Calvert VP Volatility Managed Growth Portfolio

Daily Performance (as of 11/21/2014)
Price $16.82
Price Change $0.08 (0.48%)
YTD Return 5.92%
Portfolio Facts (as of 11/21/2014)
Calvert Portfolio Number 1083
CUSIP Number 131646309
Assets Under Management $78.31 Million

Overview

Portfolio Management

Milliman Financial Risk Management LLC

Adam Schenck, CFA, FRM
Financial Risk Management Portfolio Manager

Blake Graves, FRM
Financial Risk Management Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 24
Click here for all Fund Holdings

Investment Objective

The Portfolio pursues growth potential and some current income, while seeking to manage overall portfolio volatility.

Investment Strategy

The Portfolio pursues growth potential and some current income, while seeking to manage overall portfolio volatility. The Portfolio seeks to achieve its objectives by investing in exchange-traded funds ("ETFs") representing a broad range of asset classes and employing derivatives to manage overall portfolio volatility. Under normal market conditions, the Portfolio invests at least 80% of its net assets in ETFs and various derivatives, such as futures contracts and options. The portion of the Portfolio that is invested in ETFs is sructured like a fund-of-funds that will target an asset allocation that emphasizes equity ETFs over fixed-income ETFs. The Portfolio also seeks to stabilize the volatility of annualized portfolio returns around a predetermined target level and reduce the potential for portfolio losses during periods of significant and sustained market declines, while providing opportunity for growth during periods when markets are appreciating. The Portfolio generally targets an annualized return volatility level of 12%, however, over any particular time horizon the Portfolio may experience return volatility that is higher or lower than its target return volatility.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. The Portfolio shares the principal risks of the ETFs in which it invests and pays a proportionate share of the operating expenses of those ETFs as well as the direct expenses of investing in the Portfolio. The Portfolio is also subject to the risk that the Sub-advisors' selection of, and allocation of Portfolio assets to, ETFs and futures contracts may cause the Portfolio to underperform. The Portfolio's greater allocation to equity ETFs makes it more susceptible to risks associated with equity securities than fixed-income securities. ETFs that invest in sectors that provide exposure to real estate investment trusts or natural resources involve risks that are unique to those sectors and may respond differently to financial and market conditions because they have a historically low correlation to financial assets. Foreign investment entails special risks such as currency, political, economic and foreign market risks. The volatility management models may not accurately represent risk and projected market performance, in which case the Portfolio may underperform. The use of futures may increase the Portfolio's volatility and may involve a small cash investment relative to the magnitude of risk assumed. If changes in the value of a futures contract do not correspond to changes in the value of the Portfolio's ETF investments, the Portfolio may not fully benefit from or could lose money on the futures position. Futures may also be less liquid and more difficult to value than other investments and may involve counterparty credit risk. Asset allocation and volatility management do not ensure a profit and may not protect against a loss. There is no assurance that a diversified portfolio, the asset allocation strategy or the volatility management strategy will enable the Portfolio to achieve a better return than a portfolio that does not employ these strategies.


Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Performance

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Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

Average Annual Total Returns (%) for period ending 10/31/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 4.60 1.40 7.34 n/a n/a n/a 7.50 4/30/2013
Average Annual Total Returns (%) for period ending 9/30/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 3.15 -1.44 9.14 n/a n/a n/a 6.91 4/30/2013
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)
Net Expense Ratio
(if waiver reimbursement in effect)
Gross Expense Ratio
(if waiver reimbursement in effect)
Portfolio Turnover
n/a 0.97% 1.39% 1.000%

Hypothetical Growth of $10,000


Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2015.


Pricing & Distribution

Most Recent Distributions

Portfolio
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/31/2013 Dividend 0.10763 12/27/2013 12/30/2013 12/30/2013 15.84

Holdings

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 24
Click here for all Fund Holdings

Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Management & Commentary

Portfolio Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Ameritas Investment Partners, Inc. (AIP)

Ameritas Investment Partners, Inc. (AIP), an Ameritas company, managed more than $12 billion in assets as of December 31, 2012 across a broad range of asset classes including fixed income, equities, commercial mortgages, real estate, index strategies, risk management (derivatives) and private equity. AIP’s clients include insurance companies, mutual funds, institutional separate accounts and wrap accounts.

Kevin L. Keene, CFA
Assistant Portfolio Manager

Milliman Financial Risk Management LLC

Founded in 1998, Milliman Financial Risk Management LLC (MFRM) is a global leader in risk management and hedging support services. MFRM is a subsidiary of Milliman, Inc.—one of the world's largest independent actuarial and consulting firms. Milliman assists clients in hedging over US $500 billion in daily account value.

Adam Schenck, CFA, FRM
Financial Risk Management Portfolio Manager

Blake Graves, FRM
Financial Risk Management Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description Expense
Management fees 0.520%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.480%
Indirect underlying fund expenses 0.140%
Total annual Portfolio operating expenses 1.390%

Less fee waiver and/or expense reimbursement 0.420%
Net expenses 0.970%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
none
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower)
none

Portfolio Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)
0.97%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
1.39%

Investment Minimums

Description Minimum
Minimum Initial Investment n/a
Minimum Initial Investment for IRA n/a
Minimum Subsequent Investment n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for each of the Calvert VP Volatility Managed Moderate, Moderate Growth and Growth Portolios through April 30, 2015. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses will not exceed 0.83% for each of the Portfolios. Only the Board of Directors of the Portfolios may terminate a Portfolio's expense limitation before the contractual period expires, upon 60 days' prior notice to shareholders. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.


Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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