Calvert for Institutional Investors
Variable Insurance Product Performance

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Portfolio Prices
as of 5/20/2013		 Return
(as of 5/20/2013)
Average Annual Total Returns
(for period ending 4/30/2013)
Share Class Price $ Change % Change YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since
Inception		 Inception
Calvert VP EAFE International Index Portfolio Morningstar Style Box ™ - Large Blend
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Portfolio I Shares 81.33 0.41 0.50 11.63 5.03 18.33 6.65 -1.83 7.93 7.43 11/12/2002
Calvert VP Income Portfolio
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Portfolio I Shares 16.72 -0.01 -0.06 1.09 1.81 7.90 6.01 5.99 5.68 6.14 4/30/2002
Calvert VP Inflation Protected Plus Portfolio
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Portfolio I Shares 61.71 -0.05 -0.08 -1.17 1.34 5.46 7.40 5.47 n/a 6.47 12/28/2006
Calvert VP Investment Grade Bond Index Portfolio
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Portfolio I Shares 55.92 -0.03 -0.05 -0.25 0.93 3.16 5.61 5.68 4.75 4.78 3/31/2003
Portfolio Prices
as of 5/20/2013		 Return
(as of 5/20/2013)
Average Annual Total Returns
(for period ending 4/30/2013)
Share Class Price $ Change % Change YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since
Inception		 Inception
Calvert VP Money Market Portfolio
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Portfolio I Shares 1.00 0.00 0.00 0.00 0.00 0.01 0.03 0.58 1.85 2.35 10/29/1999
Calvert VP Nasdaq 100 Index Portfolio Morningstar Style Box ™ - Large Growth
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Portfolio I Shares 37.10 -0.10 -0.27 13.91 2.43 6.81 13.56 8.85 10.10 -1.51 4/27/2000
Calvert VP Natural Resources Portfolio Morningstar Style Box ™ - Large Blend
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Portfolio I Shares 51.14 0.51 1.00 0.31 -2.83 -1.02 2.44 -4.63 n/a 0.70 12/28/2006
Calvert VP Russell 2000 Small Cap Index Portfolio Morningstar Style Box ™ - Small Blend
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Portfolio I Shares 73.44 0.12 0.16 17.71 -0.43 16.86 10.47 6.58 9.79 6.01 4/27/2000
Portfolio Prices
as of 5/20/2013		 Return
(as of 5/20/2013)
Average Annual Total Returns
(for period ending 4/30/2013)
Share Class Price $ Change % Change YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since
Inception		 Inception
Calvert VP S&P 500 Index Portfolio Morningstar Style Box ™ - Large Blend
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Portfolio I Shares 101.90 -0.06 -0.06 17.64 1.89 16.43 12.37 4.89 7.50 7.25 12/29/1995
Calvert VP S&P MidCap 400 Index Portfolio Morningstar Style Box ™ - Medium Blend
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Portfolio I Shares 89.65 0.07 0.08 19.18 0.57 18.23 13.20 7.74 11.09 8.57 5/3/1999
Calvert VP Small Cap Growth Portfolio Morningstar Style Box ™ - Small Growth
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Portfolio I Shares 54.52 -0.04 -0.07 16.10 -0.95 12.73 14.87 9.01 10.84 1.67 11/1/1999
Calvert VP SRI Balanced Portfolio Morningstar Style Box ™ - Large Growth
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Portfolio I Shares 2.08 0.00 0.05 9.11 0.70 6.73 9.01 4.13 5.70 7.09 9/2/1986
Portfolio Prices
as of 5/20/2013		 Return
(as of 5/20/2013)
Average Annual Total Returns
(for period ending 4/30/2013)
Share Class Price $ Change % Change YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since
Inception		 Inception
Calvert VP SRI Equity Portfolio Morningstar Style Box ™ - Large Growth
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Portfolio I Shares 24.24 -0.04 -0.17 13.43 -0.04 10.10 10.64 5.44 7.45 5.50 4/30/2002
Calvert VP SRI Large Cap Value Portfolio Morningstar Style Box ™ - Large Value
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Portfolio I Shares 87.71 -0.11 -0.13 18.83 2.07 20.83 10.97 3.25 7.95 9.71 8/15/1984
Calvert VP SRI Mid Cap Growth Portfolio Morningstar Style Box ™ - Medium Growth
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Portfolio I Shares 37.29 -0.06 -0.16 14.18 -0.33 12.27 14.62 7.75 8.89 7.85 7/16/1991
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized. The performance does not reflect fees and charges imposed under the variable annuity and life insurance contracts through which an investment may be made. If these fees and charges were included, they would reduce these returns.
Portfolio Expenses (from Prospectus)
(Performance data quoted above already reflects deduction for Portfolio operating expenses)
Portfolio Expense Ratio
(if no waiver reimbursement in effect)		 Net Expense Ratio
(if waiver reimbursement in effect)		 Gross Expense Ratio
(if waiver reimbursement in effect)
Calvert VP EAFE International Index Portfolio - I Shares 0.96% n/a n/a
Calvert VP Income Portfolio - I Shares n/a 0.85% 1.08%
Calvert VP Inflation Protected Plus Portfolio - I Shares 0.71% n/a n/a
Calvert VP Investment Grade Bond Index Portfolio - I Shares 0.49% n/a n/a
Calvert VP Money Market Portfolio - I Shares 0.39% n/a n/a
Calvert VP Nasdaq 100 Index Portfolio - I Shares 0.63% n/a n/a
Calvert VP Natural Resources Portfolio - I Shares 1.39% n/a n/a
Calvert VP Russell 2000 Small Cap Index Portfolio - I Shares n/a 0.75% 0.77%
Calvert VP S&P 500 Index Portfolio - I Shares n/a 0.42% 0.45%
Calvert VP S&P MidCap 400 Index Portfolio - I Shares 0.53% n/a n/a
Calvert VP Small Cap Growth Portfolio - I Shares n/a 1.04% 1.17%
Calvert VP SRI Balanced Portfolio - I Shares 0.90% n/a n/a
Calvert VP SRI Equity Portfolio - I Shares n/a 1.12% 1.23%
Calvert VP SRI Large Cap Value Portfolio - I Shares n/a 0.78% 0.85%
Calvert VP SRI Mid Cap Growth Portfolio - I Shares 1.12% n/a n/a

Important Expense Disclosure

"Russell 2000 Index", "S&P 500", "S&P Mid Cap 400 Index", "EAFE International Index" and "Nasdaq-100 Index" are trademarks/service marks of the Frank Russell Company, McGraw-Hill, Inc., MSCI, Inc. and The Nasdaq Stock Market, Inc. (the "Trademark Owners"), respectively, and have been licensed for use by Calvert Investments, Inc. The Calvert VP Portfolios bearing the marks are not sponsored, endorsed, sold or promoted by the Trademark Owners and the Trademark Owners make no representation or warranty, express or implied, regarding the advisability of investing in, and bear no liability with respect to, those portfolios.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP EAFE International Index Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.99% for Class I shares and 1.19% for Class F shares of the Portfolio. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Income Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.85%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Inflation Protected Plus Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.79%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Investment Grade Bond Index Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.60%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Money Market Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.40%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Nasdaq 100 Index Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.69%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Natural Resources Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.79%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Russell 2000 Index Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.74% for Class I shares and 0.95% for Class F shares of the Portfolio. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP S&P 500 Index Portfolio through April 30, 2014. 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 0.42%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP S&P MidCap 400 Index Portfolio through April 30, 2014. This limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.57% for Class I shares and 0.81% for Class F shares of the Portfolio. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Small Cap Growth Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 1.04%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP SRI Equity Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 1.12%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP SRI Large Cap Value Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.78%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

I201 (4/09)