Calvert VP Investment Grade Bond Index Portfolio

Daily Performance (as of 5/22/2013)
Price $55.79
Price Change $-0.18 (-0.32%)
YTD Return -0.48%
Average Maturity
(rounded to nearest year or day) 		13 Years
Daily 30-Day SEC Yield 1.17%
12 Mth Distribution Yield
(% Sales Charge)		 2.29%
12 Mth Distribution Yield
(No Charge)		 2.29%
Portfolio Facts (as of 5/21/2013)
Calvert Portfolio Number 826
CUSIP Number 866167505
Assets Under Management $208.98 Million
Duration (as of 3/31/2013)
Effective Duration 5.31 Years

Overview

Portfolio Management

Calvert Investment Management, Inc.
Ameritas Investment Partners, Inc. (AIP)

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 investment results that correspond to the total return performance of the bond market, as represented by the Barclays U.S. Aggregate Bond Index.

Investment Strategy

The Portfolio seeks to substantially replicate the total return of the securities comprising the Barclays U.S. Aggregate Bond Index ("Barclays 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 fixed-income securities represented in the Barclays 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 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. 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.

Sector Weights as of 3/31/2013

Fund
Mortgage-Backed 31.61%
Intermediate Treasury 17.52%
Intermediate Corporate 16.80%
Short-Term Treasury 11.02%
Long-Term Treasury 7.17%
Intermediate U.S. Agency 6.40%
Short-Term Corporate 3.58%
Long-Term Corporate 3.43%
Short-Term U.S. Agency 1.59%
Long-Term U.S. Agency 0.83%
Foreign 0.05%
TOTAL 100.00%
Source: Calvert Investment Management, Inc.

Important Disclosure

Barclays Capital Inc. and its affiliates ("Barclays") is not the issuer or producer of Calvert VP Investment Grade Bond Index Portfolio and Barclays has no responsibilities, obligations or duties to investors in Calvert VP Investment Grade Bond Index Portfolio. The Calvert VP Investment Grade Bond Index Portfolio is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Calvert VP Investment Grade Bond Index Portfolio or use of the Barclays U.S. Aggregate Bond Index in connection with the Calvert VP Investment Grade Bond Index Portfolio or any data included therein. Barclays shall not be liable in any way to the Calvert Investment Management, Inc. investors or to other third parties in respect of the use or accuracy of the Barclays U.S. Aggregate Bond Index or any data included therein.

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 0.82 0.93 3.16 5.61 5.68 4.75 4.78 3/31/2003
Average Annual Total Returns (%) for period ending 3/31/2013
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio -0.11 -0.11 3.49 5.62 5.36 4.73 4.72 3/31/2003
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
0.49% n/a n/a 43.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Portfolio Barclays U.S. Aggregate Bond Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -0.67% 0.18% 0.00% 0.00%
Beta 1.14 0.95 1.00 1.00
R-Squared 97.87% 94.27% 100.00% 100.00%
Sharpe Ratio 1.97 1.47 2.24 1.46
Standard Deviation 2.80% 3.44% 2.42% 3.53%
Excess Return 0.10% -0.11% 0.00% 0.00%
Information Ratio 0.18 -0.13 0.00 0.00
Tracking Error 0.54% 0.84% 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 contracted fee waiver and/or expense reimbursement through January 31, 2015.

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 Short Term Gain 0.17193 12/27/2012 12/28/2012 12/28/2012 56.12
12/28/2012 Long Term Gain 0.11159 12/27/2012 12/28/2012 12/28/2012 56.12
12/28/2012 Dividend 1.28330 12/27/2012 12/28/2012 12/28/2012 56.12
12/29/2011 Short Term Gain 0.31459 12/28/2011 12/29/2011 12/29/2011 55.43
12/29/2011 Long Term Gain 0.06598 12/28/2011 12/29/2011 12/29/2011 55.43
12/29/2011 Dividend 1.34846 12/28/2011 12/29/2011 12/29/2011 55.43
12/30/2010 Short Term Gain 0.09879 12/29/2010 12/30/2010 12/30/2010 52.63
12/30/2010 Long Term Gain 0.06874 12/29/2010 12/30/2010 12/30/2010 52.63
12/30/2010 Dividend 1.08444 12/29/2010 12/30/2010 12/30/2010 52.63
12/30/2009 Long Term Gain 0.20239 12/29/2009 12/30/2009 12/30/2009 50.94
12/30/2009 Dividend 2.50164 12/29/2009 12/30/2009 12/30/2009 50.94
12/30/2008 Dividend 0.13908 12/29/2008 12/30/2008 12/30/2008 51.27
11/17/2008 Dividend 0.53315 11/17/2008 11/17/2008 48.98
8/18/2008 Dividend 0.44681 8/18/2008 49.63
6/2/2008 Dividend 0.54059 6/2/2008 49.86
3/3/2008 Dividend 0.63815 3/3/2008 50.66
11/12/2007 Dividend 0.49750 11/12/2007 49.53
8/20/2007 Dividend 0.44850 8/20/2007 48.64
5/31/2007 Dividend 0.57080 5/31/2007 48.32
2/26/2007 Dividend 0.59570 2/26/2007 48.92
11/13/2006 Dividend 0.49000 11/13/2006 48.73
8/14/2006 Dividend 0.44000 8/14/2006 47.88
5/22/2006 Dividend 0.47000 5/22/2006 47.75
2/27/2006 Dividend 0.54000 2/27/2006 48.53
11/14/2005 Dividend 0.46000 11/14/2005 48.33
8/15/2005 Dividend 0.45000 8/15/2005 49.37
5/16/2005 Dividend 0.43000 5/16/2005 49.63
2/22/2005 Dividend 0.50000 2/22/2005 49.77
11/8/2004 Dividend 0.41000 11/8/2004 49.82
8/9/2004 Dividend 0.44000 8/9/2004 49.70
5/10/2004 Dividend 0.33000 5/10/2004 48.49
3/8/2004 Dividend 0.21000 3/8/2004 50.89
11/10/2003 Dividend 0.42000 11/10/2003 48.93
8/11/2003 Dividend 0.43000 8/11/2003 48.98
5/12/2003 Dividend 0.20000 5/12/2003 50.65

Annual Distribution Totals

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Portfolio

Annual Capital Gains Totals Annual Capital Gains Totals

I Shares: Without Sales Charge

Holdings

Sector Weights as of 3/31/2013

Fund
Mortgage-Backed 31.61%
Intermediate Treasury 17.52%
Intermediate Corporate 16.80%
Short-Term Treasury 11.02%
Long-Term Treasury 7.17%
Intermediate U.S. Agency 6.40%
Short-Term Corporate 3.58%
Long-Term Corporate 3.43%
Short-Term U.S. Agency 1.59%
Long-Term U.S. Agency 0.83%
Foreign 0.05%
TOTAL 100.00%
Source: Calvert Investment Management, Inc.

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 13.02 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.

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.

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description Expense
Management fees 0.400%
Distribution and service (12b-1) fees none
Other expenses 0.090%
Total annual Portfolio operating expenses 0.490%

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)		 0.49%
Net Expense Ratio
(if waiver/reimbursement
in effect)		 n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Investment Grade Bond Index Portfolio through April 30, 2014. 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 0.60%. 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.