Calvert VP SRI Equity Portfolio

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Growth	Morningstar Box
The Portfolio seeks growth of capital through investment in stocks of issuers in industries believed to offer opportunities for potential capital appreciation and which meet the Portfolio's investment criteria, including financial, sustainability and social responsibility factors.	The Fund invests primarily in the common stocks of U.S. large-cap companies, although it may have other investments, including foreign stocks and mid-cap stocks. The Fund defines large-cap companies as those whose market capitalization falls within the range of the S&P 500 Index. Subadvisor Atlanta Capital looks for established companies with a history of steady earnings growth and selects companies based on its opinion that the company has the ability to sustain growth through high profitability and that the stock is favorably priced with respect to those growth expectations. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges.	The Morningstar Style Box^TM reveals a fund's current investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned; the horizontal axis shows investment style (value, blend, or growth).

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Holdings	Benchmark	Management
N/A	131647786	$9.7	50	S&P 500 Index	Calvert Investment Management, Inc. (Advisor) Atlanta Capital Management Company, LLC (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	16.18%	15.01%
ALPHA	-1.48%	0.00%
BETA	1.04	1.00
EXCESS RETURN	-1.25%	0.00%
R-SQUARED	93.40%	100.00%
TRACKING ERROR	4.20%	0.00%
INFORMATION RATIO	-0.30	0.00
SHARPE RATIO	0.70	0.84

Source: Zephyr StyleAdvisor using Morningstar^TM and/or Lipper data.

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	80,214.5	100,079.3
Median	31,338.2	13,294.1
Weighted Median	42,565.1	56,469.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
CVS CAREMARK CORP	4.22%
QUALCOMM INC	3.99%
GOOGLE INC CL A	3.87%
APPLE INC	3.66%
ECOLAB INC	3.65%
AMERICAN EXPRESS CO	3.58%
MICROSOFT CORP	3.45%
CAMERON INTERNATIONAL CORP	3.41%
GILEAD SCIENCES INC	3.33%
ALLERGAN INC	3.31%
Total	36.46%

The Fund may or may not still invest in, and no action is recommended on, companies listed. For the most recently available information on the Fund's holdings, visit www.calvert.com.

ASSET ALLOCATION% of assets as of 3/31/2013
	Equity	Fixed Income	Cash
Calvert VP SRI Equity Portfolio	99.35%	0.00%	0.65%

Source: State Street Bank & Trust Company

VALUATIONKey Portfolio Statistics as of 3/31/2013
	1 YEAR P/E		3 YEAR EPS GROWTH		RETURN ON EQUITY	PRICE TO CASH FLOW	PRICE TO BOOK	Dividend Yield
	PROJECTED	TRAILING	PROJECTED	TRAILING	RETURN ON EQUITY	PRICE TO CASH FLOW	PRICE TO BOOK	Dividend Yield
Calvert VP SRI Equity Portfolio	16.1	19.0	14.1%	18.6%	20.8%	13.0	3.1	1.1
S&P 500 Index	14.2	15.9	10.4%	27.9%	18.8%	10.1	2.3	2.1

Source: Analysis performed by FactSet.

PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2013
	QTR	YTD	1 YEAR	3 YEARS	5 YEARS	10 YEARS	SINCE INCEPTION	INCEPTION DATE
Portfolio	9.08	9.08	9.05	11.43	6.63	8.20	5.55	4/30/2002
S&P 500 Index	10.61	10.61	13.96	12.67	5.81	8.53	5.62
Lipper VA Large-Cap Growth Funds Index	8.60	8.60	7.28	9.21	4.18	n/a	3.56

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.

PERFORMANCE ATTRIBUTIONRelative to the S&P 500 Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Health Care	14.54%	17.48%	2.42%
Financials	12.31%	14.24%	1.69%
Consumer Staples	10.73%	12.88%	1.35%
Information Technology	27.36%	4.50%	1.30%
Consumer Discretionary	11.68%	8.42%	1.02%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Allergan Inc.	3.98%	21.75%	0.98%
Gilead Sciences Inc.	2.98%	33.23%	0.90%
IntercontinentalExchange Inc.	2.27%	31.71%	0.64%
American Express Co.	3.47%	17.76%	0.58%
CVS Caremark Corp.	4.21%	14.22%	0.58%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Telecomm Services	0.00%	0.00%	0.00%
Utilities	0.00%	0.00%	0.00%
Materials	3.63%	11.85%	0.42%
Energy	9.87%	4.80%	0.48%
Industrials	9.87%	9.08%	0.89%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Apple Inc.	4.08%	-16.49%	-0.82%
Suncor Energy Inc.	3.00%	-8.63%	-0.27%
Edwards Lifesciences Corp.	1.43%	-8.88%	-0.15%
C.H. Robinson Worldwide Inc.	1.41%	-5.37%	-0.10%
Juniper Networks Inc.	1.18%	-5.74%	-0.05%

Source: Analysis performed by FactSet. Equity holdings only. Return calculation is based on daily holding periods and excludes all fund expenses and trading costs. Portfolio weight is calculated as the average weight over the quarter.

The performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from that shown. The statistical information above is taken from sources believed to be reliable but cannot be guaranteed as to accuracy.

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Gilead Sciences Inc.	Health Care	33.23%
2	IntercontinentalExchange Inc.	Financials	31.71%
3	B/E Aerospace Inc.	Industrials	22.04%
4	Cerner Corp.	Health Care	22.04%
5	Allergan Inc.	Health Care	21.75%
6	American Express Co.	Financials	17.76%
7	PepsiCo Inc.	Consumer Staples	16.43%
8	Novartis AG ADS	Health Care	16.01%
9	T. Rowe Price Group Inc.	Financials	15.54%
10	Cameron International Corp.	Energy	15.48%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Apple Inc.	Information Technology	-16.49%
2	Expeditors International of Washington Inc.	Industrials	-9.48%
3	Edwards Lifesciences Corp.	Health Care	-8.88%
4	Suncor Energy Inc.	Energy	-8.63%
5	Juniper Networks Inc.	Information Technology	-5.74%
6	C.H. Robinson Worldwide Inc.	Industrials	-5.37%
7	Kohl's Corp.	Consumer Discretionary	-2.35%
8	AFLAC Inc.	Financials	-1.37%
9	AON Plc	Financials	-0.52%
10	DaVita HealthCare Partners Inc.	Health Care	0.33%

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. In addition, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Holdings are subject to change.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

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