Calvert VP Income Portfolio

Daily Performance (as of 4/23/2014)
Price $16.36
Price Change $0.04 (0.24%)
YTD Return 3.28%
Average Maturity
(rounded to nearest year or day)
9 Years
12 Mth Distribution Yield
(No Charge)
3.03%
Fund Facts (as of 4/23/2014)
Calvert Fund Number 398 (I Shares)
CUSIP Number 131647778 (I Shares)
Assets Under Management $33.39 Million
Duration (as of 3/31/2014)
Effective Duration 6.08 Years
SEC Yields (as of 3/31/2014)
30-Day SEC Yield Subsidized 2.29%
30-Day SEC Yield Unsubsidized 1.95%

Overview

Fund Management

Calvert Investment Management, Inc.

Vishal Khanduja, CFA
Vice President and Lead Portfolio Manager

Matthew Duch,
Vice President and Co-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.

Investment Objective

The Portfolio seeks to maximize long-term income, to the extent consistent with prudent investment management and preservation of capital, through investment in bonds and income-producing securities.

Investment Strategy

The Portfolio uses an active strategy, seeking relative value to earn incremental income. The Portfolio typically invests at least 65% of its net assets in investment-grade debt securities, as assessed at the time of purchase. The remaining 35% of Portfolio net assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities. The Portfolio invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises . The Portfolio may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. The Portfolio seeks to avoid investing in tobacco companies.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the market prices of bonds held by the Portfolio may fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Portfolio performance. The Portfolio is nondiversified and may be more volatile than a diversified fund.

Sector Distribution - Market Value Weighted as of 3/31/2014

Fund
Corporate 72.07% 78.67%
Financial Institutions 27.84% 25.73%
Industrial 41.45% 44.20%
Utility 2.78% 8.74%
Government Related 2.05% 21.33%
Agency 0.42% 5.90%
Local Authority 1.63% 4.66%
Sovereign - 5.27%
Supranational - 5.50%
Securitized 8.03% -
Asset Backed Securities 2.32% -
CMBS 4.68% -
Covered 1.03% -
Mortgage Backed Passthrough - -
CMO - -
Treasury 10.46% -
Cash and Cash Equivalents 6.70% -
Other 0.69% -
Total 100.00%  

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.

The 30-Day SEC Yield is a standardized measure of the current market yield on the Fund’s portfolio and is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. For funds that have a contractual fee waiver and/or expense reimbursement in effect, the fund also displays the higher subsidized yield, which accounts for the effect of the waiver and/or reimbursement . The 12-month Distribution Yield takes all the interest payments made by the fund over the last 12 months, and divides it by the sum of (i) the Fund’s NAV on the last day of the period, and (ii) any capital gains distributions that were made during that period. The 30-Day SEC Yield reflects the rate at which the Fund is earning income on its current portfolio of securities, while the 12-month Distribution yield reflects the Fund's past dividends paid to shareholders.


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 3/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) 2.46 2.46 1.02 4.12 8.01 4.44 5.58 4/30/2002
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)
Fund Turnover
n/a 0.85% 1.08% 240.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 3/31/2014

  Fund (IShares) Barclays U.S. Credit Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -0.21% 1.18% 0.00% 0.00%
Beta 0.75 0.77 1.00 1.00
R-Squared 77.93% 76.19% 100.00% 100.00%
Sharpe Ratio 1.09 1.98 1.32 1.94
Standard Deviation 3.71% 4.00% 4.36% 4.55%
Excess Return -1.69% -0.88% 0.00% 0.00%
Information Ratio -0.82 -0.40 0.00 0.00
Tracking Error 2.05% 2.22% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.


Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2014.


Pricing & Distribution

Most Recent Distributions

I Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/20/2013 Dividend 0.49622 12/18/2013 12/19/2013 12/19/2013 15.84
12/28/2012 Dividend 0.57807 12/27/2012 12/28/2012 12/28/2012 16.57
12/29/2011 Dividend 0.68824 12/28/2011 12/29/2011 12/29/2011 15.73
12/30/2010 Dividend 0.72501 12/29/2010 12/30/2010 12/30/2010 15.78
12/30/2009 Dividend 0.84488 12/29/2009 12/30/2009 12/30/2009 15.34
12/30/2008 Dividend 0.75998 12/29/2008 12/30/2008 12/30/2008 13.33
12/28/2007 Dividend 0.72531 12/27/2007 12/28/2007 12/28/2007 15.98
12/28/2007 Long Term Gain 0.06371 12/27/2007 12/28/2007 12/28/2007 15.98
12/28/2006 Dividend 0.66487 12/27/2006 12/28/2006 12/28/2006 16.02
12/28/2006 Long Term Gain 0.02753 12/27/2006 12/28/2006 12/28/2006 16.02
12/28/2006 Short Term Gain 0.03333 12/27/2006 12/28/2006 12/28/2006 16.02
12/29/2005 Dividend 0.48078 12/28/2005 12/29/2005 12/29/2005 15.94
12/29/2005 Long Term Gain 0.03534 12/28/2005 12/29/2005 12/29/2005 15.94
12/29/2005 Short Term Gain 0.06526 12/28/2005 12/29/2005 12/29/2005 15.94
12/31/2004 Dividend 0.44244 12/29/2004 12/30/2004 12/30/2004 15.90
12/31/2004 Long Term Gain 0.07050 12/29/2004 12/30/2004 12/30/2004 15.90
12/31/2004 Short Term Gain 0.51517 12/29/2004 12/30/2004 12/30/2004 15.90
12/30/2003 Dividend 0.57509 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2003 Long Term Gain 0.10733 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2003 Short Term Gain 0.69068 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2002 Dividend 0.21586 12/30/2002 12/31/2002 12/30/2002 15.53
12/30/2002 Short Term Gain 0.26822 12/30/2002 12/31/2002 12/30/2002 15.53
5/30/2002 Dividend 0.04817 5/28/2002 5/29/2002 5/29/2002 14.94

Annual Distribution Totals

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I Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

I Shares: Without Sales Charge

Holdings

Sector Distribution - Market Value Weighted as of 3/31/2014

Fund
Corporate 72.07% 78.67%
Financial Institutions 27.84% 25.73%
Industrial 41.45% 44.20%
Utility 2.78% 8.74%
Government Related 2.05% 21.33%
Agency 0.42% 5.90%
Local Authority 1.63% 4.66%
Sovereign - 5.27%
Supranational - 5.50%
Securitized 8.03% -
Asset Backed Securities 2.32% -
CMBS 4.68% -
Covered 1.03% -
Mortgage Backed Passthrough - -
CMO - -
Treasury 10.46% -
Cash and Cash Equivalents 6.70% -
Other 0.69% -
Total 100.00%  

Top 10 Holdings

Top 10 Equity Holdings

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

As of 3/31/2014
Average Effective Maturity 8.76 Years

Credit Quality


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.

Negative Cash positions may occur as the result of varying settlement schedules for securities.

Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. The letter ratings generally range from AAA (judged to be of the highest quality, with minimal credit risk) to D (the lowest rated class of bonds, typically in default with respect to timely payment of principal or interest). Bonds rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. Government securities may be rated lower than AAA/Aaa/AAA or may not be rated, and may include foreign government securities. If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category. Ratings are subject to change.


Management & Commentary

Fund 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.

Vishal Khanduja, CFA
Vice President and Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.700%
Distribution and service (12b-1) fees none
Other expenses 0.380%
Total annual Fund operating expenses 1.080%

Less fee waiver and/or expense reimbursement 0.230%
Net expenses 0.850%

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

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)
0.85%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
1.08%

Investment Minimums

Description Minimum
Minimum Initial Investment (ClassI) n/a
Minimum Initial Investment for IRA (ClassI) n/a
Minimum Subsequent Investment (ClassI) n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Income Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.85%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, 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.