BY-LAWS
                                       OF
                            CALVERT  IMPACT  FUND,  INC.
                                 August  25,  2000


                                    ARTICLE  1

                 Articles  of  Incorporation  and  Principal  Office

     1.1     Articles  of  Incorporation.  These  By-laws  are  subject  to  the
Articles  of  Incorporation,  as  from time to time in effect, of Calvert Impact
Fund,  Inc.  a  corporation established under the General Corporation Law of the
State  of  Maryland.

     1.2     Principal Office of the Fund. The principal office of the Fund will
be  4550  Montgomery  Avenue,  suite  1000N,  Bethesda,  Maryland,  20814.

                                    ARTICLE  2

                              Meetings  of  Directors

     2.1     Regular  Meetings.  Regular  meetings  of the Directors may be held
without  call  or  notice  at such places and at such times as the Directors may
from  time  to time determine, provided that notice of the first regular meeting
following  any  such  determination  will  be  given  to  absent  Directors.

     2.2     Special  Meetings. Special meetings of the Directors may be held at
any  time  and at any place designated in the call of the meeting when called by
the Chairman of the Directors, the President or the Controller or by two or more
Directors,  sufficient  notice  thereof  being  given  to  each  Director by the
Secretary  or  an Assistant Secretary or by the officer of the Directors calling
the  meeting.

     2.3     Notice.  It  will  be  sufficient notice to a Director of a special
meeting  to  send  notice  by  mail at least forty-eight hours or by telegram or
facsimile  at  least  twenty-four  hours  before  the  meeting  addressed to the
Director  at  his or her usual or last known business or residence address or to
give  notice  to him or her in person or by telephone at least twenty-four hours
before  the  meeting. Notice of a meeting need not be given to any Director if a
written waiver of notice, executed by him or her before or after the meeting, is
filed  with  the  records  of  the  meeting,  or to any Director who attends the
meeting  without  protesting  prior  thereto  or at its commencement the lack of
notice  to him or her. Neither notice of a meeting nor a waiver of a notice need
specify  the  purposes  of  the  meeting.

     2.4     Quorum. At any meeting of the Directors a majority of the Directors
then  in office will constitute a quorum. Any meeting may be adjourned from time
to  time  by  a  majority  of the votes cast upon the question, whether or not a
quorum  is  present,  and  the  meeting may be held as adjourned without further
notice.

     2.5     Participation  by  Telephone.  One  or  more  of  the Directors may
participate  in  a  meeting  by  means  of  a  conference  telephone  or similar
communications  equipment  allowing  all persons participating in the meeting to
hear  each  other  at the same time. Participation by such means will constitute
presence  in  person  at  a  meeting  to  the extent permitted by the Investment
Company  Act  of  1940.

     2.6     Special  Action.  When  all  the  Directors  will be present at any
meeting,  however  called,  or  for whatever purpose held, or will assent to the
holding  of the meeting without notice, or after the meeting will sign a written
assent  thereto  on the record of such meeting, the acts of such meeting will be
valid  as  if  the  meeting  had  been  regularly  held.

     2.7     Action by Consent. Any action by the Directors may be taken without
a  meeting if a written consent thereto is signed by all the Directors and filed
with  the  records of the Directors' meeting, or by telephone consent provided a
quorum of Directors participate in any such telephone meeting. Such consent will
be  treated  as  a  vote  of  the  Directors  for  all  purposes.

                                    ARTICLE  3

                                    Officers

     3.1     Enumeration;  Qualification.  The  officers  of  the Fund will be a
Chairman of the Directors, a President, a Controller, a Secretary and such other
officers,  including  Vice  Presidents and Assistant Secretaries, if any, as the
Directors  from  time  to  time may in their discretion elect. The Fund may also
have  such  agents  as  the  Directors from time to time in their discretion may
appoint.  The  Chairman of the Directors will be a Director and may but need not
be  a  shareholder;  and any other officer may be but none need be a Director or
shareholder.  Any  two  or  more  offices  may  be  held  by  the  same  person.

     3.2     Election.  The  Chairman  of  the  Directors,  the  President,  the
Controller  and  the  Secretary will be elected annually by the Directors. Other
officers,  if  any,  may  be  elected or appointed by the Directors at any time.
Vacancies  in  any  office  may  be  filled  at  any  time.

     3.3     Tenure.  The  Chairman  of  the  Directors,  the  President,  the
Controller  and the Secretary will hold office until their respective successors
are  chosen and qualified, or in each case until he or she sooner dies, resigns,
is removed or becomes disqualified. Each other officer will hold office and each
agent  will  retain  authority  at  the  pleasure  of  the  Directors.

     3.4     Powers.  Subject  to  the  other  provisions of these By-laws, each
officer  will  have,  in  addition  to  the  duties and powers herein and in the
Articles  of  Incorporation  set  forth,  such duties and powers as are commonly
incident  to the office occupied by him or her under the General Corporation Law
of  the State of Maryland, and such other duties and powers as the Directors may
from  time  to  time  designate.

     3.5     Chairman;  President.  Unless  the Directors otherwise provide, the
Chairman  of  the  Directors,  or,  if  there  is none, or in the absence of the
Chairman,  the President will preside at all meetings of the shareholders and of
the  Directors.  The  President  will be the chief executive officer of the Fund
and,  subject  to the Directors, will have general supervision over the business
and  policies  of  the  Fund.

     3.6     Controller.  The  Controller  will  be  the  chief  financial  and
accounting  officer  of  the  Fund,  and  will, subject to the provisions of the
Articles  of  Incorporation  and to any arrangement made by the Directors with a
custodian,  investment advisor or manager, or transfer, shareholder servicing or
similar  agent,  be  in  charge  of  the  valuable  papers, books of account and
accounting  records  of  the Fund, and will have such other duties and powers as
may  be  designated  from  time  to  time  by the Directors or by the President.

     3.7     Secretary.  The  Secretary  will  record  all  proceedings  of  the
shareholders  and  the Directors in books to be kept for that purpose; the books
or  copies of the books will be kept at the principal office of the Fund. In the
absence  of  the Secretary from any meeting of the shareholders or Directors, an
assistant  secretary, or if there is none or if he or she is absent, a temporary
secretary  chosen  at  such  meeting  will record the proceedings thereof in the
aforesaid  books.

     3.8     Resignations  and  Removals.  Any Director or officer may resign at
any  time  by  written  instrument  signed  by  him  or her and delivered to the
Chairman,  the  President or the Secretary or to a meeting of the Directors. The
resignation  will  be effective upon receipt unless specified to be effective at
some  other  time.  The Directors may remove any officer elected by them with or
without  cause.  Except  to the extent expressly provided in a written agreement
with the Fund, no Director or officer resigning and no officer removed will have
any right to any compensation for any period following his or her resignation or
removal.

                                    ARTICLE  4

                                   Committees

     4.1     General. The Directors, by vote of a majority of the Directors then
in  office,  may  elect  from  their  number  an  Executive  Committee  or other
committees  and  may  delegate  thereto some or all of their powers except those
which  by  law, by the Articles of Incorporation, or by these By-laws may not be
delegated.  Except  as the Directors may otherwise determine, any such committee
may make rules for the conduct of its business, but unless otherwise provided by
the  Directors  or  in  such  rules,  its  business  will be conducted so far as
possible  in  the  same manner as is provided by these By-laws for the Directors
themselves.  All  members  of  such  committees  will  hold their offices at the
discretion  of  the  Directors.  The  Directors may abolish any committee at any
time.  Any  committee  to  which  the  Directors delegate any of their powers or
duties  will  keep  records  of  its  meetings and will report its action to the
Directors. The Directors will have power to rescind any action of any committee,
but  no  such  rescission  will  have  retroactive  effect.

                                    ARTICLE  5

                                     Reports

     5.1     General. The Directors and officers will render reports at the time
and  in  the  manner required by the Articles of Incorporation or any applicable
law.  Officers  and  Committees  will render such additional reports as they may
deem  desirable  or  as  may  from  time  to  time be required by the Directors.

                                    ARTICLE  6

                                      Seal

     6.1     General. The seal of the Fund will consist of a flat-faced die with
the  word  "Maryland,"  together  with  the name of the Fund and the year of its
organization  cut  or  engraved  thereon,  but, unless otherwise required by the
Directors,  the seal will not be necessary to be placed on, and its absence will
not impair the validity of, any document, instrument or other paper executed and
delivered  by  or  on  behalf  of  the  Fund.

                                    ARTICLE  7

                               Execution  of  Papers

     7.1     General.  Except  as  the  Directors may generally or in particular
cases  authorize  the execution thereof in some other manner, all deeds, leases,
contracts,  notes  and other obligations made by the Directors will be signed by
the  President,  any  Vice  President  or  Assistant  Vice  President, or by the
Controller,  Secretary  or Assistant Secretary and need not bear the seal of the
Fund.

                                    ARTICLE  8

                         Issuance  of  Share  Certificates

     8.1     Share Certificates. In lieu of issuing certificates for shares, the
Directors  or  the transfer agent may either issue receipts therefor or may keep
accounts  upon  the books of the Fund for the record holders of such shares, who
will  in either case be deemed, for all purposes hereunder, to be the holders of
certificates  for such shares as if they had accepted such certificates and will
be  held  to  have  expressly  assented  and  agreed  to  the  terms  hereof.

     The Directors may at any time authorize the issuance of share certificates.
In  that event, each shareholder of any series will be entitled to a certificate
stating  the number of shares of any series owned by him or her, in such form as
will be prescribed from time to time by the Directors. Such certificates will be
signed  by  the President or a Vice President and by the Controller or Assistant
Controller  of the Fund. Such signatures may be facsimiles if the certificate is
signed by a transfer agent, or by a registrar, other than a Director, officer or
employee  of  the  Fund.  In  case any officer who has signed or whose facsimile
signature  has  been  placed  on  such certificate will cease to be such officer
before  such  certificate  is issued, it may be issued by the Fund with the same
effect  as  if  he  were  such  officer  at  the  time  of  its  issue.

     8.2     Loss of Certificates. In case of the alleged loss or destruction or
the  mutilation of a share certificate, a duplicate certificate may be issued in
place  thereof,  upon  such  terms  as  the  Directors  will  prescribe.

     8.3     Issuance  of  New  Certificate  to  Pledgee.  A  pledgee  of shares
transferred  as collateral security will be entitled to a new certificate if the
instrument of transfer substantially describes the debt or duty that is intended
to  be secured thereby. Such new certificate will express on its face that it is
held as collateral security, and the name of the pledgor will be stated thereon,
who  alone  will  be  liable  as  a  shareholder,  and entitled to vote thereon.

     8.4     Discontinuance  of  Issuance  of Certificates. The Directors may at
any  time  discontinue  the  issuance  of share certificates and may, by written
notice  to  each shareholder, require the surrender of share certificates to the
Fund  for  cancellation.  Such  surrender  and  cancellation will not affect the
ownership  of  shares  in  the  Fund.

                                    ARTICLE  9

                         Custody  of  Securities  and  Cash

     9.1     Employment  of  a  Custodian.  The Fund will place and at all times
maintain  in  the  custody  of  a  Custodian (including any subcustodian for the
Custodian)  all funds, securities, and similar investments owned by the Fund for
the  benefit  of  any  of  its  series.  The  Custodian will be a bank having an
aggregate  capital, surplus, and undivided profits of not less than $10,000,000.
Subject  to  such  rules, regulations, and orders as the Securities and Exchange
Commission  may  adopt  as  necessary  or  appropriate  for  the  protection  of
investors,  the  Fund's  Custodian  may  deposit all or a part of the securities
owned  by  the  Fund  for  the benefit of any of its series in a subcustodian or
subcustodians  situated  within or without the United States. The Custodian will
be  appointed  and its remuneration fixed by the Board of Directors. [Investment
Company  Act,  Section  17(f)]

     9.2     Central  Certificate  Service.  Subject to such rules, regulations,
and  orders  as the Securities and Exchange Commission may adopt as necessary or
appropriate  for  the  protection of investors, the Fund's Custodian may deposit
all  or  any  part of the securities owned by the Fund for the benefit of any of
its  series  in a system for the central handling of securities established by a
national  securities exchange or national securities association registered with
the  Commission  under the Securities Exchange Act of 1934, or such other person
as  may  be permitted by the Commission, pursuant to which system all securities
of  any particular class or series of any issuer deposited within the system are
treated  as  fungible  and  may  be  transferred or pledged by bookkeeping entry
without  physical  delivery of such securities. [Investment Company Act, Section
17(f)]

     9.3     Cash  Assets.  The  cash  proceeds  from the sale of securities and
similar  investments and other cash assets of the Fund for the benefit of any of
its  series will be kept in the custody of a bank or banks appointed pursuant to
Section  9.1  hereof, or in accordance with such rules and regulations or orders
as  the  Securities  and Exchange Commission may from time to time prescribe for
the  protection  of  investors,  except  that  the  Fund may maintain a checking
account  or  accounts  in  a  bank  or  banks, each having an aggregate capital,
surplus,  and  undivided profits of not less than $10,000,000, provided that the
balance  of  such  account or the aggregate balances of such accounts will at no
time  exceed  the  amount  of  the  fidelity  bond,  maintained  pursuant to the
requirements of the Investment Company Act and rules and regulations thereunder,
covering  the  officers  or  employees  authorized  to  draw  on such account or
accounts.  [Investment  Company  Act,  Section  17(f)]

     9.4     Free  Cash  Accounts. The Fund may, upon resolution of its Board of
Directors,  maintain  a petty cash account free of the foregoing requirements of
this  Article  9  in an amount not to exceed $500, provided that such account is
operated under the Imprest system and is maintained subject to adequate controls
approved  by  the  Board  of  Directors  over  disbursements  and reimbursements
including,  but not limited to, fidelity bond coverage for persons having access
to  such  funds.  [Investment  Company  Act,  Rule  17f-3]

     9.5     Action Upon Termination of Custodian Agreement. Upon resignation of
a  custodian  of  the Fund or inability of a custodian to continue to serve, the
Board of Directors will promptly appoint a successor custodian, but in the event
that no successor custodian can be found who has the required qualifications and
is  willing to serve, the Board of Directors will call as promptly as possible a
special  meeting of the shareholders to determine whether the Fund will function
without a custodian or will be liquidated. If so directed by vote of the holders
of a majority of the outstanding shares of stock of the Fund, the custodian will
deliver  and  pay  over all property of the Fund held by it as specified in such
vote.

                                   ARTICLE  10

                      Dealings  with  Directors  and  Officers

     Any  Director,  officer  or  other  agent  of the Fund may acquire, own and
dispose  of  shares of the Fund to the same extent as if he were not a Director,
officer  or  agent;  and  the  Directors  may  accept subscriptions to shares or
repurchase  shares  from  any  firm or company in which he or she is interested.

                                   ARTICLE  11

                                  Shareholders

     11.1     Meetings.  A  meeting  of  the  shareholders  of  the Fund for the
benefit  of  any of its series will be held whenever called by the Directors and
whenever  election of a Director or Directors by shareholders is required by the
provisions  of  Section  16(a)  of  the  Investment Company Act of 1940 for that
purpose.  The  Directors  will  promptly  call  and  give notice of a meeting of
shareholders  for the purpose of voting upon removal of any Director of the Fund
when  requested to do so in writing by shareholders holding not less than 10% of
the  shares  then  outstanding of the Fund pertaining to any series. Meetings of
shareholders  for  any  other  purpose will also be called by the Directors when
requested  in  writing  by  shareholders holding at least 10% of the shares then
outstanding  of the Fund pertaining to any series, or if the Directors will fail
to  call  or  give notice of any meeting of shareholders for a period of 30 days
after  such  application,  then  shareholders holding at least 10% of the shares
then  outstanding  of the Fund pertaining to any series may call and give notice
of  such  meeting.  Notices  of any meeting of the shareholders will be given by
delivering  or mailing, postage prepaid, to each shareholder entitled to vote at
said  meeting,  a  written  or printed notification of such meeting, at least 15
days  before  the meeting, to such address as may be registered with the Fund by
the  shareholder.

     11.2     Record  Dates. For the purpose of determining the shareholders who
are  entitled  to  vote or act at any meeting or any adjournment thereof, or who
are  entitled  to  receive payment of any dividend or of any other distribution,
the  Directors  may from time to time fix a time, which will not be more than 90
days  before the date of any meeting of shareholders or the date for the payment
of any dividend or of any other distribution, as the record date for determining
the  shareholders  having the right to notice of and to vote at such meeting and
any  adjournment  thereof or the right to receive such dividend or distribution,
and  in such case only shareholders of record on such record date will have such
right, notwithstanding any transfer of shares on the books of the Fund after the
record  date;  or without fixing such record date the Directors may for any such
purposes  close  the  register  or  transfer  books  for all or any part of such
period.

                                   ARTICLE  12

                            Amendments  to  the  By-laws

     12.1     General.  These By-laws may be amended or repealed, in whole or in
part,  by  a  majority  of  the  Directors  then in office at any meeting of the
Directors,  or  by  one  or  more  writings  signed  by  such  a  majority.

                                   ARTICLE  13

                                 Indemnification

     13.1     The  Fund shall indemnify or advance any expenses to Directors and
Officers to the extent permitted or required by the Maryland General Corporation
Law,  provided,  however,  that  the Fund shall only be required to indemnify or
advance expenses to any person other than a Director, to the extent specifically
approved  by  resolution  adopted  by  the Board of Directors in accordance with
applicable  law.

     13.2     The  indemnification  provided  hereunder  shall  continue as to a
person  who  has  ceased  to  be  a  Director or Officer, and shall inure to the
benefit  of  the  heirs,  executors  and  administrators  of  such  a  person.

     13.3     Nothing  contained  in  the  Articles  of  Incorporation  or these
By-Laws  shall  be  construed  to  protect  any  Director or Officer of the Fund
against  any  liability  to  the Fund or its security holders to which he or she
would  otherwise  be  subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of duties involved in the conduct of his or her
office  ("Disabling Conduct"). The means for determining whether indemnification
shall  be  made  shall  be:

          (i)     a final decision on the merits by a court or other body before
whom the proceeding was brought that the person to be indemnified ("Indemnitee")
was  not  liable  by  reason  of  Disabling  Conduct,  or

          (ii)     in  the  absence  of  such  a  decision,  a  reasonable
determination,  based  upon  a  review of the facts, that the Indemnitee was not
liable by reason of Disabling Conduct, by (a) the vote of a majority of a quorum
of Directors who are neither "interested persons" of the Fund nor parties to the
proceeding  ("Disinterested  Non-Party  Directors"), or (b) an independent legal
counsel  in  a  written  opinion.

     13.4     Nothing contained in the Article of Incorporation or these By-Laws
shall  be  construed to permit the advancement of legal expenses for the defense
of  a  proceeding brought by the Fund or its security holders against a Director
or officer of the Fund unless an undertaking is furnished by or on behalf of the
Indemnitee  to  repay  the advance unless it is ultimately determined that he or
she  is  entitled  to indemnification, and the Indemnitee complies with at least
one  of  the  following  conditions:

          (i)     the  Indemnitee  shall  provide  a  security  for  his  or her
undertaking,

          (ii)     the Fund shall be insured against losses arising by reason of
any  lawful  advances,  or

          (iii)     a  majority  of  a  quorum  of  the  Disinterested Non-Party
Directors,  or  an  independent  legal  counsel  in  a  written  opinion,  shall
determine,  based  on  a review of readily available facts (as opposed to a full
trial-type  inquiry),  that  there  is  reason  to  believe  that the Indemnitee
ultimately  will  be  found  entitled  to  indemnification.