banking Group, Ltd. 21,979 463,931 Vicinity Centres 26,887 31,000 BHP Group, Ltd. 22,789 829,071 Washington H. Soul Pattinson & Co., Ltd.(2) 1,000 25,289 BlueScope Steel, Ltd. 3,687 60,584 Wesfarmers, Ltd. 8,792 389,776 Brambles, Ltd. 11,380 97,663 Westpac Banking Corp. 28,515 551,817 (2) 497 93,768 Cochlear, Ltd. WiseTech Global, Ltd. 995 23,777 Coles Group, Ltd. 10,242 131,197 Woodside Petroleum, Ltd. 7,630 127,052 Commonwealth Bank of Australia 13,823 1,035,102 Woolworths Group, Ltd. 9,763 279,382 Computershare, Ltd. 4,516 57,237 $ 9,244,613 Crown Resorts, Ltd.(1)(2) 2,437 21,752 CSL, Ltd. 3,549 759,019 Austria — 0.2% Dexus 9,023 71,929 Erste Group Bank AG 2,078 $ 76,390 Domino’s Pizza Enterprises, Ltd. 498 45,033 OMV AG 1,058 60,377 Endeavour Group, Ltd.(1) 9,763 46,054 Raiffeisen Bank International AG 1,194 27,102 Evolution Mining, Ltd. 13,620 46,018 Verbund AG 502 46,245 Fortescue Metals Group, Ltd. 13,023 227,498 Voestalpine AG 996 40,626 Goodman Group 12,738 201,587 $ 250,740 GPT Group (The) 14,328 52,414 Belgium — 0.9% Insurance Australia Group, Ltd.(2) 18,559 71,758 Lendlease Corp., Ltd.(2) 5,044 43,342 Ageas S.A./NV 1,428 $ 79,355 Macquarie Group, Ltd. 2,720 318,679 Anheuser-Busch InBev S.A./NV 5,942 428,352 Magellan Financial Group, Ltd.(2) 1,187 47,940 Elia Group S.A./NV(2) 260 27,445 Medibank Pvt, Ltd. 21,199 50,259 Etablissements Franz Colruyt NV 493 27,583 Mirvac Group 32,152 70,103 Groupe Bruxelles Lambert S.A. 917 102,678 National Australia Bank, Ltd. 25,946 510,068 KBC Group NV 1,859 141,937 Newcrest Mining, Ltd. 6,199 117,557 Proximus S.A. 1,301 25,147 Northern Star Resources, Ltd. 9,013 66,193 Sofina S.A. 130 56,167 Oil Search, Ltd. 14,805 42,296 Solvay S.A. 606 77,134 Orica, Ltd.(2) 3,401 33,824 UCB S.A. 1,003 105,046 Origin Energy, Ltd. 14,411 48,669 Umicore S.A. 1,462 89,442 (1) Qantas Airways, Ltd. 7,283 25,425 $ 1,160,286 QBE Insurance Group, Ltd. 11,557 93,260 Denmark — 2.6% Ramsay Health Care, Ltd.(2) 1,442 68,035 REA Group, Ltd. 374 47,389 Ambu A/S, Class B 1,373 $ 52,830 Reece, Ltd.(2) 2,401 42,519 AP Moller - Maersk A/S, Class A 24 66,759 Rio Tinto, Ltd. 2,874 272,471 AP Moller - Maersk A/S, Class B 47 135,309 Santos, Ltd. 15,361 81,590 Carlsberg A/S, Class B 793 147,987 Scentre Group 42,781 87,544 Chr. Hansen Holding A/S 842 75,977

6 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Denmark (continued) France (continued) Coloplast A/S, Class B 880 $ 144,481 Cie de Saint-Gobain(1) 3,853 $ 254,282 Danske Bank A/S 5,328 93,831 Cie Generale des Etablissements Michelin SCA 1,289 205,718 Demant A/S(1) 798 44,971 CNP Assurances 1,220 20,793 DSV Panalpina A/S 1,634 381,438 Covivio 345 29,535 Genmab A/S(1) 504 206,510 Credit Agricole S.A. 9,189 128,826 GN Store Nord A/S 974 85,176 Danone S.A. 5,082 357,544 Novo Nordisk A/S, Class B 13,415 1,122,951 Dassault Aviation S.A. 17 20,026 Novozymes A/S, Class B 1,592 120,116 Dassault Systemes SE 1,013 245,851 Orsted A/S(3) 1,476 207,173 Edenred 1,978 112,779 Pandora A/S 798 107,661 Eiffage S.A. 616 62,744 ROCKWOOL International A/S, Class B 61 29,708 Electricite de France S.A. 3,598 49,171 Tryg A/S 2,723 66,884 Engie S.A. 14,078 193,046 Vestas Wind Systems A/S 7,954 310,779 EssilorLuxottica S.A. 2,250 415,650 $ 3,400,541 Eurazeo SE 286 24,936 Eurofins Scientific SE(1) 1,075 122,957 Finland — 1.2% Faurecia SE(1) 714 35,100 Elisa Oyj 1,026 $ 61,227 Gecina S.A. 366 56,075 Fortum Oyj 3,297 90,953 Getlink SE 3,525 55,051 Kesko Oyj, Class B 2,174 80,278 Hermes International 244 356,072 Kone Oyj, Class B 2,644 215,788 Iliad S.A. 130 19,047 Neste Oyj 3,281 201,263 Ipsen S.A. 305 31,737 (1) Nokia Oyj 43,206 231,487 Kering S.A. 590 516,968 Nordea Bank Abp 24,852 276,750 Klepierre S.A. 1,482 38,182 (2) Orion Oyj, Class B 819 35,212 La Francaise des Jeux SAEM(3) 723 42,525 Sampo Oyj, Class A 3,912 179,892 Legrand S.A. 2,068 219,173 Stora Enso Oyj, Class R 4,366 79,727 L’Oreal S.A. 1,964 877,110 UPM-Kymmene Oyj 4,106 155,444 LVMH Moet Hennessy Louis Vuitton SE 2,171 1,707,832 Wartsila Oyj Abp 3,830 56,903 Natixis S.A.(1) 7,719 36,671 $ 1,664,924 Orange S.A. 15,668 178,816 (1) France — 10.8% Orpea S.A. 435 55,381 Pernod-Ricard S.A. 1,643 365,177 Accor S.A.(1) 1,534 $ 57,377 Publicis Groupe S.A. 1,677 107,320 Aeroports de Paris(1)(2) 234 30,544 Remy Cointreau S.A.(2) 149 30,772 Air Liquide S.A. 3,655 640,904 Renault S.A.(1) 1,531 62,063 Alstom S.A.(1) 2,153 108,782 Safran S.A. 2,662 369,440 Amundi S.A.(3) 448 39,513 Sanofi 8,849 929,699 ArcelorMittal S.A.(1)(2) 5,460 168,097 Sartorius Stedim Biotech 208 98,444 Arkema S.A. 475 59,700 Schneider Electric SE 4,179 658,797 Atos SE 785 47,801 SCOR SE(1) 1,124 35,783 AXA S.A. 14,963 379,946 SEB S.A. 192 34,733 BioMerieux 321 37,297 Societe Generale S.A. 6,476 191,569 BNP Paribas S.A. 8,728 547,766 Sodexo S.A.(1) 722 67,478 Bollore S.A. 6,375 34,198 Suez S.A. 2,884 68,614 Bouygues S.A. 1,786 66,153 Teleperformance 446 181,116 Bureau Veritas S.A.(1) 2,318 73,396 Thales S.A. 840 85,829 Capgemini SE 1,239 238,276 TotalEnergies SE 19,511 883,883 Carrefour S.A. 4,895 96,331 Ubisoft Entertainment S.A.(1) 727 50,794

7 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value France (continued) Germany (continued) Unibail-Rodamco-Westfield(1) 1,030 $ 89,297 LEG Immobilien SE 523 $ 75,289 Valeo S.A. 1,737 52,394 Merck KGaA 995 190,917 Veolia Environnement S.A. 4,354 131,625 MTU Aero Engines AG 398 98,682 Vinci S.A. 4,142 442,771 Muenchener Rueckversicherungs-Gesellschaft AG 1,083 296,808 Vivendi SE 5,507 185,030 Nemetschek SE 486 37,202 Wendel SE 198 26,645 Porsche Automobil Holding SE, PFC Shares 1,133 121,628 Worldline S.A.(1)(3) 1,671 156,580 Puma SE 797 95,123 $ 14,401,532 Rational AG 41 37,145 RWE AG 4,927 178,639 Germany — 9.3% SAP SE 8,177 1,148,539 adidas AG 1,475 $ 550,407 Sartorius AG, PFC Shares 203 105,663 Allianz SE 3,234 807,067 Scout24 AG(3) 615 51,890 Aroundtown S.A. 8,106 63,245 Siemens AG 5,974 948,544 BASF SE 7,119 561,972 Siemens Energy AG(1) 3,088 93,020 Bayer AG 7,736 470,312 Siemens Healthineers AG(3) 2,024 124,098 Bayerische Motoren Werke AG 2,554 270,764 Symrise AG 968 134,897 Bayerische Motoren Werke AG, PFC Shares 409 36,793 TeamViewer AG(1)(3) 1,345 50,514 Bechtle AG 220 40,889 Telefonica Deutschland Holding AG(3) 7,582 20,014 Beiersdorf AG 754 91,012 Uniper SE 708 26,085 Brenntag SE 1,248 116,154 United Internet AG 763 31,204 Carl Zeiss Meditec AG 333 64,371 Volkswagen AG 232 76,250 (1) Commerzbank AG 8,316 59,058 Volkswagen AG, PFC Shares 1,446 362,558 (1) Continental AG 892 131,232 Vonovia SE 4,262 275,434 (3) Covestro AG 1,407 90,974 Zalando SE(1)(3) 1,307 158,068 Daimler AG 6,697 598,434 $ 12,340,206 Delivery Hero SE(1)(3) 1,234 163,044 Deutsche Bank AG(1) 16,163 210,728 Hong Kong — 3.2% Deutsche Boerse AG 1,467 256,059 AIA Group, Ltd. 94,366 $ 1,170,664 Deutsche Lufthansa AG(1) 2,376 26,720 Bank of East Asia, Ltd. (The) 11,110 20,632 Deutsche Post AG 7,797 531,012 BOC Hong Kong Holdings, Ltd. 29,956 101,530 Deutsche Telekom AG 26,054 551,042 Budweiser Brewing Co. APAC, Ltd.(3) 12,300 38,730 Deutsche Wohnen SE 2,593 158,661 Chow Tai Fook Jewellery Group, Ltd. 16,800 38,385 E.ON SE 17,390 201,197 CK Asset Holdings, Ltd. 18,709 128,774 Evonik Industries AG 1,690 56,739 CK Hutchison Holdings, Ltd. 21,347 166,182 Fresenius Medical Care AG & Co. KGaA 1,614 134,117 CK Infrastructure Holdings, Ltd. 4,104 24,447 Fresenius SE & Co. KGaA 3,202 167,112 CLP Holdings, Ltd. 13,122 129,683 Fuchs Petrolub SE, PFC Shares 612 29,783 ESR Cayman, Ltd.(1)(3) 13,600 45,856 GEA Group AG 1,175 47,611 Futu Holdings, Ltd.(1) 406 72,711 Hannover Rueck SE 489 81,862 Galaxy Entertainment Group, Ltd.(1) 16,913 135,238 HeidelbergCement AG 1,195 102,599 Hang Lung Properties, Ltd. 14,000 33,954 HelloFresh SE(1) 1,318 128,122 Hang Seng Bank, Ltd. 6,140 122,479 Henkel AG & Co. KGaA 829 76,342 Henderson Land Development Co., Ltd. 11,806 55,869 Henkel AG & Co. KGaA, PFC Shares 1,353 142,896 HK Electric Investments & HK Electric Investments, Ltd. 20,027 20,294 Infineon Technologies AG 10,098 406,174 HKT Trust & HKT, Ltd. 33,020 44,976 KION Group AG 600 64,056 Hong Kong & China Gas Co., Ltd. 83,675 129,924 Knorr-Bremse AG 597 68,689 Hong Kong Exchanges & Clearing, Ltd. 9,406 559,937 Lanxess AG 652 44,746 Hongkong Land Holdings, Ltd. 9,294 44,262

8 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Hong Kong (continued) Italy (continued) Jardine Matheson Holdings, Ltd. 1,619 $ 103,486 Assicurazioni Generali SpA 8,378 $ 168,203 Link REIT 15,789 152,764 Atlantia SpA(1) 3,751 68,111 Melco Resorts & Entertainment Ltd. ADR(1) 1,471 24,374 Davide Campari-Milano NV 4,524 60,640 MTR Corp., Ltd. 12,481 69,494 DiaSorin SpA 212 40,114 New World Development Co., Ltd. 12,107 62,786 Enel SpA 63,649 591,482 Power Assets Holdings, Ltd. 11,042 67,754 Eni SpA 19,584 238,759 Sands China, Ltd.(1) 19,483 82,007 Ferrari NV 971 200,459 Sino Land Co., Ltd. 23,433 36,941 FinecoBank Banca Fineco SpA(1) 4,632 80,834 SJM Holdings, Ltd.(1) 15,000 16,374 Infrastrutture Wireless Italiane SpA(2)(3) 2,913 32,895 Sun Hung Kai Properties, Ltd. 10,152 150,878 Intesa Sanpaolo SpA 129,469 358,155 Swire Pacific, Ltd., Class A 4,537 30,741 Mediobanca Banca di Credito Finanziario SpA(1) 4,446 52,019 Swire Properties, Ltd. 8,529 25,405 Moncler SpA 1,437 97,411 Techtronic Industries Co., Ltd. 10,525 183,419 Nexi SpA(1)(3) 3,168 69,618 WH Group, Ltd.(2)(3) 70,549 63,325 Poste Italiane SpA(3) 4,086 54,080 Wharf Real Estate Investment Co., Ltd. 13,118 76,255 Prysmian SpA 1,988 71,341 Wynn Macau, Ltd.(1) 13,891 21,849 Recordati Industria Chimica e Farmaceutica SpA(2) 757 43,302 Xinyi Glass Holdings, Ltd. 14,000 57,042 Snam SpA 16,457 95,200 (2) $ 4,309,421 Telecom Italia SpA 65,121 32,402 Telecom Italia SpA, PFC Shares 46,896 24,876 Ireland — 1.0% Tenaris S.A. 3,576 39,122 CRH PLC 6,047 $ 305,805 Terna SpA 11,610 86,584 DCC PLC 788 64,549 UniCredit SpA 16,782 198,408 Experian PLC 7,036 271,654 $ 2,752,915 Flutter Entertainment PLC(1) 1,260 228,471 James Hardie Industries PLC CDI 3,369 114,317 Japan — 23.2% Kerry Group PLC, Class A 1,223 170,988 ABC-Mart, Inc. 336 $ 19,325 Kingspan Group PLC 1,176 111,147 Acom Co., Ltd. 4,068 17,750 Smurfit Kappa Group PLC 1,810 98,434 Advantest Corp. 1,600 143,659 $ 1,365,365 AEON Co., Ltd. 5,248 140,881 AGC, Inc.(2) 1,556 65,182 Israel — 0.6% Aisin Corp. 1,252 53,683 Azrieli Group, Ltd. 315 $ 22,195 Ajinomoto Co., Inc. 3,399 88,305 (1) Bank Hapoalim B.M. 9,053 72,683 ANA Holdings, Inc.(1) 1,383 32,503 (1) Bank Leumi Le-Israel B.M. 11,623 88,320 Asahi Group Holdings, Ltd.(2) 3,515 164,287 (1) Check Point Software Technologies, Ltd. 841 97,665 Asahi Intecc Co., Ltd.(2) 1,600 38,254 (1) CyberArk Software, Ltd. 327 42,598 Asahi Kasei Corp. 10,170 111,780 Elbit Systems, Ltd. 215 27,853 Astellas Pharma, Inc. 14,301 249,219 ICL Group, Ltd. 5,940 40,306 Azbil Corp. 1,000 41,437 (1) Israel Discount Bank, Ltd., Class A 9,880 47,067 Bandai Namco Holdings, Inc. 1,537 106,375 (1) Mizrahi Tefahot Bank, Ltd. 995 30,651 Bridgestone Corp.(2) 4,484 203,808 (1) Nice, Ltd. 498 122,923 Brother Industries, Ltd. 1,905 38,049 (1) Teva Pharmaceutical Industries, Ltd. ADR 8,820 87,318 Canon, Inc.(2) 7,600 171,775 (1) Wix.com, Ltd. 433 125,691 Capcom Co., Ltd. 1,400 40,920 $ 805,270 Casio Computer Co., Ltd. 1,531 25,690 Italy — 2.1% Central Japan Railway Co. 1,159 176,111 Chiba Bank, Ltd. (The) 4,141 25,028 Amplifon SpA 989 $ 48,900 Chubu Electric Power Co., Inc. 5,369 65,688

9 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Japan (continued) Japan (continued) Chugai Pharmaceutical Co., Ltd.(2) 5,246 $ 207,934 ITOCHU Corp. 9,248 $ 266,848 Concordia Financial Group, Ltd. 8,031 29,512 Itochu Techno-Solutions Corp. 700 21,655 Cosmos Pharmaceutical Corp. 200 29,386 Japan Airlines Co., Ltd.(1) 1,320 28,582 CyberAgent, Inc. 3,200 68,535 Japan Exchange Group, Inc. 4,118 91,732 Dai Nippon Printing Co., Ltd. 2,105 44,545 Japan Metropolitan Fund Investment Corp. 60 65,038 Daifuku Co., Ltd. 800 72,582 Japan Post Bank Co., Ltd. 3,400 28,595 Dai-ichi Life Holdings, Inc. 8,013 147,433 Japan Post Holdings Co., Ltd. 12,500 102,672 Daiichi Sankyo Co., Ltd. 13,300 286,922 Japan Post Insurance Co., Ltd. 2,000 37,006 Daikin Industries, Ltd. 1,958 364,873 Japan Real Estate Investment Corp. 10 61,415 Daito Trust Construction Co., Ltd. 516 56,297 Japan Tobacco, Inc.(2) 9,134 172,617 Daiwa House Industry Co., Ltd. 4,332 130,257 JFE Holdings, Inc. 4,025 47,221 Daiwa House REIT Investment Corp. 16 47,083 JSR Corp. 1,459 44,320 Daiwa Securities Group, Inc. 12,125 66,610 Kajima Corp. 3,581 45,442 Denso Corp. 3,334 227,350 Kakaku.com, Inc. 955 28,730 Dentsu Group, Inc.(2) 1,805 64,759 Kansai Electric Power Co., Inc. (The) 5,178 49,407 Disco Corp. 200 60,810 Kansai Paint Co., Ltd. 1,523 38,876 East Japan Railway Co. 2,350 167,588 Kao Corp.(2) 3,801 234,370 Eisai Co., Ltd. 1,951 191,739 KDDI Corp. 12,367 385,302 ENEOS Holdings, Inc. 24,938 104,510 Keio Corp. 779 45,856 FANUC Corp. 1,562 374,564 Keisei Electric Railway Co., Ltd. 1,005 32,128 Fast Retailing Co., Ltd. 500 375,844 Keyence Corp. 1,560 785,652 Fuji Electric Co., Ltd. 1,041 48,591 Kikkoman Corp.(2) 1,201 79,204 FUJIFILM Holdings Corp. 2,727 201,712 Kintetsu Group Holdings Co., Ltd.(1) 1,346 47,311 Fujitsu, Ltd. 1,552 290,378 Kirin Holdings Co., Ltd.(2) 6,326 123,457 GLP J-REIT 31 53,411 Kobayashi Pharmaceutical Co., Ltd.(2) 400 34,202 GMO Payment Gateway, Inc. 300 38,962 Kobe Bussan Co., Ltd.(2) 1,000 31,506 Hakuhodo DY Holdings, Inc. 1,578 24,577 Koei Tecmo Holdings Co., Ltd. 520 25,281 Hamamatsu Photonics K.K. 1,151 69,335 Koito Manufacturing Co., Ltd. 747 46,480 Hankyu Hanshin Holdings, Inc. 1,862 57,476 Komatsu, Ltd. 6,946 172,077 Harmonic Drive Systems, Inc.(2) 300 16,488 Konami Holdings Corp. 751 44,977 Hikari Tsushin, Inc.(2) 219 38,488 Kose Corp. 308 48,386 Hino Motors, Ltd. 2,636 23,316 Kubota Corp.(2) 8,011 162,060 Hirose Electric Co., Ltd. 242 35,403 Kurita Water Industries, Ltd. 732 35,186 Hisamitsu Pharmaceutical Co., Inc. 330 16,294 Kyocera Corp. 2,548 157,416 Hitachi Construction Machinery Co., Ltd. 796 24,378 Kyowa Kirin Co., Ltd.(2) 1,944 69,139 Hitachi Metals, Ltd.(1) 1,286 24,575 Lasertec Corp. 600 116,055 Hitachi, Ltd. 7,484 428,887 Lawson, Inc. 500 23,158 Honda Motor Co., Ltd. 12,601 405,289 Lion Corp.(2) 1,722 29,189 Hoshizaki Corp. 416 35,340 Lixil Corp. 2,113 54,679 HOYA Corp. 2,923 386,626 M3, Inc. 3,458 251,944 Hulic Co., Ltd.(2) 2,340 26,287 Makita Corp. 1,748 82,308 Ibiden Co., Ltd. 900 48,441 Marubeni Corp. 12,333 107,401 Idemitsu Kosan Co., Ltd. 1,684 40,687 Mazda Motor Corp.(1) 4,510 42,550 Iida Group Holdings Co., Ltd. 1,100 28,294 McDonald’s Holdings Co. (Japan), Ltd.(2) 577 25,426 INPEX Corp.(2) 8,491 63,550 Medipal Holdings Corp. 1,645 31,450 Isuzu Motors, Ltd. 4,355 57,789 MEIJI Holdings Co., Ltd. 867 51,955 Ito En, Ltd.(2) 400 23,740 Mercari, Inc.(1)(2) 900 47,577

10 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Japan (continued) Japan (continued) MINEBEA MITSUMI, Inc. 2,859 $ 75,539 Obayashi Corp. 5,320 $ 42,415 MISUMI Group, Inc. 2,280 77,159 Obic Co., Ltd. 560 104,148 Mitsubishi Chemical Holdings Corp. 10,522 88,532 Odakyu Electric Railway Co., Ltd.(2) 2,305 58,302 Mitsubishi Corp. 9,790 267,426 Oji Holdings Corp. 6,573 37,773 Mitsubishi Electric Corp. 14,060 204,112 Olympus Corp. 9,076 180,530 Mitsubishi Estate Co., Ltd. 9,168 148,188 Omron Corp. 1,463 115,836 Mitsubishi Gas Chemical Co., Inc. 1,148 24,326 Ono Pharmaceutical Co., Ltd. 3,005 67,012 Mitsubishi HC Capital, Inc. 5,566 29,848 Oracle Corp. Japan 289 22,082 Mitsubishi Heavy Industries, Ltd. 2,544 75,104 Oriental Land Co., Ltd. 1,524 217,118 Mitsubishi UFJ Financial Group, Inc.(4) 95,076 512,104 ORIX Corp. 9,502 160,599 Mitsui & Co., Ltd. 12,375 278,756 Orix JREIT, Inc. 18 34,555 Mitsui Chemicals, Inc. 1,475 50,987 Osaka Gas Co., Ltd. 3,123 58,272 Mitsui Fudosan Co., Ltd. 7,031 162,583 Otsuka Corp. 864 45,291 Miura Co., Ltd. 700 30,396 Otsuka Holdings Co., Ltd.(2) 3,152 130,877 Mizuho Financial Group, Inc. 18,700 268,018 Pan Pacific International Holdings Corp.(2) 3,336 69,372 MonotaRO Co., Ltd. 1,800 42,416 Panasonic Corp. 16,847 193,985 MS&AD Insurance Group Holdings, Inc. 3,328 96,220 PeptiDream, Inc.(1) 700 34,210 Murata Manufacturing Co., Ltd. 4,514 343,853 Persol Holdings Co., Ltd. 1,200 23,696 Nabtesco Corp.(2) 948 35,765 Pigeon Corp.(2) 900 25,384 NEC Corp. 2,055 105,739 Pola Orbis Holdings, Inc.(2) 932 24,575 Nexon Co., Ltd. 3,850 85,680 Rakuten Group, Inc. 6,900 77,909 NGK Insulators, Ltd. 1,971 33,172 Recruit Holdings Co., Ltd. 10,557 517,702 NH Foods, Ltd. 583 22,663 Renesas Electronics Corp.(1) 10,100 109,003 Nidec Corp. 3,428 394,186 Resona Holdings, Inc. 16,411 63,275 Nihon M&A Center, Inc. 2,400 62,161 Ricoh Co., Ltd. 4,735 53,297 Nintendo Co., Ltd. 921 532,958 Rinnai Corp. 246 23,415 Nippon Building Fund, Inc.(2) 12 74,767 Rohm Co., Ltd. 707 65,064 Nippon Express Co., Ltd. 576 43,923 Ryohin Keikaku Co., Ltd. 1,730 36,292 Nippon Paint Holdings Co., Ltd.(2) 5,790 78,328 Santen Pharmaceutical Co., Ltd. 2,900 40,025 Nippon Prologis REIT, Inc. 16 50,882 SBI Holdings, Inc. 1,875 44,289 Nippon Sanso Holdings Corp.(2) 1,324 27,179 SCSK Corp. 400 23,833 Nippon Shinyaku Co., Ltd. 400 31,823 Secom Co., Ltd. 1,648 125,611 Nippon Steel Corp. 6,475 109,480 Seiko Epson Corp. 2,252 39,586 Nippon Telegraph & Telephone Corp. 9,904 258,942 Sekisui Chemical Co., Ltd. 2,964 50,750 Nippon Yusen KK 1,300 65,973 Sekisui House, Ltd. 4,950 101,647 Nissan Chemical Corp. 1,047 51,177 Seven & i Holdings Co., Ltd. 5,826 279,070 Nissan Motor Co., Ltd.(1) 17,743 88,390 SG Holdings Co., Ltd. 2,600 68,274 Nisshin Seifun Group, Inc. 1,417 20,774 Sharp Corp.(2) 1,524 25,143 Nissin Foods Holdings Co., Ltd. 498 35,859 Shimadzu Corp. 1,814 70,094 Nitori Holdings Co., Ltd. 616 108,784 Shimano, Inc.(2) 550 130,858 Nitto Denko Corp. 1,270 94,577 Shimizu Corp. 4,127 31,716 Nomura Holdings, Inc. 24,357 123,965 Shin-Etsu Chemical Co., Ltd. 2,785 465,821 Nomura Real Estate Holdings, Inc. 870 22,036 Shionogi & Co., Ltd.(2) 2,021 105,326 Nomura Real Estate Master Fund, Inc. 30 48,013 Shiseido Co., Ltd.(2) 3,174 234,110 Nomura Research Institute, Ltd. 2,900 95,777 Shizuoka Bank, Ltd. (The)(2) 3,925 30,459 NSK, Ltd. 2,296 19,421 SMC Corp. 479 283,374 NTT Data Corp. 5,030 78,522 SoftBank Corp. 22,200 290,265

11 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Japan (continued) Japan (continued) SoftBank Group Corp. 9,684 $ 675,380 Tsuruha Holdings, Inc. 272 $ 31,657 Sohgo Security Services Co., Ltd. 528 24,056 Unicharm Corp.(2) 3,214 129,461 Sompo Holdings, Inc. 2,699 99,966 United Urban Investment Corp. 22 31,774 Sony Group Corp. 9,780 948,339 USS Co., Ltd. 1,635 28,580 Square Enix Holdings Co., Ltd. 700 34,569 Welcia Holdings Co., Ltd. 800 26,159 Stanley Electric Co., Ltd. 1,134 32,763 West Japan Railway Co. 1,278 73,031 Subaru Corp. 4,728 93,707 Yakult Honsha Co., Ltd. 996 56,396 Sumco Corp.(2) 1,900 46,543 Yamada Holdings Co., Ltd. 6,405 29,617 Sumitomo Chemical Co., Ltd. 10,634 56,518 Yamaha Corp. 1,109 60,205 Sumitomo Corp. 9,025 121,011 Yamaha Motor Co., Ltd.(2) 2,354 63,940 Sumitomo Dainippon Pharma Co., Ltd. 1,622 34,020 Yamato Holdings Co., Ltd. 2,464 70,012 Sumitomo Electric Industries, Ltd. 5,990 88,472 Yaskawa Electric Corp. 1,883 91,957 Sumitomo Metal Mining Co., Ltd. 2,020 78,559 Yokogawa Electric Corp. 1,628 24,347 Sumitomo Mitsui Financial Group, Inc. 10,097 348,063 Z Holdings Corp. 20,817 104,178 Sumitomo Mitsui Trust Holdings, Inc. 2,482 79,176 ZOZO, Inc. 1,007 34,143 Sumitomo Realty & Development Co., Ltd. 2,268 81,115 $ 30,828,693 Suntory Beverage & Food, Ltd.(2) 1,117 42,102 Netherlands — 6.3% Suzuki Motor Corp. 2,778 117,730 (1)(3) Sysmex Corp. 1,293 153,395 ABNAMROGroupNV 3,112 $ 37,709 (1)(2)(3) T&D Holdings, Inc. 4,306 55,878 Adyen NV 154 377,659 (2) Taisei Corp. 1,549 50,839 Aegon NV 12,975 53,964 (1) Taisho Pharmaceutical Holdings Co., Ltd. 267 14,293 Airbus SE 4,566 588,342 Takeda Pharmaceutical Co., Ltd. 12,224 410,244 Akzo Nobel NV 1,505 186,350 (1) TDK Corp. 955 115,607 Argenx SE 363 109,523 Terumo Corp. 5,118 207,292 ASM International NV 368 121,376 THK Co., Ltd.(2) 828 24,710 ASML Holding NV 3,269 2,256,654 TIS, Inc. 1,900 48,490 CNH Industrial NV 7,554 125,303 Tobu Railway Co., Ltd.(2) 1,573 40,716 EXOR NV 898 72,068 (2) Toho Co., Ltd. 856 35,295 Heineken Holding NV 927 93,542 (2) Toho Gas Co., Ltd. 572 28,082 Heineken NV 1,986 241,099 Tohoku Electric Power Co., Inc. 3,514 27,551 ING Groep NV 29,919 397,155 (1)(2) Tokio Marine Holdings, Inc. 4,900 225,695 JDE Peet’s NV 587 21,306 (1)(3) Tokyo Century Corp. 300 16,129 Just Eat Takeaway.com NV 1,437 132,899 Tokyo Electric Power Co. Holdings, Inc.(1) 11,600 34,542 Koninklijke Ahold Delhaize NV 8,492 252,888 Tokyo Electron, Ltd. 1,179 509,781 Koninklijke DSM NV 1,327 248,060 Tokyo Gas Co., Ltd. 2,962 55,868 Koninklijke KPN NV 28,789 90,042 Tokyu Corp. 3,584 48,778 Koninklijke Philips NV 7,038 349,325 TOPPAN, Inc. 2,074 33,354 Koninklijke Vopak NV 531 24,138 Toray Industries, Inc. 10,262 68,406 NN Group NV 2,369 111,910 Toshiba Corp.(2) 3,274 141,440 Prosus NV 3,745 366,889 (1) Tosoh Corp. 2,300 39,658 QIAGEN NV 1,873 90,538 TOTO, Ltd. 1,143 59,223 Randstad NV 975 74,744 Toyo Suisan Kaisha, Ltd. 704 27,134 Royal Dutch Shell PLC, Class A 32,032 642,173 Toyota Industries Corp. 1,161 100,398 Royal Dutch Shell PLC, Class B 28,973 562,447 Toyota Motor Corp. 16,530 1,444,954 Stellantis NV 15,632 307,534 Toyota Tsusho Corp. 1,765 83,774 STMicroelectronics NV 5,354 194,707 Trend Micro, Inc. 1,144 59,904

12 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Netherlands (continued) Singapore (continued) Wolters Kluwer NV 2,106 $ 211,682 Oversea-Chinese Banking Corp., Ltd. 26,736 $ 238,264 (1) $ 8,342,026 Sea, Ltd. 117 32,128 Singapore Airlines, Ltd.(1)(2) 9,600 34,619 New Zealand — 0.3% Singapore Exchange, Ltd. 6,600 54,971 (1)(2) a2 Milk Co., Ltd. (The) 6,163 $ 27,731 Singapore Technologies Engineering, Ltd. 13,918 40,159 (1) Auckland International Airport, Ltd. 10,551 53,603 Singapore Telecommunications, Ltd. 61,191 104,399 Fisher & Paykel Healthcare Corp., Ltd. 4,305 93,653 United Overseas Bank, Ltd. 8,814 169,735 Mercury NZ, Ltd. 4,384 20,431 UOL Group, Ltd. 3,470 18,871 Meridian Energy, Ltd. 9,757 36,379 Venture Corp., Ltd. 2,000 28,612 Ryman Healthcare, Ltd. 2,935 26,933 Wilmar International, Ltd. 15,000 50,291 Spark New Zealand, Ltd. 13,480 45,248 $ 1,417,464 Xero, Ltd.(1) 981 100,905 Spain — 2.5% $ 404,883 ACS Actividades de Construccion y Servicios S.A. 1,744 $ 46,754 Norway — 0.6% Aena SME S.A.(1)(3) 543 89,096 (1) Adevinta ASA 1,949 $ 37,388 Amadeus IT Group S.A.(1) 3,541 249,629 DNB ASA 7,454 162,454 Banco Bilbao Vizcaya Argentaria S.A. 51,258 317,952 Equinor ASA 7,555 159,928 Banco Santander S.A.(1) 134,167 513,196 Gjensidige Forsikring ASA 1,602 35,322 CaixaBank S.A. 35,134 108,167 Mowi ASA 3,437 87,504 Cellnex Telecom S.A.(3) 3,985 254,168 Norsk Hydro ASA 9,871 63,020 EDP Renovaveis S.A. 2,336 54,199 Orkla ASA 6,067 61,830 Enagas S.A.(2) 1,961 45,325 Schibsted ASA, Class A 610 29,427 Endesa S.A. 2,524 61,272 Schibsted ASA, Class B 630 26,188 Ferrovial S.A. 3,950 116,084 Telenor ASA 5,236 88,305 Grifols S.A.(2) 2,499 67,765 Yara International ASA 1,431 75,406 Iberdrola S.A. 44,701 545,113 $ 826,772 Industria de Diseno Textil S.A. 8,586 303,144 Poland — 0.0%(5) Naturgy Energy Group S.A. 2,455 63,183 Red Electrica Corp. S.A. 3,451 64,072 InPost S.A.(1) 1,684 $ 33,887 Repsol S.A. 11,427 143,553 $ 33,887 Siemens Gamesa Renewable Energy S.A.(2) 1,846 61,719 Portugal — 0.1% Telefonica S.A. 41,203 192,314 EDP - Energias de Portugal S.A. 21,198 $ 112,486 $ 3,296,705 Galp Energia SGPS S.A. 3,597 39,109 Sweden — 3.5% Jeronimo Martins SGPS S.A. 1,795 32,754 Alfa Laval AB 2,529 $ 89,388 $ 184,349 Assa Abloy AB, Class B 7,674 231,355 Singapore — 1.1% Atlas Copco AB, Class A 5,184 318,341 Atlas Copco AB, Class B 2,952 155,471 Ascendas Real Estate Investment Trust 23,731 $ 52,149 Boliden AB 2,227 85,694 CapitaLand Integrated Commercial Trust 34,972 54,449 Electrolux AB, Series B 1,958 54,260 CapitaLand, Ltd. 21,948 60,625 Embracer Group AB(1) 2,072 56,023 City Developments, Ltd. 4,171 22,651 Epiroc AB, Class A 5,226 118,963 DBS Group Holdings, Ltd. 13,948 310,305 Epiroc AB, Class B 3,103 60,920 Genting Singapore, Ltd. 48,954 30,492 EQT AB 2,004 72,797 Keppel Corp., Ltd. 12,128 49,456 Essity AB, Class B 4,621 153,279 Mapletree Commercial Trust 19,300 31,045 Evolution AB(3) 1,329 210,224 Mapletree Logistics Trust 22,400 34,243

13 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value Sweden (continued) Switzerland (continued) Fastighets AB Balder, Class B(1)(2) 794 $ 49,774 Holcim Ltd. 4,011 $ 241,094 H & M Hennes & Mauritz AB, Class B(1) 5,966 141,689 Julius Baer Group, Ltd. 1,776 115,996 Hexagon AB, Class B 15,400 228,172 Kuehne & Nagel International AG 428 146,487 Husqvarna AB, Class B 3,160 41,997 Logitech International S.A. 1,318 160,061 ICA Gruppen AB 820 38,172 Lonza Group AG 581 411,904 Industrivarden AB, Class A 851 33,098 Nestle S.A. 22,440 2,797,080 Industrivarden AB, Class C(2) 1,127 41,255 Novartis AG 17,368 1,584,423 Investment AB Latour, Class B 1,245 40,876 Partners Group Holding AG 177 268,323 Investor AB, Class B 14,024 323,259 Roche Holding AG 249 101,268 Kinnevik AB, Class B 1,801 72,119 Roche Holding AG PC 5,492 2,069,593 L E Lundbergforetagen AB, Class B 593 38,273 Schindler Holding AG 160 46,819 Lundin Energy AB(2) 1,471 52,151 Schindler Holding AG PC 300 91,811 Nibe Industrier AB, Class B 11,258 118,630 SGS S.A. 46 142,023 Sandvik AB 8,759 223,965 Sika AG(2) 1,112 364,333 Securitas AB, Class B 2,477 39,129 Sonova Holding AG(1) 411 154,805 Sinch AB(1)(3) 3,670 61,756 Straumann Holding AG 83 132,389 Skandinaviska Enskilda Banken AB, Class A 12,316 159,198 Swatch Group AG (The) 228 78,299 Skanska AB, Class B 2,734 72,585 Swatch Group AG (The), Bearer Shares 337 22,252 SKF AB, Class B 3,034 77,331 Swiss Life Holding AG 259 125,991 Svenska Cellulosa AB SCA, Class B 4,539 74,449 Swiss Prime Site AG 549 54,487 Svenska Handelsbanken AB, Class A 11,718 132,272 Swiss Re AG 2,386 215,510 Swedbank AB, Class A 7,146 133,037 Swisscom AG 199 113,706 Swedish Match AB 12,100 103,190 Temenos AG 527 84,728 Tele2 AB, Class B 3,517 47,951 UBS Group AG 28,449 435,760 Telefonaktiebolaget LM Ericsson, Class B 22,511 283,051 Vifor Pharma AG 327 42,369 Telia Co. AB 21,130 93,848 Zurich Insurance Group AG 1,171 470,350 Volvo AB, Class A 1,646 40,853 $ 13,357,652 Volvo AB, Class B 11,060 266,540 United Kingdom — 12.9% $ 4,635,335 3i Group PLC 7,801 $ 126,601 Switzerland — 10.0% Admiral Group PLC 1,608 69,967 ABB, Ltd. 13,423 $ 456,042 Anglo American PLC 10,080 401,125 Adecco Group AG 1,241 84,440 Antofagasta PLC 3,041 60,473 Alcon, Inc. 3,962 277,885 Ashtead Group PLC 3,470 257,919 Baloise Holding AG 374 58,395 Associated British Foods PLC(1) 2,895 88,867 Banque Cantonale Vaudoise 253 22,734 AstraZeneca PLC 10,243 1,230,636 Barry Callebaut AG 29 67,398 Auto Trader Group PLC(1)(3) 7,242 63,425 Chocoladefabriken Lindt & Sprungli AG 1 104,774 AVEVA Group PLC 905 46,450 Chocoladefabriken Lindt & Sprungli AG PC 8 79,641 Aviva PLC 31,430 176,447 Cie Financiere Richemont S.A. 4,048 490,733 BAE Systems PLC 24,901 179,935 Clariant AG 1,727 34,388 Barclays PLC 134,598 319,411 Coca-Cola HBC AG 1,588 57,480 Barratt Developments PLC 8,311 80,024 Credit Suisse Group AG 19,378 202,847 Berkeley Group Holdings PLC 912 57,989 EMS-Chemie Holding AG 64 62,906 BHP Group PLC 16,556 489,908 Geberit AG 293 220,093 BP PLC 158,797 696,387 Givaudan S.A. 72 335,175 British American Tobacco PLC 16,867 654,871 Glencore PLC(1) 77,086 330,860 British Land Co. PLC (The) 7,010 47,953

14 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

Security Shares Value Security Shares Value United Kingdom (continued) United Kingdom (continued) BT Group PLC(1) 67,314 $ 180,896 Severn Trent PLC 1,999 $ 69,201 Bunzl PLC 2,545 84,192 Smith & Nephew PLC 6,612 143,396 Burberry Group PLC(1) 3,124 89,344 Smiths Group PLC 3,286 72,370 Coca-Cola Europacific Partners PLC 1,647 97,700 Spirax-Sarco Engineering PLC 587 110,560 Compass Group PLC(1) 13,713 288,904 SSE PLC 7,941 164,925 Croda International PLC 1,133 115,559 St. James’s Place PLC 4,377 89,495 Diageo PLC 18,343 879,152 Standard Chartered PLC 20,555 131,178 Direct Line Insurance Group PLC 9,725 38,357 Standard Life Aberdeen PLC 16,252 60,969 Entain PLC(1) 4,677 113,013 Taylor Wimpey PLC 27,593 60,725 Evraz PLC 3,425 28,099 Tesco PLC 59,463 183,692 Ferguson PLC 1,726 240,133 Unilever PLC 20,478 1,196,602 GlaxoSmithKline PLC 39,066 768,002 United Utilities Group PLC 5,449 73,546 Halma PLC 3,070 114,374 Vodafone Group PLC 207,707 348,123 Hargreaves Lansdown PLC 2,659 58,510 Whitbread PLC(1) 1,488 64,323 Hikma Pharmaceuticals PLC 1,223 41,389 WM Morrison Supermarkets PLC 18,613 63,529 HSBC Holdings PLC 159,654 921,444 WPP PLC 9,194 124,283 Imperial Brands PLC 7,551 162,820 $ 17,199,032 Informa PLC(1) 12,081 83,960 InterContinental Hotels Group PLC(1) 1,394 92,911 Total Common Stocks Intertek Group PLC 1,299 99,418 (identified cost $80,527,032) $132,222,611 J Sainsbury PLC 15,059 56,680 Rights — 0.0%(5) JD Sports Fashion PLC(1) 4,451 56,642 Johnson Matthey PLC 1,407 59,905 Security Shares Value (1) Kingfisher PLC 15,641 78,942 Spain — 0.0%(5) Land Securities Group PLC 5,555 51,843 Legal & General Group PLC 45,856 163,595 ACS Actividades de Construccion y Servicios S.A., Exp. 7/9/21(1) 1,744 $ 2,440 Lloyds Banking Group PLC(1) 548,655 354,901 London Stock Exchange Group PLC 2,560 282,907 Total Rights (identified cost $2,638) $2,440 M&G PLC 18,709 59,268 Melrose Industries PLC 36,836 79,290 Short-Term Investments — 1.4% Mondi PLC 3,917 103,128 National Grid PLC 27,897 354,841 Affiliated Fund — 0.2% Natwest Group PLC 37,001 104,131 Description Units Value Next PLC(1) 1,079 117,432 Calvert Cash Reserves Fund, LLC, 0.07%(6) 303,812 $ 303,812 Ocado Group PLC(1) 3,893 107,867 Pearson PLC 6,159 70,927 Total Affiliated Fund Persimmon PLC 2,595 106,301 (identified cost $303,812) $ 303,812 Phoenix Group Holdings PLC 4,275 40,018 Prudential PLC 20,207 384,454 Reckitt Benckiser Group PLC 5,479 484,070 RELX PLC 15,048 399,023 Rentokil Initial PLC 13,829 94,717 Rio Tinto PLC 8,715 719,750 Rolls-Royce Holdings PLC(1) 67,400 92,272 Sage Group PLC (The) 8,820 83,545 Schroders PLC 934 45,424 Segro PLC 9,491 143,677

15 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Schedule of Investments (Unaudited) — continued

At June 30, 2021, the concentration of the Fund’s investments in the Securities Lending Collateral — 1.2% various sectors, determined as a percentage of net assets, was as follows: Security Shares Value Economic Sectors % of Net Assets State Street Navigator Securities Lending Government Money Market Portfolio, 0.02%(7) 1,509,628 $ 1,509,628 Financials 16.8% Industrials 15.4 Total Securities Lending Collateral (identified cost $1,509,628) $ 1,509,628 Consumer Discretionary 13.0 Health Care 12.3 Total Short-Term Investments Consumer Staples 10.5 (identified cost $1,813,440) $ 1,813,440 Information Technology 9.1 Total Investments — 100.8% Materials 7.9 (identified cost $82,343,110) $ 134,038,491 Communication Services 4.8 Utilities 3.4 Other Assets, Less Liabilities — (0.8)% $ (1,081,893) Energy 3.2 Net Assets — 100.0% $ 132,956,598 Real Estate 3.0 Total 99.4% The percentage shown for each investment category in the Schedule of Investments is based on net assets. Abbreviations:

(1) Non-income producing security. ADR – American Depositary Receipt (2) All or a portion of this security was on loan at June 30, 2021. The aggregate CDI – CHESS Depositary Interest market value of securities on loan at June 30, 2021 was $5,643,456. PC – Participation Certificate PFC Shares – Preference Shares (3) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2021, the aggregate value of these securities is $2,635,833 or 2.0% of the Fund’s net assets. (4) Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note 9). (5) Amount is less than 0.05%. (6) Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2021. (7) Represents investment of cash collateral received in connection with securities lending.

16 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Statement of Assets and Liabilities (Unaudited)

Assets June 30, 2021 Investments in securities of unaffiliated issuers, at value (identified cost $81,589,095) - including $5,643,456 of securities on loan $133,222,575 Investments in securities of affiliated issuers, at value (identified cost $754,015) 815,916 Cash denominated in foreign currency, at value (cost $441,865) 438,252 Receivable for investments sold 2,684 Receivable for capital shares sold 84,566 Dividends receivable 176,895 Dividends receivable - affiliated 16 Securities lending income receivable 1,695 Tax reclaims receivable 297,667 Receivable from affiliate 20,903 Directors’ deferred compensation plan 28,114 Total assets $135,089,283

Liabilities Due to custodian $442 Payable for investments purchased 377,679 Payable for capital shares redeemed 33,845 Deposits for securities loaned 1,509,628 Payable to affiliates: Investment advisory fee 33,295 Administrative fee 13,318 Distribution and service fees 4,389 Sub-transfer agency fee 79 Directors’ deferred compensation plan 28,114 Accrued expenses 131,896 Total liabilities $ 2,132,685 Net Assets $132,956,598

Sources of Net Assets Paid-in capital $ 83,670,345 Distributable earnings 49,286,253 Total $132,956,598

Class I Shares Net Assets $106,216,234 Shares Outstanding 1,041,820 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $101.95

Class F Shares Net Assets $ 26,740,364 Shares Outstanding 263,009 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $101.67

17 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Statement of Operations (Unaudited)

SixMonthsEnded Investment Income June 30, 2021 Dividend income (net of foreign taxes withheld of $223,425) $ 2,181,702 Dividend income - affiliated issuers (net of foreign taxes withheld of $1,079) 9,811 Securities lending income, net 7,881 Other income 120,103 Total investment income $ 2,319,497

Expenses Investment advisory fee $ 193,383 Administrative fee 77,353 Distribution and service fees: Class F 23,536 Directors’ fees and expenses 2,905 Custodian fees 25,061 Transfer agency fees and expenses 47,776 Accounting fees 23,561 Professional fees 16,008 Reports to shareholders 17,634 Miscellaneous 23,654 Total expenses $ 450,871 Waiver and/or reimbursement of expenses by affiliate $ (117,015) Net expenses $ 333,856

Net investment income $ 1,985,641

Realized and Unrealized Gain (Loss) Net realized gain (loss): Investment securities $ 254,560 Investment securities - affiliated issuers (10) Foreign currency transactions (9,665) Net realized gain $ 244,885 Change in unrealized appreciation (depreciation): Investment securities $ 8,541,862 Investment securities - affiliated issuers 12,033 Foreign currency (19,616) Net change in unrealized appreciation (depreciation) $ 8,534,279

Net realized and unrealized gain $ 8,779,164

Net increase in net assets from operations $10,764,805

18 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Statements of Changes in Net Assets

Six Months Ended Year Ended June 30, 2021 December 31, Increase (Decrease) in Net Assets (Unaudited) 2020 From operations: Net investment income $ 1,985,641 $ 2,282,805 Net realized gain (loss) 244,885 (858,505) Net change in unrealized appreciation (depreciation) 8,534,279 6,711,172 Net increase in net assets from operations $ 10,764,805 $ 8,135,472 Distributions to shareholders: Class I $ — $ (3,275,864) Class F — (508,619) Total distributions to shareholders $ — $ (3,784,483) Capital share transactions: Class I $ (7,822,804) $ (13,942,734) Class F 5,898,442 4,867,446 Net decrease in net assets from capital share transactions $ (1,924,362) $ (9,075,288)

Net increase (decrease) in net assets $ 8,840,443 $ (4,724,299)

Net Assets At beginning of period $124,116,155 $128,840,454 At end of period $132,956,598 $124,116,155

19 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Financial Highlights

Class I

Six Months Ended Year Ended December 31, June 30, 2021 (Unaudited) 2020 2019 2018 2017 2016 Net asset value — Beginning of period $ 93.77 $ 90.02 $ 76.31 $ 91.21 $ 74.93 $ 76.87

Income (Loss) From Operations Net investment income(1) $ 1.52 $ 1.69 $ 2.43 $ 2.36 $ 2.11 $ 1.88 Net realized and unrealized gain (loss) 6.66 4.89 13.55 (14.36) 16.39 (1.54)

Total income (loss) from operations $ 8.18 $ 6.58 $ 15.98 $ (12.00) $ 18.50 $ 0.34

Less Distributions From net investment income $ — $ (2.83) $ (2.27) $ (2.90) $ (2.22) $ (2.28)

Total distributions $ — $ (2.83) $ (2.27) $ (2.90) $ (2.22) $ (2.28)

Net asset value — End of period $ 101.95 $ 93.77 $ 90.02 $ 76.31 $ 91.21 $ 74.93

Total Return (2) 8.72%(3) 7.78% 21.26% (13.58)% 24.76% 0.46%

Ratios/Supplemental Data Net assets, end of period (000’s omitted) $106,216 $105,165 $115,803 $103,168 $141,082 $124,685 Ratios (as a percentage of average daily net assets):(4) Total expenses 0.66%(5) 0.74% 0.68% 0.69%(6) 0.68% 0.98% Net expenses 0.48%(5) 0.48% 0.48% 0.49%(6) 0.48% 0.97% Net investment income 3.10%(5) 2.05% 2.87% 2.67% 2.49% 2.50% Portfolio Turnover 5%(3) 9% 7% 6% 3% 22%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower. (3) Not annualized. (4) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. (5) Annualized. (6) Includes interest expense of 0.01%.

20 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Financial Highlights — continued

Class F

SixMonthsEnded Year Ended December 31, June 30, 2021 (Unaudited) 2020 2019 2018 2017 2016 Net asset value — Beginning of period $ 93.60 $ 90.04 $ 76.49 $ 91.65 $75.47 $77.45

Income (Loss) From Operations Net investment income(1) $ 1.47 $ 1.49 $ 2.14 $ 2.09 $ 1.87 $ 1.60 Net realized and unrealized gain (loss) 6.60 4.90 13.68 (14.35) 16.53 (1.43)

Total income (loss) from operations $ 8.07 $ 6.39 $ 15.82 $(12.26) $18.40 $ 0.17

Less Distributions From net investment income $ — $ (2.83) $ (2.27) $ (2.90) $ (2.22) $ (2.15)

Total distributions $ — $ (2.83) $ (2.27) $ (2.90) $ (2.22) $ (2.15)

Net asset value — End of period $101.67 $ 93.60 $ 90.04 $ 76.49 $91.65 $75.47

Total Return (2) 8.62%(3) 7.56% 21.00% (13.80)% 24.44% 0.24%

Ratios/Supplemental Data Net assets, end of period (000’s omitted) $26,740 $18,951 $13,038 $ 7,645 $7,226 $4,486 Ratios (as a percentage of average daily net assets):(4) Total expenses 0.86%(5) 0.94% 0.88% 0.89%(6) 0.91% 1.26% Net expenses 0.68%(5) 0.68% 0.69% 0.74%(6) 0.73% 1.19% Net investment income 2.99%(5) 1.80% 2.52% 2.37% 2.18% 2.11% Portfolio Turnover 5%(3) 9% 7% 6% 3% 22%

21 See Notes to Financial Statements. Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited)

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

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

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

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

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Valuation techniques used to value the Fund’s investments by major category are as follows:

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

Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy. Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund’s adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflectsthe security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealersorother market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

22 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material. The following table summarizes the market value of the Fund’s holdings as of June 30, 2021, based on the inputs used to value them: Asset Description Level 1 Level 2 Level 3 Total Common Stocks Australia $ 46,054 $ 9,198,559 $ — $ 9,244,613 Austria — 250,740 — 250,740 Belgium — 1,160,286 — 1,160,286 Denmark — 3,400,541 — 3,400,541 Finland — 1,664,924 — 1,664,924 France — 14,401,532 — 14,401,532 Germany — 12,340,206 — 12,340,206 Hong Kong 97,085 4,212,336 — 4,309,421 Ireland — 1,365,365 — 1,365,365 Israel 353,272 451,998 — 805,270 Italy — 2,752,915 — 2,752,915 Japan — 30,828,693 — 30,828,693 Netherlands — 8,342,026 — 8,342,026 New Zealand — 404,883 — 404,883 Norway — 826,772 — 826,772 Poland — 33,887 — 33,887 Portugal — 184,349 — 184,349 Singapore 32,128 1,385,336 — 1,417,464 Spain — 3,296,705 — 3,296,705 Sweden 228,172 4,407,163 — 4,635,335 Switzerland — 13,357,652 — 13,357,652 United Kingdom 97,700 17,101,332 — 17,199,032

Total Common Stocks $ 854,411 $131,368,200 (1) $ — $132,222,611

Rights $ 2,440 $ — $ — $ 2,440 Short-Term Investments: Affiliated Fund — 303,812 — 303,812 Securities Lending Collateral 1,509,628 — — 1,509,628

Total Investments $2,366,479 $131,672,012 $ — $134,038,491

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

Level 3 investments at the beginning and/or end of the period were valued at $0 and accordingly, a reconciliation of Level 3 assets for the six months ended June 30, 2021 is not presented.

B Investment Transactions and Income — Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non- cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended June 30, 2021, the Fund received approximately $120,000

23 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

from Sweden for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain.

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

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

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

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

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

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

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

I Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Related Party Transactions The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at the annual rate of 0.30% of the Fund’s average daily net assets and is payable monthly. For the six months ended June 30, 2021, the investment advisory fee amounted to $193,383. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund. CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.48% for Class I and 0.68% for Class F of such class’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2022. For the six months ended June 30, 2021, CRM waived or reimbursed expenses of $117,015. The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the six months ended June 30, 2021, CRM was paid administrative fees of $77,353.

24 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.20% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Fund, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the six months ended June 30, 2021 amounted to $23,536 for Class F shares. Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $287 and are included in transfer agency fees and expenses on the Statement of Operations. Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund’s assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of theFund who are employees of CRM or its affiliates are paid by CRM.

3 Shareholder Servicing Plan The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the six months ended June 30, 2021, expenses incurred under the Servicing Plan amounted to $47,157 and are included in transfer agency fees and expenses on the Statement of Operations.

4 Investment Activity During the six months ended June 30, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $6,400,858 and $6,366,341, respectively.

5 Distributions to Shareholders and Income Tax Information At December 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $3,866,667 which would reduce the Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2020, $3,866,667 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost $85,463,082

Gross unrealized appreciation $54,945,494 Gross unrealized depreciation (6,370,085)

Net unrealized appreciation $48,575,409

6 Overdraft Advances Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At June 30, 2021, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $442. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2021. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at June 30, 2021. The Fund’s average overdraft advances during the six months ended June 30, 2021 were not significant.

25 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

7 Securities Lending To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with SSBT, the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower. At June 30, 2021, the total value of securities on loan was $5,643,456 and the total value of collateral received was $5,979,950, comprised of cash of $1,509,628 and U.S. government and/or agencies securities of $4,470,322.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2021. Remaining Contractual Maturity of the Transactions Overnight and 30 to 90 Continuous <30 days days >90 days Total

Common Stocks $1,509,628 $ — $ — $ — $1,509,628

The carrying amount of the liability for deposits for securities loaned at June 30, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at June 30, 2021.

8 Line of Credit The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit witha group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund had no borrowings outstanding pursuant to its line of credit at June 30, 2021. The Fund did not have any significant borrowings or allocated fees during the six months ended June 30, 2021.

26 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

9 Affiliated Issuers and Funds The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At June 30, 2021, the value of the Fund’s investment in affiliated issuers and funds was $815,916, which represents 0.6% of the Fund’s net assets. Transactions in affiliated issuers and funds by the Fund for the six months ended June 30, 2021 were as follows: Net Change in Value, realized unrealized Value, beginning Sales gain appreciation end of Dividend Shares/Units, Name of period Purchases proceeds (loss) (depreciation) period income end of period Common Stocks Mitsubishi UFJ Financial Group, Inc.(1) $ — $ — $ — $ — $12,033 $512,104 $9,706 95,076 Short-Term Investments Calvert Cash Reserve Fund, LLC 439,993 6,631,558 (6,767,729) (10) — 303,812 105 303,812

Totals $ (10) $12,033 $815,916 $9,811

(1) May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 2).

10 Capital Shares The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 20,000,000 common shares, $0.10 par value, for each Class.

Transactions in capital shares for the six months ended June 30, 2021 and the year ended December 31, 2020 were as follows: Six Months Ended June 30, 2021 Year Ended (Unaudited) December 31, 2020 Shares Amount Shares Amount Class I Shares sold 32,999 $ 3,266,649 117,201 $ 8,890,337 Reinvestment of distributions — — 40,086 3,275,864 Shares redeemed (112,735) (11,089,453) (322,145) (26,108,935) Net decrease (79,736) $ (7,822,804) (164,858) $(13,942,734)

Class F Shares sold 72,555 $ 7,085,025 76,301 $ 6,372,191 Reinvestment of distributions — — 6,232 508,619 Shares redeemed (12,018) (1,186,583) (24,856) (2,013,364) Net increase 60,537 $ 5,898,442 57,677 $ 4,867,446

At June 30, 2021, separate accounts of an insurance company owned 61.1% of the value of the outstanding shares of the Fund.

11 Risks and Uncertainties Risks Associated with Foreign Investments Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominatedin currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

27 Calvert VP EAFE International Index Portfolio June 30, 2021

Notes to Financial Statements (Unaudited) — continued

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact ofthis outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, andmay continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

12 Subsequent Event – Change in Independent Registered Public Accounting Firm On July 30, 2021, KPMG LLP (“KPMG”) informed the Audit Committee and Board of the Corporation that it was resigning as the independent registered public accounting firm to the Corporation, as upon Morgan Stanley’s acquisition of Eaton Vance Corp., the parent company of CRM (the investment adviser to each series of the Corporation), KPMG would no longer be independent of the Corporation. The Audit Committee of the Board and the Board approved the selection of Deloitte & Touche LLP (“Deloitte”) as the independent registered public accounting firm for the funds that are series of the Corporation (the “Funds”) for the fiscal year ending December 31, 2021 to be effective upon KPMG’s resignation and Deloitte’s acceptance of the engagement which became effective July 30, 2021.

KPMG’s reports on the financial statements for the Funds for the fiscal periods ended December 31, 2019 and December 31, 2020 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal periods ended December 31, 2019 and December 31, 2020, and during the subsequent interim period through July 30, 2021: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements for such periods; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the fiscal periods ended December 31, 2019 and December 31, 2020, and during the subsequent interim period through July 30, 2021: neither the Funds, nor anyone on their behalf, consulted with Deloitte on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v)of Item 304).

28 Calvert VP EAFE International Index Portfolio June 30, 2021

Joint Special Meeting of Shareholders (Unaudited)

Calvert VP EAFE International Index Portfolio (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 in order to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows: Number of Shares(1) Broker For Against Abstain(2) Non-Votes(2)

1,211,604.615 12,997.996 82,043.642 0 (1) Fractional shares were voted proportionately.

(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

29 Calvert VP EAFE International Index Portfolio June 30, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 16, 2021, the Committee provided a written report to the Fund’s Board of Trustees/ Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

30 Calvert VP EAFE International Index Portfolio June 30, 2021

Officers and Directors

Officers

Hope L. Brown Chief Compliance Officer

Deidre E. Walsh Vice President, Secretary and Chief Legal Officer

James F. Kirchner Treasurer

Directors

Alice Gresham Bullock Chairperson

Richard L. Baird, Jr.

Cari M. Dominguez

John G. Guffey, Jr.

Miles D. Harper, III

Joy V. Jones

John H. Streur*

Anthony A. Williams

*Interested Director and President

31 Calvert Funds

Privacy Notice April 2021

FACTS WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include: Ⅲ Social Security number and income Ⅲ investment experience and risk tolerance Ⅲ checking account number and wire transfer instructions

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your Does Eaton Vance Can you limit personal information share? this sharing? For our everyday business purposes — such as to process your transactions, maintain your Yes No account(s), respond to court orders and legal investigations, or report to credit bureaus For our marketing purposes — to offer our products and services to you Yes No For joint marketing with other financial companies No We don’t share For our investment management affiliates’ everyday business purposes — information about Yes Yes your transactions, experiences, and creditworthiness For our affiliates’ everyday business purposes — information about your transactions and Yes No experiences For our affiliates’ everyday business purposes — information about your creditworthiness No We don’t share For our investment management affiliates to market to you Yes Yes For our affiliates to market to you No We don’t share For nonaffiliates to market to you No We don’t share

To limit our Call toll-free 1-800-368-2745 or email: [email protected] sharing Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.

Questions? Call toll-free 1-800-368-2745 or email: [email protected]

32 Calvert Funds

Privacy Notice — continued April 2021

Page 2

Whoweare Who is providing this notice? Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) What we do How does Eaton Vance To protect your personal information from unauthorized access and use, we use security measures that protect my personal comply with federal law. These measures include computer safeguards and secured files and buildings. We information? have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.

How does Eaton Vance We collect your personal information, for example, when you collect my personal Ⅲ information? open an account or make deposits or withdrawals from your account Ⅲ buy securities from us or make a wire transfer Ⅲ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing? Federal law gives you the right to limit only Ⅲ sharing for affiliates’ everyday business purposes — information about your creditworthiness Ⅲ affiliates from using your information to market to you Ⅲ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. Definitions Investment Management Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- Affiliates dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. Ⅲ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies. Ⅲ Eaton Vance does not share with nonaffiliates so they can market to you. Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Ⅲ Eaton Vance doesn’t jointly market. Other important information Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

33 Calvert Funds

IMPORTANT NOTICES

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

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

34 This Page Intentionally Left Blank This Page Intentionally Left Blank Investment Adviser and Administrator Transfer Agent Calvert Research and Management DST Asset Manager Solutions, Inc. 1825 Connecticut Avenue NW, Suite 400 2000 Crown Colony Drive Washington, DC 20009 Quincy, MA 02169

Principal Underwriter* Fund Offices Eaton Vance Distributors, Inc. 1825 Connecticut Avenue NW, Suite 400 Two International Place Washington, DC 20009 Boston, MA 02110 (617) 482-8260

Custodian State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111

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

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