Calvert VP Balanced Index Portfolio

Daily Performance (as of 9/9/2010)
Price $46.91
Price Change $0.06 (0.13%)
YTD Return 3.28%
Fund Facts (as of 9/9/2010)
Calvert Fund Number 862 (I Shares)
CUSIP Number 866167406 (I Shares)
Assets Under Management $15.08 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: 533
Click here for all Fund Holdings

Investment Objectives

The Fund seeks investment results, with respect to approximately 60% of its assets, that correspond to the total return performance of U.S. common stocks, as represented by the S&P 500 Index and, with respect to approximately 40% of its assets, that correspond to the total return performance of investment grade bonds, as represented by the Barclays Capital Aggregate Bond Index. Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks or bonds in the S&P 500 or Barclays Capital Aggregate Bond Indexes may decline; and/or the Fund’s portfolio management practices may not work to achieve their desired result. An index fund has operating expenses; a market index does not. The Fund, while expected to track its target index as closely as possible, will not be able to match the performance of the index exactly. It is not possible to invest directly in an index.

Investment Strategy

The Fund will invest approximately 60% of its net assets in a portfolio of common stocks, futures (in combination with the appropriate amount of U.S. Treasury securities or other liquid assets as collateral), and S&P Depositary Receipts® designed to track the S&P 500 Index, and approximately 40% of its net assets in a portfolio of investment grade bonds designed to track the Barclays Capital Aggregate Bond Index.

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) 0.48 2.26 6.66 -1.68 2.34 1.44 2.18 5/3/1999
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) -1.74 -5.42 12.48 -2.45 2.22 1.57 2.00 5/3/1999
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 0.61% 0.93%

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 3.32% 2.52% n/a n/a
Beta 0.61 0.61 1.00 1.00
R-Squared 98.55% 98.20% 100.00% 100.00%
Sharpe Ratio -0.13 0.02 -0.38 -0.16
Standard Deviation 13.01% 10.47% 21.15% 17.04%
Excess Return 6.31% 2.94% n/a n/a
Information Ratio 0.75 0.43 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 1.01641 12/29/2009 12/30/2009 12/30/2009 45.74
12/30/2008 Dividend 0.15678 12/29/2008 12/30/2008 12/30/2008 38.91
11/17/2008 Dividend 0.32079 11/17/2008 11/17/2008 37.21
8/18/2008 Dividend 0.27301 8/18/2008 47.42
6/2/2008 Dividend 0.32543 6/2/2008 49.85
3/3/2008 Dividend 0.36686 3/3/2008 48.89
11/12/2007 Dividend 0.37720 11/12/2007 50.63
8/20/2007 Dividend 0.27570 8/20/2007 50.37
5/31/2007 Dividend 0.36070 5/31/2007 52.02
2/26/2007 Dividend 0.39190 2/26/2007 50.50
11/13/2006 Dividend 0.28000 11/13/2006 48.72
8/14/2006 Dividend 0.24000 8/14/2006 45.82
5/22/2006 Dividend 0.27000 5/22/2006 45.64
2/27/2006 Dividend 0.33000 2/27/2006 46.60
11/14/2005 Dividend 0.26000 11/14/2005 45.16
8/15/2005 Dividend 0.26000 8/15/2005 45.57
5/16/2005 Dividend 0.25000 5/16/2005 44.05
2/22/2005 Dividend 0.39000 2/22/2005 44.64
11/8/2004 Dividend 0.22000 11/8/2004 44.28
8/9/2004 Dividend 0.24000 8/9/2004 41.89
5/10/2004 Dividend 0.13000 5/10/2004 42.06
3/8/2004 Dividend 0.13000 3/8/2004 44.26
11/10/2003 Dividend 0.22000 11/10/2003 41.14
8/11/2003 Dividend 0.23000 8/11/2003 39.60
5/12/2003 Dividend 0.20000 5/12/2003 39.25
2/28/2003 Dividend 0.32000 2/28/2003 36.42
11/11/2002 Dividend 0.26000 11/11/2002 37.04
8/12/2002 Dividend 0.50000 8/12/2002 37.35
5/13/2002 Dividend 0.20000 5/13/2002 41.55
3/1/2002 Dividend 0.51000 3/1/2002 43.24
8/13/2001 Dividend 0.25000 8/13/2001 44.30
5/21/2001 Dividend 0.20000 5/21/2001 46.55
2/26/2001 Dividend 0.15000 2/26/2001 45.50
2/26/2001 Short Term Gain 1.55150 2/26/2001 45.50
5/8/2000 Dividend 2.70000 5/8/2000 47.90
2/25/2000 Dividend 0.60000 2/25/2000 48.65
10/19/1999 Dividend 0.55000 10/19/1999 47.25

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: 533
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 0.400%
Distribution and service (12b-1) fees none
Other expenses 0.520%
Indirect underlying fund expenses 0.010%
Total annual Fund operating expenses 0.930%
Less fee waiver and/or expense reimbursement 0.320%
Net expenses 0.610%

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)		 0.61%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 0.93%

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Balanced Index Portfolio through April 30, 2011. 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 0.60%. The Board of Directors may terminate the Portfolio's 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