Calvert VP SRI Large Cap Value Portfolio

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Value	Morningstar Box
The Portfolio seeks investment results that correspond to the total return performance of the bond market, as represented by the Barclays U.S. Aggregate Bond Index.	The Portfolio offers opportunities for long-term growth of capital through investments in large-cap company equity securities that the portfolio manager believes are undervalued. The Portfolio normally invests at least 80% of its net assets in the common stocks of large-cap companies, as defined by those within the range of market capitalizations of the Russell 1000 Value Index. The Advisor seeks to identify common stocks of companies it believes are significantly undervalued compared to their perceived worth or prospects, historical valuations or the general market level of valuation. The Advisor primarily uses a bottom-up approach focused on fundamental analysis of issuers in a number of different sectors and industries, in light of the issuers' current financial condition and industry position, as well as market, economic, political and regulatory conditions. The Portfolio has threshold responsibility standards with respect to tobacco, weapons and human rights, which it applies in determining whether a security qualifies for investment.	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	866167307	$141.2	57	Russell 1000 Value Index	Calvert Investment Management, Inc. (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	15.83%	15.62%
ALPHA	-1.92%	0.00%
BETA	1.01	1.00
EXCESS RETURN	-2.11%	0.00%
R-SQUARED	98.34%	100.00%
TRACKING ERROR	2.04%	0.00%
INFORMATION RATIO	-1.03	0.00
SHARPE RATIO	0.67	0.81

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	95,781.8	90,738.9
Median	54,558.0	5,340.9
Weighted Median	63,143.9	36,593.0

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
PFIZER INC	2.57%
TARGET CORP	2.56%
MICROSOFT CORP	2.54%
EXXON MOBIL CORP	2.53%
GLAXOSMITHKLINE PLC SPON ADR	2.51%
ROYAL DUTCH SHELL PLC ADR	2.48%
CAPITAL ONE FINANCIAL CORP	2.40%
PNC FINANCIAL SERVICES GROUP	2.39%
DIRECTV	2.39%
DU PONT (E.I.) DE NEMOURS	2.32%
Total	24.69%

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 Large Cap Value Portfolio	97.98%	0.00%	2.02%

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 Large Cap Value Portfolio	12.0	14.2	8.8%	26.5%	12.9%	8.3	1.5	2.4
Russell 1000 Value Index	13.1	14.1	8.1%	29.1%	12.9%	8.4	1.6	2.3

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	11.06	11.06	16.64	10.65	3.78	8.78	9.66	8/15/1984
Russell 1000 Value Index	12.31	12.31	18.77	12.74	4.85	9.18	n/a
Lipper VA Large-Cap Value Funds Index	11.77	11.77	14.64	10.09	4.00	n/a	n/a

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 Russell 1000 Value Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Financials	25.04%	12.04%	2.90%
Consumer Discretionary	11.66%	17.69%	2.02%
Energy	15.52%	9.57%	1.55%
Health Care	11.73%	12.39%	1.44%
Information Technology	9.79%	10.41%	1.05%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Marathon Petroleum Corp.	1.35%	42.83%	0.54%
Target Corp.	2.56%	16.36%	0.41%
Pfizer Inc.	2.61%	16.08%	0.41%
Phillips 66	1.34%	32.41%	0.40%
Time Warner Inc.	1.87%	21.13%	0.38%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Materials	6.45%	0.85%	0.04%
Telecomm Services	2.97%	11.77%	0.34%
Utilities	3.75%	12.94%	0.48%
Industrials	6.02%	11.55%	0.70%
Consumer Staples	7.08%	13.64%	0.95%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Newmont Mining Corp.	1.61%	-8.81%	-0.14%
Royal Dutch Shell PLC ADS Cl A	2.30%	-4.47%	-0.10%
Barrick Gold Corp.	0.50%	-8.40%	-0.09%
Capital One Financial Corp.	1.85%	-3.50%	-0.08%
Deere & Co.	0.02%	-1.47%	-0.01%

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	Sony Corp. ADS	Consumer Discretionary	57.31%
2	Marathon Petroleum Corp.	Energy	42.83%
3	Phillips 66	Energy	32.41%
4	Norfolk Southern Corp.	Industrials	25.55%
5	CBS Corp (Cl B)	Consumer Discretionary	23.03%
6	Time Warner Inc.	Consumer Discretionary	21.13%
7	Covidien PLC	Health Care	17.49%
8	Johnson & Johnson	Health Care	17.24%
9	PepsiCo Inc.	Consumer Staples	16.43%
10	Target Corp.	Consumer Discretionary	16.36%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Newmont Mining Corp.	Materials	-8.81%
2	Barrick Gold Corp.	Materials	-8.40%
3	Royal Dutch Shell PLC ADS Cl A	Energy	-4.47%
4	Capital One Financial Corp.	Financials	-3.50%
5	Deere & Co.	Industrials	-1.47%
6	Dow Chemical Co.	Materials	-0.53%
7	Occidental Petroleum Corp.	Energy	3.10%
8	Emerson Electric Co.	Industrials	3.87%
9	Exxon Mobil Corp.	Energy	4.79%
10	ConocoPhillips	Energy	4.82%

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 the 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. The Portfolio's value-oriented investing approach may fall out of favor with investors from time to time, during which the Portfolio may underperform other funds using different investment approaches. In addition, the market may not recognize a security’s intrinsic value for a long time, or a stock judged to be undervalued may actually be appropriately priced, and it may not appreciate as anticipated. 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 extended 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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FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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