Calvert VP Income Portfolio

Daily Performance (as of 5/23/2013)
Price $16.67
Price Change $-0.01 (-0.06%)
YTD Return 0.79%
Average Maturity
(rounded to nearest year or day) 		10 Years
Daily 30-Day SEC Yield 2.03%
12 Mth Distribution Yield
(% Sales Charge)		 3.47%
12 Mth Distribution Yield
(No Charge)		 3.47%
Portfolio Facts (as of 5/23/2013)
Calvert Portfolio Number 398
CUSIP Number 131647778
Assets Under Management $36.71 Million
Duration (as of 3/31/2013)
Effective Duration 6.03 Years

Overview

Portfolio Management

Calvert Investment Management, Inc.

Vishal Khanduja,
Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Investment Objective

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.

Investment Strategy

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.

Investment Risk

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.

Sector Distribution - Market Value Weighted as of 3/31/2013

Fund
Corporate 80.48% 79.73%
Financial Institutions 32.37% 26.62%
Industrial 44.45% 44.29%
Utility 3.66% 8.82%
Government Related 1.40% 20.24%
Agency 0.12% 5.32%
Local Authority 1.28% 5.24%
Sovereign - 4.25%
Supranational - 5.43%
Securitized 7.56% -
Asset Backed Securities 0.76% -
CMBS 4.48% -
Covered 0.92% -
Mortgage Backed Passthrough 1.40% -
CMO - -
Treasury 6.08% -
Cash and Cash Equivalents 1.46% -
Other 1.65% -
Total 98.63%  
Source: Calvert Investment Management, Inc., Benchmark data provided by FactSet.

Important Disclosure

Holdings are subject to change.

Performance

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Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.
Average Annual Total Returns (%) for period ending 4/30/2013
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 2.00 1.81 7.90 6.01 5.99 5.68 6.14 4/30/2002
Average Annual Total Returns (%) for period ending 3/31/2013
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 0.18 0.18 7.51 5.88 5.69 5.70 6.01 4/30/2002
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.
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)		 Net Expense Ratio
(if waiver reimbursement in effect)		 Gross Expense Ratio
(if waiver reimbursement in effect)		 Portfolio Turnover
n/a 0.85% 1.08% 240.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 3/31/2013

  Portfolio Barclays U.S. Credit Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 0.94% 1.08% 0.00% 0.00%
Beta 0.63 0.62 1.00 1.00
R-Squared 62.94% 56.72% 100.00% 100.00%
Sharpe Ratio 1.93 0.98 2.06 1.07
Standard Deviation 3.01% 5.51% 3.77% 6.71%
Excess Return -1.97% -1.82% 0.00% 0.00%
Information Ratio -0.86 -0.41 0.00 0.00
Tracking Error 2.30% 4.44% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.

Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2014.

Pricing & Distribution

Most Recent Distributions

Portfolio
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/28/2012 Dividend 0.57807 12/27/2012 12/28/2012 12/28/2012 16.57
12/29/2011 Dividend 0.68824 12/28/2011 12/29/2011 12/29/2011 15.73
12/30/2010 Dividend 0.72501 12/29/2010 12/30/2010 12/30/2010 15.78
12/30/2009 Dividend 0.84488 12/29/2009 12/30/2009 12/30/2009 15.34
12/30/2008 Dividend 0.75998 12/29/2008 12/30/2008 12/30/2008 13.33
12/28/2007 Dividend 0.72531 12/27/2007 12/28/2007 12/28/2007 15.98
12/28/2007 Long Term Gain 0.06371 12/27/2007 12/28/2007 12/28/2007 15.98
12/28/2006 Dividend 0.66487 12/27/2006 12/28/2006 12/28/2006 16.02
12/28/2006 Long Term Gain 0.02753 12/27/2006 12/28/2006 12/28/2006 16.02
12/28/2006 Short Term Gain 0.03333 12/27/2006 12/28/2006 12/28/2006 16.02
12/29/2005 Dividend 0.48078 12/28/2005 12/29/2005 12/29/2005 15.94
12/29/2005 Long Term Gain 0.03534 12/28/2005 12/29/2005 12/29/2005 15.94
12/29/2005 Short Term Gain 0.06526 12/28/2005 12/29/2005 12/29/2005 15.94
12/31/2004 Dividend 0.44244 12/29/2004 12/30/2004 12/30/2004 15.90
12/31/2004 Long Term Gain 0.07050 12/29/2004 12/30/2004 12/30/2004 15.90
12/31/2004 Short Term Gain 0.51517 12/29/2004 12/30/2004 12/30/2004 15.90
12/30/2003 Dividend 0.57509 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2003 Long Term Gain 0.10733 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2003 Short Term Gain 0.69068 12/30/2003 12/31/2003 12/30/2003 16.04
12/30/2002 Dividend 0.21586 12/30/2002 12/31/2002 12/30/2002 15.53
12/30/2002 Short Term Gain 0.26822 12/30/2002 12/31/2002 12/30/2002 15.53
5/30/2002 Dividend 0.04817 5/28/2002 5/29/2002 5/29/2002 14.94

Annual Distribution Totals

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Portfolio

Annual Capital Gains Totals Annual Capital Gains Totals

I Shares: Without Sales Charge

Holdings

Sector Distribution - Market Value Weighted as of 3/31/2013

Fund
Corporate 80.48% 79.73%
Financial Institutions 32.37% 26.62%
Industrial 44.45% 44.29%
Utility 3.66% 8.82%
Government Related 1.40% 20.24%
Agency 0.12% 5.32%
Local Authority 1.28% 5.24%
Sovereign - 4.25%
Supranational - 5.43%
Securitized 7.56% -
Asset Backed Securities 0.76% -
CMBS 4.48% -
Covered 0.92% -
Mortgage Backed Passthrough 1.40% -
CMO - -
Treasury 6.08% -
Cash and Cash Equivalents 1.46% -
Other 1.65% -
Total 98.63%  
Source: Calvert Investment Management, Inc., Benchmark data provided by FactSet.

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

As of 3/31/2013
Average Effective Maturity 8.73 Years

Credit Quality

Important Disclosure

* Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

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.

Management & Commentary

Portfolio Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Vishal Khanduja,
Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description Expense
Management fees 0.700%
Distribution and service (12b-1) fees none
Other expenses 0.380%
Total annual Portfolio operating expenses 1.080%
Less fee waiver and/or expense reimbursement 0.230%
Net expenses 0.850%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 none
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower) 		none
Redemption Fee
(unless otherwise noted in the prospectus the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)		 2.00%

Portfolio Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 0.85%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.08%

Investment Minimums

Description Minimum
Minimum Initial Investment $2,000
Minimum Initial Investment for IRA $1,000
Minimum Subsequent Investment $250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Income Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.85%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.