Document:

AMENDMENT NO. 1 TO

                      THE AGREEMENT FOR INVENTORY FINANCING

        AMENDMENT NO. 1 TO THE AGREEMENT FOR INVENTORY FINANCING (this
"Amendment") is hereby dated as of April 13, 2000 by and among IBM CREDIT
CORPORATION, a Delaware corporation ("IBM Credit"), MTS HOLDING COMPANY, a
Delaware corporation ("MTSI"), MICROAGE COMPUTER CENTERS, INC., a Delaware
corporation ("MCCI"), MICROAGE TECHNOLOGY SERVICES, L.L.C., a Delaware limited
liability company ("MTS") and PINACOR, INC., a Delaware corporation ("Pinacor",
and together with, MCCI, MTS and MTSI, the "Customers" and individually a
"Customer") and MICROAGE, INC., a Delaware corporation (the "Parent", and
together with MTSI, MCCI, MTS and Pinacor, the "Loan Parties"). Notwithstanding
the foregoing, and unless otherwise indicated, any obligation of a "Customer" or
"Customers" herein shall be the joint and several obligation of MTS, MTSI, MCCI
and Pinacor.

                                    RECITALS

        A. Customers, Parent and IBM Credit have entered into that certain
Agreement for Inventory Financing dated as of April 13, 2000 (as amended by this
Amendment and as further amended, supplemented or otherwise modified from time
to time, the "Agreement"). All capitalized terms not otherwise defined herein
shall have the respective meanings set forth in the Agreement.

        B. Customers have determined that it is in their best interest, in the
course of Customers' operations, for MCCI to purchase hardware and software
products manufactured or distributed by or bearing any trademark or trade name
of International Business Machines Corporation ("IBM") from Pinacor.

        C. Customers have requested that IBM Credit finance its purchase of
Products from IBM and Pinacor and IBM Credit is willing to provide such
financing to Customers subject to the terms and conditions set forth in this
Agreement.

        D. Customers, Parent and IBM Credit desire to make certain other
amendments to the Agreement as provided for herein and on the terms hereof.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Loan Parties and IBM Credit hereby agree as follows:

        SECTION 1. MODIFICATION OF AGREEMENT. The Amendment is effective as of
April 13, 2000 and, subject to the satisfaction of the conditions precedent set
forth in Section 2, the Agreement is hereby amended as follows:

        A. The Agreement is hereby amended by deleting the definition of
"Products" in the recitals of the Agreement in its entirety and inserting, in
lieu thereof, in Section 1.1 of the Agreement, in the appropriate alphabetical
order, the following definition of "Products":

                                       1
<PAGE>

        " 'Products': hardware and software products manufactured or distributed
by or bearing any trademark or trade name of International Business Machines
Corporation ("IBM") purchased by Customers from IBM or by MCCI from Pinacor.".

        B. Section 1.1 of the Agreement is hereby amended by deleting the
definition of "Authorized Locations" in its entirety and substituting, in lieu
thereof, the following definition of "Authorized Locations":

        "'Authorized Locations': 4227 Surles Court/IBM Bldg. 685, Durham, North
Carolina 27703, (2) 421 West Alameda Drive, Tempe AZ, 85282, (3) 443 West
Alameda Drive, Tempe, AZ 85282, and (4) 525 West Alameda Drive, Tempe AZ, 85282;
provided, however, any such location shall cease to be an Authorized Location
upon a breach of the covenants specified in Section 7.17 hereof, or upon receipt
by any Loan Party or any Guarantor of a notice described in Section 7.17.".

        C. Section 1.1 of the Agreement is hereby amended by deleting the
definition of "Product Advance" in its entirety and substituting, in lieu
thereof, the following definition of "Product Advance":

        "'Product Advance': any advance of funds made by IBM Credit (excluding
funds committed to be made by IBM Credit under this Agreement for which Products
have not been delivered by IBM to any Customer) for the account of any Customer
of IBM or Pinacor, as the case may be, in respect of an invoice delivered or to
be delivered by IBM or Pinacor to IBM Credit describing Products purchased by
such Customer, including any such advance made as of the date hereof pursuant to
the Pre-Petition Inventory Finance Agreement."

        D. Section 2.2 of the Agreement is hereby amended by deleting
subsections (A), (C) and (D) in their entirety and substituting, in lieu
thereof, the following subsections (A), (C), and (D):

     "(A) SUBJECT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT, IBM CREDIT
SHALL MAKE PRODUCT ADVANCES IN CONNECTION WITH CUSTOMERS' PURCHASE OF PRODUCTS
UPON AT LEAST A TWO-DAY PRIOR WRITTEN NOTICE FROM IBM OR PINACOR, AS THE CASE
MAY BE. EACH CUSTOMER (i) hereby authorizes and directs IBM Credit to pay the
proceeds of Product Advances directly to IBM, in respect of invoices delivered
by IBM to IBM Credit for such Products, by IBM (ii) hereby authorizes and
directs IBM Credit to apply the proceeds of Product Advances to the Customers'
Obligations, in respect of invoices delivered by Pinacor to IBM Credit for such
Products, and (iii) hereby acknowledges that (x) any delivery to IBM Credit of
an invoice by IBM or Pinacor, as the case may be, shall be deemed as a request
for a Product Advance by such Customer, and (y) each such Product Advance
constitutes a loan by IBM Credit to the Customers pursuant to this Agreement as
if the Customers received the proceeds of the Product Advance directly from IBM
Credit.";

        "(C) Each Customer acknowledges that IBM Credit does not warrant the
Collateral. Customers shall be obligated to pay IBM Credit in full even if the
Collateral is defective or fails to conform to the warranties extended by IBM.
The Obligations of Customers shall not be affected by any dispute a Customer may
have with IBM or Pinacor, as the case may

                                       2
<PAGE>

be. No Customer will assert any claim or defense which it may have against IBM
or Pinacor against IBM Credit."; and

        "(D) Each Customer hereby authorizes IBM Credit to collect directly from
IBM and/or Pinacor, as applicable, any credits, rebates, bonuses or discounts
owed by IBM to such Customer ("Supplier Credits"). Any Supplier Credits received
by IBM Credit for a Customer may be applied by IBM Credit to the Outstanding
Product Advances of such Customer, provided, however in no event shall IBM
Credit refund any proceeds of a Supplier Credit until the indefeasible payment
in full of all of the Obligations to or on behalf of IBM Credit. Any Supplier
Credits collected by IBM Credit shall in no way reduce Customers' debt to IBM
Credit in respect of the Outstanding Product Advances until such Supplier
Credits are applied by IBM Credit, which in each case shall be applied promptly
by IBM Credit; provided, however, that in the event such discount, credit,
rebate or bonus must be returned or disgorged or is otherwise unavailable for
application, then Customers' Obligations will be reinstated as if such discount,
credit, rebate or bonus had never been applied.".

        E. Section 8.8 of the Agreement is hereby amended by adding the
following provision to the end thereof:

        "provided, further, that all transactions with Non-Filing Subsidiaries
are prohibited other than the transactions expressly contemplated by the Eleris
Documents (as defined in the Credit Agreement) and expressly permitted in
Section 8.19.".

        F. The Agreement is hereby modified by deleting Attachment B in its
entirety and substituting, in lieu thereof, the Attachment B attached hereto.

        SECTION 2. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
effective as of April 13, 2000, and only when, on or before April 24, 2000 (a)
IBM Credit shall have received duly executed counterparts of this Amendment and
the Acknowledgments and Consents hereto, (b) the following statements shall be
true to the satisfaction of IBM Credit:

        (A) the representations and warranties contained in the Agreement and in
each Other Document are true and correct in all material respects on and as of
such date as though made on and as of such date;

        (B) no Default or Event of Default has occurred and is continuing or
after giving effect to this Amendment would result in or would constitute a
Default or an Event of Default;

        (C) no event has occurred and is continuing which could reasonably be
expected to have a Material Adverse Effect other than the commencement of the
Cases;

        (D) the Interim Order shall be in full force and effect and shall not
have been vacated, reversed, modified or amended and there shall be no stay of
the performance of any obligation of any of the Loan Parties; and

        (E) both before and after giving effect to this Amendment, no Shortfall
Amount exists; and

                                       3
<PAGE>

(c) all consents and approvals of the Bankruptcy Court, if necessary or, in the
sole and absolute discretion of IBM Credit, advisable shall have been obtained."

        SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE LOAN PARTIES. The Loan
Parties represent and warrant as follows:

        (a) Each Loan Party is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization and is duly
qualified and authorized to do business and is in good standing in each
jurisdiction it presently is engaged in business and is required to be so
qualified.

        (b) The execution, delivery and performance by the Loan Parties of this
Amendment and the Agreement and Other Documents, as amended hereby, to which it
is or is to be a party, and the consummation of the transactions contemplated
hereby, are within each Loan Party's powers, have been duly authorized by all
necessary corporate or other action and do not (i) contravene any Loan Party's
charter, by-laws or other organizational documents, (ii) violate any law, rule
or regulation (including, without limitation, Regulation X of the Board of
Governors of the Federal Reserve System), or any order, writ, judgment,
injunction, decree, determination or award, binding on or affecting any Loan
Party, any of its Subsidiaries or any of their properties, (iii) conflict with
or result in the breach of, or constitute a default under, any contract, loan
agreement, indenture, mortgage, deed of trust, lease or other instrument binding
on or affecting any Loan Party, any of its Subsidiaries or any of their
properties or (iv) except for the Liens contemplated under the Agreement, as
amended hereby, result in or require the creation or imposition of any Lien upon
or with respect to any of the properties of any Loan Party or any of its
Subsidiaries.

        (c) No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body or any other third
party is required for the due execution, delivery or performance by any Loan
Party of this Amendment or the Agreement or any of the Other Documents, as
amended hereby, to which it is or is to be a party.

        (d) This Amendment has been duly executed and delivered by each Loan
Party. This Amendment and each of the Agreement and Other Documents, as amended
hereby, to which any Loan Party, is a party are legal, valid and binding
obligations of such Loan Party, enforceable against such Loan Party in
accordance with their respective terms.

        (e) There is no action, suit, investigation, litigation or proceeding
affecting any Loan Party or any of its Subsidiaries (including, without
limitation, any Environmental Liability) pending or threatened before any court,
Governmental Authority or arbitrator that (i) would be reasonably likely to have
a Material Adverse Effect (other than the Disclosed Litigation set forth in
Attachment B) or (ii) purports to affect the legality, validity or
enforceability of this Amendment or any Other Documents, as amended hereby, or
the consummation of any of the transactions contemplated hereby.

                                       4
<PAGE>

        SECTION 4. REFERENCE TO AND EFFECT ON THE AGREEMENT. (a) On and after
the effectiveness of this Amendment, each reference in the Agreement to "this
Agreement", "hereunder", "hereof" or words of like import referring to the
Agreement, and each reference in the Other Documents to "the Agreement",
thereunder", "thereof" or words of like import referring to the Agreement shall
mean and be a reference to the Agreement, as amended by this Amendment.

       (b) The Agreement, and each of the Other Documents, as specifically
amended by this Amendment, are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed. Without limiting the
generality of the foregoing, the Agreement and all of the Collateral described
therein do and shall continue to secure the payment of all Obligations of the
Loan Parties under the Agreement and Other Documents, in each case as amended by
this Amendment.

       (c) The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as an amendment or waiver of,
or an indication of IBM Credit's willingness to amend or waive, any right, power
or remedy of IBM Credit under the Agreement or the Other Documents, nor
constitute an amendment or waiver of any provision of the Agreement or the Other
Documents or the same Sections of the Agreement amended hereby for any date or
time period other than specified herein (whether or not such other provisions or
compliance with such Sections for another date or time period are effected by
the circumstances addressed in this Amendment).

        SECTION 5. COSTS AND EXPENSES. The Loan Parties agree to pay on demand
all costs and expenses of IBM Credit in connection with the preparation,
execution, delivery and administrations, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder
(including, without limitation, the reasonable fees and expenses of counsel for
IBM Credit).

        SECTION 6. EXECUTION IN COUNTERPARTS. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute but one and the same
agreement. Delivery of any executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

        SECTION 7. GOVERNING LAW. This Amendment and the rights and obligations
of the parties under this Amendment shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York without regard
to the principles of the conflicts of laws thereof.

                                       5
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly undersigned, as of the date
first above written.

IBM CREDIT CORPORATION                    MTS HOLDING COMPANY

BY: /s/ Ronald J. Bachner                 BY: /s/ Ray L. Storck
    ------------------------------------      ----------------------------------
PRINT NAME: RONALD J. BACHNER             PRINT NAME: /s/ Ray L. Storck
            ----------------------------              --------------------------

TITLE: MANAGER, COMMERCIAL &              TITLE: Vice President and Treasurer
       SPECIALTY FINANCING SALES                 -------------------------------

PINACOR, INC.                             MICROAGE COMPUTER CENTERS, INC.

BY: /s/ Ray L. Storck                     BY: /s/ Ray L. Storck
    ------------------------------------      ----------------------------------

PRINT NAME: /s/ Ray L. Storck             PRINT NAME: /s/ Ray L. Storck
            ----------------------------              --------------------------

TITLE: Vice President and Treasurer       TITLE: Vice President and Treasurer
       ---------------------------------        -------------------------------

MICROAGE, INC.                            MICROAGE TECHNOLOGY SERVICES, L.L.C.

BY: /s/ Ray L. Storck                     BY: /s/ Ray L. Storck
    ------------------------------------      ----------------------------------

                                          BY: MTS Holding Company, Manager
                                              ----------------------------------

PRINT NAME: /s/ Ray L. Storck             PRINT NAME: /s/ Ray L. Storck
            ----------------------------              --------------------------

TITLE: Vice President, CFO and Treasurer  TITLE: Vice President and Treasurer
       ---------------------------------        -------------------------------

                                       6
<PAGE>

                                     CONSENT

                                                      Dated as of April 13, 2000

         The undersigned, each a Guarantor under the Collateralized Guaranty
dated as of April 13, 2000 (collectively the "undersigned") in favor of IBM
Credit, hereby consents to the attached Amendment and hereby confirms and agrees
that (a) notwithstanding the effectiveness of such Amendment, the Collateralized
Guaranty and each Other Document to which the undersigned is a party is and
shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, and (b) the Collateralized Guaranty to which each of
the undersigned is a party and all of the Collateral described therein do, and
shall continue to, secure the payment of the Obligations (in each case, as
defined therein).

                                     MCCI HOLDING COMPANY

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE TELESERVICES, L.L.C.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     By: MTS Holding Company
                                        -------------------------------, Manager

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

<PAGE>

                                     QUALITY INTEGRATION SERVICES, L.L.C.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     By: MTS Holding Company
                                        -------------------------------, Manager

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MAXSOURCE, L.L.C.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     By: MTS Holding Company
                                        -------------------------------, Manager

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE L&D L.L.C.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     By: MicroAge Computer Centers, Inc.
                                        -------------------------------, Manager

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE OF CALIFORNIA, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       2

<PAGE>

                                     MCSS, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     ELERIS, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Treasurer
                                           -------------------------------------

                                     PINACOR LOGISTICS SERVICES, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     COMPLETE DISTRIBUTION, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       3

<PAGE>

                                     CONTRACT PC, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     CONNECTWORKS, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     PHOENIX CONNECTIONS, INC.

                                     By: /s/ Michele A. Hughes
                                        ----------------------------------------

                                     Print Name: Michele A. Hughes
                                                --------------------------------

                                     Title: President
                                           -------------------------------------

                                     MICROAGE ADMINISTRATION, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       4

<PAGE>

                                     MICROAGE TECHNOLOGIES, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE VENTURES, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE PAYMASTER, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     INTRACOM MARKETING, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       5

<PAGE>

                                     PCCLEARANCE, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE INFOSYSTEMS SERVICES, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     PRITECH SOLUTIONS, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                     MICROAGE GOVERNMENT, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       6
<PAGE>

                                     ECADVANTAGE, INC.

                                     By: /s/ Ray L. Storck
                                        ----------------------------------------

                                     Print Name: Ray L. Storck
                                                --------------------------------

                                     Title: Vice President and Treasurer
                                           -------------------------------------

                                       7
<PAGE>

                                 ACKNOWLEDGMENT

        The undersigned, Citibank, N.A., as Administrative Agent on behalf of
the Lenders under the Credit Agreement (as defined in the Agreement)
acknowledges receipt of a copy of the foregoing amendment to the Agreement for
Inventory Financing, dated as of April 13, 2000 (as amended, supplemented or
otherwise modified from to time, the "Agreement") between IBM Credit
Corporation, MTS Holding Company, MicroAge Computer Centers, Inc., MicroAge
Technology Services, L.L.C., Pinacor, Inc. and MicroAge, Inc., and consents to
the terms thereof.

Executed this 24th day of April 2000.

                                     CITIBANK, N.A., as Administrative Agent

                                     By: /s/ Miles D. McManus
                                        ----------------------------------------

                                     Title: Vice President
                                           -------------------------------------EDGAR  EXHIBIT  4(2)
REFERENCE  N-1A  EXHIBIT(D)

                        INVESTMENT  SUBADVISORY  AGREEMENT

     INVESTMENT  SUBADVISORY AGREEMENT, MADE THIS 26TH DAY OF JUNE, 2000, BY AND
BETWEEN  CALVERT  ASSET  MANAGEMENT  COMPANY,  INC.,  A  DELAWARE  CORPORATION
REGISTERED  AS  AN  INVESTMENT ADVISOR UNDER THE INVESTMENT ADVISERS ACT OF 1940
(THE  "ADVISOR"),  AND  WORLD  ASSET  MANAGEMENT,  L.L.  C.,  A DELAWARE LIMITED
LIABILITY  COMPANY  (THE  "SUBADVISOR").

     WHEREAS,  THE  ADVISOR  IS  THE  INVESTMENT ADVISOR TO CALVERT SOCIAL INDEX
SERIES,  INC.  AN OPEN-END, DIVERSIFIED MANAGEMENT INVESTMENT COMPANY REGISTERED
UNDER  THE  INVESTMENT  COMPANY  ACT  OF  1940, AS AMENDED (THE "1940 ACT"); AND

     WHEREAS,  THE  ADVISOR  DESIRES TO RETAIN THE SUBADVISOR TO FURNISH IT WITH
CERTAIN INVESTMENT ADVISORY SERVICES IN CONNECTION WITH THE ADVISOR'S INVESTMENT
ADVISORY ACTIVITIES ON BEHALF OF THE CALVERT SOCIAL INDEX SERIES, INC. SERIES OF
CALVERT  SOCIAL  INDEX SERIES, INC. AND ANY ADDITIONAL SERIES THEREOF, FOR WHICH
SCHEDULES  ARE ATTACHED HERETO (EACH SUCH SERIES REFERRED TO INDIVIDUALLY AS THE
"FUND");

     NOW,  THEREFORE,  IN  CONSIDERATION  OF  THE  PROMISES  AND  THE  TERMS AND
CONDITIONS  HEREINAFTER  SET  FORTH,  IT  IS  AGREED  AS  FOLLOWS:

     1.     SERVICES  TO  BE  RENDERED  BY  THE  SUBADVISOR  TO  THE  FUND.

     (A)  INVESTMENT PROGRAM. SUBJECT TO THE CONTROL OF THE CALVERT SOCIAL INDEX
SERIES, INC. BOARD OF DIRECTORS ("DIRECTORS") AND THE ADVISOR, THE SUBADVISOR AT
ITS EXPENSE CONTINUOUSLY WILL FURNISH TO THE FUND AN INVESTMENT PROGRAM FOR SUCH
PORTION,  IF  ANY,  OF  FUND ASSETS DESIGNATED BY THE ADVISOR FROM TIME TO TIME.
WITH  RESPECT  TO  SUCH  ASSETS,  THE SUBADVISOR WILL MAKE INVESTMENT DECISIONS,
WHICH  IS  SUBJECT  TO SECTION 1(G) OF THIS AGREEMENT, AND WILL PLACE ALL ORDERS
FOR  THE  PURCHASE AND SALE OF PORTFOLIO SECURITIES. THE SUBADVISOR WILL FOR ALL
PURPOSES  HEREIN  BE DEEMED TO BE AN INDEPENDENT CONTRACTOR AND SHALL, EXCEPT AS
EXPRESSLY  PROVIDED OR AUTHORIZED, HAVE NO AUTHORITY TO ACT FOR OR REPRESENT THE
FUND  OR  THE  ADVISOR IN ANY WAY OR OTHERWISE BE DEEMED AN AGENT OF THE FUND OR
THE  ADVISOR.  IN  THE PERFORMANCE OF ITS DUTIES, THE SUBADVISOR WILL ACT IN THE
BEST  INTERESTS  OF  THE  FUND  AND  WILL  COMPLY  WITH  (I) APPLICABLE LAWS AND
REGULATIONS,  INCLUDING,  BUT  NOT LIMITED TO, THE 1940 ACT, AND SUBCHAPTER M OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, (II) THE TERMS OF THIS AGREEMENT,
(III) THE FUND'S ARTICLES OF INCORPORATION, BYLAWS AND REGISTRATION STATEMENT AS
FROM  TIME  TO  TIME  AMENDED,  (IV)  RELEVANT  UNDERTAKINGS  PROVIDED  TO STATE
SECURITIES  REGULATORS,  (V)  THE  STATED  INVESTMENT  OBJECTIVE,  POLICIES  AND
RESTRICTIONS  OF  THE  FUND,  AND (VI) SUCH OTHER GUIDELINES AS THE DIRECTORS OR
ADVISOR  MAY  ESTABLISH.  THE  ADVISOR  SHALL  BE  RESPONSIBLE FOR PROVIDING THE
SUBADVISOR  WITH  CURRENT  COPIES  OF  THE  MATERIALS  SPECIFIED  IN SUBSECTIONS
(A)(III),  (IV),  (V)  AND  (VI)  OF  THIS  SECTION  1.

     (B)  AVAILABILITY  OF  PERSONNEL.  THE  SUBADVISOR AT ITS EXPENSE WILL MAKE
AVAILABLE  TO  THE  DIRECTORS  AND  ADVISOR  AT  REASONABLE  TIMES ITS PORTFOLIO
MANAGERS  AND  OTHER  APPROPRIATE PERSONNEL, EITHER IN PERSON, OR, AT THE MUTUAL
CONVENIENCE  OF THE ADVISOR AND THE SUBADVISOR, BY TELEPHONE, IN ORDER TO REVIEW
THE  FUND'S  INVESTMENT  POLICIES  AND TO CONSULT WITH THE DIRECTORS AND ADVISOR
REGARDING  THE  FUND'S  INVESTMENT  AFFAIRS, INCLUDING ECONOMIC, STATISTICAL AND
INVESTMENT  MATTERS  RELEVANT  TO  THE  SUBADVISOR'S  DUTIES HEREUNDER, AND WILL
PROVIDE PERIODIC REPORTS TO THE ADVISOR RELATING TO THE INVESTMENT STRATEGIES IT
EMPLOYS.

     (C) EXPENSES, SALARIES AND FACILITIES. THE SUBADVISOR WILL PAY ALL EXPENSES
INCURRED  BY  IT  IN  CONNECTION WITH ITS ACTIVITIES UNDER THIS AGREEMENT (OTHER
THAN  THE  COST  OF  SECURITIES  AND  OTHER INVESTMENTS, INCLUDING ANY BROKERAGE
COMMISSIONS),  INCLUDING  BUT  NOT  LIMITED  TO,  ALL  SALARIES OF PERSONNEL AND
FACILITIES  REQUIRED  FOR  IT  TO  EXECUTE  ITS  DUTIES  UNDER  THIS  AGREEMENT.

     (D)  COMPLIANCE  REPORTS.  THE  SUBADVISOR  AT ITS EXPENSE WILL PROVIDE THE
ADVISOR WITH SUCH COMPLIANCE REPORTS RELATING TO ITS DUTIES UNDER THIS AGREEMENT
AS  MAY  BE  AGREED  UPON  BY  SUCH  PARTIES  FROM  TIME  TO  TIME.

     (E)  VALUATION.  THE  SUBADVISOR  WILL  ASSIST  THE  FUND AND ITS AGENTS IN
DETERMINING  WHETHER  PRICES  OBTAINED FOR VALUATION PURPOSES ACCURATELY REFLECT
MARKET  PRICE  INFORMATION  RELATING  TO  THE  ASSETS  OF THE FUND FOR WHICH THE
SUBADVISOR  HAS RESPONSIBILITY ON A DAILY BASIS (UNLESS OTHERWISE AGREED UPON BY
THE  PARTIES  HERETO)  AND  AT  SUCH OTHER TIMES AS THE ADVISOR SHALL REASONABLY
REQUEST.

     (F)  EXECUTING  PORTFOLIO  TRANSACTIONS.

     I)  BROKERAGE.  IN  SELECTING  BROKERS AND DEALERS TO EXECUTE PURCHASES AND
SALES  OF  INVESTMENTS FOR THE FUND, THE SUBADVISOR WILL USE ITS BEST EFFORTS TO
OBTAIN  THE MOST FAVORABLE PRICE AND EXECUTION AVAILABLE IN ACCORDANCE WITH THIS
PARAGRAPH. THE SUBADVISOR AGREES TO PROVIDE THE ADVISOR AND THE FUND WITH COPIES
OF  ITS  POLICY  WITH RESPECT TO ALLOCATION OF BROKERAGE ON TRADES FOR THE FUND.
SUBJECT  TO  REVIEW BY THE DIRECTORS OF APPROPRIATE POLICIES AND PROCEDURES, THE
SUBADVISOR  MAY  CAUSE  THE  FUND  TO PAY A BROKER A COMMISSION, FOR EFFECTING A
PORTFOLIO  TRANSACTION,  IN  EXCESS  OF THE COMMISSION ANOTHER BROKER WOULD HAVE
CHARGED  FOR  EFFECTING  THE  SAME  TRANSACTION.  IF  THE  FIRST BROKER PROVIDED
BROKERAGE  AND/OR  RESEARCH  SERVICES,  INCLUDING  STATISTICAL  DATA,  TO  THE
SUBADVISOR,  THE  SUBADVISOR SHALL NOT BE DEEMED TO HAVE ACTED UNLAWFULLY, OR TO
HAVE BREACHED ANY DULY CREATED BY THIS AGREEMENT, OR OTHERWISE, SOLELY BY REASON
OF  ACTING  ACCORDING  TO  SUCH  AUTHORIZATION.

     II)  AGGREGATE  TRANSACTIONS.  IN  EXECUTING PORTFOLIO TRANSACTIONS FOR THE
FUND, THE SUBADVISOR MAY, BUT WILL NOT BE OBLIGATED TO, AGGREGATE THE SECURITIES
TO  BE  SOLD OR PURCHASED WITH THOSE OF ITS OTHER CLIENTS WHERE SUCH AGGREGATION
IS  NOT  INCONSISTENT  WITH THE POLICIES OF THE FUND, TO THE EXTENT PERMITTED BY
APPLICABLE LAWS AND REGULATIONS. IF THE SUBADVISOR CHOOSES TO AGGREGATE SALES OR
PURCHASES,  IT  WILL ALLOCATE THE SECURITIES AS WELL AS THE EXPENSES INCURRED IN
THE  TRANSACTION  IN  THE  MANNER  IT  CONSIDERS  TO  BE  THE MOST EQUITABLE AND
CONSISTENT  WITH  ITS  FIDUCIARY  OBLIGATIONS  TO THE FUND AND ITS OTHER CLIENTS
INVOLVED  IN  THE  TRANSACTION.

(III)  DIRECTED  BROKERAGE.  THE  ADVISOR  MAY  DIRECT  THE  SUBADVISOR TO USE A
PARTICULAR  BROKER  OR  DEALER FOR ONE OR MORE TRADES IF, IN THE SOLE OPINION OF
THE  ADVISOR,  IT  IS  IN  THE  BEST  INTEREST  OF  THE  FUND  TO  DO  SO.

(IV)  BROKERAGE ACCOUNTS.  THE ADVISOR AUTHORIZES AND EMPOWERS THE SUBADVISOR TO
DIRECT  THE  FUND'S  CUSTODIAN  TO  OPEN  AND  MAINTAIN  BROKERAGE  ACCOUNTS FOR
SECURITIES  AND  OTHER  PROPERTY,  INCLUDING FINANCIAL AND COMMODITY FUTURES AND
COMMODITIES AND OPTIONS THEREON (ALL SUCH ACCOUNTS HEREINAFTER CALLED "BROKERAGE
ACCOUNTS")  FOR  AND  IN THE NAME OF THE FUND AND TO EXECUTE FOR THE FUND AS ITS
AGENT  AND  ATTORNEY-IN-FACT  STANDARD  CUSTOMER  AGREEMENTS WITH SUCH BROKER OR
BROKERS  AS  THE SUBADVISOR SHALL SELECT AS PROVIDED ABOVE.  THE SUBADVISOR MAY,
USING  SUCH  OF  THE SECURITIES AND OTHER PROPERTY IN THE FUND AS THE SUBADVISOR
DEEMS  NECESSARY  OR  DESIRABLE,  DIRECT THE FUND'S CUSTODIAN TO DEPOSIT FOR THE
FUND ORIGINAL AND MAINTENANCE BROKERAGE AND MARGIN DEPOSITS AND OTHERWISE DIRECT
PAYMENTS  OF  CASH, CASH EQUIVALENTS AND SECURITIES AND OTHER PROPERTY INTO SUCH
BROKERAGE  ACCOUNTS  AND  TO  SUCH  BROKERS AS THE SUBADVISOR DEEMS DESIRABLE OR
APPROPRIATE.

     (G)  SOCIAL  SCREENING.  THE  ADVISOR  IS  RESPONSIBLE  FOR SCREENING THOSE
INVESTMENTS  SUBJECT  TO  SOCIAL  SCREENING ("SECURITIES") TO DETERMINE THAT THE
SECURITIES  INVESTMENTS  MEET  THE  FUND'S SOCIAL INVESTMENT CRITERIA, AS MAY BE
AMENDED  FROM  TIME TO TIME BY THE DIRECTORS. THE SUBADVISOR WILL BUY ONLY THOSE
SECURITIES  WHICH  THE  ADVISOR  DETERMINES  PASS  THE  FUND'S  SOCIAL  SCREENS.

     (H) VOTING PROXIES. THE SUBADVISOR AGREES TO TAKE APPROPRIATE ACTION (WHICH
MAY  INCLUDE  VOTING)  ON  ALL PROXIES FOR THE FUND'S PORTFOLIO INVESTMENTS IN A
TIMELY  MANNER.  SUCH  ACTION  IS  SUBJECT TO THE DIRECTION OF THE DIRECTORS AND
ADVISOR  AND  WILL  BE CONSISTENT WITH THE SOCIAL SCREENS AND CRITERIA GOVERNING
INVESTMENT  SELECTION  FOR  THE  FUND.

     (I) FURNISHING INFORMATION FOR THE FUND'S PROXIES. THE SUBADVISOR AGREES TO
PROVIDE THE ADVISOR IN A TIMELY MANNER WITH ALL INFORMATION NECESSARY, INCLUDING
THE  SUBADVISOR'S  CERTIFIED  BALANCE  SHEET  AND  INFORMATION  CONCERNING  THE
SUBADVISOR'S  CONTROLLING  PERSONS,  FOR  PREPARATION  OF  THE  FUND'S  PROXY
STATEMENTS,  AS  MAY  BE  NEEDED  FROM  TIME  TO  TIME.

     2.     BOOKS  AND  RECORDS.

A)  IN CONNECTION WITH THE PURCHASE AND SALE OF THE FUND'S PORTFOLIO SECURITIES,
THE  SUBADVISOR  SHALL  ARRANGE  FOR  THE  TRANSMISSION TO THE FUND'S CUSTODIAN,
AND/OR  THE  ADVISOR  ON  A DAILY BASIS, OF SUCH CONFIRMATIONS, TRADE TICKETS OR
OTHER  DOCUMENTATION  AS  MAY  BE NECESSARY TO ENABLE THE ADVISOR TO PERFORM ITS
ACCOUNTING AND ADMINISTRATIVE RESPONSIBILITIES WITH RESPECT TO THE MANAGEMENT OF
THE  FUND.

B)  PURSUANT  TO  RULE 31A-3 UNDER THE 1940 ACT, RULE 204-2 UNDER THE INVESTMENT
ADVISERS  ACT  OF  1940  AND  ANY  OTHER  LAWS,  RULES  OR REGULATIONS REGARDING
RECORDKEEPING,  THE SUBADVISOR AGREES THAT: (I) ALL RECORDS IT MAINTAINS FOR THE
FUND  ARE  THE PROPERTY OF THE FUND; (II) IT WILL SURRENDER PROMPTLY TO THE FUND
OR  ADVISOR ANY SUCH RECORDS UPON THE FUND'S OR ADVISOR'S REQUEST; (III) IT WILL
MAINTAIN  FOR  THE  FUND THE RECORDS THAT THE FUND IS REQUIRED TO MAINTAIN UNDER
RULE  31A-1(B)  INSOFAR  AS SUCH RECORDS RELATE TO THE INVESTMENT AFFAIRS OF THE
FUND  FOR WHICH THE SUBADVISOR HAS RESPONSIBILITY UNDER THIS AGREEMENT; AND (IV)
IT WILL PRESERVE FOR THE PERIODS PRESCRIBED BY RULE 31A-2 UNDER THE 1940 ACT THE
RECORDS  IT  MAINTAINS  FOR  THE  FUND.

C)  THE SUBADVISOR REPRESENTS THAT IT HAS ADOPTED A SUITABLE CODE OF ETHICS THAT
COVERS  ITS  ACTIVITIES  WITH  RESPECT  TO  ITS  SERVICES  TO  THE  FUND.

3.     EXCLUSIVITY.  EACH PARTY AND ITS AFFILIATES MAY HAVE ADVISORY, MANAGEMENT
SERVICE  OR  OTHER AGREEMENTS WITH OTHER ORGANIZATIONS AND PERSONS, AND MAY HAVE
OTHER  INTERESTS AND BUSINESSES; PROVIDED, HOWEVER, THAT DURING THE TERM OF THIS
AGREEMENT,  THE  SUBADVISOR WILL NOT PROVIDE INVESTMENT ADVISORY SERVICES TO ANY
OTHER  INVESTMENT  COMPANY  REGISTERED  UNDER THE 1940 ACT INVESTING IN SOCIALLY
SCREENED  SECURITIES.  THIS  SECTION  3 MAY BE WAIVED ON A CASE BY CASE BASIS IF
BOTH PARTIES AGREE IN WRITING, SUCH AGREEMENT WILL NOT BE UNREASONABLY WITHHELD.

4.     COMPENSATION.  THE ADVISOR WILL PAY TO THE SUBADVISOR AS COMPENSATION FOR
THE  SUBADVISOR'S  SERVICES  RENDERED  PURSUANT  TO  THIS  AGREEMENT  AN  ANNUAL
SUBADVISORY  FEE  AS SPECIFIED IN ONE OR MORE SCHEDULES ATTACHED HERETO AND MADE
PART  OF  THIS AGREEMENT. SUCH FEES SHALL BE PAID BY THE ADVISOR (AND NOT BY THE
FUND).  SUCH  FEES SHALL BE PAYABLE FOR EACH MONTH WITHIN 15 BUSINESS DAYS AFTER
THE  END OF SUCH MONTH. IF THE SUBADVISOR SHALL SERVE FOR LESS THAN THE WHOLE OF
A  MONTH,  THE COMPENSATION AS SPECIFIED SHALL BE PRORATED. THE SCHEDULES MAY BE
AMENDED  FROM TIME TO TIME, PROVIDED THAT AMENDMENTS ARE MADE IN CONFORMITY WITH
APPLICABLE  LAWS AND REGULATIONS AND THE ARTICLES OF INCORPORATION AND BYLAWS OF
THE FUND. ANY CHANGE IN THE SCHEDULE PERTAINING TO ANY NEW OR EXISTING SERIES OF
CALVERT  SOCIAL INDEX SERIES, INC. SHALL NOT BE DEEMED TO AFFECT THE INTEREST OF
ANY OTHER SERIES AND SHALL NOT REQUIRE THE APPROVAL OF SHAREHOLDERS OF ANY OTHER
SERIES.

5.     ASSIGNMENT AND AMENDMENT OF AGREEMENT. THIS AGREEMENT AUTOMATICALLY SHALL
TERMINATE  WITHOUT  THE PAYMENT OF ANY PENALTY IN THE EVENT OF ITS ASSIGNMENT OR
IF  THE  INVESTMENT  ADVISORY  AGREEMENT  BETWEEN THE ADVISOR AND THE FUND SHALL
TERMINATE FOR ANY REASON. THIS AGREEMENT SHALL NOT BE MATERIALLY AMENDED UNLESS,
IF  REQUIRED  BY  SECURITIES AND EXCHANGE COMMISSION RULES AND REGULATIONS, SUCH
AMENDMENT  IS  APPROVED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE OUTSTANDING
SHARES  OF THE FUND, AND BY THE VOTE, CAST IN PERSON AT A MEETING CALLED FOR THE
PURPOSE  OF  VOTING  ON SUCH APPROVAL, OF A MAJORITY OF THE DIRECTORS OF CALVERT
SOCIAL  INDEX  SERIES,  INC.  WHO  ARE  NOT  INTERESTED PERSONS OF THE FUND, THE
ADVISOR  OR  THE  SUBADVISOR.

6.     DURATION  AND  TERMINATION  OF THE AGREEMENT. THIS AGREEMENT SHALL BECOME
EFFECTIVE  UPON  ITS EXECUTION; PROVIDED, HOWEVER, THAT THIS AGREEMENT SHALL NOT
BECOME  EFFECTIVE  WITH  RESPECT TO ANY SERIES NOW EXISTING OR HEREAFTER CREATED
UNLESS  IT  HAS  FIRST  BEEN  APPROVED  (A)  BY  A VOTE OF THE MAJORITY OF THOSE
DIRECTORS  OF  CALVERT  SOCIAL  INDEX  SERIES,  INC. WHO ARE NOT PARTIES TO THIS
AGREEMENT  OR  INTERESTED  PERSONS  OF  SUCH  PARTY, CAST IN PERSON AT A MEETING
CALLED  FOR  THE  PURPOSE  OF  VOTING  ON  SUCH APPROVAL, AND (B) BY A VOTE OF A
MAJORITY  OF  THAT  SERIES'  OUTSTANDING VOTING SECURITIES. THIS AGREEMENT SHALL
REMAIN  IN  FULL  FORCE  AND  EFFECT  CONTINUOUSLY THEREAFTER (UNLESS TERMINATED
AUTOMATICALLY  AS  SET  FORTH  IN  SECTION  5)  EXCEPT  AS  FOLLOWS:

     (A)  CALVERT  SOCIAL  INDEX  SERIES,  INC.  MAY  AT ANY TIME TERMINATE THIS
AGREEMENT WITHOUT PENALTY WITH RESPECT TO ANY OR ALL FUNDS BY PROVIDING NOT LESS
THAN  60  DAYS'  WRITTEN  NOTICE DELIVERED OR MAILED BY REGISTERED MAIL, POSTAGE
PREPAID,  TO  THE ADVISOR AND THE SUBADVISOR. SUCH TERMINATION CAN BE AUTHORIZED
BY  THE  AFFIRMATIVE  VOTE  OF A MAJORITY OF THE (I) DIRECTORS OF CALVERT SOCIAL
INDEX  SERIES,  INC.  OR  (II)  OUTSTANDING  VOTING SECURITIES OF THE APPLICABLE
SERIES.

     (B)  THIS  AGREEMENT  WILL TERMINATE AUTOMATICALLY WITH RESPECT TO A SERIES
UNLESS, BY JANUARY 1, 2002, AND AT LEAST ANNUALLY THEREAFTER, THE CONTINUANCE OF
THE  AGREEMENT  IS  SPECIFICALLY APPROVED BY (I) THE DIRECTORS OF CALVERT SOCIAL
INDEX SERIES, INC. OR THE SHAREHOLDERS OF SUCH SERIES BY THE AFFIRMATIVE VOTE OF
A  MAJORITY OF THE OUTSTANDING SHARES OF SUCH SERIES, AND (II) A MAJORITY OF THE
DIRECTORS  OF  CALVERT SOCIAL INDEX SERIES, INC., WHO ARE NOT INTERESTED PERSONS
OF  THE  FUND, ADVISOR OR SUBADVISOR, BY VOTE CAST IN PERSON AT A MEETING CALLED
FOR THE PURPOSE OF VOTING ON SUCH APPROVAL. IF THE CONTINUANCE OF THIS AGREEMENT
IS  SUBMITTED  TO  THE  SHAREHOLDERS  OF  ANY SERIES FOR THEIR APPROVAL AND SUCH
SHAREHOLDERS FAIL TO APPROVE SUCH CONTINUANCE AS PROVIDED HEREIN, THE SUBADVISOR
MAY CONTINUE TO SERVE HEREUNDER IN A MANNER CONSISTENT WITH THE 1940 ACT AND THE
RULES  AND  REGULATIONS  THEREUNDER.

     (C)  THE  ADVISOR  MAY AT ANY TIME TERMINATE THIS AGREEMENT WITH RESPECT TO
ANY OR ALL FUNDS BY NOT LESS THAN 60 DAYS' WRITTEN NOTICE DELIVERED OR MAILED BY
REGISTERED  MAIL,  POSTAGE PREPAID, TO THE SUBADVISOR, AND THE SUBADVISOR MAY AT
ANY  TIME TERMINATE THIS AGREEMENT WITH RESPECT TO ANY OR ALL SERIES BY NOT LESS
THAN  90  DAYS  WRITTEN  NOTICE  DELIVERED OR MAILED BY REGISTERED MAIL, POSTAGE
PREPAID,  TO  THE  ADVISOR,  UNLESS  OTHERWISE  MUTUALLY  AGREED  IN  WRITING.

UPON  TERMINATION  OF THIS AGREEMENT WITH RESPECT TO ANY FUND, THE DUTIES OF THE
ADVISOR  DELEGATED  TO  THE SUBADVISOR UNDER THIS AGREEMENT WITH RESPECT TO SUCH
FUND  AUTOMATICALLY  SHALL  REVERT  TO  THE  ADVISOR.

7.     NOTIFICATION  TO  THE  ADVISOR.  THE SUBADVISOR PROMPTLY SHALL NOTIFY THE
ADVISOR  IN     WRITING  OF  THE  OCCURRENCE  OF  ANY  OF  THE FOLLOWING EVENTS:

     (A)  THE  SUBADVISOR  SHALL  FAIL TO BE REGISTERED AS AN INVESTMENT ADVISOR
UNDER THE INVESTMENT ADVISERS ACT OF 1940, AS AMENDED, AND UNDER THE LAWS OF ANY
JURISDICTION  IN  WHICH  THE  SUBADVISOR  IS  REQUIRED  TO  BE  REGISTERED AS AN
INVESTMENT  ADVISOR  IN  ORDER  TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT;

     (B)  THE  SUBADVISOR SHALL HAVE BEEN SERVED OR OTHERWISE HAVE NOTICE OF ANY
ACTION,  SUIT, PROCEEDING, INQUIRY OR INVESTIGATION, AT LAW OR IN EQUITY, BEFORE
OR  BY  ANY  COURT,  PUBLIC BOARD OR BODY, INVOLVING THE AFFAIRS OF THE FUND; OR

     (C)  A  VIOLATION  OF  THE  SUBADVISOR'S  CODE OF ETHICS IS DISCOVERED AND,
AGAIN,  WHEN  ACTION  HAS  BEEN  TAKEN  TO  RECTIFY  SUCH  VIOLATION;  OR

     (D)  ANY  OTHER  EVENT  THAT  MIGHT AFFECT THE ABILITY OF THE SUBADVISOR TO
PROVIDE  THE  SERVICES  PROVIDED  FOR  UNDER  THIS  AGREEMENT.

8.     DEFINITIONS.  FOR  THE  PURPOSES  OF THIS AGREEMENT, THE TERMS "VOTE OF A
MAJORITY OF THE OUTSTANDING SHARES," "AFFILIATED PERSON," "CONTROL," "INTERESTED
PERSON"  AND "ASSIGNMENT" SHALL HAVE THEIR RESPECTIVE MEANINGS AS DEFINED IN THE
1940  ACT  AND  THE  RULES  AND REGULATIONS THEREUNDER SUBJECT, HOWEVER, TO SUCH
EXEMPTIONS  AS  MAY  BE  GRANTED BY THE SECURITIES AND EXCHANGE COMMISSION UNDER
SAID  ACT;  AND  THE  TERM  "SPECIFICALLY  APPROVE  AT  LEAST ANNUALLY" SHALL BE
CONSTRUED IN A MANNER CONSISTENT WITH THE 1940 ACT AND THE RULES AND REGULATIONS
THEREUNDER.

9.     INDEMNIFICATION.  THE  SUBADVISOR  SHALL  INDEMNIFY AND HOLD HARMLESS THE
ADVISOR, THE FUND AND THEIR RESPECTIVE DIRECTORS, OFFICERS AND SHAREHOLDERS FROM
ANY  AND  ALL  CLAIMS,  LOSSES,  EXPENSES, OBLIGATION AND LIABILITIES (INCLUDING
REASONABLE  ATTORNEYS  FEES)  ARISING OR RESULTING FROM THE SUBADVISOR'S WILLFUL
MISFEASANCE,  BAD  FAITH,  GROSS  NEGLIGENCE OR RECKLESS DISREGARD OF ITS DUTIES
HEREUNDER.

     THE  ADVISOR  SHALL  INDEMNIFY  AND HOLD HARMLESS THE SUBADVISOR, THE FUND,
THEIR  RESPECTIVE  DIRECTORS, OFFICERS AND SHAREHOLDERS FROM ANY AND ALL CLAIMS,
LOSSES,  EXPENSES,  OBLIGATION  AND  LIABILITIES (INCLUDING REASONABLE ATTORNEYS
FEES)  ARISING  OR  RESULTING FROM THE ADVISOR'S WILLFUL MISFEASANCE, BAD FAITH,
GROSS  NEGLIGENCE  OR  RECKLESS  DISREGARD  OF ITS DUTIES HEREUNDER OR UNDER ITS
INVESTMENT  ADVISORY  AGREEMENT  WITH  THE  FUND.

10.     APPLICABLE  LAW  AND  JURISDICTION.  THIS AGREEMENT SHALL BE GOVERNED BY
MARYLAND  LAW,  AND  ANY  DISPUTE  ARISING  FROM  THIS AGREEMENT OR THE SERVICES
RENDERED  HEREUNDER  SHALL BE RESOLVED THROUGH LEGAL PROCEEDINGS, WHETHER STATE,
FEDERAL,  OR  OTHERWISE,  CONDUCTED  IN  THE  STATE OF MARYLAND OR IN SUCH OTHER
MANNER  OR  JURISDICTION AS SHALL BE MUTUALLY AGREED UPON BY THE PARTIES HERETO.

11.     MISCELLANEOUS.  NOTICES  OF  ANY  KIND  TO BE GIVEN TO A PARTY HEREUNDER
SHALL BE IN WRITING AND SHALL BE DULY GIVEN IF MAILED, DELIVERED OR COMMUNICATED
BY  ANSWER  BACK  FACSIMILE  TRANSMISSION TO SUCH PARTY AT THE ADDRESS SET FORTH
BELOW,  ATTENTION PRESIDENT, OR AT SUCH OTHER ADDRESS OR TO SUCH OTHER PERSON AS
A  PARTY  MAY  FROM  TIME  TO  TIME  SPECIFY.

     EACH  PARTY  AGREES  TO  PERFORM SUCH FURTHER ACTS AND EXECUTE SUCH FURTHER
DOCUMENTS  AS  ARE  NECESSARY TO EFFECTUATE THE PURPOSES HEREOF. 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,  AND HAVE EACH CAUSED THIS INSTRUMENT TO BE SIGNED IN
DUPLICATE ON ITS BEHALF BY ITS DULY AUTHORIZED REPRESENTATIVE, ALL AS OF THE DAY
AND  YEAR  FIRST  ABOVE  WRITTEN.

WITNESS:     CALVERT  ASSET  MANAGEMENT  COMPANY,  INC.

BY:_______________________     BY:______________________________________

WITNESS:     WORLD  ASSET  MANAGEMENT  L.L.C.

BY:________________________     BY:_______________________________________

<PAGE>

                SCHEDULE  TO  THE  INVESTMENT  SUBADVISORY  AGREEMENT
                 BETWEEN  CALVERT  ASSET  MANAGEMENT  COMPANY,  INC.
                       AND  WORLD  ASSET  MANAGEMENT,  L.L.C.

     AS  COMPENSATION PURSUANT TO SECTION 4 OF THE SUBADVISORY AGREEMENT BETWEEN
CALVERT  ASSET  MANAGEMENT  COMPANY,  INC.  (THE  "ADVISOR")  AND  WORLD  ASSET
MANAGEMENT,  L.L.C. (THE "SUBADVISOR"), THE ADVISOR SHALL PAY THE SUBADVISOR THE
ANNUAL  SUBADVISORY  FEE  SET FORTH BELOW FOR THE CALVERT SOCIAL INDEX FUND (THE
"FUND")  SERIES  OF  CALVERT  SOCIAL  INDEX  SERIES,  INC.

1.     FEE.  THE ANNUAL FEE WILL BE AT AN ANNUAL RATE EQUAL TO THE AVERAGE DAILY
NET  ASSETS  OF  THE FUND UNDER THE MANAGEMENT OF THE SUBADVISOR, COMPUTED DAILY
AND  PAYABLE  MONTHLY,  AS  FOLLOW:

     0.07%  ON  THE  FIRST  $50  MILLION,
     0.05%  ON  THE  NEXT  $50  MILLION,  AND
     0.03%  OVER  $100  MILLION

2.     FEE  WAIVER.  SUBADVISOR  AGREES  TO WAIVE ALL FEES FOR THE FIRST SIX (6)
MONTHS  AFTER  THE     FUND'S EFFECTIVE DATE.  THE SUBADVISOR MAY AGREE TO WAIVE
FEES  THEREAFTER  AS     CIRCUMSTANCES  DICTATE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]