Annual Report December 31, Calvert VP Nasdaq 100 Index Portfolio

Transcription

1 Annual Report December 31, 2017 Calvert VP Nasdaq 100 Index Portfolio

2 Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission ( CFTC ) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund and its adviser have claimed an exclusion from the definition of the term commodity pool operator under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation. References to the Portfolio or the Fund herein refer to the Calvert VP Nasdaq 100 Index Portfolio.

3 TABLE OF CONTENTS 2 Management s Discussion of Fund Performance 3 Performance 4 Fund Profile 5 Endnotes and Additional Disclosures 6 Fund Expenses 7 Financial Statements 24 Report of Independent Registered Public Accounting Firm 25 Federal Tax Information 26 Management and Organization 28 Important Notices

4 MANAGEMENT S DISCUSSION OF FUND PERFORMANCE 1 Economic and Market Conditions U.S. stock markets moved steadily higher over the 12-month period ended December 31, 2017 due to an extended rally that began with President Trump s election victory. Strong global economic growth and rising corporate profits helped drive market gains. When the period began, U.S. stock markets were on the upswing following the U.S. election outcome in November Those markets slipped in March 2017, as the failure of the President s health care bill in Congress raised concerns about prospects for the rest of the administration s economic policy agenda, including tax reform and infrastructure spending. But U.S. stock markets, backed by positive economic reports, quickly regained their upward momentum. Citing the strengthening economy, the U.S. Federal Reserve (the Fed) raised its benchmark interest rate in March 2017 and again in June U.S. equity markets briefly retreated in August 2017 amid the North Korea stand-off and the devastation left by Hurricane Harvey in Texas. Those markets soon rebounded, however, with major U.S. indexes reaching multiple record highs in the final three months of the period ended December 31, Investors anticipated and then cheered passage of the Republican tax reform package championed by President Trump. Deep cuts in the corporate tax rate, a key element of the tax bill, raised expectations for higher corporate earnings. In December, the Fed increased interest rates for the third and final time in As with the two previous rate hikes, investors took the announcement in stride and continued to push domestic stock prices higher. In terms of economic sectors, information technology and financials led the U.S. market s advance during the period ended December 31, Investment Strategy As an index fund, the Calvert VP Nasdaq 100 Index Portfolio (the Portfolio) seeks to replicate, as closely as possible, the holdings and match the performance of the Nasdaq-100 Index (the Index). The Portfolio seeks to accomplish this by employing a passive management approach and holding each constituent of the Index in approximately the same proportion as the Index. Cash holdings may gain exposure to the Index via futures contracts, allowing the Portfolio s assets to be fully invested. Fund Performance For the 12-month period ended December 31, 2017, the Portfolio s Class I shares at net asset value (NAV) returned 32.35% underperforming its benchmark, the Index, which returned 32.99% for the period. The Portfolio s underperformance relative to the Index was largely attributable to fees and operating expenses, which the Index does not incur. The Portfolio continued to meet its objective by closely tracking the Index. The Index outperformed the broad equity market as it had a large exposure to the technology sector, the best-performing sector in the period, and no exposure to energy, which was the worst-performing sector. In addition, the four largest positions accounted for roughly one-third of the Index at year-end and these stocks all returned at least 40%. For the 12-month period ended December 31, 2017, all major U.S. stock indexes recorded double-digit returns. The blue-chip Dow Jones Industrial Average 2 rose 28.11%, while the broader U.S. equity market, as represented by the S&P 500 Index, returned 21.83%. The technology-laden NASDAQ Composite Index delivered a 29.64% gain. Largecap U.S. stocks, as measured by the S&P 500 Index, outperformed their small-cap counterparts as measured by the Russell 2000 Index during the period. Growth stocks outpaced value stocks within both the large- and small-cap categories, as measured by the Russell growth and value indexes. 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 less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. 2 CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (Unaudited)

5 PERFORMANCE Performance 2,3 Portfolio Manager Kevin L. Keene, CFA of Ameritas Investment Partners, Inc. % Average Annual Total Returns Class Inception Date Performance Inception Date One Year Five Years Ten Years Class I at NAV 04/27/ /27/ % 19.95% 12.36% Class F at NAV 10/30/ /27/ NASDAQ-100 Index 32.99% 20.67% 13.03% % Total Annual Operating Expense Ratios 4 Class I Class F Gross 0.62% 1.43% Net Growth of $10,000 This graph shows the change in value of a hypothetical investment of $10,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index. $40,000 $30,000 $20,000 $10,000 $34,083 $32,113 Class I at NAV NASDAQ-100 Index $0 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 Growth of Investment 3 Amount Invested Period Beginning At NAV With Maximum Sales Charge Class F $10,000 12/31/2007 $31,926 N.A. See Endnotes and Additional Disclosures in this report. Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (Unaudited) 3

6 FUND PROFILE SECTOR ALLOCATION (% of total investments) 5 TEN LARGEST HOLDINGS (% of net assets) 6 Information Technology 59.2 % Apple, Inc % Consumer Discretionary 20.2 % Microsoft Corp. 8.7 % Health Care 9.9 % Amazon.com, Inc. 7.5 % Consumer Staples 4.6 % Facebook, Inc., Class A 5.6 % Industrials 2.1 % Alphabet, Inc., Class C 4.8 % Exchange-Traded Funds 2.0 % Alphabet, Inc., Class A 4.1 % Telecommunication Services 0.9 % Intel Corp. 2.9 % Time Deposit 0.9 % Cisco Systems, Inc. 2.5 % U.S. Treasury Obligations 0.2 % Comcast Corp., Class A 2.5 % Total 100.0% Powershares QQQ Trust, Series % Total 52.1% See Endnotes and Additional Disclosures in this report. 4 CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (Unaudited)

7 Endnotes and Additional Disclosures 1 The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Fund s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund s filings with the Securities and Exchange Commission. 5 6 Does not include Short Term Investment of Cash Collateral for Securities Loaned. Excludes cash and cash equivalents. 2 Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks. NASDAQ-100 Index includes 100 of the largest domestic and international securities (by market cap), excluding financials, listed on NASDAQ. 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. Effective December 31, 2016, Calvert Research and Management ( CRM ) became the investment adviser to the Fund and performance reflected prior to such date is that of the Fund s former investment adviser, Calvert Investment Management, Inc. 3 There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges. Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class F is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund s or oldest share class inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked. 4 Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/18. 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. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (Unaudited) 5

8 FUND EXPENSES Example As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017). Actual Expenses The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts, and will not help you determine the relative total costs of investing in the Fund through variable contracts. In addition, if these expenses and charges imposed under the variable contracts were included, your costs would have been higher. BEGINNING ACCOUNT VALUE (7/1/17) ENDING ACCOUNT VALUE (12/31/17) EXPENSES PAID DURING PERIOD* (7/1/17-12/31/17) ANNUALIZED EXPENSE RATIO Actual Class I $1, $1, $2.58** 0.48% Class F $1, $1, $3.93** 0.73% Hypothetical (5% return per year before expenses) Class I $1, $1, $2.45** 0.48% Class F $1, $1, $3.72** 0.73% * Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, Expenses shown do not include insurance-related charges. ** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. 6 CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT (Unaudited)

9 CALVERT VP NASDAQ 100 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 SHARES VALUE ($) COMMON STOCKS % Airlines - 0.3% American Airlines Group, Inc... 8, ,365 Automobiles - 0.7% Tesla, Inc. *(a)... 3, ,098 Beverages - 0.5% Monster Beverage Corp. *... 10, ,786 Biotechnology - 6.9% Alexion Pharmaceuticals, Inc. *... 4, ,589 Amgen, Inc... 13,015 2,263,308 Biogen, Inc. *... 3,800 1,210,566 BioMarin Pharmaceutical, Inc. *(a)... 3, ,745 Celgene Corp. *... 14,116 1,473,146 Gilead Sciences, Inc... 23,410 1,677,092 Incyte Corp. *... 3, ,383 Regeneron Pharmaceuticals, Inc. *... 1, ,437 Shire plc (ADR)... 1, ,742 Vertex Pharmaceuticals, Inc. *... 4, ,517 9,332,525 Commercial Services & Supplies - 0.2% Cintas Corp.... 1, ,116 Communications Equipment - 2.5% Cisco Systems, Inc ,637 3,394,797 Food & Staples Retailing - 2.0% Costco Wholesale Corp... 7,835 1,458,250 Walgreens Boots Alliance, Inc ,757 1,289,513 2,747,763 Food Products - 2.1% Kraft Heinz Co. (The)... 21,814 1,696,257 Mondelez International, Inc., Class A... 26,794 1,146,783 2,843,040 Health Care Equipment & Supplies - 1.3% Align Technology, Inc. *... 1, ,843 DENTSPLY SIRONA, Inc... 4, ,141 CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 7

10 SHARES VALUE ($) COMMON STOCKS - CONT D Hologic, Inc. *... 4, ,194 IDEXX Laboratories, Inc. *... 1, ,549 Intuitive Surgical, Inc. *... 2, ,435 1,784,162 Health Care Providers & Services - 0.7% Express Scripts Holding Co. *... 10, ,969 Henry Schein, Inc. *... 2, , ,568 Health Care Technology - 0.3% Cerner Corp. *... 5, ,555 Hotels, Restaurants & Leisure - 2.0% Marriott International, Inc., Class A... 6, ,267 Starbucks Corp... 25,510 1,465,039 Wynn Resorts Ltd. (a)... 1, ,578 2,665,884 Internet & Direct Marketing Retail % Amazon.com, Inc. *... 8,640 10,104,221 Ctrip.com International Ltd. (ADR) *... 8, ,282 Expedia, Inc.... 2, ,024 JD.com, Inc. (ADR) *... 16, ,193 Liberty Interactive Corp. QVC Group, Class A *... 7, ,604 Liberty Ventures, Series A *... 1,430 77,563 Netflix, Inc. *... 7,740 1,485,770 Priceline Group, Inc. (The) * ,518,785 14,705,442 Internet Software & Services % Alphabet, Inc., Class A *... 5,345 5,630,423 Alphabet, Inc., Class C *... 6,266 6,556,742 Baidu, Inc. (ADR) *... 5,033 1,178,779 ebay, Inc. *... 18, ,832 Facebook, Inc., Class A *... 42,758 7,545,077 MercadoLibre, Inc ,896 NetEase, Inc. (ADR)... 1, ,366 22,338,115 IT Services - 3.1% Automatic Data Processing, Inc... 7, ,887 Cognizant Technology Solutions Corp., Class A... 10, , CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

11 SHARES VALUE ($) COMMON STOCKS - CONT D Fiserv, Inc. *... 3, ,902 Paychex, Inc... 6, ,750 PayPal Holdings, Inc. *... 21,521 1,584,376 4,198,318 Leisure Products - 0.1% Hasbro, Inc... 2, ,321 Life Sciences Tools & Services - 0.4% Illumina, Inc. *... 2, ,284 Machinery - 0.3% PACCAR, Inc... 6, ,449 Media - 5.3% Charter Communications, Inc., Class A *... 4,457 1,497,374 Comcast Corp., Class A... 83,629 3,349,341 DISH Network Corp., Class A *... 4, ,820 Liberty Global plc, Class A *... 4, ,937 Liberty Global plc, Class C *... 10, ,411 Sirius XM Holdings, Inc. (a)... 82, ,401 Twenty-First Century Fox, Inc., Class A... 18, ,411 Twenty-First Century Fox, Inc., Class B... 14, ,247 7,133,942 Multiline Retail - 0.3% Dollar Tree, Inc. *... 4, ,136 Pharmaceuticals - 0.3% Mylan NV *... 9, ,430 Professional Services - 0.2% Verisk Analytics, Inc. *... 2, ,352 Road & Rail - 0.8% CSX Corp... 16, ,480 JB Hunt Transport Services, Inc.... 1, ,591 1,107,071 Semiconductors & Semiconductor Equipment % Analog Devices, Inc... 6, ,906 Applied Materials, Inc... 19, ,670 ASML Holding NV... 1, ,054 Broadcom Ltd.... 7,315 1,879,224 Intel Corp ,910 3,873,286 KLA-Tencor Corp.... 2, ,406 Lam Research Corp... 2, ,962 CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 9

12 SHARES VALUE ($) COMMON STOCKS - CONT D Maxim Integrated Products, Inc... 5, ,341 Microchip Technology, Inc. (a)... 4, ,723 Micron Technology, Inc. *... 20, ,238 NVIDIA Corp... 10,865 2,102,378 QUALCOMM, Inc... 26,468 1,694,481 Skyworks Solutions, Inc.... 3, ,905 Texas Instruments, Inc ,671 1,845,559 Xilinx, Inc.... 4, ,907 16,104,040 Software % Activision Blizzard, Inc , ,086 Adobe Systems, Inc. *... 8,848 1,550,524 Autodesk, Inc. *(a)... 3, ,546 CA, Inc... 7, ,366 Cadence Design Systems, Inc. *... 5, ,735 Check Point Software Technologies Ltd. *... 2, ,710 Citrix Systems, Inc. *... 2, ,304 Electronic Arts, Inc. *... 5, ,348 Intuit, Inc... 4, ,999 Microsoft Corp ,319 11,831,807 Symantec Corp... 11, ,221 Synopsys, Inc. *... 2, ,637 Take-Two Interactive Software, Inc. *... 2, ,500 Workday, Inc., Class A *(a)... 2, ,873 17,978,656 Specialty Retail - 0.9% O'Reilly Automotive, Inc. *... 1, ,824 Ross Stores, Inc... 6, ,065 Ulta Salon, Cosmetics & Fragrance, Inc. *(a)... 1, ,144 1,174,033 Technology Hardware, Storage & Peripherals % Apple, Inc... 92,056 15,578,637 Seagate Technology plc (a)... 5, ,413 Western Digital Corp.... 5, ,555 16,219,605 Trading Companies & Distributors - 0.2% Fastenal Co... 5, ,497 Wireless Telecommunication Services - 0.9% T-Mobile US, Inc. *... 14, ,949 Vodafone Group plc (ADR) (a)... 8, ,823 1,209,772 Total Common Stocks (Cost $52,984,906) ,270, CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

13 SHARES VALUE ($) EXCHANGE-TRADED FUNDS - 2.0% Powershares QQQ Trust, Series ,400 2,710,224 Total Exchange-Traded Funds (Cost $1,877,629)... 2,710,224 PRINCIPAL AMOUNT ($) VALUE ($) U.S. TREASURY OBLIGATIONS - 0.2% U.S. Treasury Bills, 1.08%, 3/1/18 (b) , ,385 Total U.S. Treasury Obligations (Cost $299,469) ,385 TIME DEPOSIT - 0.9% State Street Bank and Trust Eurodollar Time Deposit, 0.12%, 1/2/ ,178,872 1,178,872 Total Time Deposit (Cost $1,178,872)... 1,178,872 SHARES VALUE ($) SHORT TERM INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2% State Street Institutional U.S. Government Money Market Fund - Premier Class, 1.21%... 1,628,018 1,628,018 Total Short Term Investment of Cash Collateral for Securities Loaned (Cost $1,628,018)... 1,628,018 TOTAL INVESTMENTS (Cost $57,968,894) % ,086,621 Other assets and liabilities, net - (1.2%)... (1,672,070) NET ASSETS % ,414,551 NOTES TO SCHEDULE OF INVESTMENTS * Non-income producing security. (a) All or a portion of this security was on loan at December 31, The aggregate market value of securities on loan at December 31, 2017 was $3,695,273. (b) Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts. Abbreviations: ADR: American Depositary Receipt FUTURES NUMBER OF CONTRACTS EXPIRATION MONTH/YEAR NOTIONAL AMOUNT VALUE/NET UNREALIZED APPRECIATION (DEPRECIATION) Long: E-mini NASDAQ 100 Index 12 3/18 $1,538,100 $5,280 See notes to financial statements. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 11

14 CALVERT VP NASDAQ 100 INDEX PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2017 ASSETS Investments in securities of unaffiliated issuers, at value (identified cost $57,968,894) - including $3,695,273 of securities on loan... $137,086,621 Receivable for investments sold... 19,656 Receivable for capital shares sold... 31,920 Dividends and interest receivable... 32,319 Securities lending income receivable Receivable from affiliate... 43,408 Directors' deferred compensation plan... 18,256 Other assets... 1,493 Total assets ,234,540 LIABILITIES Payable for variation margin on open futures contracts... 9,000 Due to custodian... 19,656 Payable for capital shares redeemed... 25,311 Deposits for securities loaned... 1,628,018 Payable to affiliates: Investment advisory fee... 34,574 Administrative fee... 11,525 Distribution and service fees Sub-transfer agency fee Directors' deferred compensation plan... 18,256 Accrued expenses... 72,809 Total liabilities... 1,819,989 NET ASSETS... $135,414,551 NET ASSETS CONSIST OF: Paid-in capital applicable to common stock (20,000,000 shares of $0.10 par value authorized)... $53,066,579 Accumulated undistributed net investment income ,924 Accumulated undistributed net realized gain... 2,407,041 Net unrealized appreciation... 79,123,007 Total... $135,414,551 NET ASSET VALUE PER SHARE Class I (based on net assets of $133,472,621 and 2,034,748 shares outstanding)... $65.60 Class F (based on net assets of $1,941,930 and 29,795 shares outstanding)... $65.18 See notes to financial statements CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

15 CALVERT VP NASDAQ 100 INDEX PORTFOLIO STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2017 INVESTMENT INCOME Dividend income... $1,404,389 Interest income... 4,781 Securities lending income, net... 8,953 Total investment income... 1,418,123 EXPENSES Investment advisory fee ,762 Administrative fee ,505 Distribution and service fees: Class F... 3,669 Directors' fees and expenses... 5,839 Custodian fees... 14,759 Transfer agency fees and expenses: Class I... 59,354 Class F... 3,016 Accounting fees... 31,920 Professional fees... 28,592 Reports to shareholders... 36,446 Licensing fees... 26,382 Miscellaneous... 20,624 Total expenses ,868 Waiver and/or reimbursement of expenses by affiliate... (148,178) Reimbursement of expenses-other... (2,917) Net expenses ,773 Net investment income ,350 REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) on: Investment securities... 1,869,258 Futures contracts ,712 2,356,970 Net change in unrealized appreciation (depreciation) on: Investment securities... 30,428,526 Futures contracts... 5,874 30,434,400 Net realized and unrealized gain... 32,791,370 Net increase in net assets resulting from operations... $33,613,720 See notes to financial statements. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 13

16 CALVERT VP NASDAQ 100 INDEX PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS INCREASE (DECREASE) IN NET ASSETS Year Ended December 31, 2017 Year Ended December 31, 2016 Operations: Net investment income... $822,350 $669,041 Net realized gain... 2,356,970 1,171,447 Net change in unrealized appreciation (depreciation)... 30,434,400 5,258,514 Net increase in net assets resulting from operations... 33,613,720 7,099,002 Distributions to shareholders from: Net investment income: Class I shares... (595,014) (517,579) Class F shares... (8,640) (6,404) Net realized gain: Class I shares... (1,158,022) (3,281,581) Class F shares... (16,815) (34,321) Total distributions to shareholders... (1,778,491) (3,839,885) Capital share transactions: Class I shares... (2,454,766) 7,559,806 Class F shares , ,241 Net increase (decrease) in net assets from capital share transactions... (1,957,451) 8,503,047 TOTAL INCREASE IN NET ASSETS... 29,877,778 11,762,164 NET ASSETS Beginning of year ,536,773 93,774,609 End of year (including accumulated undistributed net investment income of $817,924 and $663,581, respectively)... $135,414,551 $105,536,773 See notes to financial statements CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

17 CALVERT VP NASDAQ 100 INDEX PORTFOLIO FINANCIAL HIGHLIGHTS Year Ended December 31, CLASS I SHARES 2017 (a) 2016 (a) 2015 (a) Net asset value, beginning $50.26 $48.91 $45.59 $42.98 $32.57 Income from investment operations: Net investment income Net realized and unrealized gain Total from investment operations Distributions from: Net investment income (0.30) (0.26) (0.03) (0.57) (0.32) Net realized gain (0.58) (1.64) (0.81) (4.90) (0.98) Total distributions (0.88) (1.90) (0.84) (5.47) (1.30) Total increase in net asset value Net asset value, ending $65.60 $50.26 $48.91 $45.59 $42.98 Total return (b) 32.35% 6.59% 9.07% 18.66% 36.05% Ratios to average net assets: (c) Total expenses 0.60% 0.66% 0.62% 0.63% 0.61% Net expenses 0.48% 0.64% 0.62% 0.63% 0.61% Net investment income 0.67% 0.69% 0.61% 1.07% 0.80% Portfolio turnover 3% 5% 8% 11% 13% Net assets, ending (in thousands) $133,473 $104,449 $93,676 $82,697 $80,774 (a) Net investment income per share was computed using average shares outstanding. (b) 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. Total return is not annualized for periods of less than one year. (c) 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 Portfolio. See notes to financial statements. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 15

18 CALVERT VP NASDAQ 100 INDEX PORTFOLIO FINANCIAL HIGHLIGHTS Year Ended December 31, CLASS F SHARES (a) Net asset value, beginning $50.07 $48.91 $50.24 Income from investment operations: Net investment income (b) Net realized and unrealized gain (loss) (0.58) Total from investment operations (0.52) Distributions from: Net investment income (0.30) (0.31) Net realized gain (0.58) (1.64) (0.81) Total distributions (0.88) (1.95) (0.81) Total increase (decrease) in net asset value (1.33) Net asset value, ending $65.18 $50.07 $48.91 Total return (c) 32.01% 6.30% (1.07%) Ratios to average net assets: (d) Total expenses 1.01% 1.48% 0.87% (e) Net expenses 0.73% 0.94% 0.87% (e) Net investment income 0.39% 0.36% 0.71% (e) Portfolio turnover 3% 5% 8% Net assets, ending (in thousands) $1,942 $1,088 $99 (a) From October 30, 2015 inception. (b) Computed using average shares outstanding. (c) 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. Total return is not annualized for periods of less than one year. (d) 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 Portfolio. (e) Annualized. See notes to financial statements CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

19 NOTES TO FINANCIAL STATEMENTS NOTE 1 SIGNIFICANT ACCOUNTING POLICIES Calvert VP Nasdaq 100 Index Portfolio (the Portfolio) is a non-diversified series of Calvert Variable Products, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Portfolio is to seek investment results that correspond to the investment performance of U.S. common stocks, as represented by the NASDAQ-100 Index. Shares of the Portfolio are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts. The Portfolio 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 Portfolio 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 Portfolio uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board. The Board has adopted Valuation Procedures (the Procedures) to determine the fair value of securities and financial instruments for which market prices are not readily available or which may not be reliably priced. The Board has delegated the day-to-day responsibility for determining the fair value of securities and financial instruments of the Portfolio to Calvert Research and Management (CRM), the Portfolio s investment adviser and has provided these Procedures to govern CRM in its valuation duties. CRM has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated. The Valuation Committee meets on a regular basis to review investments which may not have readily available market prices. The Valuation Committee s fair valuation determinations are subject to review, approval and ratification by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. 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 Portfolio s own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment s assigned level within the hierarchy during the period. Transfers in and/or out of levels are determined based on the fair value of such securities at the end of the period. Valuation techniques used to value the Portfolio 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 asked prices and are categorized as Level 2 in the hierarchy. Debt Securities. Debt securities are generally valued on the basis of valuations provided by third party pricing services, as derived from such services pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term securities of sufficient credit quality purchased CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 17

20 with remaining maturities of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy. Other Securities. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy. Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Portfolio 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 fairly reflects the security s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company s or entity s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity. The following table summarizes the market value of the Portfolio s holdings as of December 31, 2017, based on the inputs used to value them: Investments in Securities - Assets Level 1 Level 2 Level 3 Total Common Stocks $131,270,122 * $ $ $131,270,122 Exchange-Traded Funds 2,710,224 2,710,224 U.S. Treasury Obligations 299, ,385 Time Deposit 1,178,872 1,178,872 Short Term Investment of Cash Collateral for Securities Loaned 1,628,018 1,628,018 Total $135,608,364 $1,478,257 $ $137,086,621 Derivative Instruments - Assets Futures Contracts (1) $5,280 $ $ $5,280 * The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. (1) The value listed reflects unrealized appreciation (depreciation) as shown in the Schedule of Investments. The Portfolio held no investments or other financial instruments as of December 31, 2016 whose fair value was determined using Level 3 inputs. There were no transfers between Level 1 and Level 2 during the year ended December 31, 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. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT

21 C. Share Class Accounting: Realized and unrealized gains and losses and net investment income and losses, other than classspecific 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 Portfolio. Expenses arising in connection with a specific class are charged directly to that class. D. Futures Contracts: The Portfolio may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Portfolio. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Portfolio s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts terms. Futures contracts are designed by boards of trade which are designated contracts markets by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Portfolio. E. Distributions to Shareholders: Distributions to shareholders are recorded by the Portfolio on ex-dividend date. Dividends from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Portfolio 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 Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. H. Federal Income Taxes: No provision for federal income or excise tax is required since the Portfolio intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings. Management has analyzed the Portfolio s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Portfolio s financial statements. A Portfolio s federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing. NOTE 2 RELATED PARTY TRANSACTIONS The investment advisory fee is earned by CRM, a subsidiary of Eaton Vance Management (EVM), as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement, CRM receives a fee, payable monthly, at the annual rate of 0.30% of the Portfolio s average daily net assets. For the year ended December 31, 2017, the investment advisory fee amounted to $368,762. Ameritas Investment Partners, Inc. (AIP) provides sub-advisory services to the Portfolio pursuant to a sub-advisory agreement with CRM. Sub-advisory fees are paid by CRM from its investment advisory fee. CRM has agreed to reimburse the Portfolio 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, interest expense, taxes or litigation expenses) exceed 0.73% for Class F and 0.48% for Class I of such class average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, For the year ended December 31, 2017, CRM waived or reimbursed expenses of $123,594. The administrative fee is earned by CRM as compensation for administrative services rendered to the Portfolio. The fee is computed at an annual rate of 0.12% of the Portfolio s average daily net assets attributable to Class I and Class F and is payable monthly. CRM has agreed to contractually waive 0.02% of the administrative fee through April 30, 2018 for each class. For the year ended December 31, 2017, CRM was paid administrative fees of $147,505, of which $24,584 were waived. CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT 19

22 The Portfolio 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 Portfolio pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Portfolio s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class F shares for distribution services and facilities provided to the Portfolio, as well as for personal and/or account maintenance services provided to the class shareholders. Distribution and service fees paid or accrued for the year ended December 31, 2017 amounted to $3,669 for Class F shares. EVM provides sub-transfer agency and related services to the Portfolio pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2017, sub-transfer agency fees and expenses incurred to EVM amounted to $8,848 and are included in transfer agency fees and expenses on the Statement of Operations. Each Director of the Portfolio who is not an employee of CRM or its affiliates receives a fee of $3,000 for each Board meeting attended in person and $2,000 for each Board meeting attended by phone plus an annual fee of $52,000, and $1,500 for each Committee meeting attended in person and $1,000 for each Committee meeting attended by phone plus an annual Committee fee of $2,500. The Board chair receives an additional $10,000 annual retainer and Committee chairs receive an additional $6,000 annual retainer. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Portfolio or other Calvert funds selected by the Directors. The Portfolio 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 Portfolio s assets. Directors fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Portfolio who are employees of CRM or its affiliates are paid by CRM. In addition, an advisory council was established to aid the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The advisory council consists of CRM s Chief Executive Officer and four additional members. Each member (other than CRM s Chief Executive Officer) receives annual compensation of $75,000, which is being reimbursed by Calvert Investment Management, Inc. (CIM), the Calvert funds former investment adviser and Ameritas Holding Company for a period of up to three years through December 30, For the year ended December 31, 2017, the Portfolio s allocated portion of such expense and reimbursement was $2,917, which are included in miscellaneous expense and reimbursement of expenses-other, respectively, on the Statement of Operations. NOTE 3 SHAREHOLDER SERVICING PLAN The Corporation, on behalf of the Portfolio, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Portfolio to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Portfolio 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 Portfolio may make payments at an annual rate of up to 0.11% of its average daily net assets. For the year ended December 31, 2017, expenses incurred under the Servicing Plan amounted to $47,652 and are included in transfer agency fees and expenses on the Statement of Operations. NOTE 4 INVESTMENT ACTIVITY During the year ended December 31, 2017, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $3,589,132 and $5,578,963, respectively. NOTE 5 DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION The tax character of distributions declared for the years ended December 31, 2017 and December 31, 2016 was as follows: Year Ended December 31, Distributions declared from: Ordinary income $625,710 $579,230 Long-term capital gains $1,152,781 $3,260,655 During the year ended December 31, 2017, accumulated undistributed net realized gain was increased by $64,353 and accumulated undistributed net investment income was decreased by $64,353 due to differences between book and tax accounting for return of capital distributions from securities. These reclassifications had no effect on the net assets or net asset value per share of the Portfolio CALVERT VP NASDAQ 100 INDEX PORTFOLIO ANNUAL REPORT