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First Quarter 2013

Calvert VP SRI Balanced Portfolio

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
The Portfolio seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors.	The Portfolio invests in a combination of stocks, bonds, and money market instruments seeking to provide a complete investment portfolio in a single product. The Portfolio typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily the common stock of U.S. large-cap companies, although the Portfolio may also invest in foreign and mid-cap stocks. The fixed-income investments are primarily a wide variety of investment-grade debt securities, including corporate, mortgage-backed, and other asset-backed securities. The Subadvisor selects the equity investments, while the Advisor manages the fixed-income portion assets and determines the overall asset class mix for the Portfolio. The Advisor monitors the Portfolio's allocation and may rebalance or reallocate the Portfolio's assets based on its view of economic and market factors and events. 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.

PERFORMANCE PROFILE AS OF 3/31/2013

Objective

Strategy

The Portfolio seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors.

The Portfolio invests in a combination of stocks, bonds, and money market instruments seeking to provide a complete investment portfolio in a single product. The Portfolio typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily the common stock of U.S. large-cap companies, although the Portfolio may also invest in foreign and mid-cap stocks. The fixed-income investments are primarily a wide variety of investment-grade debt securities, including corporate, mortgage-backed, and other asset-backed securities. The Subadvisor selects the equity investments, while the Advisor manages the fixed-income portion assets and determines the overall asset class mix for the Portfolio. The Advisor monitors the Portfolio's allocation and may rebalance or reallocate the Portfolio's assets based on its view of economic and market factors and events. 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.

TICKER SYMBOL	CUSIP Number	Total Net Assets ($MILS)	% of Net Assets			Benchmark	Management
			Equity	Fixed Income	Cash
N/A	131647208	$316.5	59.32%	38.32%	2.37%	Russell 1000 Index	Calvert Investment Management, Inc. (Advisor) New Amsterdam Partners LLC (Sub-Advisor)

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	5.40	5.40	6.82	9.27	4.44	6.12	7.08	9/2/1986
Russell 1000 Index	10.96	10.96	14.43	12.93	6.15	8.97	9.70
Balanced Composite Index	6.51	6.51	11.46	10.90	6.70	7.77	8.88

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.

Equity Portfolio Performance Attribution

Equity Managers:

New Amsterdam Partners LLC (Sub-Advisor),

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	8.85%	15.34%
ALPHA	1.75%	0.00%
BETA	0.56	1.00
EXCESS RETURN	-3.66%	0.00%
R-SQUARED	95.81%	100.00%
TRACKING ERROR	6.92%	0.00%
INFORMATION RATIO	-0.53	0.00
SHARPE RATIO	1.04	0.84

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

SECTOR WEIGHTS3/31/2013
	PORTFOLIO	BENCHMARK	+ / -
INFORMATION TECHNOLOGY	17.32%	17.37%	-0.05%
CONSUMER DISCRETIONARY	15.67%	12.42%	3.25%
HEALTH CARE	13.90%	12.28%	1.62%
FINANCIALS	13.66%	16.65%	-2.99%
INDUSTRIALS	11.24%	10.94%	0.30%
ENERGY	9.65%	10.24%	-0.59%
CONSUMER STAPLES	8.21%	10.05%	-1.84%
MATERIALS	5.18%	3.74%	1.45%
UTILITIES	3.03%	3.52%	-0.50%
TELECOMM SERVICES	2.13%	2.79%	-0.66%

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
CIGNA CORP	1.98%
CAMERON INTERNATIONAL CORP	1.95%
INTERCONTINENTALEXCHANGE INC	1.94%
PIONEER NATURAL RESOURCES CO	1.92%
CUMMINS INC	1.88%
WHITING PETROLEUM CORP	1.86%
ONEOK INC	1.79%
CHURCH + DWIGHT CO INC	1.78%
TRAVELERS COS INC/THE	1.73%
CAPITAL ONE FINANCIAL CORP	1.71%
Total	18.53%

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.

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	40,423.4	89,037.7
Median	19,371.0	6,057.0
Weighted Median	17,831.0	45,840.3

Source: Analysis performed by FactSet.

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 Balanced Portfolio	15.0	17.5	13.2%	27.4%	23.2%	11.1	2.9	1.1
Russell 1000 Index	14.5	15.9	10.9%	27.3%	18.2%	10.0	2.4	2.1

Source: Analysis performed by FactSet.

PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Financials	13.33%	13.05%	1.69%
Health Care	13.42%	12.86%	1.66%
Consumer Staples	7.67%	19.88%	1.43%
Energy	9.48%	14.87%	1.33%
Consumer Discretionary	15.61%	5.52%	0.89%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Telecomm Services	2.33%	-8.80%	-0.21%
Utilities	3.07%	12.35%	0.37%
Materials	5.07%	9.27%	0.47%
Information Technology	18.41%	3.01%	0.59%
Industrials	11.62%	6.92%	0.83%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
IntercontinentalExchange Inc.	3.00%	31.71%	0.83%
Walgreen Co.	2.41%	29.68%	0.66%
Church & Dwight Co.	2.80%	21.21%	0.56%
Cigna Corporation	3.21%	16.74%	0.51%
Pioneer Natural Resources Co.	3.21%	16.61%	0.49%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Ulta Salon Cosmetics & Frg Inc.	2.31%	-17.39%	-0.43%
Apple Inc.	1.90%	-16.49%	-0.42%
CenturyLink Inc.	2.33%	-8.80%	-0.21%
F5 Networks Inc.	2.11%	-8.31%	-0.17%
EMC Corp.	2.47%	-5.57%	-0.15%

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	IntercontinentalExchange Inc.	Financials	31.71%
2	Walgreen Co.	Consumer Staples	29.68%
3	Genuine Parts Co.	Consumer Discretionary	23.59%
4	CareFusion Corp.	Health Care	22.43%
5	Church & Dwight Co.	Consumer Staples	21.21%
6	Franklin Resources Inc.	Financials	20.21%
7	Travelers Cos. Inc.	Financials	17.89%
8	Intuitive Surgical Inc.	Health Care	17.06%
9	BMC Software Inc.	Information Technology	16.82%
10	Cigna Corporation	Health Care	16.74%

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	Apple Inc.	Information Technology	-16.49%
3	CenturyLink Inc.	Telecomm Services	-8.80%
4	F5 Networks Inc.	Information Technology	-8.31%
5	Monster Beverage Corp.	Consumer Staples	-7.79%
6	EMC Corp.	Information Technology	-5.57%
7	Capital One Financial Corp.	Financials	-5.06%
8	Deere & Co.	Industrials	0.07%
9	IDEXX Laboratories Inc.	Health Care	0.47%
10	Bed Bath & Beyond Inc.	Consumer Discretionary	1.04%

Fixed Income Portfolio Performance Attribution

Fixed Income Manager:

Calvert Investment Management, Inc. (Advisor),

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
FREDDIE MAC	1.54%
US TREASURY N/B	1.02%
MORGAN STANLEY DEAN WITTER CAP	0.63%
JPMORGAN CHASE + CO	0.62%
SAFEWAY INC	0.55%
FNMA TBA 3PCT APR 30YR	0.52%
WACHOVIA CAP TRUST III	0.50%
COCA COLA CO/THE	0.50%
ROYAL BANK OF CANADA	0.46%
BANK OF AMERICA CORP	0.46%
Total	6.80%

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.

PORTFOLIO STATISTICSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
EFFECTIVE DURATION	6.01 YRS	6.97 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	8.29 YRS	10.16 YRS
WEIGHTED AVERAGE PRICE	102.91	113.17
# OF FIXED INCOME HOLDINGS	230	5294

SECTOR WEIGHTSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
CORPORATE	74.84%	79.73%
GOVERNMENT RELATED	8.47%	20.24%
SECURITIZED	9.46%	-
TREASURY	4.73%	-
CASH AND CASH EQUIVALENTS	1.78%	-
OTHER	0.72%	-
TOTAL	100%	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	20.08%
1-2	5.54%
2-3	2.57%
3-5	17.48%
5-7	9.33%
7-9	32.82%
9+	12.18%
TOTAL	100%

EFFECTIVE MATURITY DISTRIBUTIONAs of 3/31/2013
Years	Percentage
0-1	14.76%
1-3	10.82%
3-5	15.62%
5-7	10.67%
7-10	33.12%
10-20	4.77%
20-30	8.48%
30+	1.75%
TOTAL	100%

Source: Analysis performed by FactSet.

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; 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. 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.

I800ATT

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

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