INVESTMENT ADVISORY AGREEMENT


     INVESTMENT  ADVISORY AGREEMENT, made this 31st day of October, 2000, by and
between  CALVERT  ASSET  MANAGEMENT COMPANY, INC., a Delaware corporation having
its  principal  place  of  business  in  Bethesda, Maryland (the "Advisor"), and
CALVERT  IMPACT  FUND,  INC.,  a  Maryland corporation (the "Corporation"), both
having  their  principal  place of business at 4550 Montgomery Avenue, Bethesda,
Maryland.

     WHEREAS,  the  Corporation is registered as an investment company under the
Investment  Company Act of 1940, as amended (the "1940 Act"), for the purpose of
investing and reinvesting its assets in securities, as set forth in its Articles
of Incorporation, its By-laws and its registration statements under the 1940 Act
and  the  Securities  Act  of  1933  (the  "1933  Act"),  as  amended;  and  the
Corporation,  offering  separate series (each a "Fund"), desires to avail itself
of the services, information, advice, assistance and facilities of an investment
advisor  and  to  have  an  investment advisor perform for it various investment
advisory,  research  services  and  other  management  services;  and

     WHEREAS,  the  Advisor  is  an  investment  advisor  registered  under  the
Investment  Advisers  Act of 1940, as amended, and is engaged in the business of
rendering  management,  and investment advisory services to investment companies
and  desires  to  provide  such  services  to  the  Corporation;

     NOW,  THEREFORE,  in  consideration of the terms and conditions hereinafter
set  forth,  it  is  agreed  as  follows:

1.     Employment  of the Advisor. The Corporation hereby employs the Advisor to
manage  the  investment  and reinvestment of the Corporation assets, as shown on
Schedule  A, and subject to the control and direction of the Corporation's Board
of Directors, for the period and on the terms hereinafter set forth. The Advisor
hereby  accepts  such  employment  and  agrees  during such period to render the
services  and  assume  the  obligations  in return for the compensation provided
herein. The Advisor shall for all purposes herein be deemed to be an independent
contractor and shall, except as expressly provided or authorized (whether herein
or  otherwise), have no authority to act for or represent the Corporation in any
way  or  otherwise  be  deemed  an  agent  of  the  Corporation.

2.     Obligations  of  and  Services to be Provided by the Advisor. The Advisor
undertakes  to  provide  the  following  services  and  to  assume the following
obligations:

a.     The  Advisor  shall  manage  the  investment  and  reinvestment  of  the
Corporation's  assets,  subject  to  and  in  accordance  with  the  investment
objectives  and policies of the Corporation and the social screening criteria as
stated in the registration statement, and any directions which the Corporation's
Board  of  Directors may issue from time to time. In pursuance of the foregoing,
the  Advisor shall make all determinations with respect to the investment of the
Corporation's assets and the purchase and sale of portfolio securities and shall
take  such  steps  as may be necessary to implement the same. Such determination
and  services  shall also include determining the manner in which voting rights,
rights  to  consent  to  corporate  action,  any  other rights pertaining to the
Corporation's  portfolio securities shall be exercised. The Advisor shall render
regular  reports  to  the  Corporation's  Board  of  Directors  concerning  the
Corporation's  investment  activities.

b.     The  Advisor  shall,  in  the  name  of  the Corporation on behalf of the
Corporation,  place  orders  for  the  execution  of the Corporation's portfolio
transactions,  in  accordance  with  the policies set forth in the Corporation's
current  registration  statements  under  the  1940  Act  and  the  1933 Act. In
connection  with  the placement of orders for the execution of the Corporation's
portfolio  transactions  the  Advisor  shall  create  and maintain all necessary
brokerage  records  of  the  Corporation in accordance with all applicable laws,
rules and regulations, including but not limited to, records required by Section
31(a)  of the 1940 Act. All records shall be the property of the Corporation and
shall  be  available  for  inspection and use by the SEC, the Corporation or any
person  retained  by  the  Corporation.  Where applicable, such records shall be
maintained  by the Advisor for the periods and the places required by Rule 31a-2
under  the  1940  Act.

c.     The  Advisor  shall  bear  its  expenses  of  providing  services  to the
Corporation pursuant to this Agreement except such expenses as are undertaken by
the Corporation. In addition, the Advisor shall pay the salaries and fees of all
Directors  and  executive  officers  who  are  employees  of  the Advisor or its
affiliates  ("Advisor  Employees").

d.     In  providing the services and assuming the obligations set forth herein,
the Advisor may, at its own expense, employ one or more Subadvisors, as approved
by  the  Board  of  Directors.

e.     The  Advisor  is  responsible for screening investments to determine that
they  meet  the  Fund's  social investment screening criteria, as may be amended
from  time  to  time  with  the  approval  of  the  Board.

3.     Expenses of The Corporation. The Corporation shall pay all expenses other
than  those  expressly  assumed by the Advisor herein, which expenses payable by
the  Corporation  shall  include,  but  are  not  limited  to:

a.     Fees  to  the  Advisor  as  provided  herein;

b.     Legal  and  audit  expenses;

c.     Fees  and  expenses  related to the registration and qualification of the
Corporation  and  its shares for distribution under federal and state securities
laws;

d.     Expenses of the administrative services agent, transfer agent, registrar,
custodian,  dividend  disbursing  agent  and  shareholder  servicing  agent;

e.     Any  telephone  charges  associated  with  shareholder  servicing  or the
maintenance  of  the  Funds  or  Corporation;

f.     Salaries,  fees  and  expenses of Directors and executive officers of the
Corporation,  other  than  Advisor  Employees;

g.     Taxes  and  corporate  fees  levied  against  the  Corporation;

h.     Brokerage commissions and other expenses associated with the purchase and
sale  of  portfolio  securities  for  the  Corporation;

i.     Expenses,  including  interest,  of  borrowing  money;

j.     Expenses incidental to meetings of the Corporation's shareholders and the
maintenance  of  the  Corporation's  organizational  existence;

k.     Expenses  of  printing  stock  certificates  representing  shares  of the
Corporation  and  expenses  of  preparing,  printing  and mailing notices, proxy
material,  reports  to  regulatory  bodies  and  reports  to shareholders of the
Corporation;

l.     Expenses of preparing and typesetting of prospectuses of the Corporation;

m.     Expenses of printing and distributing prospectuses to shareholders of the
Corporation;

n.     Association  membership  dues;

o.     Insurance  premiums  for  fidelity  and  other  coverage;

p.     Distribution Plan expenses, as permitted by Rule 12b-1 under the 1940 Act
and  as  approved  by  the  Board;  and

q.     Such  other legitimate Corporation expenses as the Board of Directors may
from  time  to  time  determine  are  properly  chargeable  to  the Corporation.

4.     Compensation  of  Advisor.

a.     As  compensation  for  the  services  rendered  and  obligations  assumed
hereunder  by  the  Advisor, the Corporation shall pay to the Advisor within ten
(10) days after the last day of each calendar month a fee equal on an annualized
basis  as  shown  on Schedule A. Any amendment to the Schedule pertaining to any
new  or  existing  series/Fund shall not be deemed to affect the interest of any
other  series/Fund and shall not require the approval of the shareholders of any
other  series/Fund.

b.     Such  fee  shall  be computed and accrued daily. Upon termination of this
Agreement before the end of any calendar month, the fee for such period shall be
prorated.  For purposes of calculating the Advisor's fee, the daily value of the
Corporation's net assets shall be computed by the same method as the Corporation
uses to compute the value of its net assets in connection with the determination
of  the  net  asset  value  of  Corporation  shares.

c.     The  Advisor  reserves  the right (i) to waive all or part of its fee and
assume  expenses  of  the  series/Fund  and (ii) to make payments to brokers and
dealers  in  consideration  of  their  promotional  or  administrative services.

5.     Activities of the Advisor. The services of the Advisor to the Corporation
hereunder  are  not  to  be  deemed  exclusive, and the Advisor shall be free to
render  similar services to others. It is understood that Directors and officers
of  the Corporation are or may become interested in the Advisor as stockholders,
officers, or otherwise, and that stockholders and officers of the Advisor are or
may  become  similarly  interested  in the Corporation, and that the Advisor may
become  interested  in  the  Corporation  as  a  shareholder  or  otherwise.

6.     Use  of  Names.  The Corporation shall not use the name of the Advisor in
any  prospectus,  sales literature or other material relating to the Corporation
in any manner not approved prior thereto by the Advisor; provided, however, that
the  Advisor  shall  approve all uses of its name which merely refer in accurate
terms  to  its  appointment  hereunder  or  which  are required by the SEC; and,
provided,  further,  that  in  no  event  shall  such  approval  be unreasonably
withheld.  The  Advisor  shall  not  use  the  name  of  the  Corporation or any
Corporation  in  any material relating to the Advisor in any manner not approved
prior  thereto by the Corporation; provided, however, that the Corporation shall
approve  all  uses  of  its  name  which  merely  refer in accurate terms to the
appointment  of  the  Advisor  hereunder  or which are required by the SEC; and,
provide, further, that in no event shall such approval be unreasonably withheld.

7.     Liability  of  the  Advisor. Absent willful misfeasance, bad faith, gross
negligence, or reckless disregard of obligations or duties hereunder on the part
of the Advisor, the Advisor shall not be subject to liability to the Corporation
or  to  any shareholder of the Corporation for any act or omission in the course
of,  or  connected with, rendering services hereunder or for any losses that may
be  sustained  in  the  purchase,  holding  or  sale  of  any  security.

8.     Force  Majeure.  The  Advisor  shall  not  be liable for delays or errors
occurring  by  reason  of  circumstances  beyond  its control, including but not
limited  to  acts  of  civil  or  military authority, national emergencies, work
stoppages,  fire,  flood,  catastrophe, acts of God, insurrection, war, riot, or
failure  of  communication or power supply. In the event of equipment breakdowns
beyond  its control, the Advisor shall take reasonable steps to minimize service
interruptions  but  shall  have  no  liability  with  respect  thereto.

9.     Renewal,  Termination  and  Amendment.  This  Agreement shall continue in
effect  with respect to the Corporation, unless sooner terminated as hereinafter
provided,  through  December  31,  2001,  and  indefinitely  thereafter  if  its
continuance  shall  be  specifically  approved  at least annually by vote of the
holders of a majority of the outstanding voting securities of the Corporation or
by  vote  of  a  majority  of  the Corporation's Board of Directors; and further
provided  that  such  continuance  is  also  approved  annually by the vote of a
majority  of  the  Directors who are not parties to this Agreement or interested
persons  of  the  Advisor, cast in person at a meeting called for the purpose of
voting  on such approval, or as allowed by law. This Agreement may be terminated
at  any  time,  without  payment  of  any penalty, by the Corporation's Board of
Directors  or  by a vote of the majority of the outstanding voting securities of
the  Corporation  upon  60  days' prior written notice to the Advisor and by the
Advisor  upon  60  days' prior written notice to the Corporation. This Agreement
may  be  amended  at  any  time  by  the  parties,  subject  to  approval by the
Corporation's  Board  of  Directors and, if required by applicable SEC rules and
regulations,  a  vote  of  a  majority  of  the Corporation's outstanding voting
securities.  This  Agreement  shall  terminate automatically in the event of its
assignment.  The  terms  "assignment" and "vote of a majority of the outstanding
voting  securities"  shall have the meaning set forth for such terms in the 1940
Act.

10.     Severability.  If  any provision of this Agreement shall be held or made
invalid  by  a court decision, statute, rule or otherwise, the remainder of this
Agreement  shall  not  be  affected  thereby.

11.     Miscellaneous.  Each  party  agrees  to perform such further actions and
execute  such  further  documents  as  are  necessary to effectuate the purposes
hereof.  This  Agreement  shall be construed and enforced in accordance with and
governed  by  the  laws of the State of Maryland. The captions in this Agreement
are  included  for  convenience


only  and  in no way define or delimit any of the provisions hereof or otherwise
affect  their  construction  or  effect.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date  first  written  above.


     CALVERT  IMPACT  FUND,  INC.


     By:  /s/  William  M.  Tartikoff

     Title:  Vice  President



     Calvert  Asset  Management  Company,  INC.


     By:  /s/  Ronald  M.  Wolfsheimer

     Title:  Senior  Vice  President



                  Schedule to the Investment Advisory Agreement
                        between Calvert Impact Fund, Inc.
                   and Calvert Asset Management Company, Inc.



     As  compensation pursuant to Section 4 of the Investment Advisory Agreement
between  Calvert  Asset  Management  Company,  Inc.  (the "Advisor") and Calvert
Impact Fund, Inc., dated October 31, 2000, with respect to the Calvert Large Cap
Growth Fund, the Advisor is entitled to receive an annual advisory fee, computed
daily and payable monthly, at an annual rate equal to 0.25% of its average daily
net  assets.