UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM N-14


             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
             (FOR REORGANIZATION OF THE RISA FUND INTO THE CALVERT GROUP
                                SOUTH AFRICA FUND


[ X ] PRE-EFFECTIVE AMENDMENT  NO. 7  [  ]  POST-EFFECTIVE  AMENDMENT  NO.__


                        (Check appropriate box or boxes)

Calvert Impact Fund, Inc.                                    Telephone  Number
(Exact  Name  of  Registrant  as  Specified  in Charter)     301-951-4800


ADDRESS OF PRINCIPAL EXECUTIVE OFFICES   DATE OF EFFECTIVENESS:
4550  MONTGOMERY  AVENUE                   February 26, 2001
SUITE  1000N
BETHESDA,  MD  20814

                     Name and Address of Agent for Service:
                           William M. Tartikoff, Esq.
                               Calvert Group, Ltd.
                        4550 Montgomery Ave. Suite 1000N
                               Bethesda, MD 20814

Per  Rule  481(a)  of the 1933 Securities Act, please note that the registration
statement  for  the  Calvert South Africa Fund shall be offered to the public on
March 29,  2001.



Notice of Special Meeting of Shareholders, President's letter,
Question and Answer, Prospectus, Proxy Statement, Agreement
and Plan of Reorganization, Statement of Addition Information
for Calvert South Africa Fund, Inc. incorporated by reference to
Registrant's Post-effective N-14 Amendment No. 5 on Form N-14,
dated February 23, 2001, accession number 0001121624-01-000015.

Part C: incorporated by reference to Registrant's Post-effective
N-14 Amendment No. 5 on Form N-14, dated February 23, 2001, accession
number 0001121624-01-000015.



                                   SIGNATURES

Pursuant  to  the  requirements of the Securities Act of 1933, this registration
statement  has  been  signed  on  behalf  of  the Registrant by the undersigned,
thereto  duly  authorized  in the City of Bethesda, and the State of Maryland on
the  @1st  day  of  December,  2000.

                                           CALVERT IMPACT FUND, INC.


                                       by: /s/ Barbara J. Krumsiek
                                           Barbara J. Krumsiek, President


                                   SIGNATURES

Pursuant  to  the  requirement  of the Securities Act of 1933, this Registration
Statement  for  Calvert Impact Fund, Inc. has been signed below by the following
persons  in  the  capacities  indicated  on  December  19,  2000.


     **               Director               12/19/00
Rebecca  L.  Adamson


     **               Director               12/19/00
Miles  Douglas  Harper,  III


     **               Director               12/19/00

Joy  V.  Jones


     **               Director               12/19/00

Barbara  J.  Krumsiek


     **               Director               12/19/00
D.  Wayne  Silby


**  Signed  by  Ivy Wafford Duke pursuant  to  power  of  attorney.
/s/Ivy Wafford Duke