ARTICLES  OF  INCORPORATION
                                       OF
                            CALVERT  IMPACT  FUND,  INC.


                                    ARTICLE  I

     THE  UNDERSIGNED, Jennifer P. Streaks, Esq., whose business address is 4550
Montgomery  Avenue,  Suite 1000N, Bethesda, Maryland, 20814, and who is at least
18  years  of age, does hereby form a corporation under the laws of the State of
Maryland.

                                   ARTICLE  II

                                      Name

     The  name  of  the  Corporation is CALVERT IMPACT FUND, INC. (the "Fund" or
"Corporation").

                                   ARTICLE  III

                               Purpose  and  Powers

     The  purpose  for  which  the  Corporation is formed and the business to be
transacted,  carried  on  and  promoted  by  it  are  as  follows:

1.     To  conduct  and  carry  on  the business of an investment company of the
management  type.

2.     To  hold,  invest  and  reinvest  its  assets  in  securities  or  other
investments, and in connection with those investments to hold part or all of its
assets  in  cash.

3.     To  issue and sell shares of its own capital stock in such amounts and on
such  terms  and  conditions,  for  such purposes and for such amount or kind of
consideration  permitted  by  the  Maryland General Corporation Law and by these
Articles  of  Incorporation,  as  its  Board  of  Directors  may  determine.

4.     To  redeem,  purchase  or  otherwise  acquire,  hold, dispose of, resell,
transfer, reissue or cancel (all without the vote or consent of the shareholders
of the Corporation) shares of its capital stock, in any manner and to the extent
permitted  by  the  Maryland  General  Corporation  Law and by these Articles of
Incorporation.

5.     To  engage in any or all other lawful business for which corporations may
be  incorporated  under  the  Maryland  General  Corporation  Law.

6.     To  do  any  and  all such further acts or things to exercise any and all
such  further  powers  or  rights  as  may  be  necessary, incidental, relative,
conducive,  appropriate  or  desirable  for  the accomplishment, carrying out or
attainment  of  any  of  the  foregoing  purposes  or  objects.

     The  Corporation is authorized to exercise and enjoy all the powers, rights
and privileges granted to, or conferred on, corporations by the Maryland General
Corporation  Law,  and  the  enumeration  of  the foregoing does not exclude any
powers,  rights  or  privileges  so  granted  or  conferred.

                                   ARTICLE  IV

                                Principal  Office

     The  street address of the principal office of the Corporation in the State
of  Maryland  is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland, 20814.

                                    ARTICLE  V

                                 Resident  Agent

     The  resident agent of the Corporation is William M. Tartikoff, Esq., whose
business  address  is  4550  Montgomery Avenue, Suite 1000N, Bethesda, Maryland,
20814.

                                   ARTICLE  VI

                                  Capital  Stock

     The  total  number  of  shares  of  capital  stock that the Corporation has
authority  to  issue  is TWO BILLION shares of the par value of One Cent ($0.01)
per  share  and  of  the  aggregate  par  value  of  TWENTY  MILLION  DOLLARS
($20,000,000).  Two  Hundred  Fifty Million (250,000,000) of such shares will be
issued  as  common stock of the series designated Calvert Large Cap Growth Fund.
The  balance  of  One Billion Seven Hundred Fifty Million (1,750,000,000) shares
may  be issued in any series or class, each comprising such number of shares and
having  such  preferences,  conversion  and  other  rights,  voting  powers,
restrictions,  limitations  as  to  dividends,  qualifications  and  terms  and
conditions  of  redemption as will be determined from time to time by resolution
of  the  Board  of  Directors,  to  whom authority to take such action is hereby
expressly  granted  (all  without the vote or consent of the shareholders of the
Corporation).

                                   ARTICLE  VII

                                    Directors

     Initially, the Corporation will have two directors. The number of directors
of  the  corporation may be increased or decreased pursuant to the bylaws of the
corporation,  and  so  long  as  there are less than three (3) stockholders, the
number  of  directors may be less than three (3) but not less than the number of
stockholders.  The  names of the directors who shall act until the first meeting
or  until their successors are duly chosen and qualified are Barbara J. Krumsiek
and  William  M.  Tartikoff.

                                  ARTICLE  VIII

                                    Amendment

     The  Corporation  reserves  the right at any time to alter, amend or repeal
any  provisions  contained  in  these  Articles  of Incorporation, including any
amendment  that alters the contract rights of any outstanding stock, at any time
in  the manner now or hereafter prescribed by the laws of the State of Maryland,
and  all  rights  conferred  on  the  Corporation's  shareholders, directors and
officers  by  these  Articles  are  granted  subject  to  this  reservation.

     IN  WITNESS  WHEREOF,  I  have  signed  these Articles of Incorporation and
acknowledge  the  same  to  be  my  act.

     CALVERT  IMPACT  FUND,  INC.

     Acknowledgment:
     Jennifer  P.  Streaks,  Esq.
     Incorporator

     Date:          August  25,  2000

     I  hereby  consent to my designation in this document as resident agent for
this  corporation.

     Acknowledgment:
     William  M.  Tartikoff,  Esq.
     Resident  Agent

Return  to:

Jennifer  P.  Streaks
Calvert  Group  Legal  Department
4550  Montgomery  Avenue
Suite  1000N
Bethesda,  Maryland  20814