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An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/> Non-diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Portfolio than a diversified fund.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result. There is a risk that the Advisor may allocate assets to an asset class that underperforms other asset classes.<br/><br/> Stock Market Risk. The market prices of stocks held by the Portfolio may fall.<br/><br/> Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.<br/><br/> Large-Cap Company Risk. 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.<br/><br/> Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br/><br/> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/> Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall.<br/><br/> Bond Market Risk. The market prices of bonds held by the Portfolio may fall.<br/><br/> Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/> Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. <br/><br/>Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Portfolio to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Portfolio to invest in higher yielding securities.<br/><br/> Mortgage-Backed Security Risk (Government-Sponsored Enterprises). Debt and mortgage-backed securities issued by GSEs such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.<br/><br/> Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a mul-ticlass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Portfolio holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Portfolio will receive payments of principal may be substantially limited.<br/><br/> Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. The Portfolio's purchase of unrated securities depends on the Advisor's analysis of credit risk without the assessment of an NRSRO.<br/><br/> Active Trading Strategy Risk. The fixed-income portion of the Portfolio employs an active style that seeks to position the Portfolio with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%) and may translate to higher transaction costs. <br/><br/>Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Portfolio's initial investment in such contracts.<br/><br/> Repurchase Agreement Risk. A repurchase agreement exposes the fixed income portion of the Portfolio to the risk that the party that sells the security may default on its obligation to repurchase the security. The Portfolio may lose money because it cannot sell the security at the agreed-upon time and price or the security may lose value before it can be sold. The Portfolio typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily common stock in large-cap companies. Fixed-income investments are primarily a wide variety of investment grade debt securities, such as corporate debt securities, mortgage-backed securities (including commercial mortgage-backed securities and collateralized mortgage obligations ("CMOs")) and other asset-backed securities ("ABS"). The Portfolio invests in debt and mortgage-backed securities issued by government-sponsored enterprises ("GSEs") such as the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). The Portfolio may also invest in repurchase agreements. <br/><br/>An investment grade debt security is rated BBB- or higher by a nationally recognized statistical rating organization ("NRSRO"), or is an unrated bond determined by the Advisor to be of comparable credit quality. The Portfolio may also invest in unrated debt securities.<br/><br/> The Portfolio is "non-diversified," which means it may invest a greater percentage of its assets in a particular issuer than a "diversified" fund..<br/><br/> The Portfolio invests in a combination of stocks, bonds and money market instruments in an attempt to provide a complete investment portfolio in a single product. The Advisor monitors the Portfolio's allocation and may rebalance or reallocate the Portfolio's assets based on its view of economic and market factors and events. The equity portion of the Portfolio is primarily a large cap core U.S. domestic portfolio, although the Portfolio may also invest in foreign stocks and mid-cap stocks. The equity portion of the Portfolio seeks companies that have the potential to outperform the market through exceptional growth and/or valuation improvement. The fixed-income portion of the Portfolio reflects an active trading strategy, seeking total return.<br/><br/> The Portfolio uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Portfolio.<br/><br/> The Portfolio may also use futures contracts as a substitute for direct investment in a particular asset class, in order to facilitate the periodic rebalancing of the Portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash. <br/><br/>The Subadvisor selects the equity investments, while the Advisor manages the fixed-income assets and determines the overall asset class mix for the Portfolio depending upon its view of market conditions and economic outlook.<br/><br/> Sustainable and Socially Responsible Investing. The Portfolio seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples' rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Portfolio has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Portfolio seeks to invest and seeks to avoid investing.<br/><br/> Investments are first selected for financial soundness and then evaluated according to the Portfolio's sustainable and socially responsible investment criteria. Investments must be consistent with the Portfolio's current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Portfolio and its shareholders. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index, a composite index and a peer average.<br/><br/>The table below shows the Balanced Composite Index (60% Russell 1000 Index; 40% Barclays U.S. Credit Index) because it is more consistent with the Portfolio&#8217;s portfolio construction process and represents a more accurate reflection of the Portfolio&#8217;s anticipated risk and return patterns.<br/><br/>The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. 0.009 0.0027 0.0117 -0.0013 0.0104 The Portfolio seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio.<br/><br/> The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Portfolio for the time periods indicated;</li><li>your investment has a 5% return each year; and</li><li>the Portfolio&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 150% of its portfolio&#8217;s average value. 106 359 <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">9/30/09</td><td align="right">12.29</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/08</td><td align="right">-19.63</td><td align="left">%</td></tr></table></div> 631 1409 0.3887 0.0234 0.0262 0.2056 0.118 -0.37 0.3477 0.3747 -0.0202 0.1403 1.5 You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. Non-diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Portfolio than a diversified fund. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index, a composite index and a peer average. The table below shows the Balanced Composite Index (60% Russell 1000 Index; 40% Barclays U.S. Credit Index) because it is more consistent with the Portfolio&#8217;s portfolio construction process and represents a more accurate reflection of the Portfolio&#8217;s anticipated risk and return patterns. www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. 0.1403 0.1459 0.1409 0.0545 0.0349 0.0275 0.0987 0.098 0.0898 Best Quarter (of periods shown) 2009-09-30 Worst Quarter (of periods shown) 2008-12-31 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertVPSRIEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertVPSRIEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertVPSRIEquityPortfolio column period compact * ~</div> <b> CALVERT VP SMALL CAP GROWTH PORTFOLIO </b> <b>CALVERT VP SRI EQUITY PORTFOLIO</b> <b>INVESTMENT OBJECTIVE </b> <b>INVESTMENT OBJECTIVE</b> The Portfolio seeks long-term capital appreciation. This objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. <b>FEES AND EXPENSES OF THE PORTFOLIO </b> <b>FEES AND EXPENSES OF THE PORTFOLIO</b> This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio. <br/><br/>The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. <b>Shareholder Fees </b>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a % <br/>of the value of your investment) <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as<br/>a % of the value of your investment) <b>Portfolio Turnover</b> <b>Example</b> <b>Portfolio Turnover </b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 40% of its portfolio&#8217;s average value. <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies</b> <b>Principal Risks</b> <b>Example </b> <b>Performance</b> This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Portfolio for the time periods indicated;</li><li>your investment has a 5% return each year;</li><li>the Portfolio&#8217;s operating expenses remain the same; and</li><li>any Calvert expense limitation is in effect for the period indicated in the fee table above.</li> </ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies</b> <b>Calendar Year Total Returns</b> The Portfolio focuses on small, rapidly growing and under-researched companies whose securities, in the Subadvisor's opinion, are trading at reasonable prices. The Portfolio normally invests at least 80% of its net assets (including borrowings for investment purposes) in the equity securities, such as common or preferred stocks, of small capitalization companies listed on U.S. exchanges or in the U.S. over-the-counter market. The Portfolio will provide shareholders with at least 60 days' notice before changing this 80% policy. The Portfolio considers a small capitalization company to have a market capitalization within the range of companies in the Russell 2000 Growth Index. As of December 31, 2012, the market capitalization of the Russell 2000 Growth Index companies ranged from $28 million to $4.7 billion.<br/><br/> The Subadvisor employs a rigorous bottom-up stock selection technique to identify dynamic small companies that offer rapid growth at reasonable valuations. The Subadvisor targets key characteristics such as an accelerating and sustainable earnings growth rate; strong management; reasonable debt levels; and a reasonable price-to-earnings ratio relative to the projected earnings growth rate. <b>Average Annual Total Returns</b><br/><b>(as of 12/31/12)</b> <b>Principal Risks</b> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertVPSRIEquityPortfolioBarChart column period compact * ~</div> You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result.<br/><br/> Stock Market Risk. The market prices of stocks held by the Portfolio may fall.<br/><br/> Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.<br/><br/> Preferred Stock Risk. The market value of preferred stock generally decreases when interest rates rise and is affected by the issuer's ability to make payments on the preferred stock.<br/><br/> Small-Cap Company Risk. Prices of small-cap stocks can be more volatile than those of larger, more established companies. Small-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br/><br/> Growth Company Risk. Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disapointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market. <b>Performance</b> The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average.<br/><br/>The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <b> Calendar Year Total Returns</b> <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">6/30/03</td><td align="right">21.20</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/08</td><td align="right">-27.51</td><td align="left">%</td></tr></table></div> <b>Average Annual Total Returns<br/>(as of 12/31/12)</b> April 30, 2014 0.4 You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. 0 An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average. 0 www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertVPSmallCapGrowthPortfolioBarChart column period compact * ~</div> 0.0112 -0.0011 0.0123 0.0053 0.007 114 379 665 1479 0.2218 0.0716 0.0454 0.1006 0.0999 -0.3579 0.3426 0.1726 -0.0134 0.1595 0.0295 0.0166 0.0145 0.0672 0.071 0.0723 Best Quarter (of periods shown) 2003-06-30 0.212 Worst Quarter (of periods shown) 2008-12-31 -0.2751 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertVPIncomePortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertVPIncomePortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertVPIncomePortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertVPIncomePortfolio column period compact * ~</div> The Portfolio seeks growth of capital through investment in stocks believed to offer opportunities for potential capital appreciation and which meet the Portfolio&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio.<br/><br/> The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li style="margin-left:-20px">you invest $10,000 in the Portfolio for the time periods indicated;</li><li style="margin-left:-20px">your investment has a 5% return each year;</li><li style="margin-left:-20px">the Portfolio&#8217;s operating expenses remain the same; and</li><li style="margin-left:-20px">any Calvert expense limitation is in effect for the period indicated in the fee table above.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 30% of its portfolio&#8217;s average value. The Portfolio normally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities (common stock). The Portfolio will provide shareholders with at least 60 days' notice before changing this 80% policy. The Portfolio invests primarily in common stocks of U.S. large-cap companies. The Portfolio defines large-cap companies as those whose market capitalization falls within the range of the Standard &amp; Poor's ("S&amp;P") 500 Index. As of December 31, 2012, the market capitalization of the S&amp;P 500 Index companies ranged from $1.63 billion to $500 billion with a weighted median level of $56.8 billion and a weighted average level of $106.1 billion. The Portfolio normally seeks to have a weighted average market capitalization of at least $20 billion.<br/><br/> The Portfolio may also invest in mid-cap stocks and may invest up to 25% of its net assets in foreign stocks.<br/><br/> The Subadvisor looks for established companies with a history of steady earnings growth. The Subadvisor selects companies based on its opinion that the company has the ability to sustain growth through high profitability and that the stock is favorably priced with respect to those growth expectations.<br/><br/> Sustainable and Socially Responsible Investing. The Portfolio seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples' rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Portfolio has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Portfolio seeks to invest and seeks to avoid investing.<br/><br/> Investments are first selected for financial soundness and then evaluated according to the Portfolio's sustainable and socially responsible investment criteria. Investments must be consistent with the Portfolio's current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Portfolio and its shareholders. You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result.<br/><br/> Stock Market Risk. The market prices of stocks held by the Portfolio may fall.<br/><br/> Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.<br/><br/> Large-Cap Company Risk. 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.<br/><br/> Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. <br/><br/>Growth Company Risk. Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disappointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market.<br/><br/> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/> Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. 0.3 You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average. www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">6/30/09</td><td align="right">18.41</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/08</td><td align="right">-24.41</td><td align="left">%</td></tr></table></div> Best Quarter (of periods shown) 2009-06-30 Worst Quarter (of periods shown) 2008-12-31 -0.2441 April 30, 2014 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertVPSRIMidCapGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertVPSRIMidCapGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertVPSRIMidCapGrowthPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertVPSRIMidCapGrowthPortfolio column period compact * ~</div> <b>CALVERT VP SRI MID CAP GROWTH PORTFOLIO</b> <b>INVESTMENT OBJECTIVE</b> <b>FEES AND EXPENSES OF THE PORTFOLIO</b> 0 <b>Shareholder Fees </b>(fees paid directly from your investment) 0 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a % <br/>of the value of your investment) <b>Portfolio Turnover</b> <b>Example</b> <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies</b> <b>Principal Risks</b> <b>Performance</b> <b>Calendar Year Total Returns</b> <b>Average Annual Total Returns</b><br/><b>(as of 12/31/12)</b> 0.007 0.0038 0.0108 -0.0023 0.0085 87 321 573 1296 0.127 0.0567 The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average.<br/><br/>The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. 0.0371 0.0505 0.05 -0.1164 0.2078 0.0787 0.0391 0.0868 0.0868 0.0937 0.0766 0.0539 0.0765 0.068 0.0588 0.0623 0.0593 0.1595 0.16 0.16 <b>CALVERT VP INCOME PORTFOLIO</b> <b>INVESTMENT OBJECTIVE </b> The Portfolio seeks to maximize long-term income, to the extent consistent with prudent investment management and preservation of capital, through investment in bonds and other income-producing securities. This objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. <b>FEES AND EXPENSES OF THE PORTFOLIO </b> This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio. <br/><br/>The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a %<br/>of the value of your investment) <b>Portfolio Turnover </b> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 240% of its portfolio&#8217;s average value. <b>Example</b> 0 This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Portfolio for the time periods indicated;</li><li>your investment has a 5% return each year;</li><li>the Portfolio&#8217;s operating expenses remain the same; and</li><li>any Calvert expense limitation is in effect for the period indicated in the fee table above.</li> </ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: 0 <b>INVESTMENTS, RISKS AND PERFORMANCE <b><br/><br/>Principal Investment Strategies The Portfolio uses an active strategy, seeking relative value to earn incremental income. The Portfolio typically invests at least 65% of its net assets in investment grade, U.S. dollar-denominated debt securities, as assessed at the time of purchase. A debt security is investment grade when assigned a credit quality rating of BBB-or higher by Standard &amp; Poor's Ratings Services ("Standard &amp; Poor's") or an equivalent rating by another nationally recognized statistical rating organization (''NRSRO"), including Moody's Investors Service or Fitch Ratings, or if unrated, considered to be of comparable credit quality by the Portfolio's Advisor.<br/><br/> The Portfolio invests principally in bonds issued by U.S. corporations, the U.S. Government or its agencies, and U.S. government-sponsored enterprises (e.g., the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC")). The Portfolio also may invest in trust preferred securities, taxable municipal securities, asset-backed securities ("ABS"), including commercial mortgage-backed securities, and repurchase agreements.<br/><br/> The Portfolio may invest in securities that represent interests in pools of mortgage loans or other assets assembled for sale to investors by various U.S. governmental agencies, government-related organizations and private issuers. These investments may include derivative securities such as collateralized mortgage obligations ("CMOs") and ABS.<br/><br/> In addition, the Portfolio may invest in leveraged loans. The loans in which the Portfolio will invest are expected to be below-investment-grade quality and to bear interest at a floating rate that resets periodically. <br/><br/>The Portfolio may invest up to 35% of its net assets in below-investment grade, high-yield debt securities (commonly known as "junk bonds"), including bonds in default. A debt security is below investment grade when assigned a credit quality rating below BBB- by Standard &amp; Poor's or an equivalent rating by another NRSRO, or if unrated, considered to be of comparable credit quality by the Portfolio's Advisor.<br/><br/> The Portfolio may also invest up to 30% of its net assets in foreign debt securities. Foreign debt securities include American Depositary Receipts ("ADRs").<br/><br/> The Portfolio is non-diversified, which means it may invest a greater percentage of its assets in a particular issuer than a "diversified" fund.<br/><br/> The Portfolio uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Portfolio.<br/><br/> Tobacco Exclusion. The Portfolio seeks to avoid investing in companies classified under the tobacco industry sector of the Barclays Global Aggregate Index, the Barclays U.S. High Yield Index or the Barclays Global Emerging Market Index; or, in the opinion of the Portfolio's Advisor, any similar securities in the Barclays Municipal Index. <b>Principal Risks</b> You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/> Non-Diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single bond may have greater impact on the Portfolio than a diversified fund.<br/><br/> Bond Market Risk. The market prices of bonds held by the Portfolio may fall.<br/><br/> Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due.<br/><br/> Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster-than-expected prepayments may cause the Portfolio to invest the prepaid principal in lower yielding securities, and slower-than-expected prepayments may reduce the potential for the Portfolio to invest in higher yielding securities.<br/><br/> Mortgage-Backed Security Risk (Government-Sponsored Enterprises). Debt and mortgage-backed securities issued by government-sponsored enterprises ("GSEs") such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.<br/><br/> Leveraged Loan Risk. Leveraged loans are subject to the risks typically associated with debt securities, such as credit risk discussed above. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Portfolio to value them or dispose of them at an acceptable price. Below-investment-grade leveraged loans are usually more credit sensitive.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result.<br/><br/> Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/> Junk Bond Risk. Investments in junk bonds can involve a substantial risk of loss. Junk bonds are considered to be speculative with respect to the issuer's ability to pay interest and principal. These securities, which are rated below investment grade<b>, </b>have a higher risk of issuer default, are subject to greater price volatility and may be illiquid.<br/><br/> Defaulted Bonds Risk. For bonds in default (those rated "D" by Standard &amp; Poor's or the equivalent by another NRSRO), there is a significant risk that these bonds will not achieve full recovery.<br/><br/> Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. When the Portfolio purchases unrated securities, it will depend on the Advisor's analysis of credit risk without the assessment of an NRSRO.<br/><br/> Trust Preferred Securities Risk. Trust preferred securities are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. Trust preferred securities are subject to unique risks, which include the fact that dividend payments will only be paid if interest payments on the underlying obligations are made, which interest payments are dependent on the financial condition of the parent corporation. There is also the risk that the underlying obligations, and thus the trust preferred securities, may be prepaid after a stated call date or as a result of certain tax or regulatory events, resulting in a lower yield to maturity.<br/><br/> Corporate and Taxable Municipal Bond Risk. For corporate and taxable municipal bonds, there is credit risk in addition to the interest rate risk that affects all fixed-income securities.<br/><br/> Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Portfolio holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Portfolio will receive payments of principal may be substantially limited.<br/><br/> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from the differences between the regulations to which U.S. and foreign issuers and markets are subject, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Foreign securities include ADRs. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.<br/><br/> Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars.<br/><br/> Repurchase Agreement Risk. A repurchase agreement exposes the Portfolio to the risk that the party that sells the security may default on its obligation to repurchase the security. The Portfolio may lose money because it cannot sell the security at the agreed-upon time and price or the security may lose value before it can be sold.<br/><br/> Active Trading Strategy Risk. The Portfolio employs an active style that seeks to position the Portfolio with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%) and may translate to higher transaction costs.<br/><br/> Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Portfolio's initial investment in such contracts. <b>Performance</b> The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of an benchmark index and a peer average.<br/><br/>The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <b> Calendar Year Total Returns</b> <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">9/30/09</td><td align="right">9.64</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/08</td><td align="right">-7.67</td><td align="left">%</td></tr></table></div> <b>Average Annual Total Returns<br/>(as of 12/31/12)</b> 0.0025 0.0014 0.0039 April 30, 2014 2.4 You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. Non-Diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single bond may have greater impact on the Portfolio than a diversified fund. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of an benchmark index and a peer average. www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. The Portfolio normally invests at least 80% of its net assets, including borrowings for investment purposes, in the common stocks of mid-cap companies. The Portfolio will provide shareholders with at least 60 days' notice before changing this 80% policy. The Portfolio currently defines mid-cap companies as those whose market capitalization falls within the range of the Russell Midcap Growth Index. As of December 31, 2012, the market capitalization of the Russell Midcap Growth Index companies ranged from $337 million to $21.2 billion with a weighted median level of $8.8 billion and a weighted average level of $9.3 billion. The Russell Midcap Growth Index is reconstituted annually. The Portfolio normally seeks to have a weighted average market capitalization between $2 billion and $12 billion.<br/><br/> Stocks chosen for the Portfolio combine growth and value characteristics or offer the opportunity to buy growth at a reasonable price. The Portfolio may also invest up to 25% of its net assets in foreign securities. <br/><br/>The Portfolio is "non-diversified," which means it may invest a greater percentage of its assets in a particular issuer than a "diversified" fund.<br/><br/> The Subadvisor favors companies which have an above market average prospective growth rate, but sell at below market average valuations. The Subadvisor evaluates each stock in terms of its growth potential, the return for risk free investments, and the risk and reward potential for the company to determine a reasonable price for the stock.<br/><br/> Sustainable and Socially Responsible Investing. The Portfolio seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples' rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Portfolio has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Portfolio seeks to invest and seeks to avoid investing.<br/><br/> Investments are first selected for financial soundness and then evaluated according to the Portfolio's sustainable and socially responsible investment criteria. Investments must be consistent with the Portfolio's current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Portfolio and its shareholders. The Portfolio seeks to provide long-term capital appreciation by investing primarily in a portfolio of the equity securities of mid-sized companies that are undervalued but demonstrate a potential for growth and that meet the Portfolio&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio. <br/><br/>The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Portfolio&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 61% of its portfolio&#8217;s average value. This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Portfolio for the time periods indicated;</li><li>your investment has a 5% return each year; and</li><li>the Portfolio&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: 40 125 219 493 0.01 0.0117 0.0298 0.0477 0.0505 0.0301 0.0089 0.001 0.0001 0.0001 Best Quarter (of periods shown) 2009-09-30 You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/> Non-diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Portfolio than a diversified fund.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result.<br/><br/> Stock Market Risk. The market prices of stocks held by the Portfolio may fall.<br/><br/> Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.<br/><br/> Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br/><br/> Growth Company Risk. Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disappointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market.<br/><br/> Valuation Risk. A stock judged to be undervalued by the Subadvisor may actually be appropriately priced, and it may not appreciate as anticipated.<br/><br/> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/> Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. 0.0964 Worst Quarter (of periods shown) 2008-12-31 -0.0767 The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average. <br/><br/>The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/> The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertVPIncomePortfolioBarChart column period compact * ~</div> 0.0001 -0.0003 0.008 0.0047 0.0189 0.0158 0 0 0.009 0.0022 0.0112 114 356 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertVPMoneyMarketPortfolio column period compact * ~</div> 617 1363 <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertVPMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertVPMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertVPMoneyMarketPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertVPMoneyMarketPortfolio column period compact * ~</div> <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">12/31/10</td><td align="right">17.55</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/08</td><td align="right">-25.51</td><td align="left">%</td></tr></table></div> <b>INVESTMENT OBJECTIVE </b> The Portfolio seeks a high level of current income as is consistent with preservation of capital and liquidity. The Portfolio seeks to maintain a constant net asset value of $1.00 per share for the Portfolio. The Portfolio&#8217;s investment objective may be changed by the Portfolio&#8217;s Board of Directors without shareholder approval. 0.3168 <b>FEES AND EXPENSES OF THE PORTFOLIO </b> This table describes the fees and expenses that you may pay if you invest in shares of the Portfolio.<br/><br/>The table and the following example do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies (each a &#8220;Policy&#8221;) through which an investment may be made. If those fees and charges were included, costs would be higher. Please consult the prospectus for your Policy for information regarding those fees and charges. <b>Shareholder Fees </b> (fees paid directly from your investment) 0.1051 0.1642 0.136 0.135 0.0933 0.0042 0.0688 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as<br/>a % of the value of your investment) 0.1016 -0.3719 <b>Example </b> 0.3202 0.3147 0.0233 0.1675 0.1675 0.1581 0.1607 This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li style="margin-left:-20px">you invest $10,000 in the Portfolio for the time periods indicated;</li><li style="margin-left:-20px">your investment has a 5% return each year;</li><li style="margin-left:-20px">the Portfolio's operating expenses remain the same; and</li><li style="margin-left:-20px"> any Calvert expense limitation is in effect for the period indicated in the fee table above.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: 0.0543 0.0323 0.0282 0.0829 0.1032 0.0896 <b>INVESTMENTS, RISKS AND PERFORMANCE </b><br/><br/><b>Principal Investment Strategies</b> The Portfolio invests in U.S. dollar-denominated money market securities of domestic and foreign issuers, including U.S. Government securities and repurchase agreements, commercial paper, variable rate demand notes, and corporate, agency and taxable municipal obligations. The Portfolio invests more than 25% of its total assets in the financial services industry.<br/><br/> All investments generally must comply with applicable money market fund requirements, including Rule 2a-7 of the Investment Company Act of 1940, as amended. 0.1841 <b>Principal Risks</b> You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.<br/><br/> Income Risk. The income level of the Portfolio will fluctuate with changing market conditions and interest rate levels. The income the Portfolio receives may fall as a result of a decline in interest rates.<br/><br/> Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall.<br/><br/> Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. Credit risk, however, should be low for the Portfolio because it seeks to minimize credit risk by investing primarily in securities that are considered to be of high quality. The Portfolio also may limit the amount it invests in any one issuer to try to lessen its exposure to credit risk.<br/><br/> Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result.<br/><br/> Variable Rate Demand Note (&#8220;VRDN&#8221;) Risk. Investments in VRDNs involve credit risk with respect to the obligor/guarantor providing the Portfolio with the credit and liquidity support for the tender option. While the Portfolio invests only in VRDNs of high-quality issuers, or which are supported by high-quality financial institutions, it is still possible that an obligor/guarantor could default on its obligations.<br/><br/> Financial Services Industry Risk. The financial services industry involves additional risk relating to changes in government regulation and economic downturns, which can have a significant negative effect on issuers in the financial services sector. A downturn in the financial services industry would impact the Portfolio more than a fund that does not concentrate in this industry.<br/><br/> Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. When the Portfolio purchases unrated securities, it will depend on the Advisor&#8217;s analysis of credit risk without the assessment of a nationally recognized statistical rating organization.<br/><br/> Repurchase Agreement Risk. A repurchase agreement exposes the Portfolio to the risk that the party that sells the security may default on its obligation to repurchase the security. The Portfolio may lose money because it cannot sell the security at the agreed-upon time and price or the security may lose value before it can be sold.<br/><br/> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/> Redemption Risk. The Portfolio may experience heavy redemptions, particularly during periods of declining or illiquid markets, that could cause the Portfolio to liquidate its assets at inopportune times or at a loss or depressed value and that could affect the Portfolio&#8217;s ability to maintain a $1.00 share price. In addition, the Portfolio may suspend redemptions when permitted by applicable regulations. <b>Performance </b> The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a peer average.<br/><br/> The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. Best Quarter (of periods shown) 2010-12-31 0.1755 Worst Quarter (of periods shown) 2008-12-31 -0.2551 <b>Calendar Year Total Returns</b> <b>Average Annual Total Returns<br/>(as of 12/31/12)</b> <div><table border="0" cellspacing="0" style="; width: 6in;"><tr valign="bottom"><td align="right"></td><td align="right"><b>Quarter</b></td><td align="right"><b>Total</b></td><td align="left">&nbsp;</td></tr><tr valign="bottom"><td align="left">&nbsp;</td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>Ended</b></td><td align="right" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid; text-indent: 5.93pt;"><b>Return</b></td><td align="left" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr valign="bottom"><td align="left">Best Quarter (of periods shown)</td><td align="right">9/30/07</td><td align="right">1.27</td><td align="left">%</td></tr><tr valign="bottom"><td align="left">Worst Quarter (of periods shown)</td><td align="right">12/31/11</td><td align="right">0.00</td><td align="left">%</td></tr></table></div> You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a peer average. www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. 0 2011-12-31 Worst Quarter (of periods shown) 0.0127 2007-09-30 Best Quarter (of periods shown) You could lose money on your investment in the Portfolio, or the Portfolio could underperform, because of the risks described below. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.61 The following bar chart and table show the Portfolio&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Portfolio. The bar chart shows how the performance has varied from year to year. The table compares the Portfolio&#8217;s performance over time with that of a benchmark index and a peer average. www.calvert.com The Portfolio&#8217;s past performance does not necessarily indicate how the Portfolio will perform in the future. The returns shown do not reflect fees and charges imposed under the variable annuity contracts and life insurance policies through which an investment may be made. If those fees and charges were included, they would reduce these returns. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertVPSRIMidCapGrowthPortfolioBarChart column period compact * ~</div> 0.1229 -0.1963 92 287 498 1108 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPSRIBalancedPortfolio column period compact * ~</div> 114 356 617 1363 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPSRIMidCapGrowthPortfolio column period compact * ~</div> 106 359 631 1409 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPSmallCapGrowthPortfolio column period compact * ~</div> 87 321 573 1296 <b>CALVERT VP MONEY MARKET PORTFOLIO</b> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPIncomePortfolio column period compact * ~</div> Non-diversification Risk. Because the Portfolio may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Portfolio than a diversified fund. 40 125 219 493 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPMoneyMarketPortfolio column period compact * ~</div> 114 379 665 1479 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertVPSRIEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertVPSRIEquityPortfolio column period compact * ~</div> The investment advisor has agreed to contractually limit direct net annual fund operating expenses to 1.04% through April 30, 2014. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense cap before the contractual period expires, upon 60 days' prior notice to shareholders. The investment advisor has agreed to contractually limit direct net annual fund operating expenses to 1.12% through April 30, 2014. 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. The investment advisor has agreed to contractually limit direct net annual fund operating expenses to 0.85% through April 30, 2014. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense before the contractual period expires, upon 60 days' prior notice to shareholders.