ADDENDUM TO INVESTMENT ADVISORY AGREEMENT

FISCAL YEAR-END 12/31/2012

Calvert Tax-Free Reserves

First Variable Rate for Govt. Income

Calvert Variable Products, Inc.

Calvert Variable Series, Inc.

Calvert Investment Management, Inc. (“Calvert” or the “Advisor”) is the investment advisor to the above-referenced registered investment companies (Funds). Calvert has agreed, with the respective Funds, to contractually limit (direct/ or direct ordinary) net annual fund operating expenses of the Funds through April 30, 2013, as follows. This expense limitation does not limit the Acquired fund fees and expenses incurred by a shareholder. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses, and taxes. To the extent any expense offset arrangement reduces Fund expenses, Calvert's obligation under this agreement is reduced and Calvert shall also benefit from the expense offset arrangement. The below figures are expressed as a percentage of average net assets.

	Single Class	Class A	Class B	Class C	Class O	Class I	Class F
Calvert Tax-Free Reserves
Calvert Tax-Free Bond Fund	--	--	--	--	--	--	--
Calvert Tax-Free Reserves Money Market Portfolio	--	--	--	--	--	--	--
First Variable Rate for Govt. Income
Calvert First Government Money Market	--	--	2.00%	2.00%	--	--	--
Calvert Variable Products, Inc.
Calvert VPS&P 500 Index Portfolio	0.42%	--	--	--	--	--	--
Calvert VP S&P MidCap 400 Index Portfolio	--	--	--	--	--	0.57%	0.81%
Calvert VP Nasdaq 100 Index Portfolio	0.69%	--	--	--	--	--	--
Calvert VP Russell 2000 Small Cap Index Portfolio	--	--	--	--	--	0.74%	0.95%
Calvert VPEAFE International Index Portfolio	--	--	--	--	--	0.99%	1.19%
Calvert VPBarclays Capital Aggregate Bond Index Portfolio	0.60%	--	--	--	--	--	--
Calvert VP SRI Large Cap Value Portfolio	0.78%	--	--	--	--	--	--
Calvert VPNatural Resources Portfolio	0.79%	--	--	--	--	--	--
Calvert VP Inflation Protected Plus Portfolio	0.79%	--	--	--	--	--	--
Calvert Variable Series, Inc.
Calvert VP SRI Balanced Portfolio	--	--	--	--	--	--	--
Calvert VP SRI Equity Portfolio	1.12%	--	--	--	--	--	--
Calvert VP SRI Mid Cap Growth Portfolio	--	--	--	--	--	--	--
Calvert VP SRI Strategic Portfolio	0.99%	--	--	--	--	--	--
Calvert VPSmall Cap Growth Portfolio	1.04%	--	--	--	--	--	--
Calvert VP Income Portfolio	0.85%	--	--	--	--	--	--
Calvert VP Money Market Portfolio	0.40%	--	--	--	--	--	--

For Funds:	____________________________	For Calvert:	_________________________________________
	William M. Tartikoff		Ronald M. Wolfsheimer
	Vice President and		Senior Vice President and Chief Financial
	Secretary		and Administrative Officer
Date:	________________________	Date:	________________________