Calvert VP S&P 500 Index Portfolio

Daily Performance (as of 11/28/2014)
Price $125.60
Price Change $-0.32 (-0.25%)
YTD Return 13.54%
Portfolio Facts (as of 11/26/2014)
Calvert Portfolio Number 814
CUSIP Number 866167109
Assets Under Management $365.06 Million


Investment Objective

The Portfolio seeks investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P 500 Index.

Investment Strategy

The Portfolio seeks to substantially replicate the total return of the securities comprising the S&P 500 Index, taking into consideration redemptions, sales of additional shares, and other adjustments. Under normal circumstances, the portfolio will invest at least 80% of its assets in investments with economic characteristics similar to the stocks represented in the S&P 500 Index.

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 stock market or the S&P 500 Index 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. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Portfolio will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. 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.

Important Disclosure

"Russell 2000 Index", "S&P 500", "S&P Mid Cap 400 Index", "EAFE International Index" and "Nasdaq-100 Index" are trademarks/service marks of the Frank Russell Company, McGraw-Hill, Inc., MSCI, Inc. and The Nasdaq Stock Market, Inc. (the "Trademark Owners"), respectively, and have been licensed for use by Calvert Investments, Inc. The Calvert VP Portfolios bearing the marks are not sponsored, endorsed, sold or promoted by the Trademark Owners and the Trademark Owners make no representation or warranty, express or implied, regarding the advisability of investing in, and bear no liability with respect to, those portfolios.

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.


Select additional indices to display below:

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 11/30/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 13.54 5.13 16.38 20.45 15.52 7.70 8.24 12/29/1995
Average Annual Total Returns (%) for period ending 9/30/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 8.00 1.01 19.24 22.50 15.26 7.74 8.03 12/29/1995
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 0.42% 0.48% 11.00%

Modern Portfolio Theory Statistics* as of 10/31/2014

  Portfolio S&P 500 Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -0.40% -0.37% 0.00% 0.00%
Beta 1.00 1.00 1.00 1.00
R-Squared 100.00% 100.00% 100.00% 100.00%
Sharpe Ratio 2.12 1.23 2.17 1.27
Standard Deviation 9.08% 13.13% 9.08% 13.14%
Excess Return -0.48% -0.44% 0.00% 0.00%
Information Ratio -19.08 -12.62 0.00 0.00
Tracking Error 0.03% 0.03% 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

Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/20/2013 Long Term Gain 1.58157 12/18/2013 12/19/2013 12/19/2013 108.24
12/20/2013 Dividend 1.94803 12/18/2013 12/19/2013 12/19/2013 108.24
12/28/2012 Dividend 1.53935 12/27/2012 12/28/2012 12/28/2012 85.15
12/29/2011 Short Term Gain 0.04680 12/28/2011 12/29/2011 12/29/2011 76.65
12/29/2011 Long Term Gain 2.52897 12/28/2011 12/29/2011 12/29/2011 76.65
12/29/2011 Dividend 1.25301 12/28/2011 12/29/2011 12/29/2011 76.65
12/30/2010 Long Term Gain 2.12804 12/29/2010 12/30/2010 12/30/2010 78.78
12/30/2010 Dividend 1.12988 12/29/2010 12/30/2010 12/30/2010 78.78
12/30/2009 Long Term Gain 0.90050 12/29/2009 12/30/2009 12/30/2009 72.25
12/30/2009 Dividend 1.30003 12/29/2009 12/30/2009 12/30/2009 72.25
12/30/2008 Long Term Gain 0.00401 12/29/2008 12/30/2008 12/30/2008 57.63
12/30/2008 Dividend 0.96027 12/29/2008 12/30/2008 12/30/2008 57.63
3/3/2008 Short Term Gain 1.07107 3/3/2008 85.91
3/3/2008 Dividend 1.63848 3/3/2008 85.91
2/26/2007 Short Term Gain 0.15653 2/26/2007 94.92
2/26/2007 Dividend 1.41591 2/26/2007 94.92
2/27/2006 Dividend 1.25000 2/27/2006 84.88
2/22/2005 Dividend 1.19000 2/22/2005 77.62
3/8/2004 Dividend 0.30000 3/8/2004 75.40
2/28/2003 Dividend 0.59000 2/28/2003 54.82
3/1/2002 Short Term Gain 0.23351 3/1/2002 73.72
3/1/2002 Dividend 0.26000 3/1/2002 73.72
11/9/2001 Dividend 0.30000 11/9/2001 73.25
5/21/2001 Dividend 0.15000 5/21/2001 85.90
2/26/2001 Short Term Gain 15.91971 2/26/2001 82.90
2/26/2001 Dividend 0.10000 2/26/2001 82.90
5/8/2000 Dividend 0.95000 5/8/2000 110.35
2/25/2000 Short Term Gain 0.68834 2/25/2000 104.00
2/25/2000 Dividend 0.30000 2/25/2000 104.00
11/15/1999 Dividend 0.40000 11/15/1999 109.65
6/18/1999 Dividend 0.30000 6/18/1999 105.50
3/26/1999 Dividend 0.95000 3/26/1999 100.95
12/16/1998 Dividend 0.20000 12/16/1998 92.10
9/25/1998 Dividend 0.30000 9/25/1998 82.70
6/12/1998 Dividend 0.25000 6/12/1998 86.95
3/20/1998 Dividend 2.55000 3/20/1998 86.95
12/17/1997 Dividend 0.25000 12/17/1997 78.30
9/18/1997 Dividend 0.25000 9/18/1997 76.85
6/16/1997 Dividend 0.25000 6/16/1997 72.55
3/27/1997 Dividend 0.80000 3/27/1997 62.85
12/11/1996 Dividend 0.25000 12/11/1996 60.65
9/19/1996 Dividend 0.25000 9/19/1996 56.00
6/21/1996 Dividend 0.25000 6/21/1996 54.60
3/25/1996 Dividend 0.20000 3/25/1996 53.20


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 0.350%
Distribution and service (12b-1) fees none
Other expenses 0.130%
Total annual Portfolio operating expenses 0.480%

Less fee waiver and/or expense reimbursement 0.060%
Net expenses 0.420%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower)

Portfolio Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
Net Expense Ratio
(if waiver/reimbursement
in effect)
Gross Expense Ratio
(if waiver/reimbursement
in effect)

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 S&P 500 Index Portfolio through April 30, 2015. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.42%. 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™

Large Blend

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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