Calvert VP Lifestyle Aggressive Portfolio

Daily Performance (as of 9/8/2010)
Price $43.62
Price Change $0.25 (0.57%)
YTD Return 0.79%
Fund Facts (as of 9/8/2010)
Calvert Fund Number 841 (I Shares)
CUSIP Number 866167612 (I Shares)
Assets Under Management $9.54 Million

Overview

Fund Management

Calvert Asset Management Company, Inc.

Summit Investment Advisors, Inc.

Top 10 Equity Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 13
Click here for all Fund Holdings

Investment Objectives

The Lifestyle ETF* Market Strategy Aggressive Portfolio seeks primarily to provide capital growth and secondarily investment income, while managing risk levels to a more aggressive level as compared to the Lifestyle ETF Market Strategy Target Portfolio, by investing primarily in a portfolio of various exchange traded funds (ETFs) representing different market exposures. Investment in mutual funds involves risk, including the possible loss of principal invested. The Fund is subject to asset allocation risk, which is the chance that selection of, and allocation of assets to, the underlying funds will cause the Fund to underperform. The Fund shares the principal risks of each underlying fund in which it invests and pays a proportionate share of the operating expenses of those funds as well as the direct expenses of investing in the Fund. Asset allocation does not ensure a profit or protect against a loss.

Investment Strategy

The Fund is a "fund of funds" that pursues its investment objective through asset allocation and fund selection. Under normal market conditions, substantially all of the value of the Portfolio’s total assets will be invested in exchange traded mutual funds (ETFs) and U.S. Treasury Bills. The Adviser believes that an average approximate equity exposure of 80% is an appropriate target for long-term investors seeking a strategy that provides significant exposure to equities and the mitigating risk impact of a moderate exposure to fixed income securities. Under normal market conditions, the Advisor expects to allocate investments in the following target ranges: domestic stocks (57% to 80%), international stocks (3% to 20%), and fixed income securities, including cash and cash equivalents (0% to 40%).

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 Returns (%) for period ending 8/31/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -3.35 2.75 3.61 -5.55 n/a n/a -3.49 12/28/2006
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -5.94 -9.89 11.64 -6.83 n/a n/a -4.40 12/28/2006
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. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index.
Fund Expenses (from Prospectus)
(Performance data quoted above already reflects deduction for Fund 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)
n/a 0.96% 1.46%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 7/31/2010

  Fund (IShares) S&P 500 Index Monthly Reinvested
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 1.54% n/a n/a n/a
Beta 0.84 n/a 1.00 n/a
R-Squared 97.74% n/a 100.00% n/a
Sharpe Ratio -0.29 n/a -0.38 n/a
Standard Deviation 17.88% n/a 21.15% n/a
Excess Return 2.81% n/a n/a n/a
Information Ratio 0.64 n/a n/a n/a
*Source: Zephyr StyleADVISOR using MorningstarTM data

Glossary of Terms:

In Modern Portfolio Theory statistical calculations are applied to an investment strategy to seek to construct an optimal portfolio by considering the relationship between risk and return.

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. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund's underperformance, given the expectations established by the fund's 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.

R-Squared is a statistical measure that represents the percentage of a fund's or security's movements that can be explained by movements in a benchmark index. R-squared values range from 0 to 100 percent. An R-squared of 100 percent means that all movements of a security are completely explained by movements in the index. A high R-squared (between 85 and 100 percent) indicates the fund's performance patterns have been in line with the index. A fund with a low R-squared (70 percent or less) doesn't act much like the index. A higher R-squared value will indicate a more useful beta figure. For example, if a fund has an R-squared value of close to 100 percent but has a beta below 1, it is most likely offering higher risk-adjusted returns.

Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

Standard Deviation is a useful measure of a fund's risk. For example, a fund with a standard deviation of 10 can be expected to produce an annual return that is within 10 percentage points (plus or minus) of its average annual return two-thirds of the time.

Excess Return is return in excess of the risk-free rate or in excess of a benchmark.

Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark. The higher the Information Ratio of a Fund, the higher the active return of the Fund, given the amount of risk involved, and the more consistently the Fund manager beats the Fund's benchmark.

 

Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2011.


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.


Pricing & Distribution

Most Recent Distributions

I Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/30/2009 Dividend 0.36282 12/29/2009 12/30/2009 12/30/2009 43.62
12/30/2008 Dividend 0.79175 12/29/2008 12/30/2008 12/30/2008 35.91
3/3/2008 Short Term Gain 0.00647 3/3/2008 48.22
3/3/2008 Dividend 0.84912 3/3/2008 48.22

Top Holdings

Top 10 Equity Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 13
Click here for all Fund Holdings

Important Disclosure

Holdings are subject to change.


Management & Commentary

Fund Management

Calvert Asset Management Company, Inc.

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

Summit Investment Advisors, Inc.

Summit Investment Advisors, Inc. a UNIFI Company, manages nearly $10 billion in assets with specialties in the commercial mortgage, real estate, private equity, index, and fixed income areas. Summit takes a different view of the investment landscape, preferring to identify areas of opportunity and develop innovative approaches to capitalize on those prospects.

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.650%
Distribution and service (12b-1) fees none
Other expenses 0.600%
Indirect underlying fund expenses 0.210%
Total annual Fund operating expenses 1.460%
Less fee waiver and/or expense reimbursement 0.500%
Net expenses 0.960%

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
Short term trading fee
(unless otherwise noted the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)		 2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 0.96%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.46%

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Lifestyle Conservative, Moderate and Aggressive Portfolios through April 30, 2011. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses for each of the Portfolios will not exceed 0.75%. The Board of Directors may terminate the Portfolios' expense cap for the contractual period after December 12, 2010. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, 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 Administrative Services Company, an affiliate of the Advisor.


Fund literature and resources
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

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds 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 funds