Calvert VP Natural Resources Portfolio

Daily Performance (as of 8/28/2014)
Price $52.74
Price Change $0.06 (0.11%)
YTD Return 3.43%
Portfolio Facts (as of 8/28/2014)
Calvert Portfolio Number 808
CUSIP Number 866167646
Assets Under Management $67.74 Million

Overview

Portfolio Management

Top 10 Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 12
Click here for all Fund Holdings

Investment Objective

The Portfolio seeks primarily to provide capital growth, consistent with appropriate risk levels, by investing primarily in a portfolio of various exchange traded funds (ETFs) and exchange traded notes (ETNs) representing different natural resources exposures.

Investment Strategy

Under normal circumstances, the Portfolio will invest substantially all of its assets in ETFs and ETNs, (the "Acquired Funds and Notes"). The Fund selects Acquired Funds and Notes that track investments in securities of natural resources companies and associated businesses, including utilities (such as gas and water). The natural resources sector can include companies that own, produce, refine, process, transport and market natural resources and companies that provide related services. In its selection of investments, the Portfolio seeks Acquired Funds and Notes whose underlying exposures appear to have the potential for above-average long term performance based on supply and demand of a resource and the state of the market.

Investment Risk

Investment in mutual funds involves risk, including the possible loss of principal invested. The Portfolio is subject to asset allocation risk, which is the chance that selection of, and allocation of assets to, the underlying funds and notes may cause the Portfolio to underperform. The Portfolio shares the principal risks of the equity and fixed-income securities held by the underlying funds and notes, including the following risks: the stock or bond market may fall in value, causing prices of stocks or bonds held by the underlying funds and notes to fall; individual investments of an underlying fund or note may not perform as expected; and/or an underlying fund or note's portfolio management practices may not achieve the desired result. Natural resources have a historically low correlation to financial assets such as stocks and bonds, so their prices respond differently to financial market and economic conditions. The Portfolio is non-diversified and may be more volatile than a diversified fund.


Important Disclosure

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.


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 7/31/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 2.53 -4.23 6.06 -1.87 5.11 n/a 1.17 12/28/2006
Average Annual Total Returns (%) for period ending 6/30/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 7.06 3.96 15.13 -0.27 7.31 n/a 1.77 12/28/2006
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
1.35% n/a n/a 31.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 7/31/2014

  Portfolio S&P 500 Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -17.48% -10.84% 0.00% 0.00%
Beta 1.13 1.08 1.00 1.00
R-Squared 72.21% 75.24% 100.00% 100.00%
Sharpe Ratio -0.12 0.31 1.38 1.27
Standard Deviation 16.20% 16.38% 12.20% 13.18%
Excess Return -18.71% -11.68% 0.00% 0.00%
Information Ratio -2.15 -1.42 0.00 0.00
Tracking Error 8.68% 8.21% 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, 2015.


Pricing & Distribution

Most Recent Distributions

Portfolio
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/20/2013 Long Term Gain 0.26762 12/18/2013 12/19/2013 12/19/2013 50.20
12/20/2013 Short Term Gain 0.08495 12/18/2013 12/19/2013 12/19/2013 50.20
12/28/2012 Dividend 0.00866 12/27/2012 12/28/2012 12/28/2012 50.32
12/28/2012 Long Term Gain 0.98742 12/27/2012 12/28/2012 12/28/2012 50.32
12/28/2012 Short Term Gain 0.28905 12/27/2012 12/28/2012 12/28/2012 50.32
12/29/2011 Dividend 0.16388 12/28/2011 12/29/2011 12/29/2011 49.77
12/30/2010 Dividend 0.16607 12/29/2010 12/30/2010 12/30/2010 55.26
12/30/2009 Dividend 0.11480 12/29/2009 12/30/2009 12/30/2009 47.87
12/30/2008 Dividend 0.07938 12/29/2008 12/30/2008 12/30/2008 35.55
3/3/2008 Dividend 0.03883 3/3/2008 64.96

Holdings

Top 10 Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 12
Click here for all Fund Holdings

Important Disclosure

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.


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.

Ameritas Investment Partners, Inc. (AIP)

Ameritas Investment Partners, Inc. (AIP), an Ameritas company, managed more than $12 billion in assets as of December 31, 2012 across a broad range of asset classes including fixed income, equities, commercial mortgages, real estate, index strategies, risk management (derivatives) and private equity. AIP’s clients include insurance companies, mutual funds, institutional separate accounts and wrap accounts.

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description Expense
Management fees 0.650%
Distribution and service (12b-1) fees none
Other expenses 0.140%
Indirect underlying fund expenses 0.560%
Total annual Portfolio operating expenses 1.350%

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

Portfolio Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
1.35%
Net Expense Ratio
(if waiver/reimbursement
in effect)
n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)
n/a

Investment Minimums

Description Minimum
Minimum Initial Investment n/a
Minimum Initial Investment for IRA n/a
Minimum Subsequent Investment n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Natural Resources Portfolio through April 30, 2015. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.79%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires, upon 60 days' prior notice to shareholders. 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.


Morningstar Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Large Blend

is categorized as: Large Blend

Morningstar Category™

Natural Resources

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Portfolio falls on a risk/return spectrum, relative to other Calvert Funds. Portfolios with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert Portfolios

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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