EDGAR EXHIBIT 11 September 27, 2000 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Exhibit 11 Calvert Impact Fund, Inc. File Numbers 811-10045, 333-44064 Ladies and Gentlemen: As counsel to Calvert Impact Fund, Inc., it is my opinion, based upon an examination of the articles of incorporation, amendments, restatements and by-laws and such other original or photostatic copies of fund records, certificates of public officials, documents, papers, statutes, and authorities as I deemed necessary to form the basis of this opinion, that the securities being registered by this Pre-Effective Amendment No. 3 will, when sold, be legally issued, fully paid and non-assessable. Consent is hereby given to file this Opinion of Counsel with the Securities and Exchange Commission as an exhibit to the Fund's Pre-Effective Amendment No. 3 to the Form N-14. Sincerely, /s/ Ivy Wafford Duke Ivy Wafford Duke Associate General Counsel