Calvert VP SRI Mid Cap Growth Portfolio

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Medium Growth	Morningstar Box
The Portfolio seeks to provide long-term capital appreciation by investing primarily in a portfolio of the equity securities of mid-cap companies that are undervalued but demonstrate a potential for growth and that meet the Portfolio's investment criteria, including financial, sustainability and social responsibility factors.	The Portfolio invests primarily in the common stocks of mid-size U.S. companies. The Portfolio currently defines mid-cap companies as those whose market capitalization falls within the range of the Russell Midcap Growth Index. Subadvisor New Amsterdam favors companies which have an above market average prospective growth rate, but sell at below market average valuations. New Amsterdam evaluates each stock in terms of its growth potential, the return for risk free investments, and the risk and reward potential for the company to determine a reasonable price for the stock. The Portfolio 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	131647307	$45.8	42	Russell Midcap Growth Index	Calvert Investment Management, Inc. (Advisor) New Amsterdam Partners LLC (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	19.68%	17.78%
ALPHA	1.16%	0.00%
BETA	1.08	1.00
EXCESS RETURN	2.22%	0.00%
R-SQUARED	94.35%	100.00%
TRACKING ERROR	4.87%	0.00%
INFORMATION RATIO	0.46	0.00
SHARPE RATIO	0.83	0.80

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	5,101.0	9,453.4
Median	3,956.1	4,928.3
Weighted Median	4,142.7	9,104.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
CHURCH + DWIGHT CO INC	3.69%
WESCO INTERNATIONAL INC	3.55%
INGREDION INC	3.26%
SYNTEL INC	3.25%
POLARIS INDUSTRIES INC	3.22%
VALMONT INDUSTRIES	3.19%
LUFKIN INDUSTRIES INC	3.08%
TRW AUTOMOTIVE HOLDINGS CORP	3.07%
DST SYSTEMS INC	3.06%
ROSS STORES INC	2.81%
Total	32.18%

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 Mid Cap Growth Portfolio	99.53%	0.00%	0.47%

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 Mid Cap Growth Portfolio	14.3	16.0	16.0%	32.8%	21.4%	10.4	2.8	0.7
Russell Midcap Growth Index	18.2	20.5	15.8%	33.1%	19.3%	13.1	4.8	1.1

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	9.74	9.74	12.24	16.46	9.02	9.50	7.90	7/16/1991
Russell Midcap Growth Index	11.51	11.51	12.76	14.23	7.98	11.53	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 Midcap Growth Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Health Care	14.70%	14.87%	2.12%
Consumer Discretionary	24.55%	7.01%	1.73%
Industrials	15.22%	10.16%	1.63%
Energy	7.68%	17.29%	1.25%
Consumer Staples	6.69%	17.14%	1.12%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Syntel Inc.	2.97%	25.99%	0.72%
Church & Dwight Co.	3.52%	21.21%	0.71%
Gannett Co. Inc.	2.54%	22.62%	0.54%
Corporate Executive Board Co.	2.29%	23.04%	0.49%
Valmont Industries Inc.	3.21%	15.34%	0.48%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Utilities	0.00%	0.00%	0.00%
Telecomm Services	1.28%	9.66%	0.12%
Materials	6.21%	9.44%	0.58%
Information Technology	17.29%	4.46%	0.84%
Financials	6.37%	14.25%	0.87%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Ulta Salon Cosmetics & Frg Inc.	2.32%	-17.39%	-0.43%
Lender Processing Services Inc.	0.78%	-9.02%	-0.23%
F5 Networks Inc.	1.77%	-8.31%	-0.19%
Teradata Corp.	2.14%	-5.46%	-0.12%
Myriad Genetics Inc.	1.33%	-6.79%	-0.10%

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	Syntel Inc.	Information Technology	25.99%
2	Corporate Executive Board Co.	Industrials	23.04%
3	Gannett Co. Inc.	Consumer Discretionary	22.62%
4	CareFusion Corp.	Health Care	22.43%
5	Questcor Pharmaceuticals Inc.	Health Care	21.78%
6	Church & Dwight Co.	Consumer Staples	21.21%
7	FMC Technologies Inc.	Energy	20.29%
8	AmerisourceBergen Corp.	Health Care	19.69%
9	Wellcare Health Plans Inc.	Health Care	19.04%
10	First Republic Bank	Financials	17.82%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Ulta Salon Cosmetics & Frg Inc.	Consumer Discretionary	-17.39%
2	Lender Processing Services Inc.	Information Technology	-9.02%
3	F5 Networks Inc.	Information Technology	-8.31%
4	Myriad Genetics Inc.	Health Care	-6.79%
5	Teradata Corp.	Information Technology	-5.46%
6	Owens-Illinois Inc.	Materials	-3.65%
7	Expedia Inc.	Consumer Discretionary	-2.15%
8	Cubic Corp.	Industrials	-0.60%
9	IPG Photonics Corp.	Information Technology	-0.36%
10	WEX Inc.	Information Technology	0.38%

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 mid-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. The Portfolio is nondiversified and may be more volatile than a diversified fund.

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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