Document:

EDGAR  EXHIBIT  4(2)
REFERENCE  N-1A  EXHIBIT(D)

4

                        INVESTMENT SUBADVISORY AGREEMENT

     INVESTMENT  SUBADVISORY  AGREEMENT,  made this ___ day of _______, 2000, by
and  between  CALVERT  IMPACT  FUND,  INC.,  a  Maryland  corporation  (the
"Corporation"), and bridgeway capital management, inc., a Texas corporation (the
"Subadvisor").

     WHEREAS,  the  Corporation is registered as an investment company under the
Investment  Company Act of 1940, as amended (the "1940 Act"), for the purpose of
investing and reinvesting its assets in securities, as set forth in its Articles
of Incorporation, its By-laws and its registration statements under the 1940 Act
and the Securities Act of 1933 (the "1933 Act"), as amended; and the Corporation
desires  to  desires  to  retain  the  Subadvisor  to  furnish  it  with certain
investment  advisory services as a subadvisor, in connection with the investment
advisory  activities  provided  by  Calvert  Asset Management Company, Inc. (the
"Advisor"),  on behalf of the Calvert Large Cap Growth Fund, a series of Calvert
Impact  Fund,  Inc.  and  any additional series thereof, for which Schedules are
attached  hereto  (each such series referred to individually as the "Fund"); and

     WHEREAS,  the  Subadvisor  is  an  investment  advisor registered under the
Investment  Advisers  Act of 1940, as amended, and is engaged in the business of
rendering  management,  and investment advisory services to investment companies
and  desires  to  provide  such  services  to  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 Fund's 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; (iv) it
will  preserve  for  the periods prescribed by Rule 31a-2 under the 1940 Act the
records  it maintains for the Fund; and (v) the Fund or Advisor will provide the
Subadvisor  with  a  copy of any records removed by the Fund or Advisor from the
location  of  the  Subadvisor.

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
("Services")  to  any  other  investment  company  registered under the 1940 Act
("Mutual  Fund")  investing  in  socially  screened  securities.

4.     Compensation. The Fund 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 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 Impact Fund,
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
Impact  fund,  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 Impact Fund, 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 Large Cap Growth Fund 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 Impact Fund or
(ii)  outstanding  voting  securities  of  the  applicable  series.

     (b)  This  Agreement  will terminate automatically with respect to a series
unless,  by December 31, 2002, and at least annually thereafter, the continuance
of the Agreement is specifically approved by (i) the Directors of Calvert Impact
Fund 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  Impact  Fund,  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  Fund may at any time terminate this Agreement 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 Fund and/or 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  IMPACT  FUND,  INC.

BY:_______________________     BY:______________________________________

Witness:     bridgeway  capital  management,  inc.

BY:________________________     BY:_______________________________________

<PAGE>
                Schedule to the Investment Subadvisory Agreement
                        between Calvert Impact Fund, Inc.
                     and Bridgeway Capital Management, Inc.

     As  compensation pursuant to Section 4 of the Subadvisory Agreement between
Calvert  Impact  Fund,  Inc. (the "Fund") and Bridgeway Capital Management, Inc.
(the  "Subadvisor"), the Fund shall pay the Subadvisor an annual subadvisory fee
of  0.45%  of the Calvert Large Cap Growth Fund's average daily net assets; plus
or  minus  a  performance  adjustment  of  0.25%,  based  on the extent to which
performance  of  the  Fund exceeds or trails the Standard & Poor's 500 Composite
Stock  Price  Index.<PAGE>

                                                          Executed in 6 Parts
                                                          Counterpart No. (   )

                              NATIONAL EQUITY TRUST

                           TOP TEN PORTFOLIO SERIES 26

                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated October 25, 2000 among  Prudential
Securities Incorporated,  as Depositor and The Chase Manhattan Bank, as Trustee,
sets forth  certain  provisions  in full and  incorporates  other  provisions by
reference to the document  entitled  "National  Equity Trust Low Five  Portfolio
Series,  Trust Indenture and Agreement" (the "Basic  Agreement") dated April 25,
1995. Such provisions as are set forth in full herein and such provisions as are
incorporated by reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:
                                 ---------------

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows:

                                     Part I.
                                     ------

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said  provisions had been set forth in full in this  instrument
except that the Basic Agreement is hereby amended in the following manner:

<PAGE>

                                      -2-

A.   Article  I,  entitled  "Definitions",  paragraph  22,  shall be  amended as
     follows:

     "Trustee  shall  mean The Chase  Manhattan
     Bank or any  successor  trustee appointed
     as hereinafter provided."

B.   Article II, entitled "Deposit of Securities; Acceptance of Trust", shall be
     amended as follows:

     The second sentence of Section 2.03 Issue of
     Units shall be amended by deleting the words
     "on any day on which the Depositor is the
     only Unit Holder."

C.   Article  III,  entitled  "Administration  of  Trust",  shall be  amended as
     follows:

     (i)      Section 3.01 Initial Costs shall be amended to
              substitute the following language:

               Section 3.01.  Initial Cost  The costs of organizing
               the Trust and sale of the Trust Units shall, to the
               extent of the expenses reimbursable to the Depositor
               provided below, be borne by the Unit Holders, provided,
               however, that, to the extent all of such costs are not
               borne by Unit Holders, the amount of such costs not
               borne by Unit Holders shall be borne by the Depositor
               and, provided further, however, that the liability on
               the part of the Depositor under this section shall not
               include any fees or other expenses incurred in
               connection with the administration of the Trust
               subsequent to the deposit referred to in Section 2.01.
               Upon notification from the Depositor that the primary
               offering period is concluded, the Trustee shall
               withdraw from the Account or Accounts specified in the
               Prospectus or, if no Account is therein specified, from
               the Principal Account, and pay to the Depositor the
               Depositor's reimbursable expenses of organizing the
               Trust and sale of the Trust Units in an amount
               certified to the Trustee by the Depositor.  If the
               balance of the Principal Account is insufficient to
               make such withdrawal, the Trustee shall, as directed by
               the Depositor, sell Securities identified by the

<PAGE>

                                      -3-

               Depositor, or distribute to the Depositor Securities
               having a value, as determined under Section 4.01 as of
               the date of distribution, sufficient for such
               reimbursement.  The reimbursement provided for in this
               section shall be for the account of the Unitholders of
               record at the conclusion of the primary offering period
               and shall not be reflected in the computation of the
               Unit Value prior thereto.  As used herein, the
               Depositor's reimbursable expenses of organizing the
               Trust and sale of the Trust Units shall include the
               cost of the initial preparation and typesetting of the
               registration statement, prospectuses (including
               preliminary prospectuses), the indenture, and other
               documents relating to the Trust, SEC and state blue sky
               registration fees, the cost of the initial valuation of
               the portfolio and audit of the Trust, the initial fees
               and expenses of the Trustee, and legal and other out-
               of-pocket expenses related thereto, but not including
               the expenses incurred in the printing of preliminary
               prospectuses and prospectuses, expenses incurred in the
               preparation and printing of brochures and other
               advertising materials and any other selling expenses.
               Any cash which the Depositor has identified as to be
               used for reimbursement of expenses pursuant to this
               Section shall be reserved by the Trustee for such
               purpose and shall not be subject to distribution or,
               unless the Depositor otherwise directs, used for
               payment of redemptions in excess of the per-Unit amount
               allocable to Units tendered for redemption.  As
               directed by the Depositor, the Trustee will advance
               funds to the Trust in an amount necessary to reimburse
               the Depositor pursuant to this Section and shall
               recover such advance from the sale or sales of
               Securities at such time as the Depositor shall direct,
               but in no event later than the termination of the
               Trust.  Repayment of any such advance shall be secured
               by a lien on the assets of the Trust prior to the
               interest of the Unit Holders as provided in Section
               6.04.

         (ii)  The third paragraph of Section 3.05 Distribution
               shall be amended to add the following sentence at
               the end thereof:

               "The Trustee shall make a special distribution of
               the cash balance in the Income and Principal
               accounts available for such distribution to Unit

<PAGE>

                                      -4-

                Holders of record on such dates as the Depositor
                shall direct."

        (iii)   The second to the last paragraph of Section 3.08
                Sale of Securities shall be  amended to replace
                the word "equal" with the following phrase: "be
                sufficient to pay."

         (iv)   Section 3.14 Deferred Sales Charge shall be
                amended to add the following sentences at the end
                thereof:

                "References to Deferred Sales Charge in this Trust
                Indenture and Agreement shall include any Creation and
                Development Fee indicated in the prospectus for a
                Trust.  The Creation and Development Fee shall be payable
                on each date so designated and in an amount determined
                as specified in the prospectus for a Trust."

D.   Reference  to United  States  Trust  Company of New York in its capacity as
     Trustee  is  replaced  by the Chase  Manhattan  Bank  throughout  the Basic
     Agreement.

E.   Section 6.05 shall be amended to delete the clause "if the Depositor  shall
     determine  in good  faith  that  there has  occurred  either (1) a material
     deterioration  in the  creditworthiness  of the  Trustee or (2) one or more
     negligent  acts on the  part of the  Trustee  having a  materially  adverse
     effect,  either singly or in the aggregate,  on the Trust or on one or more
     Trusts, such that the replacement of the Trustee is in the best interest of
     the Unit Holders" and insert in place thereof  "upon the  determination  of
     the Depositor to remove the Trustee for any reason,  either with or without
     cause,  including but not limited to a determination  by the Depositor that
     the Trustee has materially failed to perform its duties under the Indenture
     and the  interest  of Unit  Holders  has been  substantially  impaired as a
     result".

                                    Part II.
                                     -------

                      SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

          A. The Trust is denominated  National Equity Trust,  Top Ten Portfolio
     Series 26.

          B. The Units of the Trust shall be subject to a deferred sales charge.

          C. The contracts for the purchase of common stock listed in Schedule A
     hereto are those which,  subject to the terms of this Indenture,  have been
     or are to be deposited in Trust under this Indenture as of the date hereof.

          D. The term "Depositor" shall mean Prudential Securities Incorporated.

          E. The aggregate number of Units referred to in Sections 2.03 and 9.01
     of the Basic Agreement is 125,000 as of the date hereof.

          F. A Unit of the Trust is hereby declared  initially equal to
     1/125,000th of the Trust.

          G. The term "First Settlement Date" shall mean October 31, 2000.

          H. The terms  "Computation  Day" and  "Record  Date" shall mean on the
     tenth day of January 2001, April 2001, July 2001, and October 2001.

          I. The term "Distribution  Date" shall mean on the twenty-fifth day of
     January 2001, April 2001, July 2001, and October 2001 or as soon thereafter
     as possible.

          J. The term "Termination Date" shall mean December 5, 2001.

          K. The Trustee's Annual Fee shall be $1.16 (per 1,000 Units) for
     100,000,000 and above units outstanding; $1.22 (per 1,000 Units) for
     50,000,000-99,999,999 units outstanding; $1.26 (per 1,000 Units) for
     49,999,999 and below units outstanding. In calculating the Trustee's annual
     fee, the fee applicable to the number of units outstanding shall apply to
     all units outstanding.

          L. The Depositor's Portfolio supervisory service fee shall be
     $.25 per 1,000 Units.

               [Signatures and acknowledgments on separate pages]
<PAGE>

                                      -6-

     The Schedule of Portfolio  Securities in Part A of the prospectus  included
     in this Registration Statement for National Equity Trust, Top Ten Portfolio
     Series 26 is hereby  incorporated by reference herein as Schedule A hereto.

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