Calvert VP Income Portfolio

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
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 other income-producing securities.	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.

PERFORMANCE PROFILE AS OF 3/31/2013

Objective

Strategy

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 other income-producing securities.

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.

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Fixed Income Holdings	Benchmark	Management
N/A	131647778	$37.4	208	Barclays U.S. Credit Index	Calvert Investment Management, Inc.

PORTFOLIO STATISTICSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
SEC YIELD	2.19%	N/A
EFFECTIVE DURATION	6.03 YRS	6.97 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	8.73 YRS	10.16 YRS
WEIGHTED AVERAGE PRICE	102.81	113.17
# OF FIXED INCOME HOLDINGS	208	5294

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
US TREASURY N/B	4.23%
BANK OF AMERICA NA	1.92%
GOLDMAN SACHS GROUP INC	1.68%
BNSF FUNDING TRUST I	1.63%
JPMORGAN CHASE + CO	1.58%
FNMA TBA 3PCT APR 30YR	1.39%
AMERICAN INTL GROUP	1.34%
ATLANTIC CITY ELECTRIC	1.34%
SUNTRUST BANK	1.30%
ENTERPRISE PRODUCTS OPER	1.22%
Total	17.63%

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.

CREDIT QUALITY (% of Net Assets)As of 3/31/2013
	PORTFOLIO	BENCHMARK
Cash	1.45%	-
Government	7.62%	-
AAA/Aaa/AAA	2.93%	8.93%
AA/Aa/AA	7.93%	12.06%
A/A/A	30.34%	40.62%
BBB/Baa/BBB	37.57%	38.39%
BB/Ba/BB	5.25%	-
B/B/B	2.59%	-
CCC/Caa/CCC	1.67%	-
CC/CC/CC	-	-
C/C/C	-	-
Not Rated	2.65%	-
Equities	-	-

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.

EFFECTIVE MATURITY DISTRIBUTIONAs of 3/31/2013
Years	Percentage
0-1	13.88%
1-3	11.66%
3-5	18.38%
5-7	5.52%
7-10	32.71%
10-20	4.99%
20-30	12.56%
30+	0.29%
TOTAL	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	19.13%
1-2	6.54%
2-3	2.01%
3-5	19.86%
5-7	6.67%
7-9	29.97%
9+	15.81%
TOTAL	100%

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	3.01%	3.77%
ALPHA	0.94%	0.00%
BETA	0.63	1.00
EXCESS RETURN	-1.97%	0.00%
R-SQUARED	62.94%	100.00%
TRACKING ERROR	2.30%	0.00%
INFORMATION RATIO	-0.86	0.00
SHARPE RATIO	1.93	2.06

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

SECTOR WEIGHTSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
CORPORATE	80.48%	79.73%
GOVERNMENT RELATED	1.40%	20.24%
SECURITIZED	7.56%	-
TREASURY	6.08%	-
CASH AND CASH EQUIVALENTS	1.46%	-
OTHER	1.65%	-
TOTAL	99%	100%

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	0.18	0.18	7.51	5.88	5.69	5.70	6.01	4/30/2002
Barclays U.S. Credit Index	-0.17	-0.17	7.00	7.86	7.52	5.96	6.54

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.

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.

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

I800ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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