Calvert VP Inflation Protected Plus Portfolio

Daily Performance (as of 6/18/2013)
Price $59.67
Price Change $0.11 (0.18%)
YTD Return -4.44%
Average Maturity
(rounded to nearest year or day) 		n/a
Daily 30-Day SEC Yield 0.00%
12 Mth Distribution Yield
(% Sales Charge)		 1.63%
12 Mth Distribution Yield
(No Charge)		 1.63%
Fund Facts (as of 6/17/2013)
Calvert Fund Number 810 (I Shares)
CUSIP Number 866167620 (I Shares)
Assets Under Management $89.80 Million
Duration (as of 3/31/2013)
Effective Duration 4.28 Years

Overview

Fund Management

Calvert Investment Management, Inc.
Ameritas Investment Partners, Inc. (AIP)

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 real levels of current income consistent with reasonable investment risk, by investing primarily in inflation adjusted fixed income securities.

Investment Strategy

The Portfolio seeks to achieve its objective by investing under normal circumstances at least 80% of the value of its assets in inflation protected fixed income securities. These securities will normally be U.S. dollar denominated and include securities issued by the U.S. Government, its agencies and instrumentalities, as well as other entities such as foreign governments or corporations. Inflation protected or adjusted fixed income securities are structured to provide protection against inflation by directly or indirectly adjusting the value of the bond's principal or the interest income paid based on changes in the official inflation measures reported by the U.S. Bureau of Labor Statistics. Foreign inflation protected securities are adjusted using a comparable statistic issued by the respective government. Up to 20% of the Portfolio's assets may be invested in fixed income securities that are not inflation indexed, including unrated or below investment-grade bonds ("high yield" or "junk" bonds), convertible debt securities, convertible preferred and preferred stocks, or other securities. The Portfolio employs an active trading strategy.

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. Inflation protected fixed income securities do not protect against changes in interest rates to the extent such changes are not attributable to inflation.

Sector Weights as of 3/31/2013

Fund
Short-Term Corporate 30.81%
Long-Term Treasury 30.31%
Intermediate Treasury 20.70%
Intermediate Corporate 17.29%
Long-Term Corporate 0.89%
TOTAL 100.00%
Source: Calvert Investment Management, Inc.

Important Disclosure

Holdings are subject to change.

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 5/31/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -3.01 -2.56 -0.12 5.90 4.60 n/a 5.74 12/28/2006
Average Annual Total Returns (%) for period ending 3/31/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -0.46 -0.46 6.01 7.91 4.71 n/a 6.33 12/28/2006
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized. The performance does not reflect fees and charges imposed under the variable annuity and life insurance contracts through which an investment may be made. If these fees and charges were included, they would reduce these returns.
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
0.71% n/a n/a 24.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 3/31/2013

  Fund (IShares) Barclays U.S. TIPS Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 0.04% -0.61% 0.00% 0.00%
Beta 0.92 0.91 1.00 1.00
R-Squared 90.94% 96.18% 100.00% 100.00%
Sharpe Ratio 1.87 0.66 1.96 0.78
Standard Deviation 4.17% 6.64% 4.32% 7.16%
Excess Return -0.67% -1.18% 0.00% 0.00%
Information Ratio -0.52 -0.81 0.00 0.00
Tracking Error 1.30% 1.45% 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
12/28/2012 Dividend 0.97700 12/27/2012 12/28/2012 12/28/2012 62.59
12/28/2012 Long Term Gain 0.07484 12/27/2012 12/28/2012 12/28/2012 62.59
12/28/2012 Short Term Gain 0.10253 12/27/2012 12/28/2012 12/28/2012 62.59
12/29/2011 Dividend 1.06910 12/28/2011 12/29/2011 12/29/2011 58.99
12/29/2011 Long Term Gain 0.18163 12/28/2011 12/29/2011 12/29/2011 58.99
12/29/2011 Short Term Gain 0.26765 12/28/2011 12/29/2011 12/29/2011 58.99
12/30/2010 Dividend 1.12935 12/29/2010 12/30/2010 12/30/2010 54.56
12/30/2010 Long Term Gain 0.33487 12/29/2010 12/30/2010 12/30/2010 54.56
12/30/2010 Short Term Gain 0.34796 12/29/2010 12/30/2010 12/30/2010 54.56
12/30/2009 Dividend 0.18842 12/29/2009 12/30/2009 12/30/2009 53.37
11/17/2008 Dividend 0.34059 11/17/2008 11/17/2008 48.54
8/18/2008 Dividend 0.73240 8/18/2008 53.55
6/2/2008 Dividend 0.42554 6/2/2008 53.65
3/3/2008 Dividend 0.68885 3/3/2008 55.06
11/12/2007 Dividend 0.19616 11/12/2007 52.46
8/20/2007 Dividend 0.89661 8/20/2007 49.80
5/31/2007 Dividend 1.10641 5/31/2007 49.66
2/26/2007 Dividend 0.12318 2/26/2007 50.65

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 Weights as of 3/31/2013

Fund
Short-Term Corporate 30.81%
Long-Term Treasury 30.31%
Intermediate Treasury 20.70%
Intermediate Corporate 17.29%
Long-Term Corporate 0.89%
TOTAL 100.00%
Source: Calvert Investment Management, Inc.

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 3/31/2013
Average Effective Maturity 9.30 Years

Important Disclosure

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

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.

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.

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.

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.600%
Distribution and service (12b-1) fees none
Other expenses 0.110%
Total annual Fund operating expenses 0.710%

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
Redemption Fee
(unless otherwise noted in the prospectus the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)		 2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 0.71%
Net Expense Ratio
(if waiver/reimbursement
in effect)		 n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Inflation Protected Plus Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.79%. 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.

Fund literature and resources
Morningstar Category™

Inflation-Protected Bond

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert Funds