Custodian  Agreement







                           Master  Custodian  Agreement



This  Agreement  between  each  entity  set  forth on Appendix A hereto (as such

Appendix  A  may be amended from time to time) (each such entity and each entity

made subject to this Agreement in accordance with Section 18, referred to herein

individually  as  the Fund and collectively as the Funds), and State Street Bank

and  Trust  Company,  a  Massachusetts  trust  company  (the  Custodian).



                                   Witnesseth:



Whereas,  each of the Funds except Calvert Social Index Series, Inc. and Calvert

Impact  Series,  Inc.  has previously entered into a Custodian Contract with the

Custodian;



Whereas, the Custodian and each of the Funds except Calvert Social Index Series,

Inc.  and  Calvert Impact Series, Inc. desire to replace such existing Custodian

Contracts  with  this  Master  Custodian  Agreement;



Whereas, the Custodian and each of the Funds desire that fee schedules under the

existing  Custodian  Contracts  (including  the  provision  that  the  Funds are

entitled to pay fees to the Custodian by analysis on collected funds) remain the

same  and  also  apply  to  Calvert Social Index Series, Inc. and Calvert Impact

Series,  Inc.,  subject to the provisions of Section 13 of this Master Custodian

Agreement;



Whereas,  the Custodian and Calvert Social Index Series, Inc. and Calvert Impact

Series,  Inc.  desire  to  enter  into  this  Master  Custodian  Agreement;



Whereas,  the  Funds are registered under the Investment Company Act of 1940 and

each  Fund  appointed  the  Bank  to  act  as  its  Custodian;



Whereas,  the  Funds  may be authorized to issue shares in separate series, with

each  such  series  representing interests in a separate portfolio of securities

and  other  assets;  and



Whereas,  each  Fund  so authorized intends that this Agreement be applicable to

each  of  its  series  set forth on Appendix A hereto (as such Appendix A may be

amended  from  time  to  time)  (such  series  together  with  all  other series

subsequently  established  by  the  Fund  and  made subject to this Agreement in

accordance  with  Section  24,  be  referred  to  herein  as  the Portfolio(s)).



Now  Therefore,  in  consideration  of  the  mutual  covenants  and  agreements

hereinafter  contained,  the  parties  hereto  agree  as  follows:





Section  1.     Employment  of  Custodian  and  Property  to  be  Held  by  It



Each  Fund  hereby  employs  the Custodian as the custodian of the assets of the

Portfolios  of  the  Fund, including securities which the Fund, on behalf of the

applicable  Portfolio  desires  to  be  held  in places within the United States

(domestic  securities)  and  securities it desires to be held outside the United

States  (foreign securities).  Each Fund on behalf of its Portfolio(s) agrees to

deliver  to  the  Custodian  all securities and cash of such Portfolios, and all

payments  of  income, payments of principal or capital distributions received by

it  with respect to all securities owned by such Portfolio(s) from time to time,

and  the  cash  consideration  received by it for such new or treasury shares of

beneficial  interest  of  each  Fund  representing  interests  in its Portfolios

(Shares ) as may be issued or sold from time to time. The Custodian shall not be

responsible  for  any  property of a Portfolio held or received by the Portfolio

and  not  delivered  to the Custodian, including without limitation any property

released,  delivered or otherwise removed from such Portfolio's account with the

Custodian  pursuant to "Proper Instructions" (as such term is defined in Section

6  hereof).



Upon  receipt  of  Proper  Instructions,  the  Custodian  shall on behalf of the

applicable  Portfolio(s)  from  time  to  time employ one or more sub-custodians

located  in the United States, but only in accordance with an applicable vote by

board  of  directors  or  the  board  of  trustees  of  the  applicable Fund (as

appropriate  and  in  each  case,  the  Board).  The  Custodian  may  employ  as

sub-custodian  for  each  Funds  foreign  securities on behalf of the applicable

Portfolio(s)  the  foreign  banking  institutions  and  foreign  securities

depositories  designated in Schedules A and B hereto but only in accordance with

the applicable provisions of Sections 3 and 4.  The Custodian shall have no more

or  less  responsibility  or  liability to the Fund on account of any actions or

omissions  of  any  sub-custodian so employed than any such sub-custodian has to

the  Custodian.



All  duties  undertaken  by  the Custodian will be performed in a timely manner.

What  constitutes  timeliness  in  connection  with  a particular action will be

determined  by  the standards of the industry as they apply to the specific type

of  transaction  in  question  and  taking  into  account  relevant  facts  and

circumstances.





Section 2.     Duties of the Custodian with Respect to Property of the Fund Held

By  the  Custodian  in  the  United  States



     Section  2.1     Holding  Securities.  The  Custodian  shall  hold  and

physically  segregate for the account of each Portfolio all non-cash property to

be  held  by it in the United States, including all domestic securities owned by

such Portfolio other than (a) Portfolio property released and delivered pursuant

to  Section  2.2(15)  or purchased pursuant to Section 2.7(7), or (b) securities

which  are maintained pursuant to Section 2.9 in a clearing agency which acts as

a  securities  depository  or  in  a  book-entry  system  authorized by the U.S.

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