Calvert VP Small Cap Growth Portfolio

Daily Performance (as of 5/24/2013)
Price $53.72
Price Change $-0.06 (-0.11%)
YTD Return 14.40%
Fund Facts (as of 5/23/2013)
Calvert Fund Number 943 (I Shares)
CUSIP Number 131647885 (I Shares)
Assets Under Management $25.65 Million

Overview

Fund Management

Calvert Investment Management, Inc.
Eagle Asset Management, Inc.

Bert L. Boksen, CFA
Portfolio Manager

Eric Mintz, CFA
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: 101
Click here for all Fund Holdings

Investment Objective

The Portfolio seeks long-term capital appreciation.

Investment Strategy

The Portfolio focuses on small, rapidly growing and under-researched companies whose securities, in the Subadvisor's opinion, are trading at reasonable prices. The Portfolio normally invests at least 80% of its net assets in the equity securities, such as common or preferred stocks, of small capitalization companies listed on U.S. exchanges or in the U.S. over-the-counter market. The Portfolio considers a small capitalization company to have a market capitalization within the range of companies in the Russell 2000 Growth Index.

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 stock market may fall in value, causing prices of stocks held by the Portfolio to 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. Prices of small cap stocks can be more volatile than those of larger, more established companies. Small cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.

Important Disclosure

Holdings are subject to change.

Performance

Select additional indices to display below:

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 4/30/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) 11.44 -0.95 12.73 14.87 9.01 10.84 1.67 11/1/1999
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) 12.50 12.50 12.20 17.22 10.84 11.73 1.75 11/1/1999
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
n/a 1.04% 1.17% 40.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 4/30/2013

  Fund (IShares) Russell 2000 Growth Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.50% 1.38% 0.00% 0.00%
Beta 0.94 0.97 1.00 1.00
R-Squared 95.71% 97.07% 100.00% 100.00%
Sharpe Ratio 0.75 0.36 0.62 0.31
Standard Deviation 19.71% 24.05% 20.61% 24.49%
Excess Return 1.94% 1.20% 0.00% 0.00%
Information Ratio 0.45 0.29 0.00 0.00
Tracking Error 4.29% 4.19% 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 Long Term Gain 1.78079 12/27/2012 12/28/2012 12/28/2012 45.91
12/30/2009 Dividend 0.01967 12/29/2009 12/30/2009 12/30/2009 32.07
12/28/2000 Short Term Gain 0.26680 12/28/2000 12/28/2000 12/28/2000 41.60
12/30/1999 Short Term Gain 0.44224 12/30/1999 12/31/1999 12/30/1999 55.48

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: 101
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

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.

Eagle Asset Management, Inc.

Bert L. Boksen, CFA
Portfolio Manager

Eric Mintz, CFA
Portfolio Manager

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.900%
Distribution and service (12b-1) fees none
Other expenses 0.270%
Total annual Fund operating expenses 1.170%
Less fee waiver and/or expense reimbursement 0.130%
Net expenses 1.040%

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)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 1.04%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.17%

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Small Cap Growth Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 1.04%. 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 Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Small Growth

is categorized as: Small Growth

Morningstar Category™

Small Growth