Calvert for Institutional Investors
Variable Insurance Product Performance

Show Portfolios by: Portfolio Type Portfolio Type Use this to display only Portfolios of a certain asset class or style, such as Equity, Taxable Bond, or Sustainable & Responsible. All Portfolios Asset Allocation Equity Bond Money Market Sustainable and Responsible Portfolio Objective All Balanced & Asset Allocation International Large Cap Mid Cap Sector Small Cap Taxable Money Market Arrange Alphabetically by Name Alphabetically by Ticker

Also include for each Portfolio: Lipper Category Index Lipper Category Index Checking this box will compare Portfolio performance to that of its Lipper Category Index. Benchmark Index Benchmark Index Checking this box will compare Portfolio performance to that of its benchmark index.

Portfolio Prices as of 5/16/2012				Return (as of 5/16/2012)	Average Annual Total Returns (for period ending 4/30/2012) Quarterly Monthly
	Price	$ Change	% Change	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Calvert VP Barclays Capital Aggregate Bond Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	56.57	-0.01	-0.02	1.93	1.26	8.29	6.73	6.52	n/a	4.96	3/31/2003
Barclays U.S. Aggregate Bond Index				n/a	1.11	7.54	7.06	6.37	5.71	5.24
Lipper VA Intermediate Investment Grade Debt Funds Index				n/a	1.02	4.89	8.34	5.19	n/a	3.97
Calvert VP EAFE International Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	63.29	-0.73	-1.15	-0.39	-2.02	-13.48	10.69	-5.50	n/a	6.34	11/12/2002
MSCI EAFE Index				n/a	-1.84	-12.38	12.30	-4.25	5.89	8.35
Lipper VA International Core Funds Index				n/a	-1.56	-11.86	12.95	-3.74	n/a	6.35
Calvert VP Income Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	16.29	0.01	0.06	3.43	1.44	4.44	10.37	4.82	5.97	5.96	4/30/2002
Barclays U.S. Credit Index				n/a	1.34	9.20	11.79	7.04	6.58	6.58
Lipper VA Corporate Debt Funds BBB-Rated Index				n/a	1.06	5.08	9.25	5.10	n/a	4.81
Calvert VP Inflation Protected Plus Portfolio Quick Links Annual Report Investment Process Prospectus Statement of Additional Information Summary Prospectus
Portfolio	61.12	-0.12	-0.20	3.54	1.86	10.36	8.35	6.49	n/a	6.66	12/28/2006
Barclays U.S. TIPS Index				n/a	2.02	11.67	10.15	7.88	7.43	8.01
Lipper VA General U.S. Government Funds Index				n/a	1.68	9.15	6.17	5.10	n/a	5.08
Portfolio Prices as of 5/16/2012				Return (as of 5/16/2012)	Average Annual Total Returns (for period ending 4/30/2012) Quarterly Monthly
	Price	$ Change	% Change	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Calvert VP Money Market Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	1.00	0.00	0.00	0.00	0.00	0.01	0.19	1.46	1.99	2.54	10/29/1999
Lipper VA Money Market Funds Index				n/a	-0.07	-1.06	-0.99	0.15	n/a	1.20
Calvert VP Nasdaq 100 Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	33.43	-0.25	-0.75	12.67	-1.14	13.74	25.32	7.97	7.88	-2.17	4/27/2000
Nasdaq 100 Index (price only)				n/a	-1.15	13.29	25.01	7.84	7.87	-2.50
Lipper VA Large-Cap Growth Funds Index				n/a	-0.86	3.09	16.96	1.68	n/a	-2.59
Calvert VP Natural Resources Portfolio Quick Links Annual Report Investment Process Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	48.03	-0.14	-0.29	-3.63	-1.19	-14.73	12.80	-0.18	n/a	1.03	12/28/2006
S&P 500 Index				n/a	-0.63	4.76	19.46	1.01	4.71	1.80
Calvert VP Russell 2000 Small Cap Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	60.00	-0.41	-0.68	4.46	-1.60	-5.01	19.48	0.82	5.52	5.15	4/27/2000
Russell 2000 Index				n/a	-1.54	-4.25	20.34	1.45	6.19	5.64
Lipper VA Small-Cap Core Funds Index				n/a	-1.49	-2.98	19.32	0.30	n/a	3.64
Portfolio Prices as of 5/16/2012				Return (as of 5/16/2012)	Average Annual Total Returns (for period ending 4/30/2012) Quarterly Monthly
	Price	$ Change	% Change	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Calvert VP S&P 500 Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	80.95	-0.33	-0.41	6.07	-0.66	4.33	19.04	0.71	4.32	6.71	12/29/1995
S&P 500 Index				n/a	-0.63	4.76	19.46	1.01	4.71	7.06
Lipper VA S&P 500 Index Objective Funds Index				n/a	-0.75	3.26	17.81	-0.36	n/a	5.52
Calvert VP S&P MidCap 400 Index Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	71.28	-0.61	-0.86	7.38	-0.28	-1.43	21.97	3.50	7.09	7.86	5/3/1999
S&P MidCap 400 Index				n/a	-0.23	-0.94	22.65	4.11	7.72	8.59
Lipper VA Mid-Cap Core Funds Index				n/a	-0.44	-4.33	20.48	1.48	n/a	5.61
Calvert VP Small Cap Growth Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	44.97	-0.39	-0.87	5.12	-1.41	-2.43	26.78	5.68	5.99	0.83	11/1/1999
Russell 2000 Growth Index				n/a	-1.64	-4.42	21.83	3.27	6.06	3.65
Lipper VA Small-Cap Growth Funds Index				n/a	-0.99	-4.77	20.98	1.41	n/a	2.18
Calvert VP SRI Balanced Portfolio Quick Links Annual Report Investment Process Prospectus Statement of Additional Information Summary Prospectus
Portfolio	1.86	-0.01	-0.48	6.46	0.79	7.67	16.37	2.07	4.43	7.10	9/2/1986
Russell 1000 Index				n/a	-0.58	4.11	19.88	1.23	5.09	9.46
Balanced Composite Index				n/a	0.19	6.14	16.64	3.56	5.69	8.76
Lipper VA Mixed-Asset Target Alloc. Growth Funds Index				n/a	-0.39	-1.00	12.41	0.73	n/a	n/a
Portfolio Prices as of 5/16/2012				Return (as of 5/16/2012)	Average Annual Total Returns (for period ending 4/30/2012) Quarterly Monthly
	Price	$ Change	% Change	YTD	QTD	1 yr	3 yrs	5 yrs	10 yrs	Since Inception	Inception
Calvert VP SRI Equity Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	20.45	-0.11	-0.54	7.12	-0.99	3.30	19.28	4.07	5.06	5.05	4/30/2002
S&P 500 Index				n/a	-0.63	4.76	19.46	1.01	4.71	4.71
Lipper VA Large-Cap Growth Funds Index				n/a	-0.86	3.09	16.96	1.68	n/a	3.08
Calvert VP SRI Large Cap Value Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	66.46	-0.23	-0.35	3.49	-1.47	0.25	16.51	-2.37	3.93	9.33	8/15/1984
Russell 1000 Value Index				n/a	-1.02	1.03	18.32	-1.73	4.83	n/a
Lipper VA Large-Cap Value Funds Index				n/a	-1.00	-1.26	16.33	-1.84	n/a	n/a
Calvert VP SRI Mid Cap Growth Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	33.85	-0.32	-0.95	6.92	-0.36	-1.08	25.84	5.47	5.44	7.64	7/16/1991
Russell Midcap Growth Index				n/a	-0.00	0.78	23.57	3.55	7.50	n/a
Calvert VP SRI Strategic Portfolio Quick Links Annual Report Prospectus Semi-Annual Report Statement of Additional Information Summary Prospectus
Portfolio	15.92	-0.26	-1.63	1.34	-3.35	-10.61	13.23	-1.26	3.39	-0.57	11/1/1999
S&P 500 Index				n/a	-0.63	4.76	19.46	1.01	4.71	2.12
Lipper VA Multi-Cap Core Funds Index				n/a	-1.24	0.02	18.43	0.58	n/a	1.87

Important Expense Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Barclays Capital Aggregate Bond Portfolio through April 30, 2012. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses for the Portfolio will not exceed 0.60%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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 EAFE International Index Portfolio through April 30, 2012. 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 0.97% for Class I shares and 1.17% for Class F shares of the Portfolio%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. Direct net operating expenses for the Portfolio will not exceed 0.83%. Only the Board of Directors of the Portfolio may terminate the Portfolios expense cap 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, 2012. 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 0.77%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. Direct net operating expenses for the Portfolio will not exceed 0.38%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. 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 0.67%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. 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 0.77%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. 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 0.72% for Class I shares and 0.93% for Class F shares of the Portfolio. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. 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 0.30%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. 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 0.55% for Class I shares and 0.79% for Class F shares of the Portfolio. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. Direct net operating expenses for the Portfolio will not exceed 1.02%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. Direct net operating expenses for the Portfolio will not exceed 1.10%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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, 2012. Direct net operating expenses for the Portfolio will not exceed 0.76%. Only the Board of Directors of the Portfolio may terminate the Portfolio’s expense cap 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.

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2012.

I201 (4/09)