Supplement to:
Calvert Variable Series, Inc.
Social Money Market Portfolio
Social Balanced Portfolio
Social Mid Cap Growth Portfolio
Social International Equity Portfolio
Social Small Cap Portfolio
Prospectus
dated April 30, 1998
Date of this Supplement: February 17, 1999
Shareholders in the Calvert Variable Series, Inc. portfolios (the "Fund") are
currently voting on various changes to the Fund, pursuant to a proxy statement
mailed recently. Shareholders are being asked to vote to:
elect the Board of Directors.
approve amended fundamental investment restrictions to: (a) delete
restrictions that are no longer required to be fundamental due to
changes in state laws or which otherwise need not be fundamental; and
(b) revise the language of those restrictions that are still required
to be fundamental.
approve a new investment advisory agreement with the investment
advisor, Calvert Asset Management Company, Inc. ("CAMCO").
approve a new investment subadvisory agreement between CAMCO and the
investment subadvisor, NCM Capital Management Group, Inc. (with
respect to CVS Social Balanced only).
approve a new investment subadvisory agreement with the new
investment subadvisor, Brown Capital Management, Inc. (with respect
to CVS Social Mid Cap Growth only).
authorize CVS and/or CAMCO to enter into a new and/or materially
amended existing investment subadvisory agreement with a subadvisor
in the future without having to first obtain shareholder approval
(with respect to CVS Social Balanced, CVS Social Mid Cap Growth, CVS
Social International Equity and CVS Social Small Cap only).
approve a revised investment objective, deleting the reference to
the rate of inflation, which is more reflective of current economic
times (with respect to CVS Social Balanced only).
change the par value of common stock from $1.00 to $0.01.
ratify the Board's selection of auditors, PricewaterhouseCoopers LLP.
Please be aware that discussion of these matters in the April 30, 1998
Prospectus and the Statement of Additional Information will be modified
accordingly, depending on the outcome of the shareholder vote.
<PAGE>
Supplement to:
Calvert Variable Series, Inc.
SOCIAL BALANCED PORTFOLIO
Prospectus
dated April 30, 1998
Date of this Supplement: February 17, 1999
Shareholders in the Calvert Variable Series, Inc. Social Balanced Portfolio
(the "Fund") are currently voting on various changes to the Fund, pursuant to
a proxy statement mailed recently. Shareholders are being asked to vote to:
elect the Board of Directors.
approve amended fundamental investment restrictions to: (a) delete
restrictions that are no longer required to be fundamental due to
changes in state laws or which otherwise need not be fundamental; and
(b) revise the language of those restrictions that are still required
to be fundamental.
approve a new investment advisory agreement with the investment
advisor, Calvert Asset Management Company, Inc. ("CAMCO").
approve a new investment subadvisory agreement between CAMCO and the
investment subadvisor, NCM Capital Management Group, Inc.
authorize CVS and/or CAMCO to enter into a new and/or materially
amended existing investment subadvisory agreement with a subadvisor
in the future without having to first obtain shareholder approval.
approve a revised investment objective, deleting the reference to
the rate of inflation, which is more reflective of current economic
times.
change the par value of common stock from $1.00 to $0.01.
ratify the Board's selection of auditors, PricewaterhouseCoopers LLP.
Please be aware that discussion of these matters in the April 30, 1998
Prospectus and the Statement of Additional Information will be modified
accordingly, depending on the outcome of the shareholder vote.
