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. 4  [  ]  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        Approx. Date of Proposed
Public
4550 Montgomery Ave.,  Suite 100N             Offering: March 23, 2001 (Date
Bethesda,  MD  20814                          of  Reorganization)


                     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 23,  2001.

{DELAYING AMENDMENT}





                               February ___, 2001

Dear  Shareholder,

I  am  writing  to inform you of the upcoming special meeting of shareholders of
The  RISA  Fund, and to request that you take a few minutes to read the enclosed
material  and  to  mail  back  the  proxy  voting  card.

You  are  being  asked  to vote on a proposal to exchange the assets of The RISA
Fund  for shares of equal value in the newly formed Calvert South Africa Fund, a
series  of  Calvert  Impact  Fund,  Inc. The Board of Trustees of Harvest Funds,
including myself, believe this change is in the best interests of The RISA Fund,
and  you,  as  its  shareholders.

We  believe  that the merger is in everyone's best interests as Calvert has long
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standing  ties  to  South Africa and it is important to manifest visible support
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for  the  continuing  transformation  of South Africa. Selecting RISA Investment
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Advisers  as  a  partner  gives Calvert immediate access to a creative, socially
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screened  product  with  one year of out-performance against its benchmark and a
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relationship  with African Harvest, the premiere multi-racial investment firm in
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South  Africa.
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Regardless  of  the  number of shares you own, it is important that you take the
time  to read the enclosed proxy, and complete and mail your voting card as soon
as  you  can. A postage paid envelope is enclosed. If shareholders do not return
their  proxies,  the  Fund  may  have  to  incur  the  expense  of  additional
solicitations.  All  shareholders  benefit  from  the  speedy return of proxies.

I  appreciate  the time you will take to review this important matter. The Q & A
that  follows  will assist you in understanding the proposal; however, if we may
be  of  any  assistance,  please  call  us  at  ___-____.

Sincerely,

Sam  Folin

President



                    NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
                          To be held on March __, 2001


NOTICE  IS  HEREBY GIVEN that a Special Meeting of Shareholders of The RISA Fund
will  be  held  at  [LOCATION],  at [TIME], on March __, 2001, for the following
purposes:

I.     To  consider  and  act  on an Agreement and Plan of Reorganization, dated
February __, 2001, providing for the transfer of substantially all of the assets
of  The RISA Fund to and the assumption of certain identified liabilities of The
RISA  Fund  by  the  Calvert South Africa Fund, a series of Calvert Impact Fund,
Inc.,  in  exchange  for shares of equal value of the Calvert South Africa Fund.

II.     To transact any other business that may properly come before the meeting
or  any  adjournment  or  adjournments  thereof.

Shareholders of record at the close of business on March ___, 2001, are entitled
to  notice  of  and  to  vote  at  this  meeting  or  any  adjournment  thereof.

By  Order  of  the  Board  of  Trustees,



Marie  Levinsky
Secretary

February  ___,  2001

Please  execute  the  enclosed  proxy  and  return  it  promptly in the enclosed
envelope,  thus  enabling  the Fund to avoid unnecessary expense and delay. Your
vote  is extremely important, no matter how large or small your holdings may be.
No  postage  is  required if mailed in the United States. The proxy is revocable
and  will  not  affect  your  right  to vote in person if you attend the Special
Meeting.




HARVEST  FUNDS:
THE  RISA  FUND

THIS  PROXY  IS  SOLICITED  BY  THE  BOARD  OF  TRUSTEES

The  undersigned,  revoking  previous  proxies,  hereby  appoint(s)
____________________  and  ________________,  attorneys,  with  full  power  of
substitution,  to  vote  all  shares  of  The RISA Fund, that the undersigned is
entitled to vote at the Special Meeting of Shareholders to be held in [LOCATION]
on  [DATE],  2001 at 9:00 a.m. and at any adjournment thereof. All powers may be
exercised by a majority of the proxy holders or substitutes voting or acting or,
if  only  one votes and acts, then by that one. This Proxy shall be voted on the
proposal  described in the Proxy Statement. Receipt of the Notice of the Meeting
and  the  accompanying  Proxy  Statement  is  hereby  acknowledged.

NOTE:  Please sign exactly as your name appears on this Proxy. When signing in a
fiduciary  capacity,  such  as executor, administrator, trustee, guardian, etc.,
please  so  indicate.  Corporate  and partnership proxies should be signed by an
authorized  person  indicating  the  person's  title.

Date:  _____________________, 2001

__________________________________

__________________________________
Signature(s)  (Title(s), if applicable)


PLEASE  SIGN,  DATE,  AND  RETURN  PROMPTLY  IN  ENCLOSED  ENVELOPE

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Please  refer  to  the  Proxy  Statement  discussion  on  this  matter.

IF  NO  SPECIFICATION  IS  MADE,  THE  PROXY  SHALL  BE  VOTED FOR THE PROPOSAL.

As  to any other matter, said attorneys shall vote in accordance with their best

judgment.

THE  BOARD  OF  TRUSTEES  RECOMMEND  A  VOTE  FOR  THE  FOLLOWING:

1.     To act upon a proposal to approve an Agreement and Plan of Reorganization
whereby  Calvert  South  Africa Fund, a series of the Calvert Impact Fund, Inc.,
will  (i)  acquire  all  of the assets of The RISA Fund; and (ii) assume certain
identified  liabilities  of  The  RISA  Fund  as  substantially discussed in the
accompanying  Prospectus  and  Proxy  Statement.

[  ]  For               [  ]  Against          [  ]  Abstain

2.     To  transact any other business that may properly come before the Special
Meeting  or  any  adjournment  or  adjournments  thereof.



                   IMPORTANT NOTICE TO RISA Fund SHAREHOLDERS

                               QUESTIONS & ANSWERS

Please  read  the  complete text of the enclosed Prospectus/Proxy Statement. For
your  convenience,  we have provided a brief overview of the matters to be voted
upon.  Your vote is important. If you have any questions regarding the proposal,
please  call  us  at 800-___-____.  We  appreciate  you  investing  with  RISA,
and look forward to a continuing  relationship  with  you  through  the  Calvert
South  Africa  Fund.

Q.     Why  am  I  receiving  a  proxy  statement?

A.     Harvest  Funds is seeking your approval of a reorganization of the shares
of its series - The RISA Fund - into the newly formed Calvert South Africa Fund.

Q.     What  are  the  effects  of  this  reorganization?

A.     The  reorganization  will  affect The RISA Fund in that all of its assets
will  be transferred to the Calvert South Africa Fund. In turn, you will receive
shares  of  the  Calvert  South  Africa  Fund.

At  the  same  time  as this proposed transaction, the Board of Directors of the
Calvert  New  Africa  Fund  (a  Calvert  Fund  with a pan-African focus) will be
soliciting  its  shareholders  to also merge into the Calvert South Africa Fund.

Q.     Is  there  a  change  in  the  management  of  the  Fund?

A.     Yes  and No. The investment adviser of the Calvert South Africa Fund will
be  Calvert  Asset  Management  Company,  Inc.  and  the investment sub-advisers
jointly  will  be  RISA  Investment  Advisers,  LLC.  and  African Harvest Asset
Managers  (Proprietary)  Limited, which manage The RISA Fund now, so that actual
portfolio  management  of  the  Fund  will  not  change.  Calvert  will  assume
responsibility  for  fund  operations and oversight of management of the Calvert
South  Africa  Fund,  while  RISA  Investment  Advisers and African Harvest will
continue  to be responsible for social screening and for choosing the securities
to  buy  and  sell.

Q.     Are  there  differences  in the investment objective of The RISA Fund and
the  Calvert  South  Africa  Fund?

A.     No,  the  investment  objectives  are  identical.

Q.     Will  the same social criteria still apply to investments held by Calvert
South  Africa  Fund?

A.     The  Labor Research Service of South Africa will continue to research and
monitor  the companies that comprise the universe of New South Africa Companies,
applying  the  same  social  criteria  as currently applied to The RISA Fund. In
addition, the Calvert South Africa Fund will also apply a new Indigenous Peoples
Rights  criterion  for  "New  South  Africa  Companies".

Q.     How  do  the expense structures and fees of the funds compare? Is there a
benefit  to  me?

A.     It  is  anticipated  that  current  shareholder  expenses  (before
reimbursements  and  fee  waivers)  will  actually decrease. The following table
reflects  the  current  expense  structure  for  The RISA Fund and the estimated
expense  structure  for the Calvert South Africa Fund, expressed as a percentage
of  average  annual  net  assets:

                             The RISA               Calvert South
                             Fund                   Africa Fund (Class A)
     Management  fees        1.25%                  1.05%
     Advisor's  fees         0.70%                  0.25%
     Subadvisors'  fees      0.55%                  0.80%
     Administrative  fees       -                   0.20%
     12b-1/Distribution      0.25%                  0.25%
     Other  Expenses        33.68%                  2.21%
     Total  Operating
       Expenses             35.18%                  3.71%
     Fee  Waivers  and
       Reimbursement        33.18%                  1.46%
     Net  Expenses           2.00%                  2.25%*

*  The  Advisor  has  agreed  to limit operating expenses (net of expense offset
arrangements)  to  2.25%.

The  "Current  Other  Expenses"  for The RISA Fund are based on Fiscal Year 2000
audited  numbers.  The  advisory  and  administrative  fees  are  based  on  the
respective  management  contracts. Calvert, RISA Investment Advisers and African
Harvest  have  agreed  to  waive  fees  and/or  reimburse expenses to maintain a
maximum  2.25% expense ratio for Class A in the first year after the date of the
reorganization  (net  of  any  expense offset arrangements), if necessary. While
they are not legally obligated to do so thereafter, they have no plans to change
this  reimbursement  feature.

Q.     Will  I  have  to  pay  a sales load fee if I purchase additional Class A
shares  of  the  Calvert  South  Africa  Fund?

A.     No.  Present  accounts  of  shareholders  in  The  RISA  Fund that become
shareholder accounts of the Calvert South Africa Fund with the same registration
will  hold Class A shares, avoiding all sales loads on current shares as well as
any  future  Class  A  shares  they  purchase.

New  shareholder  accounts (those established after the Reorganization) will pay
sales  loads,  as  set  forth  herein  and  in  the  Calvert  South  Africa Fund
Prospectus.

Q.     What  will  be  the  size of the surviving fund after the reorganization?

A.     If  the proposal presented in the proxy statement is approved, as well as
a  similar proposal being presented to Calvert New Africa Fund shareholders, the
combined  Calvert  South  Africa  Fund  is  expected to have approximately $____
million  in  assets.

Q.     What  are  the  federal  tax  implications  of  the  reorganization?

A.     The  reorganization  will  not  be a taxable event (i.e., no gain or loss
will  be  recognized) to the Fund, the Calvert South Africa Fund, or to you as a
shareholder.

Q.     What  if  there  are  not enough votes to reach a quorum by the scheduled
special  shareholder  meeting  date?

A.     If  not enough shareholders vote, we will need to take further action. We
may  contact  you  by  mail,  telephone,  facsimile,  or  by personal interview.
Therefore,  we  encourage  you  to vote as soon as you review the enclosed proxy
materials  in  order  to  avoid  an  additional expense to the Fund of follow-up
mailings,  telephone  calls  or  other  solicitations.

Q.     If  the  proposal  is  not  approved for The RISA Fund, will RISA propose
liquidating  the  Fund?

A.     If the proposal to reorganize The RISA Fund is not approved, the Board of
Trustees will consider other options including a proposal to liquidate the Fund.

Q.     How  will  you determine the number of shares of the Calvert South Africa
Fund  that  I  will  receive?

A.     The  Closing  Date  is  March  __, 2001. As of 4:00pm Eastern Time on the
Closing  Date, you will receive that number of full and fractional Calvert South
Africa  Fund  shares  equal  in value to the shares you hold in The RISA Fund on
that  date.

Q.     What  impact  will  the  reorganization  have  on  the share price of the
Calvert  South  Africa  Fund?

A.     The  net  asset value per share of the Calvert South Africa Fund will not
be  changed  by  their reorganization.

Q.     Who  is  paying  for  expenses  related  to  the  shareholder  meeting?

A.     The  RISA  Fund  will  pay  for  the  expenses related to the shareholder
meeting.

Q.     How  do  the  Board  of  Trustees  of  The RISA Fund suggest that I vote?

A.     After  careful  consideration,  the Trustees of Harvest Funds unanimously
recommend  that  you  vote  "FOR"  the item proposed on the enclosed proxy card.

Q.     How  do  I  vote  my  shares?

A.     You can vote your shares by attending the Special Meeting of Shareholders
in  person and submitting the enclosed proxy card at that time, or by completing
and  signing  the  proxy  card,  and  mailing  it  in  the enclosed postage paid
envelope.  If  you  need  any  assistance,  or  have any questions regarding the
proposal  or  how  to  vote  your  shares,  please  call  us  at (800) ___-____.

Q.     Will  my  vote  make  a  difference?

A.     Your  vote is needed to ensure that the proposals can be acted upon. Your
immediate response on the enclosed proxy card will help save on the costs of any
further  solicitations  for a shareholder vote. We encourage all shareholders to
participate  in  the  governance  of  The  RISA  Fund.

Q.     How  will  this  affect  my  account?

A.     You  can  expect  the same level of management expertise and high-quality
shareholder  service  to  which  you've  grown  accustomed.

Q.     How  do  I  sign  the  proxy  card?

A.     Voting  instruction  forms  must be executed properly. When forms are not
signed  as required by law, you and the Fund must undertake the time and expense
to  take  steps  to validate your vote. The following guide was prepared to help
you  choose  the  proper  format  for  signing  your  form:

1.     Individual  Accounts: Your name should be signed exactly as it appears in
the  registration  on  the  voting  instruction  form.

2.     Joint  Accounts: Either party may sign, but the name of the party signing
should  conform  exactly  to  a  name  shown  in  the  registration.

3.     All  other  accounts  should show the capacity of the individual signing.
This  can  be  shown either in the form of the account registration itself or by
the  individual  executing  the  voting  instruction  form.  For  example:

REGISTRATION                              VALID  SIGNATURE

A.
1)  Save  the  Earth  Corp.               Jane  Q.  Nature,  Treasurer
2)  Save  the  Earth  Corp.               Jane  Q.  Nature,  Treasurer
    c/o  Jane  Q.  Nature,  Treasurer

B.
1)  Save  the  Earth  Corp.               Jon  B.  Goodhealth,  Trustee
 Profit  Sharing  Plan
2)  Save  the  Earth  Trust               Jon  B.  Goodhealth,  Trustee
3)  Jon  B.  Goodhealth,  Trustee         Jon  B.  Goodhealth,  Trustee
    u/t/d  5/1/78

C.
1)  David  Smith,  Cust.                  David  Smith
    f/b/o  Jason  Smith  UGMA


       Voting by mail is quick and easy. Everything you need is enclosed.




                         PROSPECTUS AND PROXY STATEMENT

                               February ___, 2001

                          Acquisition of the assets of
                                  The RISA Fund

           By and in exchange for shares of Calvert South Africa Fund
    225 South 15th Street, Suite 930, Philadelphia, PA 19102, (800) ___-____


This  Prospectus  and Proxy Statement relates to the proposed transfer of all of
the  assets  and  the  assumption  of certain identified liabilities of The RISA
Fund,  a  series  of  Harvest Funds, in exchange for shares of the Calvert South
Africa Fund (the "Reorganization"). Following the transfer, Calvert South Africa
Fund  shares will be distributed to shareholders of The RISA Fund in liquidation
of  that  Fund  and The RISA Fund will be dissolved. As a result of the proposed
transaction,  each  shareholder  of  The  RISA  Fund will receive that number of
Calvert  South  Africa Fund shares equal in value at the date of the exchange to
the  value  of  such  shareholder's  respective  shares  of  The  RISA Fund. The
transaction  will  only  occur  if  shareholders  vote  in favor of the proposed
transfer.


The  RISA  Fund  is  a series of Harvest Funds. As of December 31, 2000, the net
assets  of  the  Fund  were $_______. The RISA Fund's investment objective is to
seek  maximum  total return by investing in securities of South African issuers.

The  Calvert  South  Africa  Fund  is  a series of Calvert Impact Fund, Inc., an
open-end  diversified  management  investment  company. The Calvert South Africa
Fund's  investment  objective  and  policies  are identical to those of The RISA
Fund.

Calvert Asset Management Company, Inc. ("Calvert") is the investment advisor for
the  Calvert  South  Africa  Fund, with RISA Investment Advisers LLC and African
Harvest  Asset  Managers  (Proprietary)  Limited  jointly  serving  as  the
sub-advisors.  Currently, for The RISA Fund, RISA Investment Advisers has served
as  the  investment  advisor,  and African Harvest has served as the subadvisor.

This  Prospectus and Proxy Statement is expected to be mailed to shareholders of
record  on  or  about  February  _____,  2001.

This  Prospectus  and  Proxy  Statement,  which  should  be  retained for future
reference,  sets  forth concisely the information about the Calvert South Africa
Fund  that  a prospective investor should know before investing. This Prospectus
and Proxy Statement is accompanied by the Prospectus of the Calvert South Africa
Fund dated _______, 2001 and is incorporated herein by reference. A Statement of
Additional  Information  dated  ______,  2001, containing additional information
about  the  proposed  reorganization  has  been  filed  with  the Securities and
Exchange  Commission  and  is incorporated by reference into this Prospectus and
Proxy  Statement.  A  copy  of  the  Statement  of Additional Information may be
obtained without charge by writing The RISA Fund at 225 South 15th Street, Suite
930,  Philadelphia,  PA  19102,  (800) ___-____. The Prospectus and Statement of
Additional  Information  of  The RISA Fund, each dated January __, 2001, and the
Annual Report to Shareholders dated September 30, 2000, have been filed with the
SEC  and  are incorporated herein by reference. Copies of these documents may be
obtained  upon  request  and  without  charge  from  The  RISA  Fund.

These  securities  have  not  been approved or disapproved by the Securities and
Exchange  Commission  or any state securities commission, nor has the securities
and  exchange  commission  or  any  state  securities  commission  passed on the
accuracy or adequacy of this prospectus. Any representation to the contrary is a
criminal  offense.

The  shares  offered  by this prospectus and proxy statement are not deposits or
obligations  of,  or  guaranteed or endorsed by, any bank, and are not federally
insured  or  otherwise  protected by the FDIC, the federal reserve board, or any
other  agency.  When investors sell shares of the funds, the value may be higher
or  lower  than  the  amount  originally  paid.



                                TABLE OF CONTENTS

     Synopsis
     Risk  Factors
     Expense  Comparisons
     Information  about  the  Reorganization
     Reasons  for  the  Reorganization
     Information  about  Calvert  South  Africa  Fund
     Shareholder  Information  for  Calvert  South  Africa  Fund
     Comparative  Information  on  Shareholder  Rights
     General  Information  about  the  Funds
     Other  Business
     Voting  Information
     Adjournment
     Exhibit  A  -  Agreement  and  Plan  of  Reorganization



                                    SYNOPSIS

Reasons  for  the  Reorganization.  The  Board of Trustees of Harvest Funds (the
"Trustees")  believes  that  the  proposed  Reorganization  would be in the best
interests  of  the  shareholders  of  The  RISA  Fund.

Proposed  Transaction.  The  Trustees  have authorized the Fund to enter into an
Agreement  and  Plan of Reorganization (the "Agreement" or "Plan") providing for
the  transfer  of  all  the  assets  and  the  assumption  of certain identified
liabilities  of  The  RISA Fund to the Calvert South Africa Fund in exchange for
like  shares  of  the Calvert South Africa Fund. Following the transfer, Calvert
South  Africa  Fund shares will be distributed to the respective shareholders of
The  RISA  Fund  in  liquidation  of  The  RISA  Fund, and The RISA Fund will be
dissolved. As a result of the proposed transaction, each shareholder of The RISA
Fund  will  receive that number of full and fractional Calvert South Africa Fund
shares  equal  in  value  at  the  date  of  the  exchange  to the value of such
shareholder's  shares  of  the Calvert South Africa Fund. For the reasons stated
above, the Trustees, including the independent Trustees, have concluded that the
Reorganization  would  be  in the best interests of the shareholders of The RISA
Fund  and  recommend  shareholder  approval.

At  the  same  time  as this proposed transaction, the Board of Directors of the
Calvert  New  Africa  Fund  (a  Calvert  Fund  with a pan-African focus) will be
soliciting  its  shareholders  to also merge into the Calvert South Africa Fund.

Tax  Consequences.  The  Plan is conditioned upon receipt by The RISA Fund of an
opinion  of  counsel  that  no  gain  or  loss  will  be recognized by it or its
shareholders  as  a result of the Reorganization. The tax basis of Calvert South
Africa  Fund  shares received by a shareholder will be the same as the tax basis
of  the shareholder's shares of The RISA Fund. In addition, the tax basis of The
RISA  Fund's assets in the hands of Calvert South Africa Fund as a result of the
Reorganization  will be the same as the tax basis of such assets in the hands of
The  RISA  Fund  prior  to  the  Reorganization.  See  "Information  about  the
Reorganization."

Investment  Policies.  The  investment  objective and investment policies of The
RISA  Fund  and  the  Calvert  South  Africa  Fund  are  identical.

Purchases.  Shares  of The RISA Fund and Calvert South Africa Fund are sold on a
continuous  basis  at  net  asset  value  plus  the appropriate sales charge, as
applicable,  which  is  subject  to  reduction  by  right of accumulation, group
purchase,  and  letter of intent. Employee purchases and certain plans qualified
under  the  of  the  Internal  Revenue Code of 1986, as amended (the "Code") may
purchase  shares  with  no  sales charge, and all Fund shareholders may reinvest
dividends  without  paying  a  sales charge. Shares issued in the Reorganization
will  not  be  assessed  any  sales  charge.

Sales  Charges.  The  RISA  Fund  does  not  currently assess any sales charges;
however,  the  Calvert South Africa Fund's Class A shares will be offered at net
asset  value  plus  a  front-end  sales  charge  as  follows:

Your  investment  in                    Sales Charge %       % of Amt.
Class  A  shares                        of offering price    Invested
- ----------------
Less  than  $50,000                     4.75%                4.99%
$50,000  but  less  than  $100,000      3.75%                3.90%
$100,000  but  less  than  $250,000     2.75%                2.83%
$250,000  but  less  than  $500,000     1.75%                1.78%
$500,000  but  less  than  $1,000,000   1.00%                1.01%
$1,000,000  and  over                   None*                None*

*Purchases of shares at net asset value for accounts with $1,000,000 or more are
subject  to  a  one  year  contingent  deferred  sales  charge  of  1.00%.

The minimum initial investment in each Fund is $2,000 and the minimum subsequent
investment  is  $250  (except in the case of certain retirement plans). Existing
shareholders  of  The RISA Fund on the date of the Reorganization shall have the
right to purchase additional Class A shares of Calvert South Africa Fund without
paying  the  front-end  sales  charge.

Exchange  Privileges.  Shareholders  of  the  Calvert  South Africa Fund Class A
shares may exchange Fund shares for Class A shares of a variety of other Calvert
Funds.  Each such exchange represents a sale of Fund shares, which may produce a
gain  or  loss  for  tax  purposes. There is no additional charge for exchanges.
Exchange requests will not be accepted on any day when Calvert Group is open but
the  Fund's  custodian  bank  is  closed (i.e., Columbus Day and Veteran's Day);
these exchange requests will be processed the next day the Fund's custodian bank
is  open.

Both  Funds  and  their  distributors reserve the right at any time to reject or
cancel  any  part  of  any  purchases (including exchange purchases); modify any
terms  or  conditions  of purchase of shares of any Fund; or withdraw all or any
part  of  the  offering  made  by  the  prospectus.  To  protect the interest of
investors,  both  Funds  and  their respective distributors may reject any order
considered  market-timing  activity.

The  Calvert  South  Africa  Fund  reserves the right to terminate or modify the
exchange  privilege  with  60  days'  written  notice.

Distribution  Procedures.  The  RISA  Fund and the Calvert South Africa Fund pay
dividends from their respective net investment income annually. Distributions of
net  short-term  capital  gains  (treated as dividends for tax purposes) and net
long-term  capital  gains,  if  any,  are normally paid once a year. The Calvert
South  Africa  Fund  will  not be  making any such distributions until available
capital  loss  carryovers  have  been  used or have expired. Shareholders of the
Funds  may  reinvest  dividends and distributions. Your existing election in The
RISA  Fund with respect to dividends and/or capital gains will be continued with
respect  to  the  shares  of Calvert South Africa Fund you acquire in connection
with the Reorganization unless you notify the Calvert South Africa Fund of a new
election.

Redemption  Procedures.  At  any time and in any amount, shares of The RISA Fund
and  Calvert  South  Africa  Fund  may  be  redeemed  by  sending  a  letter  of
instruction,  including your name, account and Fund number, the number of shares
or  dollar  amount,  and  where  you  want  the money to be sent. This letter of
instruction  must  be  signed  by  all  required  authorized  signers.  Further
documentation  may be required from corporations, fiduciaries, pension plans and
institutional  investors.

Shares  may  also be redeemed by telephone or through brokers. The Calvert South
Africa  Fund  may  impose a charge of $5 for wire transfers of less than $1,000.
The Calvert South Africa Fund may, after 30 days' notice, close your accounts if
the  account  falls  below  [$5,000]  and  the  balance is not brought up to the
required  minimum  amount.

The  RISA  Fund  imposes a redemption fee on shares redeemed within two years of
purchase.  The  redemption  fee  equals  2%  of  the amount redeemed and is paid
directly  to  the Fund. No redemption fee is charged by the Calvert South Africa
Fund.

Valuation  Practices.  A Fund's assets are normally valued utilizing the average
bid  dealer  market  quotation  as  furnished by an independent pricing service.
Securities  and  other  assets  for  which  market  quotations  are  not readily
available  are  valued  based  on  the  current market for similar securities or
assets,  as determined in good faith by the Fund's Advisor under the supervision
of the Board of Directors. The Fund determines the net asset value of its shares
every  business  day  at  the close of the regular session of the New York Stock
Exchange  (generally, 4:00 p.m. Eastern time), and at such other times as may be
necessary or appropriate. The Fund does not determine net asset value on certain
national  holidays or other days on which the New York Stock Exchange is closed:
New  Year's  Day, Martin Luther King Day, Presidents' Day, Good Friday, Memorial
Day,  Independence  Day,  Labor  Day,  Thanksgiving  Day  and  Christmas  Day.


                                  RISK FACTORS

The  risks  attendant to investing in the Calvert South Africa Fund are the same
as  those risks shareholders have assumed by investing in The RISA Fund. General
risks  in  investing  in any fund would be that shareholders could lose money on
their investment in a Fund, or the Fund could underperform. Additional risks due
to  the  international  nature of these Funds would be that the stock markets in
South  Africa  go  down  and  that  investment  in  foreign  securities involves
additional risks relating to political, social and economic developments abroad.
Other  risks  from  these  investments  result  from the differences between the
regulations  to  which  U.S.  and  foreign  issuers and markets are subject, the
potential  for  foreign  markets  to  be  less liquid than U.S. markets, and the
currency risk associated with securities that trade in currencies other than the
U.S.  dollar.

Certain  of  the current holdings of the Calvert New Africa Fund may be illiquid
and/or  may  not  qualify  as  "New  South  Africa  Companies"  pursuant  to the
investment  policies  of  the  Calvert  South  Africa  Fund.  In reconciling the
investment  policies  of  both  Funds, the Advisor and Subadvisors will begin to
transition  the  portfolio  holdings  from  the  Calvert  New Africa Fund to the
Calvert  South  Africa  Fund.


                               EXPENSE COMPARISONS

                                                            Pro
                                          The               Forma
                                          RISA              (Surviving Calvert
                                          Fund              South Africa Fund)

Shareholder  Fees
Maximum  sales  charge  (load)
imposed  on  purchases                    None              4.75%
(as  a  percentage  of
offering  price)

Maximum  deferred  sales
charge  (load)
(as  a  percentage  of  purchase          None              None
or  redemption  proceeds,
whichever  is  lower)

Redemption  Fee
(as  a  percentage  of  the  amount
redeemed,  if  applicable)                2.00%1            None

Annual  fund  operating  expenses2
Management  fees                          1.25%             1.25%
Distribution and service (12b-1) fees     0.25%             0.25%
Other  expenses                          33.68%             0.71%
Total annual fund operating expenses     35.18%3            2.24%
Fee waiver and/or expense Reimbursement  33.18%          (1.49)%4
Net  expenses                             2.00%            2.25%5

Notes  to  Fees  and  Expenses  Table

1     A  redemption  fee,  paid  directly to The RISA Fund, is imposed on shares
redeemed  within  two  years  of  purchase.

2     Expenses  are  based  on  estimates  to  reflect  expenses  expected to be
incurred for the upcoming fiscal year for the Funds, unless otherwise indicated.
Management  fees include a subadvisory fee, paid by the Fund to the Sub-advisor.
Management fees for the Calvert South Africa Fund also include an administrative
fee paid by the Fund to Calvert Administrative Services Company, an affiliate of
Calvert  Asset  Management  Company.

3     For  The  RISA  Fund's  first  two  years  of  operations, RISA Investment
Advisers  has  voluntarily  agreed  to  waive  its  fees and assume certain Fund
expenses  so  that Total Annual Fund Operating Expenses will not exceed 2.00% of
the  Fund's  average  daily  net  assets.

4     Calvert, RISA Investment Advisers and African Harvest have agreed to limit
annual  fund operating expenses (net of any expense offset arrangements) through
[March  31, 2002]. For the purposes of this expense limit, operating expenses do
not  include  interest  expense,  brokerage commissions, extraordinary expenses,
taxes and capital items. The Calvert South Africa Fund has an offset arrangement
with  its  custodian  bank whereby the custodian and transfer agents fees may be
paid  indirectly  by  credits on the Calvert South Africa Fund's uninvested cash
balances.  These  credits  are  used  to  reduce  the  Fund's  expenses.

5     The contractual expense cap is 2.25%. The contractual expense cap is shown
as  "Net expenses," this is the maximum amount of operating expenses that may be
charged  to  Calvert  South  Africa  Fund  through  [March  31,  2002].

Example.  This  example is intended to help you compare the cost of investing in
the  Fund  with the cost of investing in other mutual funds. The example assumes
that:

- -     You  invest  $10,000  in  the  Fund  for  the  time  periods  indicated;
- -     Your  investment  has  a  5%  return  each  year;  and
- -     The  Fund's  operating  expenses  remain  the  same.

Although  your actual costs may be higher or lower, under these assumptions your
costs  would  be:

Fund  (Unaudited)               1  Year          3  Years
- -----------------

The  RISA  Fund                $_______          $_______

Pro  Forma
(Surviving  Calvert
South  Africa  Fund)               $692          $1,434

Distribution  and  Service Fees. Both Funds have adopted a plan under Rule 12b-1
of  the  Investment Company Act of 1940, (the "1940 Act"), that allows each Fund
to  pay  distribution  fees  for  the  sale  and distribution of its shares. The
distribution  plan  also  pays  service  fees to persons (such as your financial
professional) for services provided to shareholders. Because these fees are paid
out  of a Fund's assets on an ongoing basis, over time, these fees will increase
the  costs  of  your  investment and my cost you more than paying other types of
sales  charges.

The  maximum  annual  percentage payable under The RISA Fund's distribution plan
totals  0.25%,  based  on average daily net assets of The RISA Fund. The maximum
annual  percentage  payable  under  the Calvert South Africa Fund's distribution
plan  totals  0.35%, however, the Fund's directors have only approved charges of
0.25%,  based  on  average  daily  net  assets of the Calvert South Africa Fund.


                         Reasons For the Reorganization

The Board of Trustees of Harvest Funds, believe that the proposed Reorganization
would  be  in  the  best  interests  of  the  shareholders  of  The  RISA  Fund.

To  this  end, the Trustees recommend that shareholders of The RISA Fund approve
the  exchange  of  its  assets  to  the  Calvert South Africa Fund for shares of
Calvert South Africa Fund, which will be distributed to shareholders of The RISA
Fund  upon  the  liquidation  and/or  dissolution  of  The  RISA  Fund.

In  determining  whether  to  recommend  approval  of  the  Reorganization  to
shareholders  of  The  RISA  Fund,  the Trustees considered a number of factors,
including, but not limited to: (1) the capabilities and resources of the Calvert
South  Africa  Fund,  its  Advisor  and  other service providers in the areas of
investment,  marketing,  and shareholder services; (2) the expenses and advisory
fees  applicable to the Fund before the Reorganization and the estimated expense
ratios  for  shareholders  in  the  Calvert  South  Africa  Fund  after  the
Reorganization;  (3)  the  terms  and  conditions  of  the Agreement and Plan of
Reorganization  and  whether  the  Reorganization  would  result  in dilution of
current  Fund  shareholders'  interests;  (4)  the  potential economies of scale
realizable as a result of the Reorganization; (5) the service features available
to shareholders of both The RISA Fund and the Calvert South Africa Fund; (6) the
costs  estimated  to  be incurred to complete the Reorganization; (7) the future
growth  prospects of the Calvert South Africa Fund after the Reorganization; and
(8)  the  non-taxable  treatment  of  the  Reorganization.

In  this  regard, the Trustees reviewed information provided by Calvert relating
to  the  anticipated  impact  to the shareholders of the Fund as a result of the
Reorganization. The Trustees considered the probability that future increases in
asset  levels of the Calvert South Africa Fund are expected to result in reduced
per share expenses and achievement of economies of scale, although there can, of
course,  be  no  assurances  in  this  regard.


                      INFORMATION ABOUT THE REORGANIZATION

Plan  of  Reorganization. The proposed Agreement and Plan of Reorganization (the
"Agreement"  or "Plan") provides that the Calvert South Africa Fund will acquire
all  the  assets and certain liabilities of The RISA Fund in exchange for shares
of  the  Calvert  South  Africa  Fund  on  March __, 2001. A copy of the Plan is
attached  as Exhibit A to this Proxy Statement. Discussion of the Plan herein is
qualified  in  its entirety by reference to the Plan in Exhibit A. The number of
full  and  fractional  Calvert  South  Africa  Fund  shares  to  be  issued  to
shareholders  of  The  RISA  Fund will equal the value of the shares of The RISA
Fund  outstanding  immediately prior to the Reorganization. Portfolio securities
of  The  RISA  Fund will be valued in accordance with the valuation practices of
the  Calvert  South  Africa  Fund  (See,  "About the Funds"). At the time of the
Reorganization,  The  RISA  Fund will pay all of its obligations and liabilities
except  those  specified  in  the  Plan, which will be paid by the Calvert South
Africa  Fund.  The  Reorganization  will  be  accounted  for  by  the  method of
accounting  commonly  used  by  open  end  investment  companies.

As  soon as practicable after the Closing Date, The RISA Fund will liquidate and
distribute pro rata to its shareholders of record as of the close of business on
March  __, 2001, the full and fractional shares of the Calvert South Africa Fund
at  an  aggregate net asset value equal to the value of the shareholder's shares
in  The  RISA  Fund next determined after the effective time of the transaction.
This  method  of valuation is also consistent with interpretations of Rule 22c-1
under the Act by the Securities and Exchange Commission's Division of Investment
Management.  Such  liquidation  and  distribution  will  be  accomplished by the
establishment  of  accounts  on the share records of The RISA Fund, representing
the  respective  pro  rata  number  of full and fractional shares of the Calvert
South  Africa  Fund  due  shareholders  of  The  RISA  Fund.

The  consummation  of  the  Plan is subject to the conditions set forth therein:

Shareholder  Approval. The Plan shall have been approved by the affirmative vote
of  the  holders  of  a majority (as defined in the 1940 Act) of the outstanding
voting  securities  of  The  RISA  Fund.

Representations,  Warranties and, Agreements. Both parties to the Reorganization
shall  have  complied  with  its respective responsibilities under the Plan, the
respective  representations  and warranties contained in this Plan shall be true
in  all  material respects, and there shall have been no material adverse change
in  the  financial  condition,  results  of operations, business, properties, or
assets  of  either  party  since  December  31, 2000. Both parties shall produce
certificates  satisfactory  in form and substance indicating that it has met the
terms  of  the  Plan.

Regulatory  Approval.  The  Registration  Statement for the Calvert South Africa
Fund  shall  have  been  declared  effective  by  the  Securities  and  Exchange
Commission  and  all  necessary  orders  with  respect  to  the  transactions
contemplated  by the Plan shall have been granted by the Securities and Exchange
Commission;  and  all approvals, registrations, and exemptions under federal and
state  laws  considered  to  be  necessary  shall  have  been  obtained.

Tax  Opinion. Both parties to the Reorganization shall have received opinions of
counsel,  addressed  to and in form and substance satisfactory, as to certain of
the  federal  income  tax  consequences of the Reorganization under the Internal
Revenue  Code  to  The RISA Fund and its shareholders. For purposes of rendering
its  opinion, counsel may rely exclusively and without independent verification,
as to factual matters, on the statements made in the Plan, this proxy statement,
and on such other written representations as The RISA Fund and the Calvert South
Africa Fund, respectively, will have verified. The opinion of counsel will be to
the  effect that, based on the facts and assumptions stated therein, for federal
income  tax  purposes:

(1)  neither  The RISA Fund nor the Calvert South Africa Fund will recognize any
gain  or  loss  upon  the  transfer  of  the  assets of The RISA Fund to and the
assumption  of  its liabilities by the Calvert South Africa Fund in exchange for
Calvert  South  Africa  Fund shares and upon the distribution (whether actual or
constructive)  of  Calvert  South  Africa  Fund  shares  to  its shareholders in
exchange  for  their  shares  of  capital  stock  of  The  RISA  Fund;

(2)  the  shareholders  of  The  RISA Fund who receive Calvert South Africa Fund
shares  pursuant  to the Reorganization will not recognize any gain or loss upon
the  exchange  (whether actual or constructive) of their shares of The RISA Fund
for  Calvert  South Africa Fund shares (including any fractional share interests
they  are  deemed  to  have  received)  pursuant  to  the  Reorganization;

(3)  the  basis  of Calvert South Africa Fund shares received by shareholders of
The  RISA  Fund  will be the same as the basis of the shares of capital stock of
The  RISA  Fund  surrendered  in  the  exchange;  and

(4)  the  basis  of  The RISA Fund's assets acquired by the Calvert South Africa
Fund  will  be the same as the basis of such assets to The RISA Fund immediately
prior  to  the  Reorganization.

The  Plan  may be terminated and the Reorganization abandoned at any time before
or after approval by shareholders of The RISA Fund, prior to the Closing Date by
mutual  consent  of the parties, or by either, if any condition set forth in the
Plan  has  not  been  fulfilled  or has been waived by the party entitled to its
benefits.  In  accordance  with  the  Plan,  The RISA Fund and the Calvert South
Africa  Fund will be responsible for payment of their pro rata expenses incurred
in  connection  with  the  Reorganization.

Description  of  Calvert South Africa Fund Shares. Full and fractional shares of
Calvert  South Africa Fund will be issued to each shareholder in accordance with
the  procedures under the Plan as described above. Each share will be fully paid
and  non  assessable  when issued and transferable without restrictions and will
have  no  preemptive  or  conversion  rights.

Federal  Income Tax Consequences. The Plan is a tax-free reorganization pursuant
to Section 368(a)(1)(C) of the Code. It is the opinion of counsel to the Calvert
South  Africa  Fund  that,  on the basis of the existing provisions of the Code,
current  administrative  rules  and  court  decisions,  for  federal  income tax
purposes:  (1)  no  gain  or  loss  will be recognized by The RISA Fund upon the
transfer  of  assets to and assumption of certain of its liabilities in exchange
for  Calvert  South  Africa  Fund  shares  (Section  1032(a)); (2) the basis and
holding  period  immediately  after  the Reorganization for Calvert South Africa
Fund  shareholders will be same as the basis and holding period of The RISA Fund
shares  held  immediately  prior to the exchange (Section 354, 356); and (3) the
basis and holding period of such assets of The RISA Fund acquired by the Calvert
South  Africa  Fund  will  be  the  same as the basis and holding period of such
assets  of  The  RISA  Fund immediately prior to the Reorganization (Section 362
(b),  1223(2)).

Opinions  of  Counsel  are  not  binding  on the Internal Revenue Service or the
Courts.  If the Reorganization is consummated but does not qualify as a tax-free
reorganization  under  the  Code,  the consequences described above would not be
applicable.  Shareholders  of  The  RISA  Fund should consult their tax advisors
regarding  the  effect, if any, of the proposed reorganization in light of their
individual  circumstances.  Since  the  foregoing discussion relates only to the
federal  income tax consequences of the Reorganization, shareholders of The RISA
Fund  should  also  consult  their  tax  advisors  as to the state and local tax
consequences,  if  any,  of  the  Reorganization.

Capitalization. The following table shows the capitalization of The RISA Fund as
of  December 31, 2000 and on a pro forma basis the capitalization of the Calvert
South  Africa Fund as of the date of proposed acquisition of assets at net asset
value.

                                    The             Pro Forma
                                    RISA            (Surviving Calvert South
                                    Fund            Africa Fund)*

Net Asset Value Per Shares          $_____          $_____
Shares  Outstanding                  _________       __________

*The  Pro  Forma  combined net assets do not reflect adjustments with respect to
distributions  prior  to  the  Reorganization. The actual exchange ratio will be
determined  based  on  the relative net asset value per share on the acquisition
date.


                 INFORMATION ABOUT THE CALVERT SOUTH AFRICA FUND

Investment  Policies.  As  discussed  above, the investment objective, principal
investment  strategies, investment practices, and social investment criteria are
the  same  as  they  are  for The RISA Fund, with the exception of the following
additional  social  criterion:

Indigenous  Peoples  Rights:  The  Fund  will  not  invest in companies that are
significantly  engaged  in  a  pattern  and  practice of violating the rights of
indigenous  people.  The  Fund  seeks to invest in companies that are engaged in
positive  portrayals  of  indigenous  peoples.

Distribution  and Service Fees. The Calvert South Africa Fund has adopted a plan
under  Rule  12b-1  of the 1940 Act that allows The Calvert South Africa Fund to
pay  distribution  fees  for  the  sale  and  distribution  of  its  shares. The
distribution  plan  also  pays  service  fees to persons (such as your financial
professional) for services provided to shareholders. Because these fees are paid
out  of a Fund's assets on an ongoing basis, over time, these fees will increase
the  cost  of  your  investment and may cost you more than paying other types of
sales  charges.

Shareholder  Advocacy and Social Responsibility. The Fund takes a proactive role
to  make  a  tangible  positive  contribution  to our society and that of future
generations.  The  Fund seeks to positively influence corporate behavior through
its role as a shareholder by pushing companies toward higher standards of social
and  environmental  responsibility.

Proxy  Voting.  As a shareholder in the various portfolio companies, the Fund is
guaranteed  an opportunity each year to express its views on issues of corporate
governance and social responsibility at annual stockholder meetings. Voting is a
serious  responsibility  and  all  proxies  will  be  voted  consistent with the
financial  and  social  objectives  of  the  Fund.


Management
Calvert  Asset  Management  Company,  Inc., 4550 Montgomery Avenue, Suite 1000N,
Bethesda, Maryland 20814, is the Fund's investment advisor. The Advisor provides
the Funds with investment supervision and management and office space; furnishes
executive  and  other  personnel to the Funds, and pays the salaries and fees of
all  Directors  who  are affiliated persons of the Advisor. It has been managing
mutual  funds  since  1976. It is the investment advisor for over 25 mutual fund
portfolios.  As of December 31, 2000, the Advisor had over $__ billion in assets
under  management.

RISA  Investment  Advisors, LLC, 225 South 15th Street, Suite 930, Philadelphia,
Pennsylvania,  was formed in 1997 by Sam Folin. Mr. Folin has twenty-three years
of  experience  in  the  investment  industry  and extensive experience advising
non-profit  organizations  on  governance,  fund raising, planning and financial
management.

African  Harvest  Asset  Managers  (Proprietary) Limited, African Harvest House,
Boundary Terraces, 1 Mariendahl Lane, Newlands, South Africa, was formed in 1997
and  provides  investment management services to South African clients including
union  retirement  funds.  African  Harvest  Asset  Managers  Limited employs 21
investment  professionals  within  various  teams  The  company has multi-racial
ownership,  management  and  staff. The firm has $1 billion under management and
has  established  a  record  of  investment  excellence in South African capital
markets.

Denzil  Newman,  Chief  Investment  Officer, of African Harvest will lead a team
responsible  for the day-to-day management of the Fund's investments. Mr. Newman
has  been  an  analyst  and  fund  manager  for over twenty years and previously
managed  the Community Growth fund and other large unit trusts and pension funds
at  Syfrets  Managed  Assets  in  Cape  Town.

Advisory  Fees.  Calvert South Africa Fund's advisory agreement provides for the
Fund  to  pay the Advisor a fee of 1.05% of the Fund's average daily net assets.
In  addition,  the  Fund's subadvisory agreement provides for the Advisor to pay
the  Subadvisors  each  a  fee  of 0.40% of the Fund's average daily net assets.

Calvert  Administrative  Services  Company,  an affiliate of the Advisor, is the
Fund's  administrator.

National Financial Data Services, Inc. is the Fund's transfer agent and dividend
disbursing  agent.

Calvert  Shareholder  Services, Inc., an affiliate of the Advisor, is the Fund's
shareholder  servicing  agent.

Calvert  Distributors,  Inc.,  an  affiliate of the Advisor, and BOE Securities,
Inc.  are  the  principal  underwriters  and  distributors  for  the  Fund.


                         SHAREHOLDER INFORMATION FOR THE
                            CALVERT SOUTH AFRICA FUND

How  Shares Are Priced. The price of shares is based on the Calvert South Africa
Fund's  net  asset  value  ("NAV").  NAV  is computed by adding the value of the
Calvert South Africa Fund's holdings plus other assets, subtracting liabilities,
and  then  dividing  the  result by the number of shares outstanding. The NAV of
each  class will be different, depending on the number of shares outstanding for
each  class.

Portfolio  securities  and  other  assets are valued based on market quotations,
except  that securities maturing within 60 days are valued at amortized cost. If
market  quotations  are not readily available, securities are valued by a method
that  the  Calvert  South  Africa  Fund's Board of Directors believes accurately
reflects  fair  value.

The NAV is calculated as of the close of each business day, which coincides with
the  closing  of  the  regular  session  of the New York Stock Exchange ("NYSE")
(normally  4  p.m.  ET). The Calvert South Africa Fund is open for business each
day the NYSE is open. Please note that there are some federal holidays, however,
such  as  Columbus  Day and Veterans' Day, when the NYSE is open and the Calvert
South Africa Fund is open but purchases cannot be received because the banks and
post  offices  are  closed.

The  Calvert  South Africa Fund may hold securities that are primarily listed on
foreign  exchanges that trade on days when the NYSE is closed. The Calvert South
Africa  Fund  does  not  price  shares  on days when the NYSE is closed, even if
foreign  markets may be open. As a result, the value of the Calvert South Africa
Fund's  shares  may change on days when you will not be able to buy or sell your
shares.

When Your Account Will Be Credited. A purchase will be processed at the NAV next
calculated  after  your  order is received by the transfer agent in Kansas City,
Missouri.  All  purchases must be made in U.S. dollars and indicate the Fund and
Class.  No cash or third party checks will be accepted. No credit card or credit
loan  checks  will be accepted. The Calvert South Africa Fund reserves the right
to suspend the offering of shares for a period of time or to reject any specific
purchase  order.  As a convenience, check purchases received at Calvert's office
in  Bethesda,  Maryland will be sent by overnight delivery to the Transfer Agent
and  will  be credited the next business day upon receipt by the Transfer Agent.
You  should  note  that the share price may change during this period. Any check
purchase  received  without  an investment slip may cause delayed crediting. Any
purchase less than the $250 minimum for subsequent investments will be charged a
fee  of  $5  payable  to  the Fund. If your check does not clear your bank, your
purchase  will  be  canceled  and  you  will be charged a $25 fee plus any costs
incurred.  All  purchases will be confirmed and credited to your account in full
and  fractional  shares  (rounded  to  the  nearest  1/1000th  of  a  share).

Dividends, Capital Gains and Taxes. The Calvert South Africa Fund pays dividends
from  its  net  investment  income  annually.  Net investment income consists of
interest  income,  net  short-term capital gains, if any, and dividends declared
and  paid on investments, less expenses. Distributions of net short-term capital
gains  (treated  as dividends for tax purposes) and net long-term capital gains,
if  any,  are  normally paid once a year; however, the Calvert South Africa Fund
does  not anticipate making any such distributions unless available capital loss
carryovers  have  been  used or have expired. Dividend and distribution payments
will  vary  between  classes.

Federal Taxes. In January, Calvert South Africa Fund will mail the Form 1099-DIV
indicating  the  federal  tax  status  of  dividends  and  any  capital  gain
distributions  paid during the past year. Generally, dividends and distributions
are  taxable in the year they are paid. However, any dividends and distributions
paid  in  January  but declared during the prior three months are taxable in the
year  declared.  Dividends  and  distributions  are  taxable  to  shareholders
regardless of whether they are taken in cash or reinvested. Dividends, including
short-term  capital  gains,  are  taxable as ordinary income. Distributions from
long-term  capital  gains  are taxable as long-term capital gains, regardless of
how  long  you  have  owned  shares.

Shareholders  may  realize  a  capital  gain  or loss when they sell or exchange
shares.  This capital gain or loss will be short- or long-term, depending on how
long  the  shareholder  has  owned  the  shares which were sold. In January, the
Calvert  South Africa Fund will mail the Form 1099-B indicating the total amount
of  all  sales,  including  exchanges.

Other Tax Information. In addition to federal taxes, you may be subject to state
or  local taxes on your investment, depending on the laws in your area. You will
be notified to the extent, if any, that dividends reflect interest received from
US government securities. Such dividends may be exempt from certain state income
taxes.

How  To Sell Shares. Shareholders may redeem all or a portion of their shares on
any  day the Calvert South Africa Fund is open for business, provided the amount
requested is not on hold. When a purchase is made by check or with Calvert Money
Controller (electronic funds transfer), the purchase may be on hold for up to 10
business  days  from  the  date  of  receipt. During the hold period, redemption
proceeds  will not be sent until the Transfer Agent is reasonably satisfied that
the purchase payment has been collected. Shares will be redeemed at the NAV next
calculated  (less  any applicable CDSC) after the redemption request is received
by  the  transfer agent in good order. The proceeds will normally be sent to you
on the next business day, but if making immediate payment could adversely affect
your  Fund,  it may take up to seven (7) days to make payment. The Calvert South
Africa  Fund  has  the  right  to  redeem  shares  in assets other than cash for
redemption  amounts  exceeding,  in any 90-day period, $250,000 or 1% of the net
asset value of the affected Fund, whichever is less. When the NYSE is closed (or
when  trading  is restricted) for any reason other than its customary weekend or
holiday  closings,  or  under  any  emergency circumstances as determined by the
Securities  and  Exchange  Commission,  redemptions  may be suspended or payment
dates postponed. Please note that there are some federal holidays, however, such
as  Columbus  Day  and Veterans' Day, when the NYSE is open and the Fund is open
but redemptions cannot be mailed or wired because the post offices and banks are
closed.


                  COMPARATIVE INFORMATION ON SHAREHOLDER RIGHTS

The  RISA  Fund  is  a  series  of Harvest Funds, a Delaware business trust. The
Calvert  South  Africa Fund is a series of Calvert Impact Fund, Inc., a Maryland
Corporation.  After  a comparison of both funds' organizational documents (i.e.,
the Articles of Incorporation and By-laws), it is not anticipated that there are
any  significant differences between the rights of shareholders of The RISA Fund
and  the  Calvert  South  Africa  Fund.


                       GENERAL INFORMATION ABOUT THE FUNDS

Information  about  The  RISA  Fund  is  included  in  a  prospectus,  which all
shareholders  have  received.  Further  information  is  included in that Fund's
Statement  of  Additional  Information.  Both  that  Prospectus and Statement of
Additional  Information  are  hereby  incorporated  by  reference  and are dated
October 1, 1999. You may obtain additional copies by calling or writing the Fund
at  the  address  and  phone  number appearing below. Quarterly, semi-annual and
annual  reports  of  The RISA Fund are also available by writing the Fund at 225
South  15th  Street,  Suite  930,  Philadelphia,  PA  19102, or by calling (800)
___-____.  The  RISA  Fund  and the Calvert South Africa Fund are subject to the
informational  requirements  of the Securities Exchange Act of 1934, as amended,
and the Investment Company Act of 1940, as amended, and in accordance therewith,
file  proxy  material,  reports  and  other  information with the Securities and
Exchange  Commission. These reports and other information filed by the Funds can
be  inspected  and  copied  at the public reference facilities maintained by the
Securities and Exchange Commission in Washington, D.C. at 450 Fifth Street, N.W.
Copies of such material can be obtained from the Public Reference Branch, Office
of  Consumer  Affairs  and  Information  Services,  Securities  and  Exchange
Commission,  Washington,  D.C.  20549  at  prescribed  rates.  In  addition, the
Securities  and  Exchange  Commission  maintains a Web site (http://www.sec.gov)
that  contains reports, other information and proxy statements filed by RISA and
Calvert  on  behalf  of  the  Funds  they  manage.


                                 OTHER BUSINESS

The  Board  of  Trustees of the Harvest Funds do not intend to present any other
business  at  the  meeting.  If, however, any other matters are properly brought
before  the  meeting,  the  persons named in the accompanying form of proxy will
vote  thereon  in  accordance  with  their  judgment.


                               VOTING INFORMATION

Proxies  from the shareholders of The RISA Fund are being solicited by the Board
of Trustees for the Special Meeting of Shareholders to be held at [LOCATION], at
[TIME],  on  March  __,  2001  or  at  such later time or date made necessary by
adjournment.

Proxies  are  solicited  by  mail.  Additional  solicitations  may  be  made  by
telephone,  computer  communications,  facsimile  or  other  such  means,  or by
personal contact by officers or employees of RISA and its affiliates or by proxy
soliciting firms retained for this purpose. The RISA Fund will bear solicitation
costs,  which  are  expected  to  be  approximately  $_____.

A  proxy  may be revoked at any time before the meeting or during the meeting by
oral  or  written  notice  to _________________, at 225 South 15th Street, Suite
930,  Philadelphia, PA 19102. Unless revoked, all valid proxies will be voted in
accordance  with  the specification thereon or, in the absence of specification,
for  approval  of  the  Plan.

Shareholders  of  The  RISA Fund of record at the close of business on March __,
2001,  ("record  date")  are  entitled  to  notice of and to vote at the Special
Meeting  or  any  adjournment thereof. Shareholders are entitled to one vote for
each share held. As of March ____, 2001, as shown on the books of The RISA Fund,
there  were  issued and outstanding [__#__] shares. As of December 31, 2000, the
officers  and  trustees of The RISA Fund as a group beneficially owned less than
1%  of  the  outstanding  shares  of  the  Fund.

As  of  December 31, 2000, the following shareholders owned of record 5% or more
of  the  shares  of  The  RISA  Fund:

Name  and  Address                              %  of  Ownership

[TO  BE  PROVIDED]


                                   ADJOURNMENT

In  the  event  that sufficient votes in favor of the proposals set forth in the
Notice of Meeting and Proxy Statement are not received by the time scheduled for
the  meeting,  the persons named as proxies may move one or more adjournments of
the  meeting  to permit further solicitation of proxies with respect to any such
proposals.  Any such adjournment will require the affirmative vote of a majority
of  the shares present at the meeting. The persons named as proxies will vote in
favor of such adjournment those shares that they are entitled to vote which have
voted  in  favor  of such proposals. They will vote against any such adjournment
those  proxies  that  have  voted  against  any  such  proposals.



By  Order  of  the  Board  of  Trustees,
Marie  Levinsky
Secretary


The  Board  of  Trustees  of  Harvest Funds, including the Independent Trustees,
recommend  a  Vote  FOR  Approval  of  the  Plan.




EXHIBIT  A

                      AGREEMENT AND PLAN OF REORGANIZATION


     This  AGREEMENT  AND PLAN OF REORGANIZATION, dated as of [DATE], is between
The  RISA Fund and the Calvert South Africa Fund ("Calvert Fund"). The RISA Fund
is  a  series  of Harvest Funds and Calvert Fund is a series of Calvert Impact
Fund,  Inc.

     In  consideration  of  the mutual promises contained in this Agreement, the
parties  agree  as  follows:

1.     SHAREHOLDER  APPROVAL

Approval  by  Shareholders. A meeting of the shareholders of The RISA Fund shall
be called and held for the purpose of acting on and authorizing the transactions
contemplated  in  this  Agreement and Plan of Reorganization (the "Agreement" or
"Plan").  Calvert  Fund shall furnish to The RISA Fund such data and information
as  shall  be  reasonably  requested  by  The  RISA  Fund  for  inclusion in the
information  to be furnished to its shareholders in connection with the meeting.

2.     REORGANIZATION

(a)     Plan of Reorganization. The RISA Fund will convey, transfer, and deliver
to  Calvert Fund all of the then-existing assets of The RISA Fund at the closing
provided for in Section 2(b) of this Agreement (the "Closing"). In consideration
thereof,  Calvert  Fund  agrees  at  the  Closing:

(i)     to  deliver  to  The  RISA Fund in exchange for the assets the number of
full  and  fractional  shares  of  common  stock  of Calvert Fund ("Calvert Fund
Shares")  to  be  determined  as  follows:

In  accordance  with  Section 3 of this Agreement, the number of shares shall be
determined  by  dividing  the  per share net asset value of The RISA Fund Shares
(rounded  to  the  nearest  million) by the net asset value per share of Calvert
Fund (rounded to the nearest million) and multiplying the quotient by the number
of  outstanding  shares  of  The  RISA  Fund  as of the close of business on the
closing  date.  It is expressly agreed that there will be no sales charge to The
RISA  Fund,  or to any of the shareholders of The RISA Fund upon distribution of
Calvert  Fund  Shares  to  them;  and

(ii)     not  to  assume  any  of  The  RISA  Fund's obligations and liabilities
(except payment for unsettled trades), whether absolute, accrued, contingent, or
otherwise.

(b)     Closing  and  Effective  Time  of  the Reorganization. The Closing shall
occur  at  the  Effective  Time  of  the  Reorganization, which shall be either:

(i)     the later of receipt of all necessary regulatory approvals and the final
adjournment  of  the  meeting of shareholders of The RISA Fund at which the Plan
will  be  considered,  or

(ii)     such  later  date  as  the  parties  may  mutually  agree.

3.     VALUATION  OF  NET  ASSETS

(a)     The  value  of  The  RISA Fund's net assets to be transferred to Calvert
Fund  under  this Agreement shall be computed as of the close of business on the
business  day immediately preceding the Closing Date (hereinafter the "Valuation
Date") using the valuation procedures as set forth in Calvert Fund's prospectus.

(b)     The  net  asset  value  per share of Calvert Fund Shares for purposes of
Section  2  of this Agreement shall be determined as of the close of business on
the  Valuation  Date  by  Calvert  Fund's  Controller  using  the same valuation
procedures  as  set  forth  in  Calvert  Fund's  prospectus.

(c)     A  copy of the computation showing in reasonable detail the valuation of
The RISA Fund's net assets to be transferred to Calvert Fund pursuant to Section
2  of  this  Agreement,  certified  by the Controller of The RISA Fund, shall be
furnished  by  The  RISA  Fund  to  Calvert  Fund  at the Closing. A copy of the
computation  showing  in  reasonable  detail  the determination of the net asset
value  per share of Calvert Fund Shares pursuant to Section 2 of this Agreement,
certified  by the Controller of Calvert Fund, shall be furnished by Calvert Fund
to  The  RISA  Fund  at  the  Closing.

4.     LIQUIDATION  AND  DISSOLUTION

(a)     As  soon  as  practicable  after  the  Closing  Date, The RISA Fund will
distribute  pro  rata to The RISA Fund shareholders of record as of the close of
business  on  the  Closing  Date the shares of Calvert Fund received by The RISA
Fund  pursuant  to  this  Section.  Such  liquidation  and  distribution will be
accompanied by the establishment of shareholder accounts on the share records of
Calvert  Fund  in  the  names  of  each  such  shareholder  of  The  RISA  Fund,
representing  the  respective  pro  rata  number  of  full shares and fractional
interests  in  shares  of Calvert Fund due to each. No such shareholder accounts
shall  be  established  by  Calvert  Fund or its transfer agent for Calvert Fund
except  pursuant  to  written instructions from The RISA Fund, and The RISA Fund
agrees  to provide on the Closing Date instructions to transfer to a shareholder
account for each former The RISA Fund shareholder a pro rata share of the number
of  shares  of Calvert Fund received pursuant to Section 2(a) of this Agreement.

(b)     Promptly  after  the  distribution  described  in  Section  4(a)  above,
appropriate notification will be mailed by Calvert Fund or its transfer agent to
each  shareholder  of  The  RISA  Fund  receiving such distribution of shares of
Calvert Fund informing such shareholder of the number of such shares distributed
to  such  shareholder  and  confirming  the  registration  thereof  in  such
shareholder's  name.

(c)     Share certificates representing holdings of shares of Calvert Fund shall
not  be  issued  unless  requested  by the shareholder and, if such a request is
made,  share certificates of Calvert Fund will be issued only for full shares of
Calvert  Fund  and  any  fractional interests in shares shall be credited in the
shareholder's  account  with  Calvert  Fund.

(d)     As  promptly  as  is practicable after the liquidation of The RISA Fund,
and  in  no event later than 12 months from the date of this Agreement, The RISA
Fund  shall  be  terminated  pursuant  to the provisions of the Plan and Calvert
Impact  Fund,  Inc.'s  Articles  of  Incorporation.

(e)     Immediately after the Closing Date, the share transfer books of The RISA
Fund shall be closed and no transfer of shares shall thereafter be made on those
books.

5.     ARTICLES  AND  BY-LAWS

(a)     Articles  of  Incorporation.  The  Articles  of Incorporation of Calvert
Impact  Fund,  Inc.,  which  govern  its  series,  Calvert  Fund,  as  in effect
immediately  prior to the Effective Time of the Reorganization shall continue to
be  the  Articles  of  Incorporation  until  amended  as  provided  by  law.

(b)     By-laws.  The  By-laws  of  Calvert  Impact Fund, Inc., which govern its
series,  Calvert  Fund,  in  effect  at the Effective Time of the Reorganization
shall  continue  to  be  the By-laws until the same shall thereafter be altered,
amended,  or  repealed  in  accordance with Harvest Fund's Trust Indenture or
said  By-laws.

6.     REPRESENTATIONS  AND  WARRANTIES  OF  CALVERT  FUND

(a)     Organization, Existence, etc. Calvert Fund is a duly organized series of
Calvert  Impact Fund, Inc., validly existing and in good standing under the laws
of  the  State  of Maryland, and has the power to carry on its business as it is
now  being conducted. Currently, Calvert Fund is not qualified to do business as
a  foreign  corporation under the laws of any jurisdiction. Calvert Fund has all
necessary  federal,  state  and local authorization to own all of its properties
and  assets  and  to  carry  on  its  business  as  now  being  conducted.

(b)     Registration  as Investment Company. Calvert Impact Fund, Inc., of which
Calvert Fund is a series, is registered under the Investment Company Act of 1940
(the  "Act")  as  an  open-end  diversified  management  investment company. Its
registration  has not been revoked or rescinded and is in full force and effect.

(c)     Capitalization.  Calvert  Fund  has  an  unlimited  number  of shares of
beneficial  interest,  no par value, of which as of [DATE], [# OF SHARES] shares
were  outstanding,  and no shares were held in the treasury of Calvert Fund. All
of  the  outstanding  shares  of  Calvert Fund have been duly authorized and are
validly  issued,  fully paid, and non-assessable. Since Calvert Fund is a series
of  an  open-end  investment  company  engaged  in  the  continuous offering and
redemption  of  its shares, the number of outstanding shares may change prior to
the  Effective  Time  of  the  Reorganization.

(d)     Shares  to  be  Issued  Upon  Reorganization.  Calvert Fund Shares to be
issued  in connection with the Reorganization have been duly authorized and upon
consummation  of  the  Reorganization  will  be  validly  issued, fully paid and
non-assessable.

(e)     Authority  Relative to this Agreement. Calvert Impact Fund, Inc. has the
power  to  enter into the Plan on behalf of its series Calvert Fund and to carry
out its obligations under this Agreement. The execution and delivery of the Plan
and  the consummation of the transactions contemplated have been duly authorized
by  the Board of Directors of Calvert Impact Fund, Inc. and no other proceedings
by  Calvert  Impact  Fund,  Inc.  are  necessary  to  authorize  its officers to
effectuate  the  Plan  and  the transactions contemplated. Calvert Fund is not a
party  to  or  obligated  under  any  charter,  by-law,  indenture,  or contract
provision  or  any  other  commitment  or obligation, or subject to any order or
decree  which  would  be  violated  by  its executing and carrying out the Plan.

(f)     Liabilities.  There  are  no liabilities of Calvert Impact Fund, Inc. on
behalf  of  its  series Calvert Fund, whether or not determined or determinable,
other  than  liabilities  disclosed  or  provided  for in Calvert Fund Financial
Statements  and  liabilities  incurred  in  the  ordinary  course  of  business
subsequent  to  [DATE], or otherwise previously disclosed to The RISA Fund, none
of  which  has  been  materially  adverse  to the business, assets or results of
operations  of  Calvert  Fund.

(g)     Litigation.  To  the  knowledge  of  Calvert  Fund  there are no claims,
actions,  suits,  or  proceedings,  pending or threatened, which would adversely
affect  Calvert Fund or its assets or business, or which would prevent or hinder
consummation  of  the  transactions  contemplated  by  this  Agreement.

(h)     Contracts.  Except  for contracts and agreements previously disclosed to
The  RISA  Fund under which no default exists, Calvert Fund is not a party to or
subject  to  any  material  contract,  debt  instrument, plan, lease, franchise,
license,  or  permit  of  any  kind  or  nature  whatsoever.

(i)     Registration  Statement.  Calvert  Fund  shall  have  filed  with  the
Securities  and  Exchange Commission (the "Commission") a Registration Statement
under  the  Securities  Act of 1933 ("Securities Act") relating to the shares of
capital  stock  of  Calvert  Fund issuable under this Agreement. At the time the
Registration  Statement  becomes  effective,  the  Registration  Statement:

(i)     will  comply  in  all  material  respects  with  the  provisions  of the
Securities  Act  and the rules and regulations of the Commission thereunder (the
"Regulations"),  and

(ii)     will  not contain an untrue statement of material fact or omit to state
a material act required to be stated therein or necessary to make the statements
therein  not  misleading.

     Further,  at  the time the Registration Statement becomes effective, at the
time of the shareholders' meeting referred to in Section 1, and at the Effective
Time  of  the  Reorganization,  the  Prospectus  and  Statement  of  Additional
Information  included  therein,  as amended or supplemented by any amendments or
supplements  filed  by  Calvert  Fund, will not contain an untrue statement of a
material  fact or omit to state a material fact necessary to make the statements
therein,  in  the  light  of  the  circumstances under which they were made, not
misleading;  provided,  however, that none of the representations and warranties
in  this  subsection  shall  apply  to  statements  in  or  omissions  from  the
Registration  Statement  or  Prospectus  and Statement of Additional Information
made  in  reliance upon and in conformity with information furnished by The RISA
Fund  for  use  in  the  Registration  Statement  or Prospectus and Statement of
Additional  Information  as  provided  in  Section  7(k).

7.     REPRESENTATIONS  AND  WARRANTIES  OF  THE  RISA  FUND

(a)     Organization,  Existence,  etc. The RISA Fund is a duly organized series
of  Harvest funds, validly existing and in good standing under the laws of the
State  of  Delaware,  and  has power to carry on its business as it is now being
conducted. Currently, The RISA Fund is not qualified to do business as a foreign
corporation  under the laws of any jurisdiction. The RISA Fund has all necessary
federal,  state  and local authorization to own all of its properties and assets
and  to  carry  on  its  business  as  now  being  conducted.

(b)     Registration as Investment Company. The Trust, of which The RISA Fund is
a  series,  is  registered  under  the  Act  as  a no-load, open-end diversified
management  investment  company.  Its  registration  has  not  been  revoked  or
rescinded  and  is  in  full  force  and  effect.

(c)     Capitalization.  The  RISA  Fund  has  a  relatively unlimited number of
shares  of  beneficial  interest,  no  par  value,  of which as of [DATE], [# OF
SHARES]  were  outstanding,  and no shares were held in the treasury of The RISA
Fund.  All  of the outstanding shares of The RISA Fund have been duly authorized
and are validly issued, fully paid, and non-assessable. Since The RISA Fund is a
series  of an open-end investment company engaged in the continuous offering and
redemption  of its shares, the number of outstanding shares of The RISA Fund may
change  prior  to  the  Effective  Date  of  the  Reorganization.

(d)     Financial  Statements. The financial statements of The RISA Fund for the
year  ended [DATE], ("The RISA Fund Financial Statements"), previously delivered
to  Calvert  Fund,  fairly present the financial position of The RISA Fund as of
[DATE],  and the results of its operations and changes in its net assets for the
year  then  ended.

(e)     Authority  Relative  to  the Plan. The Trust has the power to enter into
the  Plan on behalf of The RISA Fund and to carry out its obligations under this
Agreement.  The  execution  and delivery of the Plan and the consummation of the
transactions  contemplated have been duly authorized by the Directors of African
Harvest  and,  except for approval by the holders of its capital stock, no other
proceedings  by  African  Harvest  are  necessary  to  authorize its officers to
effectuate  the  Plan  and the transactions contemplated. The RISA Fund is not a
party  to  or  obligated  under  any  charter,  by-law,  indenture,  or contract
provision  or  any  other  commitment  or obligation, or subject to any order or
decree,  which  would  be  violated  by its executing and carrying out the Plan.

(f)     Liabilities.  There  are  no liabilities of The RISA Fund whether or not
determined  or determinable, other than liabilities disclosed or provided for in
The  RISA  Fund  Financial  Statements  and liabilities incurred in the ordinary
course  of  business  subsequent to [DATE], or otherwise previously disclosed to
Calvert Fund, none of which has been materially adverse to the business, assets,
or  results  of  operations  of  The  RISA  Fund.

(g)     Litigation.  To  the  knowledge  of  The  RISA Fund there are no claims,
actions,  suits,  or  proceedings,  pending or threatened, which would adversely
affect The RISA Fund or its assets or business, or which would prevent or hinder
consummation  of  the  transactions  contemplated  by  this  Agreement.

(h)     Contracts.  Except  for contracts and agreements previously disclosed to
Calvert  Fund  under  which  no default exists, Harvest Funds on behalf of The
RISA  Fund  is  not  a  party  to  or  subject  to  any  material contract, debt
instrument,  plan,  lease,  franchise,  license, or permit of any kind or nature
whatsoever.

(i)     Taxes.  The  federal income tax returns of The RISA Fund have been filed
for  all  taxable  years to and including the taxable year ended [DATE], and all
taxes  payable  pursuant  to  such  returns  have  been  paid. The RISA Fund has
qualified as a regulated investment company under the Internal Revenue Code with
respect  to  each  past  taxable year of The RISA Fund since commencement of its
operations.

(j)     Portfolio  Securities.  All  securities  to be listed in the schedule of
investments of The RISA Fund as of the Effective Time of the Reorganization will
be  owned  by  African  Harvest on behalf of The RISA Fund free and clear of any
liens,  claims,  charges,  options, and encumbrances, except as indicated in the
schedule.  Except  as  so  indicated,  none  of  the securities is, or after the
Reorganization  as  contemplated by this Agreement will be, subject to any legal
or  contractual  restrictions  on  disposition (including restrictions as to the
public offering or sale of the securities under the Securities Act), and all the
securities  are  or  will  be  readily  marketable.

(k)     Registration  Statement.  The RISA Fund will cooperate with Calvert Fund
in  connection  with  the  Registration Statement referred to in Section 6(i) of
this Agreement, and will furnish to Calvert Fund the information relating to The
RISA  Fund required by the Securities Act and its Regulations to be set forth in
the Registration Statement (including the Prospectus and Statement of Additional
Information).  At  the  time  the  Registration Statement becomes effective, the
Registration  Statement,  insofar  as  it  relates  to  The  RISA  Fund:

(i)  will  comply in all material respects with the provisions of the Securities
Act  and  its  regulations,  and

(ii)     will  not  contain  an  untrue  statement of a material fact or omit to
state  a  material  fact  required to be stated therein or necessary to make the
statements  therein  not  misleading.

     Further,  at  the time the Registration Statement becomes effective, at the
time  of the shareholders' meeting referred to in Section 1 and at the Effective
Time  of  the  Reorganization,  the  Prospectus  and  Statement  of  Additional
Information,  as  amended or supplemented by any amendments or supplements filed
by  Calvert  Fund,  insofar  as it relates to The RISA Fund, will not contain an
untrue  statement  of a material fact or omit to state a material fact necessary
to  make  the  statements therein, in the light of the circumstances under which
they  were made, not misleading; provided, however, that the representations and
warranties  in  this  subsection  shall apply only to statements in or omissions
from  the  Registration  Statement  or  Prospectus  and  Statement of Additional
Information  made  in reliance upon and in conformity with information furnished
by  The  RISA  Fund  for  use  in  the  Registration Statement or Prospectus and
Statement  of  Additional  Information  as  provided  in  this  Section  7(k).

8.     CONDITIONS  TO  OBLIGATIONS  OF  CALVERT  FUND

The  obligations  of  Calvert  Fund  under  this  Agreement  with respect to the
consummation  of  the  Reorganization  are  subject  to  the satisfaction of the
following  conditions:

(a)     Representations, Warranties, and Agreements. As of the Effective Time of
the  Reorganization,  The  RISA  Fund  shall  have  complied  with  each  of its
obligations  under  this  Agreement,  each of the representations and warranties
contained  in  this  Agreement shall be true in all material respects, and there
shall  have  been no material adverse change in the financial condition, results
of  operations,  business,  properties  or assets of The RISA Fund since [DATE].
Calvert  Fund  shall have received a certificate from The RISA Fund satisfactory
in  form  and  substance  to  Calvert  Fund indicating that it has met the terms
stated  in  this  Section.

(b)     Regulatory  Approval.  All  necessary  orders of exemption under the Act
with  respect to the transactions contemplated by this Agreement shall have been
granted  by  the  Commission,  and  all approvals, registrations, and exemptions
under state securities laws considered to be necessary shall have been obtained.

(c)  Tax Opinion. Calvert Fund shall have received the opinion of counsel, dated
the Effective Time of the Reorganization, addressed to and in form and substance
satisfactory  to  Calvert  Fund,  as  to  certain  of  the  federal  income  tax
consequences  of  the Reorganization under the Internal Revenue Code to The RISA
Fund  and  the  shareholders  of  The  RISA  Fund. For purposes of rendering its
opinion,  counsel  may rely exclusively and without independent verification, as
to  factual  matters,  on  the  statements made in the Plan, the proxy statement
which  will  be  distributed  to the shareholders of The RISA Fund in connection
with  the  Reorganization, and on such other written representations as The RISA
Fund and Calvert Fund, respectively, will have verified as of the Effective Time
of  the Reorganization. The opinion of counsel will be to the effect that, based
on  the  facts  and assumptions stated therein, for federal income tax purposes:

(i)     neither  The  RISA Fund nor Calvert Fund will recognize any gain or loss
upon  the  transfer of the assets of The RISA Fund to, and the assumption of its
liabilities  by,  Calvert  Fund in exchange for Calvert Fund Shares and upon the
distribution  (whether  actual  or  constructive)  of Calvert Fund Shares to its
shareholders  in  exchange  for  their shares of beneficial interest of The RISA
Fund;

(ii)     the  shareholders  of  The  RISA  Fund  who receive Calvert Fund Shares
pursuant  to  the  Reorganization  will  not recognize any gain or loss upon the
exchange  (whether  actual  or constructive) of their shares of capital stock of
The  RISA Fund for Calvert Fund Shares (including any fractional share interests
they  are  deemed  to  have  received)  pursuant  to  the  Reorganization;

(iii)     the  basis  of  Calvert  Fund  Shares  received  by  The  RISA  Fund's
shareholders will be the same as the basis of the shares of capital stock of The
RISA  Fund  surrendered  in  the  exchange;  and

(iv)     the  basis  of  The RISA Fund's assets acquired by Calvert Fund will be
the  same  as the basis of such assets to The RISA Fund immediately prior to the
Reorganization.

(d)     Opinion  of  Counsel.  Calvert  Fund  shall have received the opinion of
counsel  for  The  RISA  Fund,  dated  the Effective Time of the Reorganization,
addressed  to  and  in  form  and substance satisfactory to Calvert Fund, to the
effect  that:

(i)     African  Harvest  is an open-end management company registered under the
Securities  Act  of  1933  and  the  Investment Company Act of 1940, and is duly
organized  and  validly existing in good standing under the laws of the State of
Delaware;

(ii)     The  RISA  Fund  is  a  series  of  African  Harvest;  and

(iii)     The  Agreement and Plan of Reorganization and the execution and filing
of  the  Plan  have been duly authorized and approved by all requisite action by
the  Board  of Directors of Harvest Funds, and the Plan has been duly executed
and  delivered  by  African  Harvest  and  is  a valid and binding obligation of
African  Harvest  and  its  series,  The  RISA  Fund.

9.     CONDITIONS  TO  OBLIGATIONS  OF  THE  FUND

The  obligations  of  The  RISA  Fund  under  this Agreement with respect to the
consummation  of  the  Reorganization  are  subject  to  the satisfaction of the
following  conditions:

(a)     Shareholder  Approval.  The  Plan  shall  have  been  approved  by  the
affirmative  vote  of  two  thirds  of  all the votes entitled to be cast on the
matter;  and  if  necessary, the requisite vote of the shareholders of the other
portfolios  of  African  Harvest.

(b)     Representations, Warranties and, Agreements. As of the Effective Time of
the  Reorganization,  Calvert  Fund  shall  have  complied  with  each  of  its
responsibilities  under  this  Agreement,  each  of  the  representations  and
warranties  contained  in this Agreement shall be true in all material respects,
and there shall have been no material adverse change in the financial condition,
results  of  operations,  business,  properties, or assets of Calvert Fund since
[DATE]. As of the Effective Time of the Reorganization, The RISA Fund shall have
received  a  certificate from Calvert Fund satisfactory in form and substance to
The  RISA  Fund  indicating  that  it  has met the terms stated in this Section.

(c)     Regulatory  Approval.  The Registration Statement referred to in Section
6(i)  shall  have  been  declared effective by the Commission and no stop orders
under  the  Securities  Act  pertaining  thereto  shall  have  been  issued; all
necessary  orders  of  exemption  under the Act with respect to the transactions
contemplated  by  this  Agreement shall have been granted by the Commission; and
all  approvals,  registrations,  and  exemptions  under  federal  and state laws
considered  to  be  necessary  shall  have  been  obtained.

(d)     Tax  Opinion.  The RISA Fund shall have received the opinion of counsel,
dated  the  Effective  Time  of the Reorganization, addressed to and in form and
substance satisfactory to The RISA Fund, as to certain of the federal income tax
consequences  of  the  Reorganization under the Internal Revenue Code to Calvert
Fund  and  its  shareholders. For purposes of rendering its opinion, counsel may
rely exclusively and without independent verification, as to factual matters, on
the  statements  made in the Plan, the proxy statement which will be distributed
to  the shareholders of The RISA Fund in connection with the Reorganization, and
on  such  other  written  representations  as  The  RISA  Fund and Calvert Fund,
respectively, will have verified as of the Effective Time of the Reorganization.
The  opinion  of  counsel  will  be  to  the effect that, based on the facts and
assumptions  stated  therein,  for  federal  income  tax  purposes:

(i)     neither  The  RISA Fund nor Calvert Fund will recognize any gain or loss
upon  the  transfer  of the assets of The RISA Fund to and the assumption of its
liabilities  by  Calvert  Fund  in exchange for Calvert Fund Shares and upon the
distribution  (whether  actual  or  constructive)  of Calvert Fund Shares to its
shareholders  in  exchange  for  their shares of capital stock of The RISA Fund;

(ii)     the  shareholders  of  The  RISA  Fund  who receive Calvert Fund Shares
pursuant  to  the  Reorganization  will  not recognize any gain or loss upon the
exchange  (whether  actual  or constructive) of their shares of capital stock of
The  RISA Fund for Calvert Fund Shares (including any fractional share interests
they  are  deemed  to  have  received)  pursuant  to  the  Reorganization;

(iii)     the  basis  of  Calvert  Fund  Shares  received  by  The  RISA  Fund's
shareholders will be the same as the basis of the shares of capital stock of The
RISA  Fund  surrendered  in  the  exchange;  and

(iv)     the  basis of The RISA Fund assets acquired by Calvert Fund will be the
same  as  the  basis  of  such  assets to The RISA Fund immediately prior to the
Reorganization.

(e)     Opinion  of  Counsel.  The  RISA Fund shall have received the opinion of
counsel  for  Calvert  Fund,  dated  the  Effective  Time of the Reorganization,
addressed  to  and  in  form and substance satisfactory to The RISA Fund, to the
effect  that:

(i)     Calvert  Impact  Fund, Inc. is an open-end management company registered
under  the Securities Act of 1933 and the Investment Company Act of 1940, and is
duly organized and validly existing in good standing under the laws of the State
of  Maryland;

(ii)     Calvert  South  Africa  Fund  is a series of Calvert Impact Fund, Inc.;

(iii)     The  Agreement and Plan of Reorganization and the execution and filing
of  the  Plan  have been duly authorized and approved by all requisite action by
the  Board of Directors of Calvert Impact Fund, Inc., and the Plan has been duly
executed  and delivered by Calvert Fund and is a valid and binding obligation of
Calvert  Impact  Fund,  Inc.  and  its  series,  Calvert  Fund;

(iv)     Calvert  Fund  shares  to be issued pursuant to the Reorganization have
been  duly authorized and upon issuance thereof in accordance with the Plan will
be  validly  issued, fully paid and non-assessable shares of beneficial interest
of  Calvert  Fund.

10.     AMENDMENTS,  TERMINATIONS,  NON-SURVIVAL  OF  COVENANTS,  WARRANTIES AND
REPRESENTATIONS

(a)     The  parties hereto may, by agreement in writing authorized by the Board
of  Directors  of  either  party,  amend  the  Plan  at any time before or after
approval  of the Plan by shareholders of The RISA Fund, but after such approval,
no  amendment  shall  be  made  that  substantially  changes  the  terms of this
Agreement.

(b)     At  any  time  prior to the Effective Time of the Reorganization, any of
the  parties  may by written instrument signed by it: (i) waive any inaccuracies
in  the representations and warranties made pursuant to this Agreement, and (ii)
waive  compliance  with  any of the covenants or conditions made for its benefit
pursuant  to  this  Agreement.

(c)     The  RISA Fund may terminate the Plan at any time prior to the Effective
Time  of  the  Reorganization  by  notice  to  Calvert  Fund  if: (i) a material
condition  to  its  performance  under  this Agreement or a material covenant of
Calvert  Fund contained in this Agreement is not fulfilled on or before the date
specified  for  the  fulfillment thereof, or (ii) a material default or material
breach  of  the  Plan  is  made  by  Calvert  Fund.

(d)     Calvert  Fund  may terminate the Plan at any time prior to the Effective
Time  of  the  Reorganization  by  notice  to  The  RISA Fund if: (i) a material
condition  to its performance under this Agreement or a material covenant of The
RISA  Fund  contained  in  this Agreement is not fulfilled on or before the date
specified  for  the  fulfillment thereof, or (ii) a material default or material
breach  of  the  Plan  is  made  by  The  RISA  Fund.

(e)     The  Plan  may  be  terminated  by either party at any time prior to the
Effective  Time  of  the  Reorganization upon notice to the other party, whether
before or after approval by the shareholders of The RISA Fund, without liability
on  the  part  of  either party hereto or its respective directors, officers, or
shareholders,  and  shall  be  terminated  without  liability as of the close of
business  on  [DATE],  if  the Effective Time of the Reorganization is not on or
prior  to  such  date.

(f)     No  representations, warranties, or covenants in or pursuant to the Plan
shall  survive  the  Reorganization.

(g)     All  notices and other communications under this Agreement shall be: (i)
in  writing,  (ii)  delivered  by  hand, by registered or certified mail, return
receipt requested, by overnight delivery service or by facsimile transmission to
the  address  or  facsimile  number set forth below or such address of facsimile
number as either party shall specify by a written notice to the other; and (iii)
deemed  given  upon  receipt.

(i)  Notice  to  Calvert:     Calvert  Group,  Ltd.
     4550  Montgomery  Avenue,  Suite  1000N
     Bethesda,  MD  20814
          Attn:  General  Counsel
          Fax  #:  301-657-7014

(ii)  Notice  to  RISA:     _______________________
          _______________________
          _______________________
          _______________________

11.     EXPENSES

The  RISA  Fund  and  Calvert  Fund  will  bear  their  own expenses incurred in
connection  with  this  Reorganization.

12.     GENERAL

This Plan supersedes all prior agreements between the parties (written or oral),
is  intended  as  a  complete  and  exclusive statement of the terms of the Plan
between the parties and may not be changed or terminated orally. The Plan may be
executed  in  one or more counterparts, all of which shall be considered one and
the  same  agreement,  and  shall become effective when one or more counterparts
have  been  executed  by each party and delivered to each of the parties hereto.
The headings contained in the Plan are for reference purposes only and shall not
affect  in  any  way  the  meaning or interpretation of the Plan. Nothing in the
Plan,  expressed  or  implied,  is  intended to confer upon any other person any
rights  or  remedies  by  reason  of  the  Plan.

     IN  WITNESS WHEREOF, The RISA Fund and Calvert Fund have caused the Plan to
be  executed  on their behalf by their respective Chairman, President, or a Vice
President, and their seals to be affixed hereto and attested by their respective
Secretary  or  Assistant  Secretary,


all as of the day and year first above written, and to be delivered as required.


(SEAL)                    AFRICAN  HARVEST


Attest:


By:     ______________________     By:     _______________________________
                         Name:
     Title:


(SEAL)                    CALVERT  IMPACT  FUND,  INC.


By:     _____________________     By:     _______________________________
                         Name:  Barbara  J.  Krumsiek
     Title:     President







                            Calvert Impact Fund, Inc.
                       STATEMENT OF ADDITIONAL INFORMATION

                             ________________, 2001


                        Acquisition of the Assets of the

                                  The RISA Fund
                           (a series of Harvest Funds)
                        225 South 15th Street, Suite 930
                             Philadelphia, PA 19102


                        By and In Exchange for Shares of

                            Calvert South Africa Fund
                   (a series of the Calvert Impact Fund, Inc.)
                       4550 Montgomery Avenue, Suite 1000N
                            Bethesda, Maryland 20814


     This  Statement  of  Additional  Information,  relating specifically to the
proposed transfer of all or substantially all of the assets of The RISA Fund for
shares  of  the  Calvert South Africa Fund, consists of this cover page, the Pro
Forma  Financial Information, and the Statement of Additional Information of the
Calvert  South  Africa  Fund,  dated  _______________, 2001, attached hereto and
incorporated  by  reference.

     This  Statement  of  Additional  Information  is  not  a  prospectus.  A
Prospectus/Proxy  Statement  dated  ________________,  2001,  relating  to  the
above-referenced  matter  may  be  obtained  from Calvert Group, 4550 Montgomery
Avenue,  Suite  1000N,  Bethesda,  Maryland  20814. This Statement of Additional
Information  relates  to,  and  should  be  read  in  conjunction  with,  such
Prospectus/Proxy  Statement.

The  Prospectus  and  Statement  of  Additional Information of The RISA Fund are
hereby  incorporated  by reference and are dated October 1, 2000. You may obtain
copies  by  writing  the  Fund  at RISA Investment Advisers, LLC, 225 South 15th
Street,  Suite  930,  Philadelphia,  PA  19102,  or  by  calling  the  Fund  at
1-800-441-7764.

     The  date  of  this  Statement of Additional Information is ______________,
2001.





                            Calvert Impact Fund, Inc.
                            Calvert South Africa Fund
                4550 Montgomery Avenue, Bethesda, Maryland 20814

                       Statement of Additional Information
                                 March  31, 2001

     New  Account     (800)  368-2748     Shareholder
     Information:     (301)  951-4820     Services:     (800)  368-2745
     Broker           (800)  368-2746     TDD  for  the  Hearing-
     Services:        (301)  951-4850     Impaired:     (800)  541-1524

     This  Statement  of  Additional  Information  ("SAI")  is not a prospectus.
Investors  should  read  the  Statement of Additional Information in conjunction
with  the  Fund's  Prospectus, dated March 31, 2001. The prospectus and the most
recent  shareholder report may be obtained free of charge by writing the Fund at
the  above  address,  calling  the  Fund  or  by  visiting  our  website  at
www.calvert.com.



                                TABLE OF CONTENTS

     Investment  Policies  and  Risks           2
     Investment  Restrictions                   9
     Dividends,  Distributions  and  Taxes     10
     Net  Asset  Value                         11
     Calculation  of  Total  Return            12
     Advertising                               12
     Purchase  and  Redemption  of  Shares     12
     Directors  and  Officers                  13
     Investment  Advisor  and  Subadvisors     14
     Administrative  Services  Agent           15
     Transfer and Shareholder Servicing Agents 16
     Method  of  Distribution                  16
     Portfolio  Transactions                   17
     Personal  Securities  Transactions        17
     Independent  Accountants  and  Custodians 18
     General  Information                      18
     Appendix                                  19





                          INVESTMENT POLICIES AND RISKS
                          -----------------------------

Foreign  Securities
     Investments  in foreign securities may present risks not typically involved
in  domestic  investments. The Fund may purchase foreign securities directly, on
foreign  markets, or those represented by American Depositary Receipts ("ADRs"),
or  other  receipts  evidencing  ownership  of  foreign  securities,  such  as
International  Depositary  Receipts  and Global Depositary Receipts. ADRs are US
dollar-denominated and traded in the US on exchanges or over-the-counter. If the
Fund  invests  in  an  ADR rather than directly in a foreign issuer's stock, the
Fund  may possibly avoid some currency and some liquidity risks. The information
available  for ADRs is subject to the more uniform and more exacting accounting,
auditing and financial reporting standards of the domestic market or exchange on
which  they  are  traded.
     Additional  costs  may  be  incurred  in  connection  with  international
investment  since  foreign  brokerage  commissions  and  the  custodial  costs
associated  with  maintaining  foreign portfolio securities are generally higher
than  in  the  United  States.  Fee  expense  may  also  be incurred on currency
exchanges  when  the  Fund  changes  investments  from one country to another or
converts  foreign  securities  holdings  into  US  dollars.
     United  States  Government  policies  have  at  times, in the past, through
imposition  of  interest  equalization taxes and other restrictions, discouraged
certain  investments  abroad  by  United  States investors. In addition, foreign
countries  may  impose  withholding  and  taxes  on  dividends  and  interest.
     Since  investments  in securities of issuers domiciled in foreign countries
usually  involve  currencies  of  the  foreign countries, and since the Fund may
temporarily hold funds in foreign currencies during the completion of investment
programs,  the  value  of  the  assets  of the Fund as measured in United States
dollars  may be affected favorably or unfavorably by changes in foreign currency
exchange  rates  and  exchange control regulations. For example, if the value of
the foreign currency in which a security is denominated increases or declines in
relation  to  the  value  of  the  US  dollar, the value of the security in U.S.
dollars  will  increase  or  decline  correspondingly.
Emerging  Market  Securities. Investing in emerging markets in particular, those
countries  whose  economies and capital markets are not as developed as those of
more industrialized nations, carries its own special risks. Investments in these
countries  may  be  riskier,  and  will  be  subject to erratic and abrupt price
movements.  Some  economies  are  less well developed and less diverse, and more
vulnerable  to the ebb and flow of international trade, trade barriers and other
protectionist  or  retaliatory  measures.  Many of these countries are grappling
with  severe  inflation or recession, high levels of national debt, and currency
exchange problems. Investments in countries that have recently begun moving away
from  central  planning and state-owned industries toward free markets should be
regarded  as speculative. Among other risks, the economies of such countries may
be affected to a greater extent than in other countries by price fluctuations of
a single commodity, by severe cyclical climactic conditions, lack of significant
history  in  operating  under  a  market-oriented  economy,  or  by  political
instability,  including  risk  of  expropriation.
Certain  emerging  market  countries  have  historically  experienced,  and  may
continue  to  experience, high rates of inflation, high interest rates, exchange
rate fluctuations, large amounts of external debt, balance of payments and trade
difficulties  and  extreme  poverty and unemployment. The issuer or governmental
authority  that  controls the repayment of an emerging market country's debt may
not  be  able  or  willing  to  repay  the principal and/or interest when due in
accordance  with  the  terms  of  such  debt.  As  a  result of the foregoing, a
government  obligor  may  default on its obligations. If such an event occurs, a
Fund  may  have  limited  legal  recourse  against  the issuer and/or guarantor.
Remedies  must,  in some cases, be pursued in the courts of the defaulting party
itself,  and  the  ability  of  the  holder  of  foreign government fixed income
securities  to  obtain  recourse  may be subject to the political climate in the
relevant  country.
     Forward  Currency  Exchange  Contracts.  The  Fund will conduct its foreign
currency  exchange  transactions either on a spot (i.e., cash) basis at the spot
rate prevailing in the foreign exchange market, or through entering into forward
contracts  to  purchase  or  sell  foreign  currencies.  It may also use foreign
currency  options  and  futures.  See below. A forward foreign currency contract
involves  an obligation to purchase or sell a specific currency at a future date
which  may be any fixed number of days from the date of the contract agreed upon
by  the parties, at a price set at the time of the contract. These contracts are
traded  in  the  interbank  market  conducted  directly between currency traders
(usually  large,  commercial  banks)  and  their  customers.  A  forward foreign
currency  contract  generally has no deposit requirement, and no commissions are
charged  at any stage for trades, although they do realize a profit based on the
difference  (the  "spread")  between  the  prices  at  which they are buying and
selling  various  currencies.
     The Fund may enter into forward foreign currency contracts for two reasons.
First,  the  Fund  may  desire  to  preserve the United States dollar price of a
security  when  it enters into a contract for the purchase or sale of a security
denominated  in  a  foreign  currency.  The  Fund  may be able to protect itself
against  possible  losses resulting from changes in the relationship between the
United  States  dollar and foreign currencies during the period between the date
the  security  is  purchased  or  sold  and the date on which payment is made or
received  by  entering  into  a forward contract for the purchase or sale, for a
fixed  amount  of dollars, of the amount of the foreign currency involved in the
underlying  security  transactions.
     Second,  when  the  Advisor  or  Subadvisor believes that the currency of a
particular  foreign  country may suffer a substantial decline against the United
States  dollar,  the  Fund may enter into a forward foreign currency contract to
sell,  for  a  fixed  amount  of  dollars,  the  amount  of  foreign  currency
approximating  the  value of some or all of the Fund's securities denominated in
such  foreign  currency.  The  precise  matching of the forward foreign currency
contract  amounts  and  the  value  of  the  Fund's securities involved will not
generally  be possible since the future value of the securities will change as a
consequence of market movements between the date the forward contract is entered
into  and  the  date  it  matures.  The projection of short-term currency market
movement  is  difficult, and the successful execution of this short-term hedging
strategy  is  uncertain.  Although  forward  foreign  currency contracts tend to
minimize  the risk of loss due to a decline in the value of the hedged currency,
at the same time they tend to limit any potential gain which might result should
the  value  of  such  currency  increase.

Temporary  defensive  positions
     For  temporary  defensive  purposes  the  Fund  may  invest in cash or cash
equivalents.  Cash  equivalents include instruments such as, but not limited to,
US  government  and  agency  obligations,  certificates  of  deposit,  banker's
acceptances,  time  deposits  commercial  paper,  short-term  corporate  debt
securities,  and  repurchase  agreements.

Repurchase  Agreements
     The  Fund  may  purchase  debt securities subject to repurchase agreements,
which  are  arrangements  under  which  the Fund buys a security, and the seller
simultaneously  agrees  to repurchase the security at a specified time and price
reflecting  a market rate of interest. The Fund engages in repurchase agreements
in  order to earn a higher rate of return than it could earn simply by investing
in  the  obligation which is the subject of the repurchase agreement. Repurchase
agreements  are  not, however, without risk. In the event of the bankruptcy of a
seller  during the term of a repurchase agreement, a legal question exists as to
whether  the  Fund would be deemed the owner of the underlying security or would
be  deemed  only to have a security interest in and lien upon such security. The
Fund  will  only  engage  in  repurchase  agreements  with recognized securities
dealers  and  banks determined to present minimal credit risk by the Advisor. In
addition, the Fund will only engage in repurchase agreements reasonably designed
to  secure  fully  during  the  term of the agreement the seller's obligation to
repurchase  the  underlying  security  and  will monitor the market value of the
underlying  security  during  the  term  of  the  agreement. If the value of the
underlying  security  declines and is not at least equal to the repurchase price
due  the  Fund  pursuant  to  the agreement, the Fund will require the seller to
pledge additional securities or cash to secure the seller's obligations pursuant
to the agreement. If the seller defaults on its obligation to repurchase and the
value  of  the  underlying  security declines, the Fund may incur a loss and may
incur  expenses  in  selling  the underlying security. Repurchase agreements are
always  for  periods of less than one year. Repurchase agreements not terminable
within  seven  days  are  considered  illiquid.

Reverse  Repurchase  Agreements
     The  Fund may also engage in reverse repurchase agreements. Under a reverse
repurchase  agreement,  the Fund sells securities to a bank or securities dealer
and agrees to repurchase those securities from such party at an agreed upon date
and  price  reflecting  a market rate of interest. The Fund invests the proceeds
from  each reverse repurchase agreement in obligations in which it is authorized
to  invest.  The  Fund intends to enter into a reverse repurchase agreement only
when  the  interest  income  provided  for  in  the obligation in which the Fund
invests  the  proceeds  is  expected  to  exceed the amount the Fund will pay in
interest  to the other party to the agreement plus all costs associated with the
transactions. The Fund does not intend to borrow for leverage purposes. The Fund
will  only  be  permitted  to  pledge  assets  to the extent necessary to secure
borrowings  and  reverse  repurchase  agreements.
     During  the  time  a  reverse repurchase agreement is outstanding, the Fund
will maintain in a segregated custodial account an amount of cash, US Government
securities  or  other liquid, high-quality debt securities equal in value to the
repurchase  price.  The Fund will mark-to-market the value of assets held in the
segregated account, and will place additional assets in the account whenever the
total  value  of  the  account  falls below the amount required under applicable
regulations.
     The  Fund's use of reverse repurchase agreements involves the risk that the
other  party to the agreements could become subject to bankruptcy or liquidation
proceedings during the period the agreements are outstanding. In such event, the
Fund  may  not  be  able  to repurchase the securities it has sold to that other
party.  Under  those  circumstances,  if at the expiration of the agreement such
securities are of greater value than the proceeds obtained by the Fund under the
agreements,  the  Fund  may  have  been  better  off had it not entered into the
agreement.  However, the Fund will enter into reverse repurchase agreements only
with  banks  and dealers which the Advisor believes present minimal credit risks
under guidelines adopted by the Fund's Board of Directors. In addition, the Fund
bears the risk that the market value of the securities it sold may decline below
the  agreed-upon repurchase price, in which case the dealer may request the Fund
to  post  additional  collateral.

African  Sovereign  Debt
     The  Fund  may  invest  up to 20% of its assets in fixed-income securities.
These  include  but  are  not limited to, foreign government obligations -- debt
securities  issued  and  backed by the respective government bodies. In terms of
their  government  backing,  these  securities  will  structurally  resemble  US
Government and US Government agency issues. In many instances the debt issues of
African  sovereignties represent low quality securities and may be comparable to
securities  rated  below  investment-grade.  Because  of  their  speculative
characteristics,  they  trade  at substantial discounts from face value, but may
offer  substantial  long-term  capital  appreciation.

Non-Investment  Grade  Debt  Securities
     Non-investment  grade  debt  securities  are  lower quality debt securities
(generally  those  rated  BB or lower by S&P or Ba or lower by Moody's, known as
"junk  bonds").  These  securities have moderate to poor protection of principal
and  interest payments and have speculative characteristics. (See Appendix for a
description of the ratings.) These securities involve greater risk of default or
price  declines  due  to  changes  in  the  issuer's  creditworthiness  than
investment-grade  debt securities. Because the market for lower-rated securities
may  be  thinner  and less active than for higher-rated securities, there may be
market price volatility for these securities and limited liquidity in the resale
market.  Market prices for these securities may decline significantly in periods
of general economic difficulty or rising interest rates. Unrated debt securities
may  fall  into  the  lower quality category. Unrated securities usually are not
attractive  to  as many buyers as rated securities are, which may make them less
marketable.
     The  quality  limitation  set  forth  in  the  Fund's  investment policy is
determined  immediately  after  the  Fund's  acquisition  of  a  given security.
Accordingly, any later change in ratings will not be considered when determining
whether  an  investment  complies  with  the  Fund's  investment  policy.
     When  purchasing  high-yielding  securities  rated or unrated, the Advisors
prepare  their  own careful credit analysis to attempt to identify those issuers
whose  financial condition is adequate to meet future obligations or is expected
to  be adequate in the future. Through Fund diversification and credit analysis,
investment  risk  can be reduced, although there can be no assurance that losses
will  not  occur.

Derivatives
     The Fund can use various techniques to increase or decrease its exposure to
changing  security prices, interest rates, or other factors that affect security
values.  These techniques may involve derivative transactions such as buying and
selling  options  and  futures contracts and leveraged notes, entering into swap
agreements,  and purchasing indexed securities. The Fund can use these practices
either  as  substitution or as protection against an adverse move in the Fund to
adjust  the  risk  and return characteristics of the Fund. If the Advisor and/or
Subadvisor  judges market conditions incorrectly or employs a strategy that does
not  correlate  well  with  a  Fund's investments, or if the counterparty to the
transaction  does  not  perform  as promised, these techniques could result in a
loss. These techniques may increase the volatility of the Fund and may involve a
small  investment  of  cash  relative  to  the  magnitude  of  the risk assumed.
Derivatives  are  often  illiquid.

Options  and  Futures  Contracts
     The  Fund may, in pursuit of its respective investment objectives, purchase
put  and  call  options  and  engage  in the writing of covered call options and
secured  put  options  on  securities,  and employ a variety of other investment
techniques.  Specifically,  the Fund may also engage in the purchase and sale of
stock  index future contracts, foreign currency futures contracts, interest rate
futures  contracts,  and options on such futures, as described more fully below.
     The  Fund  may  engage  in  such  transactions  only  to hedge the existing
positions.  It  will  not  engage  in  such  transactions  for  the  purposes of
speculation  or  leverage. Such investment policies and techniques may involve a
greater  degree  of  risk  than  those  inherent in more conservative investment
approaches.
     The  Fund  may  write "covered options" on securities in standard contracts
traded  on  national  securities  exchanges.  The Fund may write such options in
order  to  receive  the  premiums from options that expire and to seek net gains
from  closing  purchase  transactions  with  respect  to  such  options.

Put  and  Call  Options. The Fund may purchase put and call options, in standard
contracts  traded on national securities exchanges or over-the-counter. The Fund
will  purchase  such  options  only  to  hedge  against  changes in the value of
securities  the  Fund holds and not for the purposes of speculation or leverage.
By  buying  a  put,  the Fund has the right to sell the security at the exercise
price,  thus  limiting its risk of loss through a decline in the market value of
the  security until the put expires. The amount of any appreciation in the value
of the underlying security will be partially offset by the amount of the premium
paid  for  the  put  option  and  any  related  transaction  costs. Prior to its
expiration,  a  put  option  may  be  sold in a closing sale transaction and any
profit  or loss from the sale will depend on whether the amount received is more
or  less  than  the premium paid for the put option plus the related transaction
costs.
     The  Fund may purchase call options on securities. Such transactions may be
entered  into in order to limit the risk of a substantial increase in the market
price  of  the  security  which  the  Fund  intends  to  purchase.  Prior to its
expiration,  a call option may be sold in a closing sale transaction. Any profit
or  loss  from such a sale will depend on whether the amount received is more or
less  than  the  premium  paid  for the call option plus the related transaction
costs.

Covered  Options.  The  Fund  may  write only covered options on equity and debt
securities  in  standard  contracts  traded  on  national  or foreign securities
exchanges.  This means that, in the case of call options, so long as the Fund is
obligated  as  the  writer  of  a  call option, the Fund will own the underlying
security  subject  to the option and, in the case of put options, the Fund will,
through  its  custodian,  deposit  and maintain either cash or securities with a
market  value  equal  to  or  greater  than  the  exercise  price of the option.
     When  the  Fund  writes a covered call option, the Fund gives the purchaser
the  right  to purchase the security at the call option price at any time during
the  life  of  the  option.  As  the  writer  of the option, the Fund receives a
premium,  less  a commission, and in exchange foregoes the opportunity to profit
from  any increase in the market value of the security exceeding the call option
price.  The  premium  serves  to  mitigate the effect of any depreciation in the
market  value  of  the  security.  Writing covered call options can increase the
income  of the Fund and thus reduce declines in the net asset value per share of
the  Fund  if securities covered by such options decline in value. Exercise of a
call  option  by  the  purchaser  however  will  cause the Fund to forego future
appreciation  of  the  securities  covered  by  the  option.
     When  the  Fund  writes  a covered put option, it will gain a profit in the
amount of the premium, less a commission, so long as the price of the underlying
security  remains  above the exercise price. However, the Fund remains obligated
to purchase the underlying security from the buyer of the put option (usually in
the  event the price of the security falls below the exercise price) at any time
during  the  option  period. If the price of the underlying security falls below
the  exercise price, the Fund may realize a loss in the amount of the difference
between  the exercise price and the sale price of the security, less the premium
received.
     The  Fund  may  purchase  securities which may be covered with call options
solely  on the basis of considerations consistent with the investment objectives
and  policies of the Fund. The Fund's turnover may increase through the exercise
of  a  call option; this will generally occur if the market value of a "covered"
security  increases  and  the  Fund  has  not  entered  into  a closing purchase
transaction.
     Risks  Related  to  Options  Transactions.  The  Fund  can  close  out  its
respective  positions  in  exchange-traded  options  only  on  an exchange which
provides  a  secondary  market  in  such  options.  Although the Fund intends to
acquire  and  write  only  such  exchange-traded  options  for  which  an active
secondary  market appears to exist, there can be no assurance that such a market
will exist for any particular option contract at any particular time. This might
prevent the Fund from closing an options position, which could impair the Fund's
ability  to  hedge  effectively.  The inability to close out a call position may
have an adverse effect on liquidity because the Fund may be required to hold the
securities  underlying  the  option  until  the  option expires or is exercised.

Over-the-Counter  ("OTC")  Options.  OTC  options  differ  from  exchange-traded
options  in  several respects. They are transacted directly with dealers and not
with  a  clearing  corporation,  and  there  is a risk of non-performance by the
dealer.  However,  the premium is paid in advance by the dealer. OTC options are
available  for  a greater variety of securities and foreign currencies, and in a
wider  range  of  expiration  dates  and  exercise  prices  than exchange-traded
options.  Since  there  is no exchange, pricing is normally done by reference to
information  from  a  market  maker, which information is carefully monitored or
caused  to  be  monitored  by  the Subadvisor and verified in appropriate cases.
     A  writer or purchaser of a put or call option can terminate it voluntarily
only  by  entering into a closing transaction. In the case of OTC options, there
can be no assurance that a continuous liquid secondary market will exist for any
particular  option  at  any specific time. Consequently, the Fund may be able to
realize  the  value  of  an OTC option it has purchased only by exercising it or
entering  into  a  closing  sale  transaction  with  the  dealer that issued it.
Similarly,  when  the Fund writes an OTC option, it generally can close out that
option  prior  to  its  expiration  only  by  entering  into  a closing purchase
transaction  with  the  dealer  to  which  it  originally wrote the option. If a
covered  call  option writer cannot effect a closing transaction, it cannot sell
the  underlying  security  or  foreign  currency until the option expires or the
option  is exercised. Therefore, the writer of a covered OTC call option may not
be  able  to  sell  an  underlying  security  even  though it might otherwise be
advantageous  to  do so. Likewise, the writer of a secured OTC put option may be
unable  to  sell  the  securities pledged to secure the put for other investment
purposes while it is obligated as a put writer. Similarly, a purchaser of an OTC
put  or  call option might also find it difficult to terminate its position on a
timely  basis  in  the  absence  of  a  secondary  market.
     The  Fund  understands  the  position  of  the  staff of the Securities and
Exchange  Commission (the "SEC") to be that purchased OTC options and the assets
used  as  "cover"  for written OTC options are illiquid securities. The Fund has
adopted  procedures  for engaging in OTC options transactions for the purpose of
reducing any potential adverse effect of such transactions upon the liquidity of
the  Fund.

Futures Transactions. The Fund may purchase and sell futures contracts, but only
when, in the judgment of the Subadvisor, such a position acts as a hedge against
market  changes  which  would  adversely affect the securities held by the Fund.
These  futures  contracts  may  include,  but  are  not limited to, market index
futures  contracts  and  futures  contracts  based on US Government obligations.
     A  futures  contract  is an agreement between two parties to buy and sell a
security on a future date which has the effect of establishing the current price
for  the  security.  Although  futures  contracts  by their terms require actual
delivery  and  acceptance  of securities, in most cases the contracts are closed
out  before  the  settlement  date  without  the making or taking of delivery of
securities. Upon buying or selling a futures contract, the Fund deposits initial
margin  with  its custodian, and thereafter daily payments of maintenance margin
are  made  to  and  from  the  executing  broker. Payments of maintenance margin
reflect  changes  in  the  value  of  the  futures contract, with the Fund being
obligated  to  make  such payments if its futures position becomes less valuable
and  entitled  to  receive  such payments if its positions become more valuable.
     The  Fund  may  only  invest  in  futures contracts to hedge its respective
existing  investment  positions  and  not for income enhancement, speculation or
leverage  purposes.
     Futures  contracts  are  designed  by  boards of trade which are designated
"contracts  markets"  by  the  Commodity Futures Trading Commission ("CFTC"). As
series  of  a  registered investment company, the Fund is eligible for exclusion
from  the  CFTC's definition of "commodity pool operator," meaning that the Fund
may  invest  in futures contracts under specified conditions without registering
with  the CFTC. Futures contracts trade on contracts markets in a manner that is
similar  to  the way a stock trades on a stock exchange and the boards of trade,
through  their  clearing  corporations,  guarantee performance of the contracts.

Options  on  Futures  Contracts.  The  Fund  may  purchase and write put or call
options and sell call options on futures contracts. The Fund may also enter into
closing  transactions  with  respect  to  such  options to terminate an existing
position;  that  is, to sell a put option already owned and to buy a call option
to close a position where the Fund has already sold a corresponding call option.
     The  Fund  may  only  invest in options on futures contracts to hedge their
respective  existing  investment  positions  and  not  for  income  enhancement,
speculation  or  leverage  purposes.
     An  option  on  a futures contract gives the purchaser the right, in return
for the premium paid, to assume a position in a futures contract-a long position
if  the  option  is  a  call  and  a  short position if the option is a put-at a
specified  exercise  price at any time during the period of the option. The Fund
will  pay  a premium for such options purchased or sold. In connection with such
options  bought  or sold, the Fund will make initial margin deposits and make or
receive maintenance margin payments which reflect changes in the market value of
such  options. This arrangement is similar to the margin arrangements applicable
to  futures  contracts  described  above.

Put  Options  on  Futures  Contracts.  The  purchase  of  put options on futures
contracts  is  analogous to the sale of futures contracts and is used to protect
the Fund against the risk of declining prices. The Fund may purchase put options
and  sell  put  options on futures contracts that are already owned by the Fund.
The Fund will only engage in the purchase of put options and the sale of covered
put  options  on  market  index  futures  for  hedging  purposes.

Call Options on Futures Contracts. The sale of call options on futures contracts
is  analogous  to  the sale of futures contracts and is used to protect the Fund
against  the  risk  of declining prices. The purchase of call options on futures
contracts  is analogous to the purchase of a futures contract. The Fund may only
buy call options to close an existing position where the Fund has already sold a
corresponding call option, or for a cash hedge. The Fund will only engage in the
sale  of  call  options  and  the  purchase of call options to cover for hedging
purposes.

Writing  Call  Options  on  Futures  Contracts.  The  writing of call options on
futures  contracts  constitutes  a partial hedge against declining prices of the
securities  deliverable  upon  exercise  of the futures contract. If the futures
contract  price  at expiration is below the exercise price, the Fund will retain
the full amount of the option premium which provides a partial hedge against any
decline  that  may  have  occurred  in  the  Fund's  securities  holdings.

Risks  of  Options  and Futures Contracts. If the Fund has sold futures or takes
options  positions to hedge against a decline in the market and the market later
advances,  the  Fund may suffer a loss on the futures contracts or options which
it  would  not  have  experienced  if  it  had  not  hedged. Correlation is also
imperfect  between movements in the prices of futures contracts and movements in
prices  of the securities which are the subject of the hedge. Thus, the price of
the  futures contract or option may move more than or less than the price of the
securities  being  hedged.  Where  the  Fund  has  sold futures or taken options
positions to hedge against decline in the market, the market may advance and the
value of the securities held in the Fund may decline. If this were to occur, the
Fund  might lose money on the futures contracts or options and also experience a
decline  in  the  value  of  its  securities.
     The  Fund  can  close out futures positions only on an exchange or board of
trade  which  provides  a  secondary  market  in such futures. Although the Fund
intends  to  purchase  or  sell  only such futures for which an active secondary
market appears to exist, there can be no assurance that such a market will exist
for  any  particular futures contract at any particular time. This might prevent
the  Fund  from closing a futures position, which could require the Fund to make
daily  cash  payments with respect to its position in the event of adverse price
movements.
     Options  on  futures  transactions  bear  several  risks  apart  from those
inherent  in options transactions generally. The Fund's ability to close out its
options  positions  in  futures  contracts  will  depend  upon whether an active
secondary  market  for such options develops and is in existence at the time the
Fund  seeks to close its positions. There can be no assurance that such a market
will  develop  or  exist.  Therefore, the Fund might be required to exercise the
options  to  realize  any  profit.

Foreign  Currency  Transactions.  Forward Foreign Currency Exchange Contracts. A
forward foreign currency exchange contract involves an obligation to purchase or
sell a specific currency at a future date, which may be any fixed number of days
("Term")  from  the  date of the contract agreed upon by the parties, at a price
set  at  the  time  of the contract. These contracts are traded directly between
currency  traders  (usually  large  commercial  banks)  and  their  customers.
     The  Fund  will  not  enter  into  such forward contracts or maintain a net
exposure  in  such contracts where it would be obligated to deliver an amount of
foreign  currency  in  excess of the value of its portfolio securities and other
assets  denominated  in  that  currency.  The  Subadvisor  believes  that  it is
important  to  have the flexibility to enter into such forward contracts when it
determines  that  to  do  so  is  in  the Fund's best interests. See above under
"Foreign  Securities."
     Foreign  Currency  Options.  A  foreign currency option provides the option
buyer  with  the right to buy or sell a stated amount of foreign currency at the
exercise  price  at  a specified date or during the option period. A call option
gives  its owner the right, but not the obligation, to buy the currency, while a
put  option  gives  its  owner  the  right,  but not the obligation, to sell the
currency.  The  option  seller (writer) is obligated to fulfill the terms of the
option  sold  if  it is exercised. However, either seller or buyer may close its
position during the option period for such options any time prior to expiration.
     A call rises in value if the underlying currency appreciates. Conversely, a
put  rises  in  value if the underlying currency depreciates. While purchasing a
foreign  currency option can protect the Fund against an adverse movement in the
value  of a foreign currency, it does not limit the gain which might result from
a favorable movement in the value of such currency. For example, if the Fund was
holding  securities  denominated  in  an  appreciating  foreign currency and had
purchased  a foreign currency put to hedge against a decline in the value of the
currency,  it  would  not  have  to exercise its put. Similarly, if the Fund had
entered into a contract to purchase a security denominated in a foreign currency
and  had  purchased a foreign currency call to hedge against a rise in the value
of  the  currency  but instead the currency had depreciated in value between the
date of purchase and the settlement date, it would not have to exercise its call
but  could  acquire in the spot market the amount of foreign currency needed for
settlement.
     Foreign  Currency  Futures  Transactions. The Fund may use foreign currency
futures contracts and options on such futures contracts. Through the purchase or
sale  of  such  contracts, it may be able to achieve many of the same objectives
attainable  through  the  use  of  foreign  currency forward contracts, but more
effectively  and  possibly  at  a  lower  cost.
     Unlike  forward  foreign  currency  exchange  contracts,  foreign  currency
futures  contracts  and  options  on  foreign  currency  futures  contracts  are
standardized  as to amount and delivery period and are traded on boards of trade
and  commodities  exchanges.  It  is anticipated that such contracts may provide
greater  liquidity  and  lower  cost  than  forward  foreign  currency  exchange
contracts.

lending  portfolio  securities
     The  Fund  may  lend  its  securities to member firms of the New York Stock
Exchange  and  commercial  banks with assets of one billion dollars or more. Any
such  loans must be secured continuously in the form of cash or cash equivalents
such  as US Treasury bills. The amount of the collateral must on a current basis
equal  or exceed the market value of the loaned securities, and the Fund must be
able to terminate such loans upon notice at any time. The Fund will exercise its
right  to  terminate  a securities loan in order to preserve their right to vote
upon  matters  of  importance  affecting  holders  of  the  securities.
The advantage of such loans is that the Fund continues to receive the equivalent
of the interest earned or dividends paid by the issuers on the loaned securities
while  at  the  same  time earning interest on the cash or equivalent collateral
which  may  be  invested  in  accordance  with  the Fund's investment objective,
policies  and  restrictions.
     Securities  loans  are  usually  made to broker-dealers and other financial
institutions  to  facilitate  their  delivery  of  such  securities. As with any
extension  of  credit, there may be risks of delay in recovery and possibly loss
of  rights in the loaned securities should the borrower of the loaned securities
fail  financially.  However,  the Fund will make loans of its securities only to
those  firms  the Advisor or Subadvisor deems creditworthy and only on terms the
Advisor  believes  should  compensate for such risk. On termination of the loan,
the  borrower  is  obligated to return the securities to the Fund. The Fund will
recognize any gain or loss in the market value of the securities during the loan
period.  The Fund may pay reasonable custodial fees in connection with the loan.

                             Investment Restrictions
                             -----------------------

Fundamental  Investment  Restrictions

     The  Fund  has  adopted  the following fundamental investment restrictions.
These  restrictions  cannot  be changed without the approval of the holders of a
majority  of  the  outstanding  shares  of  the  Fund.

(1) The Fund may not make any investment inconsistent with its classification as
a  nondiversified  investment  company  under  the  1940  Act.
(2)  The  Fund  may not concentrate its investments in the securities of issuers
primarily  engaged  in  any particular industry (other than securities issued or
guaranteed  by  the  U.S.  Government  or  its agencies or instrumentalities and
repurchase  agreements  secured  thereby).
(3)  The Fund may not issue senior securities or borrow money, except from banks
for  temporary or emergency purposes and then only in an amount up to 33 1/3% of
the  value  of its total assets or as permitted by law and except by engaging in
reverse  repurchase  agreements, where allowed. In order to secure any permitted
borrowings  and  reverse  repurchase agreements under this section, the Fund may
pledge,  mortgage  or  hypothecate  its  assets.
(4)  The  Fund  may  not  underwrite  the securities of other issuers, except as
allowed  by  law or to the extent that the purchase of obligations in accordance
with  its investment objective and policies, either directly from the issuer, or
from  an  underwriter  for  an  issuer,  may  be  deemed  an  underwriting.
(5)  The Fund may not invest directly in commodities or real estate, although it
may  invest  in  securities  which  are  secured  by  real estate or real estate
mortgages  and  securities  of  issuers  which  invest  or  deal in commodities,
commodity  futures,  real  estate  or  real  estate  mortgages.
(6) The Fund may not make loans, other than through the purchase of money market
instruments and repurchase agreements or by the purchase of bonds, debentures or
other  debt securities, or as permitted by law. The purchase of all or a portion
of  an issue of publicly or privately distributed debt obligations in accordance
with  the  Fund's  investment  objective,  policies  and restrictions, shall not
constitute  the  making  of  a  loan.

Nonfundamental  Investment  Restrictions

     The  Fund's  Board  of  Directors  has adopted the following nonfundamental
investment  restrictions. A nonfundamental investment restriction can be changed
by  the  Board  at  any  time  without  a  shareholder  vote.

(1)  The  Fund may not invest, in the aggregate, more than 15% of its net assets
in  illiquid  securities.  Purchases  of  securities outside the US that are not
registered  with  the  SEC  or  marketable  in the U.S. are not per se illiquid.
(2) The Fund may not write, purchase or sell puts, calls or combinations thereof
except  that  the  Fund  may  (a)  write exchange-traded covered call options on
portfolio  securities  and enter into closing purchase transactions with respect
to  such options, and the Fund may write exchange-traded covered call options on
foreign  currencies and secured put options on securities and foreign currencies
and  write  covered  call  and  secured  put  options  on securities and foreign
currencies traded over the counter, and enter into closing purchase transactions
with  respect to such options, (b) purchase exchange-traded call options and put
options and purchase call and put options traded over the counter, provided that
the  premiums  on  all  outstanding call and put options do not exceed 5% of its
total  assets,  and  enter  into  closing  sale transaction with respect to such
options,  and  (c)  engage  in  financial  futures contracts and related options
transactions, provided that the sum of the initial margin deposits on the Fund's
existing futures and related options positions and the premiums paid for related
options  would  not  exceed  5%  of  its  total  assets.
(3)  The  Fund may not make short sales of securities or purchase any securities
on  margin  except  that  the  Fund may obtain such short-term credits as may be
necessary for the clearance of purchases and sales of securities. The deposit or
payment  by  the  Fund  of  initial  or  maintenance  margin  in connection with
financial  futures  contracts  or related options transactions is not considered
the  purchase  of  a  security  on  margin.

     Any  investment  restriction  which  involves  a  maximum  percentage  of
securities  or  assets  (except for fundamental investment restriction three and
nonfundamental  investment  restriction  one)  shall  not  be  considered  to be
violated  unless  an  excess  over  the applicable percentage occurs immediately
after  an  acquisition  of  securities  or  utilization  of  assets  and results
therefrom.
`
                       Dividends, Distributions, and Taxes
                       -----------------------------------

     The  Fund  intends  to  qualify  as  a  regulated  investment company under
Subchapter  M  of  the  Internal Revenue Code. If for any reason the Fund should
fail  to  qualify, it would be taxed as a corporation at the Fund level, and pay
taxes  on  its income and gains rather than passing through its income and gains
to  shareholders, so that shareholders also would pay taxes on these same income
and  gains.
     Distributions of realized net capital gains, if any, are normally paid once
a  year; however, the Fund does not intend to make any such distributions unless
available  capital  loss  carryovers,  if  any,  have been used or have expired.
     Generally, dividends (including short-term capital gains) and distributions
are taxable to the shareholder in the year they are paid. However, any dividends
and distributions paid in January but declared during the prior three months are
taxable  in  the  year  declared.
     The  Fund  is  required  to  withhold  31%  of any reportable dividends and
long-term  capital gain distributions paid and 31% of each reportable redemption
transaction  occurring if: (a) the shareholder's social security number or other
taxpayer identification number ("TIN") is not provided or an obviously incorrect
TIN is provided; (b) the shareholder does not certify under penalties of perjury
that  the TIN provided is the shareholder's correct TIN and that the shareholder
is not subject to backup withholding under section 3406(a)(1)(C) of the Internal
Revenue  Code  because  of  underreporting  (however,  failure  to  provide
certification as to the application of section 3406(a)(1)(C) will result only in
backup  withholding  on  dividends,  not  on  redemptions);  or  (c) the Fund is
notified  by  the  Internal  Revenue  Service  that  the  TIN  provided  by  the
shareholder  is  incorrect  or that there has been underreporting of interest or
dividends  by  the shareholder. Affected shareholders will receive statements at
least  annually  specifying  the  amount  withheld.
     In addition, the Fund is required to report to the Internal Revenue Service
the  following information with respect to each redemption transaction occurring
in  the  Fund:  (a) the shareholder's name, address, account number and taxpayer
identification  number;  (b)  the total dollar value of the redemptions; and (c)
the  Fund's  identifying  CUSIP  number.
     Certain  shareholders  are, however, exempt from the backup withholding and
broker  reporting  requirements.  Exempt  shareholders  include:  corporations;
financial  institutions;  tax-exempt organizations; individual retirement plans;
the  US,  a  State,  the  District  of  Columbia,  a  US  possession,  a foreign
government,  an international organization, or any political subdivision, agency
or  instrumentality  of  any  of  the  foregoing;  US  registered commodities or
securities  dealers;  real  estate  investment  trusts;  registered  investment
companies;  bank  common trust funds; certain charitable trusts; foreign central
banks  of  issue.  Non-resident aliens, certain foreign partnerships and foreign
corporations  are generally not subject to either requirement but may instead be
subject to withholding under sections 1441 or 1442 of the Internal Revenue Code.
Shareholders  claiming  exemption  from  backup withholding and broker reporting
should  call  or  write  the  Fund  for  further  information.
     Many states do not tax the portion of the Fund's dividends which is derived
from  interest  on  US  Government  obligations.  State  law varies considerably
concerning  the  tax status of dividends derived from US Government obligations.
Accordingly, shareholders should consult their tax advisors about the tax status
of  dividends and distributions from the Fund in their respective jurisdictions.
     Dividends  paid  by  the  Fund  may  be eligible for the dividends received
deduction  available to corporate taxpayers. Corporate taxpayers requesting this
information  may  contact  Calvert.

                                 Net Asset Value
                                 ---------------

     The  public  offering price of the shares of the Fund is the respective net
asset  value  per share (plus, for Class A shares, the applicable sales charge).
The  net  asset  value  fluctuates  based  on  the  market  value  of the Fund's
investments.  The  net  asset value per share for each class is determined every
business  day  as  of  the  close  of  the regular session of the New York Stock
Exchange  (normally  4:00  p.m.  Eastern  time). The Fund does not determine net
asset  value  on  certain  national holidays or other days on which the New York
Stock  Exchange  is  closed: New Year's Day, Martin Luther King Day, Presidents'
Day,  Good  Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day,
and  Christmas  Day.  The  Fund's  net  asset  value  per share is determined by
dividing total net assets (the value of its assets net of liabilities, including
accrued  expenses  and fees) by the number of shares outstanding for that class.
     The  assets  of  the  Fund  are valued as follows: (a) securities for which
market  quotations  are  readily available are valued at the most recent closing
price,  mean  between  bid and asked price, or yield equivalent as obtained from
one or more market makers for such securities; (b) securities maturing within 60
days  may  be  valued  at cost, plus or minus any amortized discount or premium,
unless the Board of Directors determines such method not to be appropriate under
the  circumstances;  and  (c)  all  other securities and assets for which market
quotations  are  not  readily  available will be fairly valued by the Advisor in
good faith under the supervision of the Board of Directors. Securities primarily
traded  on  foreign  securities  exchanges are generally valued at the preceding
closing  values  on  their  respective  exchanges where primarily traded. Equity
options  are valued at the last sale price unless the bid price is higher or the
ask  price  is  lower,  in  which  event such bid or ask price is used. Exchange
traded fixed income options are valued at the last sale price unless there is no
sale  price,  in  which event current prices provided by market makers are used.
Over-the-counter  fixed  income  options  are  valued  based upon current prices
provided  by market makers. Financial futures are valued at the settlement price
established each day by the board of trade or exchange on which they are traded.
Because  of  the  need  to  obtain  prices as of the close of trading on various
exchanges  throughout  the  world, the calculation of the Fund's net asset value
does  not  take  place contemporaneously with the determination of the prices of
U.S.  portfolio securities. For purposes of determining the net asset value, all
assets  and  liabilities  initially expressed in foreign currency values will be
converted  into  United  States  dollar  values  at the mean between the bid and
offered  quotations  of  such  currencies  against United States dollars as last
quoted by any recognized dealer. If an event were to occur after the value of an
investment  was  so  established  but  before  the net asset value per share was
determined  which  could  materially  change  the  net  asset  value,  then  the
instrument  would  be  valued using fair value consideration by the Directors or
their  delegates.

                           Calculation of Total Return
                           ---------------------------

     The  Fund  may  advertise  "total  return."  Total  return  is  calculated
separately  for  each class. Total return is computed by taking the total number
of  shares  purchased  by  a  hypothetical $1,000 investment after deducting any
applicable  sales  charge,  adding  all  additional  shares purchased within the
period  with  reinvested  dividends  and distributions, calculating the value of
those  shares  at  the end of the period, and dividing the result by the initial
$1,000  investment.  For  periods  of  more  than one year, the cumulative total
return  is  then  adjusted  for  the  number  of  years, taking compounding into
account,  to  calculate  average  annual  total  return  during  that  period.
     Total  return  is  computed  according  to  the  following  formula:

                                 P(1 + T)n = ERV

where P = a hypothetical initial payment of $1,000; T = total return; n = number
of years; and ERV = the ending redeemable value of a hypothetical $1,000 payment
made  at  the  beginning  of  the  period.
     Total return is historical in nature and is not intended to indicate future
performance.  All  total  return quotations reflect the deduction of the maximum
sales  charge,  except quotations of "return without maximum load," (or "without
CDSC") which do not deduct sales charge. Return without maximum load, which will
be  higher  than  total  return, should be considered only by investors, such as
participants  in certain pension plans, to whom the sales charge does not apply,
or  for  purposes  of  comparison only with comparable figures which also do not
reflect  sales  charges,  such  as  Lipper  averages.

                                   Advertising
                                   -----------

     The Fund or its affiliates may provide information such as, but not limited
to,  the  economy,  investment  climate,  investment  principles  and rationale,
sociological  conditions  and  political  ambiance.  Discussion  may  include
hypothetical scenarios or lists of relevant factors designed to aid the investor
in  determining  whether  the  Fund is compatible with the investor's goals. The
Fund  may  list  portfolio holdings or give examples or securities that may have
been  considered  for  inclusion  in  the  Portfolio,  whether  held  or  not.
     The  Fund  or  its  affiliates  may supply comparative performance data and
rankings  from  independent  sources  such as Donoghue's Money Fund Report, Bank
Rate  Monitor,  Money,  Forbes, Lipper Analytical Services, Inc., CDA Investment
Technologies,  Inc.,  Wiesenberger  Investment  Companies  Service,  Russell
2000/Small  Stock  Index,  Mutual  Fund  Values Morningstar Ratings, Mutual Fund
Forecaster,  Barron's,  The  Wall  Street  Journal,  and  Schabacker  Investment
Management,  Inc.  Such averages generally do not reflect any front- or back-end
sales  charges  that may be charged by Funds in that grouping. The Fund may also
cite  to any source, whether in print or on-line, such as Bloomberg, in order to
acknowledge  origin of information. The Fund may compare itself or its portfolio
holdings  to  other  investments,  whether  or  not  issued  or regulated by the
securities  industry, including, but not limited to, certificates of deposit and
Treasury  notes.  The Fund, its Advisor, and its affiliates reserve the right to
update  performance  rankings  as  new  rankings  become  available.
     Calvert Group is the nation's leading family of socially responsible mutual
funds,  both  in  terms  of  socially  responsible  mutual  fund  assets  under
management,  and  number  of socially responsible mutual fund portfolios offered
(source: Social Investment Forum, December 31, 2000). Calvert Group was also the
first  to  offer  a  family  of  socially  responsible  mutual  fund portfolios.

                        Purchase and Redemption of Shares
                        ---------------------------------

     Share  certificates  will  not be issued unless requested in writing by the
investor.  If  share certificates have been issued, then the certificate must be
delivered  to  the Fund's transfer agent with any redemption request. This could
result  in delays. If the certificates have been lost, the shareholder will have
to  pay  to  post  an indemnity bond in case the original certificates are later
presented  by  another  person.  No  certificates  will be issued for fractional
shares.
     The  Fund  has  filed  a  notice  of  election  under  Rule  18f-1 with the
Commission.  The  notice states that the Fund may honor redemptions that, during
any  90-day  period, exceed $250,000 or 1% of the nest assets value of the Fund,
whichever  is less, by redemptions-in-kind (distributions of a pro rata share of
the  portfolio  securities,  rather  than  cash.)
Fund shares shall be distributed through third party brokers. See the prospectus
for  more  details  on  purchases  and  redemptions.


                             DIRECTORS AND OFFICERS
                             ----------------------

     The  Fund's Board of Directors supervises the Fund's activities and reviews
its contracts with companies that provide it with services. Business information
is  provided  below  about  the  Directors.


                                                      Principal
                                                      Occupation(s)  During
Name, Address & Date of Birth   Position  with  Fund    Last  5  Years

Rebecca Adamson,                Director               President of the National
DOB: 09/10/47                                          non-profit, First Nations
                                                       Financial  Project.

Miles  Douglas  Harper,  III    Director                   Partner
DOB: 10/16/62                                        Gainer Donnelly & Desroches
                                                       since January 1999. Prior
                                                          to that Mr. Harper was
                                                           Vice President, Wood,
                                                           Harper,  PC.

Joy V. Jones, Esq.,             Director              Attorney and entertainment
DOB:  07/02/50                                         manager in New York City.

*Barbara J. Krumsiek,           Director              President, Chief Executive
DOB: 08/09/52                                          Officer and Vice Chairman
                                                    of Calvert Group, Ltd. Prior
                                                    to joining Calvert Group, in
                                                       1997, Ms. Krumsiek served
                                                       as a Managing Director of
                                                     Alliance Fund Distributors,
                                                                Inc. since 1974.

*D. Wayne Silby,                Director             President of Calvert Social
DOB: 07/20/48                                      Investment Fund. Mr. Silby is
                                                      also Executive Chairman of
                                                  Group Serve, Inc., an internet
                                                    company focused on community
                                                   building collaborative tools.

Reno J. Martini,                Director                Senior Vice President of
DOB: 01/13/50                                        Calvert Group. Ltd., Senior
                                                        Vice President and Chief
                                                   Investment Officer of Calvert
                                                 Asset Management Company, Inc.,
                                                   and Director and President of
                                                  Calvert-Sloan Advisers, L.L.C.


Ronald M. Wolfsheimer, CPA,     Officer                Senior Vice President and
DOB: 07/24/52                                         Chief Financial Officer of
                                                             Calvert Group, Ltd.

- --------------------------------------------------------------------------------
*William M. Tartikoff, Esq.     Director                  Senior Vice President,
DOB: 08/12/47                                     Secretary, and General Counsel
                                                          of Calvert Group, Ltd.
- --------------------------------------------------------------------------------
Susan Walker Bender, Esq.       Officer                Associate General Counsel
DOB: 01/29/59                                             of Calvert Group, Ltd.
- --------------------------------------------------------------------------------
Ivy Wafford Duke, Esq.          Officer                Associate General Counsel
DOB: 09/07/68                                    of Calvert Group, Ltd. Prior to
                                                  joining Calvert Group in 1996,
                                                  Ms. Duke had been an Associate
                                                    in the Investment Management
                                                       Group of the Business and
                                                   Finance Department at Drinker
                                                      Biddle & Reath since 1993.
- --------------------------------------------------------------------------------
Victor Frye, Esq.               Officer           Counsel and Compliance Officer
DOB: 10/15/58                                    of Calvert Group, Ltd. Prior to
                                                  joining Calvert Group in 1999,
                                                       Mr. Frye had been Counsel
                                                   and Manager of the Compliance
                                                      Department at The Advisors
                                                               Group since 1986.
- --------------------------------------------------------------------------------
Jennifer Streaks, Esq.          Officer             Assistant General Counsel of
DOB: 08/02/71                                       Calvert Group, Ltd. Prior to
                                                        joining Calvert Group in
                                                    1999, Ms. Streaks had been a
                                                       Regulatory Analyst in the
                                                    Market Regulation Department
                                                     of the National Association
                                                     of Securities Dealers since
                                                            1997. Prior to this,
                                                      Ms. Streaks had been a law
                                                          clerk to the Honorable
                                                       Maurice Foley at the U.S.
                                                    Tax Court for the year since
                                                          graduating from Howard
                                                       University School of Law,
                                                         where she was a student
                                                                      1993-1996.
- --------------------------------------------------------------------------------
Michael V. Yuhas Jr., CPA       Officer                         Director of Fund
DOB: 08/04/61                                                  Administration of
                                                             Calvert Group, Ltd.
- --------------------------------------------------------------------------------


     The  address  of  Director  and  Officers,  unless otherwise noted, is 4550
Montgomery  Avenue, Suite 1000N, Bethesda, Maryland 20814. Directors marked with
an  *, above, are "interested persons" of the Fund, under the Investment Company
Act  of  1940.
     Each of the Directors is also an Officer of Calvert-Sloan Advisers, L.L.C.,
each  of  the  subsidiaries  of  Calvert  Group,  Ltd.,  and  each  of the other
investment companies in the Calvert Group of Funds.  Each of the above Directors
marked  with  an , is also a Director or Officer of one or more other investment
companies  in  the  Calvert  Group  of  Funds.
     Directors  of the Fund not affiliated with the Advisor presently receive an
annual  fee  of  $5,000 for service as a member of the Board of Directors of the
Calvert  Group  for Funds, and a fee of $750 to $1,500 for each regular Board or
Committee  meeting  attended;  such  fees  are  allocated  among  the respective
Portfolios  on  the  basis  of  net  assets.
     The Audit Committee of the Board is composed of those Directors who are not
interested  persons.
     Directors  of  the  Fund  not affiliated with the Fund's may elect to defer
receipt  of all or a percentage of their fees and invest them in any fund in the
Calvert  Family  of  Funds  through  the  Directors' Deferred Compensation Plan.
Deferral of the fees is designed to maintain the parties in the same position as
if  the  fees were paid on a current basis. Management believes this will have a
negligible  effect on the Fund's assets, liabilities, net assets, and net income
per  share.

                       Investment Advisor and Subadvisors
                       ----------------------------------

     The  Fund's  Investment  Advisor  is Calvert Asset Management Company, 4550
Montgomery Avenue, suite 1000N, Bethesda, Maryland 20814, a subsidiary of Acacia
Mutual  Life  Insurance  Company  of  Washington,  D.C.  ("Acacia"). Acacia is a
subsidiary  of  Ameritas  Acacia  Mutual  Holding  Company.  Under  the Advisory
Contract,  the  Advisor  provides investment advice to the Fund and oversees its
day-to-day  operations,  subject to direction and control by the Fund's Board of
Directors.  The  Advisor  provides  the  Fund  with  investment  supervision and
management,  and  office  space;  furnishes executive and other personnel to the
Fund;  and  pays the salaries and fees of all Directors who are employees of the
Advisor  or its affiliates. The Fund pays all other administrative and operating
expenses,  including:  custodial,  registrar,  dividend  disbursing and transfer
agency  fees;  administrative  service  fees;  federal  and  state  securities
registration  fees; salaries, fees and expenses of Directors, executive officers
and  employees  of  the  Fund,  who  are  not employees of the Advisor or of its
affiliates;  insurance  premiums;  trade association dues; legal and audit fees;
interest,  taxes  and  other  business  fees;  expenses  of printing and mailing
reports,  notices,  prospectuses,  and  proxy  material  to  shareholders;
shareholders'  meeting  expenses;  and  brokerage  commissions  and  other costs
associated  with  the  purchase  and  sale  of  portfolio  securities.

Subadvisors

     Reinvest  South  Africa  ("RISA")  Investment  Advisers,  LLC  located  in
Philadelphia, PA was formed in 1997 by Sam Folin. It receives a subadvisory fee,
paid  by  the  Advisor  of  0.40%  of  net  assets  it  manages.

     African  Harvest  Asset Managers Limited, located in Newlands, South Africa
was  formed in 1997 and provides investment management services to South African
clients including union retirement funds. It receives a subadvisory fee, paid by
the  Advisor,  of  0.40%  of  net  assets  it  manages.

     The Fund has received an exemptive order to permit the Fund and the Advisor
to  enter into and materially amend the Investment Subadvisory Agreement without
shareholder  approval.  Within  90  days  of the hiring of any Subadvisor or the
implementation  of  any  proposed  material change in the Investment Subadvisory
Agreement,  the  Fund  will  furnish  its shareholders information about the new
Subadvisor or Investment Subadvisory Agreement that would be included in a proxy
statement. Such information will include any change in such disclosure caused by
the  addition  of  a  new  Subadvisor  or  any  proposed  material change in the
Investment  Subadvisory Agreement of the Fund. The Fund will meet this condition
by  providing  shareholders,  within  90 days of the hiring of the Subadvisor or
implementation  of any material change to the terms of an Investment Subadvisory
Agreement,  with  an  information  statement  to  this  effect.


                          Administrative Services Agent
                          -----------------------------

     Calvert  Administrative  Services  Company  ("CASC"),  an  affiliate of the
Advisor,  has  been  retained  by  the  Fund  to  provide certain administrative
services  necessary  to the conduct of its affairs, including the preparation of
regulatory  filings  and  shareholder reports. For providing such services, CASC
receives  an  annual  administrative  service  fee  payable  monthly of 0.20% of
average  daily  net  asset.

                    Transfer and Shareholder Servicing Agents
                    -----------------------------------------

     National  Financial  Data  Services,  Inc.  ("NFDS"), a subsidiary of State
Street  Bank & Trust, has been retained by the Fund to act as transfer agent and
dividend disbursing agent. These responsibilities include: responding to certain
shareholder  inquiries  and  instructions,  crediting  and  debiting shareholder
accounts  for  purchases  and  redemptions  of  Fund  shares and confirming such
transactions,  and daily updating of shareholder accounts to reflect declaration
and  payment  of  dividends.
     Calvert Shareholder Services, Inc., ("CSSI") a subsidiary of Calvert Group,
Ltd.,  and  Acacia has been retained by the Fund to act as shareholder servicing
agent.  Shareholder servicing responsibilities include responding to shareholder
inquiries  and  instructions  concerning their accounts, entering any telephoned
purchases  or  redemptions  into  the  NFDS system, maintenance of broker-dealer
data,  and preparing and distributing statements to shareholders regarding their
accounts.
     For  these  services,  NFDS  and  CSSI receive a fee based on number of the
shareholder  accounts  and  transactions.

                             Method of Distribution
                             ----------------------

     Calvert  Distributors,  Inc.  ("CDI")  and  BOE  Securities,  Inc. are  the
principal  underwriters  and  distributors  for the Fund. CDI is an affiliate of
CAMCO.  BOE  Securities  is a registered broker-dealer firm located at 225 South
15th  Street,  Suite  928,  Philadelphia,  PA  19102.  Under  the  terms  of its
underwriting  agreement  with  the Fund, the distributor markets and distributes
the  Fund's  shares  and  is  responsible  for  preparing  advertising and sales
literature,  and  printing  and  mailing  prospectuses to prospective investors.
Pursuant  to  Rule  12b-1 under the Investment Company Act of 1940, the Fund has
adopted  a  Distribution Plan (the "Plans") that permits the Fund to pay certain
expenses  associated  with  the  distribution  and servicing of its shares. Such
expenses  for Class A, Class B, Class C and Class I shares may not exceed, on an
annual  basis,  0.35%  of  the  Fund's  respective  average  daily  net  assets.
     The  Fund's  Distribution  Plan  was  approved  by  the Board of Directors,
including  the  Directors  who are not "interested persons" of the Fund (as that
term is defined in the Investment Company Act of 1940) and who have no direct or
indirect  financial  interest  in the operation of the Plan or in any agreements
related  to  the Plan. The selection and nomination of the Directors who are not
interested  persons  of  the  Fund  is  committed  to  the  discretion  of  such
disinterested  Directors.  In  establishing  the  Plan, the Directors considered
various factors including the amount of the distribution expenses. The Directors
determined  that there is a reasonable likelihood that the Plan will benefit the
Fund  and its shareholders, including economies of scale at higher asset levels,
better  investment  opportunities  and  more  flexibility  in managing a growing
portfolio.
     The  Plan  may  be  terminated  by vote of a majority of the non-interested
Directors  who  have no direct or indirect financial interest in the Plan, or by
vote of a majority of the outstanding shares of the Fund. Any change in the Plan
that  would  materially  increase  the  distribution  cost  to the Fund requires
approval  of the shareholders of the Fund; otherwise, the Plan may be amended by
the Directors, including a majority of the non-interested Directors as described
above.  The  Plan will continue in effect for successive one-year terms provided
that  such continuance is specifically approved by (i) the vote of a majority of
the  Directors who are not parties to the Plan or interested persons of any such
party  and  who  have  no direct or indirect financial interest in the Plan, and
(ii)  the  vote  of  a  majority  of  the  entire  Board  of  Directors.
     Apart from the Plan, the Advisor and the distributor, at their own expense,
may  incur  costs and pay expenses associated with the distribution of shares of
the  Fund.  The  Advisor  and/or  distributor  has  agreed  to pay certain firms
compensation  based  on  sales  of Fund shares or on assets held in those Firm's
accounts  for  their  marketing  and  distribution of the Fund shares, above the
usual  sales  charges  and  services  fees.
The distributor, makes a continuous offering of the Fund's securities on a "best
efforts" basis. Under the terms of the agreement, the distributor is entitled to
receive, pursuant to the Distribution Plan, a distribution fee and a service fee
from  the  Fund  based  on  the  average  daily  net assets. These fees are paid
pursuant  to  the  Fund's  Distribution  Plan.

Class  A  shares are offered at net asset value plus a front-end sales charge as
follows:

                                    As a % of    As a % of    Allowed to
Amount  of                          offering     net amount   Brokers as a % of
Investment                          price        invested     offering  price
Less  than  $50,000                 4.75%        4.99%        4.00%
$50,000 but less than $100,000      3.75%        3.90%        3.00%
$100,000 but less than $250,000     2.75%        2.83%        2.25%
$250,000 but less than $500,000     1.75%        1.78%        1.25%
$500,000 but less than $1,000,000   1.00%        1.01%        0.80%
$1,000,000  and  over               0.00%        0.00%        0.00%


The  distributor  receives  any  front-end  sales  charge paid. A portion of the
front-end  sales  charge  may  be  reallowed  to  dealers.
            Fund  Directors and certain other affiliated persons of the Fund are
exempt from the sales charge since the distribution costs are minimal to persons
already  familiar with the Fund. Other groups (e.g., group retirement plans) are
exempt  due  to  economies  of  scale  in  distribution.  See  Exhibit  A to the
Prospectus.

                             Portfolio Transactions
                             ----------------------

     Fund transactions are undertaken on the basis of their desirability from an
investment  standpoint.  The  Fund's  Advisor  and  Subadvisors  make investment
decisions  and  the  choice  of  brokers  and  dealers  under  the direction and
supervision  of  the  Fund's  Board  of  Directors.
Broker-dealers  who  execute  portfolio  transactions  on behalf of the Fund are
selected  on  the  basis  of  their  execution  capability and trading expertise
considering,  among  other  factors, the overall reasonableness of the brokerage
commissions, current market conditions, size and timing of the order, difficulty
of  execution,  per share price, market familiarity, reliability, integrity, and
financial  condition,  subject to the Advisor/subadvisor obligation to seek best
execution. The Advisor or subadvisor may also consider sales of Fund shares as a
factor  in  the selection of brokers, again subject to best execution (i.e., the
fund  will  not  "pay  up"  for  such  transactions).
     While  the  Fund's  Advisor and Subadvisors select brokers primarily on the
basis  of  best execution, in some cases they may direct transactions to brokers
based  on  the  quality and amount of the research and research-related services
which  the  brokers  provide  to  them.  These research services include advice,
either  directly  or  through  publications  or  writings,  as  to  the value of
securities,  the advisability of investing in, purchasing or selling securities,
and  the  availability  of  securities  or  purchasers or sellers of securities;
furnishing of analyses and reports concerning issuers, securities or industries;
providing  information  on economic factors and trends; assisting in determining
portfolio  strategy;  providing  computer  software  used  in security analyses;
providing  portfolio  performance  evaluation and technical market analyses; and
providing  other  services  relevant  to the investment decision making process.
Other  such  services are designed primarily to assist the Advisor in monitoring
the  investment activities of the Subadvisors of the Fund. Such services include
portfolio  attribution systems, return-based style analysis, and trade-execution
analysis.  The Advisor or Subadvisors may also direct selling concessions and/or
discounts  in  fixed-price  offerings  for  research  services.
     If,  in  the  judgment  of  the  Advisor  or Subadvisors, the Fund or other
accounts  managed  by  them will be benefited by supplemental research services,
they  are  authorized  to  pay brokerage commissions to a broker furnishing such
services  which  are  in  excess  of  commissions  which another broker may have
charged  for  effecting  the  same transaction.  It is the policy of the Advisor
that  such research services will be used for the benefit of the Fund as well as
other  Calvert  Group  funds  and  managed  accounts.

                        Personal Securities Transactions
                        --------------------------------

     The  Fund,  its  Advisors, and principal underwriter have adopted a Code of
Ethics  pursuant  to Rule 17j-1 of the Investment Company Act of 1940.  The Code
of Ethics is deigned to protect the public from abusive trading practices and to
maintain  ethical  standards  for  access  persons  as  defined in the rule when
dealing  with  the  public.  The  Code  of  Ethics permits the Fund's investment
personnel to invest in securities that maybe purchased or held by the Fund.  The
Code of Ethics contains certain conditions such as preclearance and restrictions
on  use  of  material  information.

                     Independent Accountants and Custodians
                     --------------------------------------

          Arthur  Andersen  LLP  has  been selected by the Board of Directors to
serve as independent accountants for fiscal year 2001. State Street Bank & Trust
Company, N.A., 225 Franklin Street, Boston, MA 02110, serves as custodian of the
Fund's  investments.  Allfirst  Financial,  Inc.,  25  South  Charles  Street,
Baltimore, Maryland 21203 also serves as custodian of certain of the Fund's cash
assets.  The  custodians have no part in deciding the Fund's investment policies
or  the  choice  of  securities  that  are to be purchased or sold for the Fund.



                               General Information
                               -------------------

     The  Fund  is a series of Calvert Impact Fund, Inc., an open-end management
investment  company  organized as a Maryland Corporation on August 10, 2000. The
Fund  is non-diversified.  Each share represents an equal proportionate interest
with each other share and is entitled to such dividends and distributions out of
the  income  belonging  to  such class as declared by the Board. The Fund offers
four  classes  of  shares:  Class  A,  Class  B,  Class  C and Class I. Upon any
liquidation  of the Fund, shareholders are entitled to share pro rata in the net
assets  available  for  distribution.
     The  Fund  is not required to hold annual shareholder meetings, but special
meetings may be called for certain purposes such as electing Directors, changing
fundamental  policies,  or  approving  a  management  contract.


                                     ------
                                    Appendix
                                    --------

Corporate  Bond  And  Commercial  Paper  Ratings

Corporate  Bonds:
Description  of Moody's Investors Service Inc.'s/Standard & Poor's bond ratings:
     Aaa/AAA:  Best quality. These bonds carry the smallest degree of investment
risk  and  are  generally  referred  to  as  "gilt  edge." Interest payments are
protected  by  a  large  or  by  an exceptionally stable margin and principal is
secure.  This rating indicates an extremely strong capacity to pay principal and
interest.
     Aa/AA:  Bonds  rated  AA  also  qualify  as  high-quality debt obligations.
Capacity  to  pay  principal and interest is very strong, and in the majority of
instances they differ from AAA issues only in small degree. They are rated lower
than  the best bonds because margins of protection may not be as large as in Aaa
securities,  fluctuation  of protective elements may be of greater amplitude, or
there  may  be other elements present which make long-term risks appear somewhat
larger  than  in  Aaa  securities.
     A/A:  Upper-medium  grade obligations. Factors giving security to principal
and interest are considered adequate, but elements may be present which make the
bond  somewhat  more  susceptible  to  the  adverse effects of circumstances and
economic  conditions.
     Baa/BBB:  Medium  grade obligations; adequate capacity to pay principal and
interest.  Whereas they normally exhibit adequate protection parameters, adverse
economic  conditions  or  changing  circumstances  are  more likely to lead to a
weakened  capacity to pay principal and interest for bonds in this category than
for  bonds  in  higher  rated  categories.
     Ba/BB,  B/B,  Caa/CCC, Ca/CC: Debt rated in these categories is regarded as
predominantly  speculative  with  respect  to capacity to pay interest and repay
principal.  The  higher  the  degree of speculation, the lower the rating. While
such  debt  will  likely have some quality and protective characteristics, these
are  outweighed  by  large  uncertainties  or  major  risk  exposure  to adverse
conditions.
     C/C:  This  rating  is  only for income bonds on which no interest is being
paid.
     D:  Debt  in  default;  payment of interest and/or principal is in arrears.

Commercial  Paper:
     MOODY'S  INVESTORS  SERVICE,  INC.:
     The  Prime  rating  is  the  highest  commercial  paper  rating assigned by
Moody's.  Among  the  factors considered by Moody's in assigning ratings are the
following:  (1)  evaluation  of  the  management  of  the  issuer;  (2) economic
evaluation  of  the  issuer's  industry  or  industries  and  an  appraisal  of
speculative-type risks which may be inherent in certain areas; (3) evaluation of
the  issuer's  products  in relation to competition and customer acceptance; (4)
liquidity;  (5) amount and quality of long-term debt; (6) trend of earnings over
a  period  of  ten  years;  (7)  financial  strength of a parent company and the
relationships  which exist with the issuer; and (8) recognition by management of
obligations  which  may  be  present or may arise as a result of public interest
questions  and  preparations to meet such obligations. Issuers within this Prime
category may be given ratings 1, 2, or 3, depending on the relative strengths of
these  factors.

     STANDARD  &  POOR'S  CORPORATION:
     Commercial  paper  rated  A  by  Standard  &  Poor's  has  the  following
characteristics:  (i)  liquidity  ratios are adequate to meet cash requirements;
(ii)  long-term senior debt rating should be A or better, although in some cases
BBB  credits  may be allowed if other factors outweigh the BBB; (iii) the issuer
should  have access to at least two additional channels of borrowing; (iv) basic
earnings  and  cash  flow  should  have an upward trend with allowances made for
unusual  circumstances;  and  (v) typically the issuer's industry should be well
established and the issuer should have a strong position within its industry and
the  reliability and quality of management should be unquestioned. Issuers rated
A  are  further  referred to by use of numbers 1, 2 and 3 to denote the relative
strength  within  this  highest  classification.



                                LETTER OF INTENT


                                                                            Date

Calvert  Distributors,  Inc.
4550  Montgomery  Avenue
Bethesda,  MD  20814

Ladies  and  Gentlemen:

     By  signing  this  Letter of Intent, or affirmatively marking the Letter of
Intent  option  on  my Fund Account Application Form, I agree to be bound by the
terms and conditions applicable to Letters of Intent appearing in the Prospectus
and  the  Statement  of  Additional  Information for the Fund and the provisions
described  below  as  they  may  be  amended from time to time by the Fund. Such
amendments  will  apply  automatically  to  existing  Letters  of  Intent.

     I  intend  to  invest  in  the shares of:          (Fund or Portfolio name)
during  the  thirteen  (13)  month  period  from  the  date of my first purchase
pursuant to this Letter (which cannot be more than ninety (90) days prior to the
date  of  this  Letter  or  my  Fund  Account  Application  Form,  whichever  is
applicable),  an aggregate amount (excluding any reinvestments of distributions)
of  at  least  fifty  thousand dollars ($50,000) which, together with my current
holdings of the Fund (at public offering price on date of this Letter or my Fund
Account  Application  Form,  whichever  is applicable), will equal or exceed the
amount  checked  below:

     __  $50,000  __  $100,000  __  $250,000  __  $500,000  __  $1,000,000

     Subject  to  the conditions specified below, including the terms of escrow,
to  which  I hereby agree, each purchase occurring after the date of this Letter
will  be made at the public offering price applicable to a single transaction of
the  dollar  amount  specified  above, as described in the Fund's prospectus. No
portion  of the sales charge imposed on purchases made prior to the date of this
Letter  will  be  refunded.

     I  am  making  no commitment to purchase shares, but if my purchases within
thirteen  months from the date of my first purchase do not aggregate the minimum
amount  specified  above,  I  will  pay  the  increased  amount of sales charges
prescribed  in  the  terms of escrow described below. I understand that 4.75% of
the  minimum dollar amount specified above will be held in escrow in the form of
shares  (computed  to the nearest full share). These shares will be held subject
to  the  terms  of  escrow  described  below.

     From  the initial purchase (or subsequent purchases if necessary), 4.75% of
the  dollar amount specified in this Letter shall be held in escrow in shares of
the  Fund  by  the  Fund's  transfer  agent.  For example, if the minimum amount
specified  under the Letter is $50,000, the escrow shall be shares valued in the
amount  of  $2,375 (computed at the public offering price adjusted for a $50,000
purchase).  All  dividends  and  any  capital gains distribution on the escrowed
shares  will  be  credited  to  my  account.

     If  the  total  minimum  investment specified under the Letter is completed
within a thirteen month period, escrowed shares will be promptly released to me.
However,  shares  disposed  of  prior  to completion of the purchase requirement
under  the  Letter  will  be  deducted  from the amount required to complete the
investment  commitment.

     Upon  expiration of this Letter, the total purchases pursuant to the Letter
are  less  than  the  amount  specified  in the Letter as the intended aggregate
purchases,  Calvert  Distributors, Inc. ("CDI") will bill me for an amount equal
to  the  difference between the lower load I paid and the dollar amount of sales
charges which I would have paid if the total amount purchased had been made at a
single  time.  If  not  paid  by the investor within 20 days, CDI will debit the
difference  from  my account. Full shares, if any, remaining in escrow after the
aforementioned  adjustment  will  be released and, upon request, remitted to me.

     I  irrevocably constitute and appoint CDI as my attorney-in-fact, with full
power of substitution, to surrender for redemption any or all escrowed shares on
the  books  of  the  Fund.  This  power of attorney is coupled with an interest.

     The  commission  allowed by Calvert Distributors, Inc. to the broker-dealer
named  herein  shall  be  at  the  rate  applicable  to the minimum amount of my
specified  intended  purchases.

     The  Letter  may  be  revised  upward  by  me  at  any  time  during  the
thirteen-month  period,  and  such  a  revision will be treated as a new Letter,
except  that  the  thirteen-month  period during which the purchase must be made
will  remain  unchanged  and there will be no retroactive reduction of the sales
charges  paid  on  prior  purchases.

     In  determining  the  total  amount  of  purchases  made  hereunder, shares
disposed  of  prior  to  termination  of  this  Letter  will  be  deducted.  My
broker-dealer  shall  refer  to  this  Letter  of  Intent  in placing any future
purchase  orders  for  me  while  this  Letter  is  in  effect.



Dealer     Name  of  Investor(s)


By
     Authorized  Signer     Address



Date     Signature  of  Investor(s)



Date     Signature  of  Investor(s)








CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
PROFORMA  STATEMENTS  OF  ASSETS  AND  LIABILITIES
MARCH  31,  2000  (UNAUDITED)
              Calvert           The     Calvert
            New Africa          RISA   South Africa    Proforma       Proforma
               Fund              Fund     Fund      Adjustments       Combined
ASSETS
Investments in securities,
at value -  $5,128,279     $1,091,757          $0             -     $6,220,036
 (Cost  $5,781,152, $1,117,552,  and  $0  respectively.
Foreign Currency     -         88,631           0             -         88,631
Cash             6,435         58,960           0             -         65,395
Receivable for securities sold
               337,506        166,699           0             -        504,205
Interest and dividends receivable
                13,247          3,107           0             -         16,354
Receivable for shares sold
                   139              -           0             -            139
Receivable from Advisor
                     -         53,132           0             -         53,132
Other assets    11,937         10,053           0             -         21,990
Deferred offering costs
                     -         20,467           0             -         20,467
Total assets 5,497,543      1,492,806           0             -      6,990,349

LIABILITIES
Payable for securities purchased
               241,070        275,929           0             -        516,999
Payable to Bank
               103,092              -           0             -        103,092
Payable for shares redeemed
                 1,163              -           0             -          1,163
Payable to Calvert-Sloan Advisors, LLC
                22,046              -           0             -         22,046
Payable to Calvert Shareholder Services, Inc.
                   405              -           0             -            405
Payable to Calvert Distributors Inc.
                 1,195              -           0             -          1,195
Accrued expenses and other liabilities
                34,512         63,951           0             -         98,463
Total liabilities
               403,483        339,880           0             -        743,363
NET ASSETS  $5,094,060     $1,152,926          $0             -     $6,246,986

NET  ASSETS
Paid-in  capital  applicable  to  the  following  shares  of  common
stock,  $0.01  par  value  with  250,000,000  shares  authorized
for  Calvert  New  Africa  Class  A,  B,  and  C  combined:
Class A: 721,127 shares outstanding,
            $8,599,543
Class B: 12,174 shares outstanding,
               115,760
Class C: 4,330 shares outstanding,
                36,430
Paid-in capital, The RISA Fund, 98,821 shares outstanding, $0.001 par value,
unlimited authorization    $1,135,000
Paid-in capital, Calvert South Africa Fund, 0 shares outstanding
                                               $0             -     $9,886,733
Undistributed net investment income (loss)
              (11,098)         5,735            0            -         (5,363)
Accumulated net realized gain (loss) on investments and foreign currencies
           (2,984,935)        39,567            0            -     (2,945,368)
Net unrealized appreciation (depreciation) on investments and assets and
liabilities in foreign currencies
             (661,640)       (27,376)           0            -       (689,016)
NET ASSETS $5,094,060     $1,152,926           $0            -      $6,246,986


NET ASSETS - CLASS A
           $4,980,860     $1,152,926           $0                   $6,246,986
SHARES OUTSTANDING - CLASS A
              721,127 (1)     98,821 (1)        0(1)  (419,986)    416,466 (1)
NET ASSET VALUE - CLASS A
                $6.91         $11.67       $15.00                   $15.00 (4)
MAXIMUM SALES CHARGE - CLASS A
                 0.34 (3)        N/A         0.75 (3)                 0.75 (3)
OFFERING PRICE - CLASS A
                $7.25         $11.67       $15.75                       $15.75

NET ASSETS - CLASS B
              $83,114            N/A          N/A                          N/A
SHARES OUTSTANDING - CLASS B
               12,174 (1,2)      N/A          N/A                          N/A
NET ASSET VALUE - CLASS B
                $6.83            N/A          N/A                          N/A

NET ASSETS - CLASS C
              $30,086            N/A          N/A                          N/A
SHARES OUTSTANDING - CLASS C
                4,330 (1,2)      N/A          N/A                          N/A
NET ASSET VALUE - CLASS C
                $6.95            N/A          N/A                          N/A


(1)  The  proforma combined shares outstanding consists of 721,127 shares of the
Calvert  New  Africa  Fund  Class  A,  12,174  shares  of  Calvert  New Africa
Class  B, 4,330 shares of Calvert New Africa Fund Class C, 98,821 shares of The
RISA  Fund,  and  416,466  shares  issued  to  shareholders of  the  new
combined  entity,  the  Calvert  South  Africa  Fund.

(2)  The Calvert New Africa Fund's Class B & C shareholders exchanged into Class
A  of  the  Calvert  South  Africa  Fund.

(3)  The  maximum  sales  charge  for  the  Calvert  New Africa Fund and the new
Calvert  South  Africa  Fund  is  4.75%.

(4)  The  Calvert  South  Africa  Fund's net asset value has been established at
$15.00  per  share.

N/A  -  Not  Applicable

See  Notes  to  Proforma  Financial  Statements.



     CALVERT  NEW  AFRICA  FUND
     THE  RISA  FUND
     CALVERT  SOUTH  AFRICA  FUND
     PROFORMA  STATEMENTS  OF  ASSETS  AND  LIABILITIES
     SEPTEMBER  30,  2000  (UNAUDITED)
               Calvert            The      Calvert
            New Africa           RISA   South Africa   Proforma       Proforma
               Fund              Fund        Fund     Adjustments     Combined
ASSETS
Investments in securities, at value -
            $4,146,360       $882,018          $0            -      $5,028,378
   (Cost  $5,186,009,  $966,129,  and  $0  respectively.
Foreign Currency     -              -           0            -               0
Cash                 0              -           0            -               0
Receivable for securities sold
                90,139              -           0            -          90,139
Interest and dividends receivable
                16,720          6,029           0            -          22,749
Receivable for shares sold
                   145              -           0            -             145
Receivable from Advisor
                     -        116,963           0            -         116,963
Other assets    14,024             13           0            -          14,037
Deferred offering costs
                     -              -           0            -               0
Total assets 4,267,388      1,005,023           0            -       5,272,411

LIABILITIES
Payable for securities purchased
                11,035              -           0            -          11,035
Payable to Bank 76,530              -           0            -          76,530
Payable for shares redeemed
                 2,293              -           0            -           2,293
Payable to Calvert-Sloan Advisors, LLC
                13,915              -           0            -          13,915
Payable to Calvert Shareholder Services, Inc.
                   343              -           0            -             343
Payable to Calvert Distributors Inc.
                   960              -           0            -             960
Accrued expenses and other liabilities
                19,086         54,000           0            -          73,086
  Total liabilities
               124,162         54,000           0            -         178,162
NET ASSETS  $4,143,226       $951,023          $0            -      $5,094,249

NET ASSETS
Paid-in  capital  applicable  to  the  following  shares  of  common
stock,  $0.01  par  value  with  250,000,000  shares  authorized
for  Calvert  New  Africa  Class  A,  B,  and  C  combined:
Class A: 712,506 shares outstanding,
            $8,543,951
Class B: 23,456 shares outstanding,
               178,578
Class C: 3,713 shares outstanding,
                31,558
Paid-in capital, The RISA Fund, 91,217 shares outstanding,
$0.001 par value, unlimited authorization
                           $1,015,882
Paid-in capital, Calvert South Africa Fund, 0 shares outstanding
                                               $0            -      $9,769,969
Undistributed net investment income (loss)
               (5,354)          33,416           0           -          28,062
Accumulated net realized gain (loss) on investments and foreign currencies
           (3,551,863)         (14,032)          0           -     (3,565,895)
Net unrealized appreciation (depreciation) on investments and assets and
liabilities in foreign currencies
           (1,053,644)         (84,243)          0           -     (1,137,887)
NET ASSETS $4,143,226         $951,023          $0           -      $5,094,249


NET ASSETS - CLASS A
           $3,993,075         $951,023          $0                  $5,094,249
SHARES OUTSTANDING - CLASS A
              712,506 (1)       91,217 (1)       0(1)  (491,275)   339,617 (1)
NET ASSET VALUE - CLASS A
                $5.60           $10.43      $15.00                  $15.00 (4)
MAXIMUM SALES CHARGE - CLASS A
                 0.28 (3)          N/A        0.75(3)                 0.75 (3)
OFFERING PRICE - CLASS A
                $5.88           $10.43      $15.75                      $15.75

NET ASSETS - CLASS B
             $129,285              N/A         N/A                         N/A
SHARES OUTSTANDING - CLASS B
               23,456 (1,2)        N/A         N/A                         N/A
NET ASSET VALUE - CLASS B
                $5.51              N/A         N/A                         N/A

NET ASSETS - CLASS C
              $20,866              N/A         N/A                         N/A
SHARES OUTSTANDING - CLASS C
                3,713 (1,2)        N/A         N/A                         N/A
NET ASSET VALUE - CLASS C
                $5.62              N/A         N/A                         N/A

(1)  The  proforma combined shares outstanding consists of 712,506 shares of the
Calvert  New  Africa  Fund  Class  A,  23,456  shares  of  Calvert  New Africa
Class  B, 3,713 shares of Calvert New Africa Fund Class C, 91,217
shares  of  The  RISA  Fund,  and  339,617  shares  issued  to  shareholders
of  the  new  combined  entity,  the  Calvert  South  Africa  Fund.

(2)  The Calvert New Africa Fund's Class B & C shareholders exchanged into Class
A  of  the  Calvert  South  Africa  Fund.

(3)  The  maximum  sales  charge  for  the  Calvert  New Africa Fund and the new
Calvert  South  Africa  Fund  is  4.75%.

(4)  The  Calvert  South  Africa  Fund's net asset value has been established at
$15.00  per  share.

N/A  -  Not  Applicable

See  Notes  to  Proforma  Financial  Statements.



CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
PROFORMA  STATEMENTS  OF  OPERATIONS
YEAR  ENDED  MARCH  31,  2000  (UNAUDITED)

Calvert      The    Calvert                                                The
New Africa  RISA  South Africa    Proforma   Proforma                     RISA
Fund*       Fund**  Fund       Adjustments   Combined                     Fund
NET INVESTMENT INCOME
Investment Income:
Dividend income
$258,071   $7,668          $0            -   $265,739                   $3,834
Interest income
  11,081   17,240           0            -     28,321                    8,620
Total investment income
 269,152   24,908           0            0    294,060                   12,454

Expenses:                                             Basis
                                                      Points  Dollars
Investment advisory fee
 96,961     8,398           0      (30,432) 1  74,927    105   74,927    4,199
Interest
108,102         -           0     (108,102)         0      0        0        -
Administrative Service Fee
      0         0           0      14,2722     14,272     20   14,272        0
Transfer  agency  fees  and expenses
 32,899     4,340           0          581     37,820     53   37,820    2,170
Distribution  Plan  expenses:
Class  A
 15,918     1,680           0          242     17,840     25   17,840      840
Class  B
    807         -           -         (807)         0      0        0        -
Class  C
    161         -           -         (161)         0      0        0        -
Insurance
      -    18,544           0      (18,544)         0      0        0    9,272
Directors'  fees  and  expenses
 27,692    11,522           0      (32,078)     7,136     10    7,136    5,761
Accounting  fees
 18,100    23,322           0      (39,281)     2,141      3    2,141   11,661
Custodian  fees
 34,681    27,158           0      (31,868)    29,971     42   29,971   13,579
Registration  fees
 36,575    14,404           0        7,536     58,515     82   58,515    7,202
Reports  to  shareholders
 11,988     7,682           0       (6,825)    12,845     18   12,845    3,841
Professional fees
 32,439    52,814           0      (74,549)    10,704     15   10,704   26,407
Organizational  expenses
 14,068    39,006           0      (53,074)         0      0        0   19,503
Miscellaneous
  4,173     7,202           0      (10,661)       714      1      714    3,601
Total  expenses
434,564   216,072           0     (383,753)   266,883    374  266,883  108,036
                                                               266,883
Reimbursement  from  Advisor:
Class  A
(79,017) (202,634)          0      188,210    (93,441)  -131 (93,441)(101,317)
Class  B
(11,173)        -           -       11,173          0      0       0         -
Class  C
(10,639)        -           -       10,639          0      0       0         -
Fees  paid  indirectly
(12,885)        -           0            0    (12,885)   -18  (12,885)       -
Net  expenses
320,850    13,438           0     (173,730)   160,558    225  160,558    6,719
                                                              160,558

NET  INVESTMENT  INCOME  (LOSS)
(51,698)   11,470           0      173,730    133,502                    5,735

REALIZED  AND  UNREALIZED  GAIN  (LOSS)
Net  realized  gain  (loss)  on:
Investments
(1,081,308) 48,953          0            -  (1,032,355)                 48,953
Foreign currency transactions
(50,849)    (9,386)         0            -     (60,235)                (9,386)
(1,132,157) 39,567          0            0  (1,092,590)                 39,567

Change  in  unrealized  appreciation  or  (depreciation)  on:
Investments  and  foreign currencies
(1,125,362) (25,795)        0            -  (1,151,157)               (25,795)
Assets  and  liabilities denominated in foreign currencies
(9,005)      (1,581)        0            -     (10,586)                (1,581)
(1,134,367) (27,376)        0            0  (1,161,743)               (27,376)

NET  REALIZED  AND  UNREALIZED  GAIN (LOSS)
(2,266,524)  12,191         0            -  (2,254,333)                 12,191

INCREASE  (DECREASE)  IN  NET  ASSETS
RESULTING  FROM  OPERATIONS
($2,318,222) $23,661       $0            - ($2,294,561)                $17,926


AVERAGE  NET  ASSETS  -  CLASS  A
  6,367,264  671,840        0            -   7,135,918                 671,840
RATIO  OF  TOTAL  EXP  TO  AVG  N/A  -  CLASS  A
  6.39%       32.16%     0.00%       -           3.74%                  32.16%
RATIO  OF  NET  EXP  TO  AVG  N/A  -  CLASS  A
  4.95%        2.00%     0.00%       -           2.25%  3                2.00%

AVERAGE  NET  ASSETS  -  CLASS  B
 80,729          N/A       N/A       -             N/A
RATIO  OF  TOTAL  EXP  TO  AVG  N/A  -  CLASS  B
  19.74%         N/A       N/A       -             N/A
RATIO  OF  NET EXP TO AVG N/A - CLASS B
   5.70%         N/A       N/A       -             N/A

AVERAGE  NET  ASSETS  -  CLASS  C
 16,086          N/A       N/A       -             N/A
RATIO  OF  TOTAL  EXP  TO  AVG  N/A  -  CLASS  C
  72.04%         N/A       N/A       -             N/A
RATIO  OF  NET EXP TO AVG N/A - CLASS C
   5.70%         N/A       N/A       -             N/A

*  For  the  year  ended  March  31,  2000.
**  For  the  period from the commencement of operations October 1, 1999 through
March  31,  2000.  Since  the  Fund  has  only  six  months  of  operations, the
income and expense amounts have been restated to reflect the results that could
have  been  expected  for  one  year.

1  To  reflect  the  change  in  Investment  Advisory  Fees. The Fund's advisory
agreement  provides  for  the  Fund  to  pay  the  Advisor  a  fee  of 1.05%  of
the  Fund's  average  daily  net  assets.

2  To reflect an administrative service fee of 0.20% of the Fund's average daily
net  assets.

3 The Advisor has agreed to limit annual fund operating expenses (net of expense
offset  arrangements)  through  September  30,  2002.

The  proforma  combined  statements  of  operations  presented  above  does  not
necessarily  reflect  what  the  results  of  operations  would
have  been  if  the entities had been merged on April 1, 1999.  In addition, the
expenses  do  not  include  the  cost  of  merging  the  two  funds.

See  Notes  to  Proforma  Financial  Statements.





     CALVERT  NEW  AFRICA  FUND
     THE  RISA  FUND
     CALVERT  SOUTH  AFRICA  FUND
     PROFORMA  STATEMENTS  OF  OPERATIONS
     SIX  MONTHS  ENDED  SEPTEMBER  30,  2000  (UNAUDITED)
                                                                             The
Calvert  The  Calvert
                                             The     The                    RISA
New     RISA   South    Proforma   Proforma  RISA    RISA                   Fund
Africa  Fund ** Africa Adjustments Combined  Fund    Fund                Squeeze
Fund *          Fund
NET  INVESTMENT  INCOME
Investment  Income:
Dividend  income
$77,189  $11,308    $0         -    $88,497  $3,834  $15,142             $11,308
Interest  income
    617    4,557     0         -      5,174   8,620   13,177               4,557
Total  investment  income
 77,806   15,865     0         0     93,671  12,454   28,319              15,865

Expenses:                                                  Basis
                                                           Points Dollars
Investment  advisory  fee
32,203     5,942     0  (10,550)1    27,595   4,199  10,141                5,942
                                                              105  27,595
Interest
 1,264         -     0   (1,264)          0       -       -                    -
                                                                0       0
Administrative  Service  Fee
     0         0     0    5,256 2     5,256       0       0                    0
                                                               20   5,256
Transfer  agency  fees  and  expenses
14,438    29,021     0  (29,530)     13,929   2,170   31,191              29,021
                                                               53  13,929
Distribution  Plan  expenses:
Class  A
 5,215     1,188     0      167       6,570     840    2,028               1,188
                                                               25   6,570
Class  B
   514         -     -     (514)          0       -        -                   -
                                                                0       0
Class  C
    94         -     -      (94)          0       -        -                   -
                                                                0       0
Insurance
     0    19,312     0  (19,312)          0       -    1,932               1,932
                                                                0       0
 Directors'  fees  and  expenses
10,859     4,239     0  (12,470)      2,628   5,761   10,000               4,239
                                                               10   2,628
Accounting  fees
 5,981   102,339     0 (107,532)        788  11,661  114,000             102,339
                                                                3     788
Custodian  fees
26,088    (8,176)    0   (6,874)     11,038  13,579    5,403             (8,176)
                                                               42  11,038
Registration  fees
14,540    (1,184)    0    8,194      21,550   7,202    6,018             (1,184)
                                                               82  21,550
Reports  to  shareholders
 4,450     1,186     0     (905)      4,731   3,841    5,027               1,186
                                                               18   4,731
Professional  fees
 7,102     6,627     0   (9,787)      3,942  26,407   33,034               6,627
                                                               15   3,942
Organizational  expenses
     -    20,467     0  (20,467)          0  19,503   39,970              20,467
                                                                0       0
Miscellaneous
   870    (3,560)    0    2,953         263  12,873    9,313             (3,560)
                                                                1     263
Total  expenses
123,618  177,401     0 (202,728)     98,291  108,036  285,437            177,401
                                                              374  98,291
                                                                    196,044
Reimbursement  from  Advisor:
Class  A
(29,637)(60,653)     0   63,104     (27,186)(101,317)(161,970)          (60,653)
                                                             -131 (27,186)
Class  B
(5,077)       -      -    5,077           0        -        -                  -
                                                                0       0
Class  C
(4,869)       -      -    4,869           0        -        -                  -
                                                                0       0
Fee  waivers
     -  (107,241)    0  107,241           0        - (107,241)         (107,241)
                                                                0       0
Fees  paid  indirectly
(11,973)       -     0        0     (11,973)       -        -                  0
                                                              -18 (11,973)
Net  expenses
72,062     9,507     0  (22,437)     59,132    6,719   16,226              9,507
                                                              225  59,132
                                                                    117,941

NET  INVESTMENT  INCOME  (LOSS)
 5,744     6,358     0   22,437      34,539   5,735    12,093              6,358

REALIZED  AND  UNREALIZED  GAIN  (LOSS)
Net  realized  gain  (loss)  on:
Investments
(498,005)(62,985)    0        -    (560,990) 48,953   (14,032)          (62,985)
Foreign  currency  transactions
 (68,923) (9,261)    0        -     (78,184) (9,386)  (18,647)           (9,261)
(566,928)(72,246)    0        0    (639,174) 39,567   (32,679)          (72,246)

Change  in  unrealized  appreciation  or  (depreciation)  on:
Investments  and  foreign  currencies
(401,672)(58,316)    0        -    (459,988) (25,795) (84,111)          (58,316)
Assets  and  liabilities  denominated  in  foreign  currencies
   9,668   1,449     0        -      11,117   (1,581)    (132)             1,449
(392,004)(56,867)    0        0    (448,871) (27,376) (84,243)          (56,867)

NET  REALIZED  AND  UNREALIZED  GAIN  (LOSS)
(958,932)(129,113)   0        -  (1,088,045)  12,191 (116,922)         (129,113)

INCREASE  (DECREASE)  IN  NET  ASSETS
RESULTING  FROM  OPERATIONS
($953,188)($122,755) $0       - ($1,075,943) $17,926 ($104,829)       ($122,755)


AVERAGE NET ASSETS - CLASS A
4,172,091   948,122   0       -   5,241,823  671,840   811,280           948,122
RATIO  OF  TOTAL EXP TO AVG N/A - CLASS A
5.30%(a)  37.32%(a) 0.00%(a)  -    3.74%(a)   32.16%    35.18%            37.32%
RATIO  OF  NET  EXP  TO  AVG N/A - CLASS A
3.33%(a)   2.00%(a) 0.00%(a)  -    2.25%(a)3   2.00%     2.00%             2.00%

AVERAGE  NET  ASSETS  -  CLASS B
102,746         N/A     N/A   -        N/A
RATIO  OF  TOTAL  EXP  TO AVG N/A - CLASS B
 14.49%(a)      N/A     N/A   -        N/A
RATIO  OF  NET  EXP  TO  AVG  N/A  - CLASS B
  4.08%(a)      N/A     N/A   -        N/A

AVERAGE  NET  ASSETS  -  CLASS  C
 18,864         N/A     N/A   -        N/A
RATIO  OF  TOTAL  EXP  TO AVG N/A - CLASS C
 56.13%(a)      N/A     N/A   -        N/A
RATIO  OF  NET  EXP  TO  AVG  N/A  - CLASS C
  4.08%(a)      N/A     N/A   -        N/A


(a)  Annualized
*  For  the  six  months  ended  September  30,  2000.
**  For  the  six months ended September 30, 2000. For comparative purposes, the
period  used  is  the  six  month  interim  period  from  April  1,  2000
through  September  30,  2000.

1  To  reflect  the  change  in  Investment  Advisory  Fees. The Fund's advisory
agreement  provides  for  the  Fund  to  pay  the  Advisor  a  fee  of
1.05%  of  the  Fund's  average  daily  net  assets.

2  To reflect an administrative service fee of 0.20% of the Fund's average daily
net  assets.

3 The Advisor has agreed to limit annual fund operating expenses (net of expense
offset  arrangements)  through  September  30,  2002.

The  proforma  combined  statements  of  operations  presented  above  does  not
necessarily  reflect  what  the  results  of  operations  would
have  been  if  the entities had been merged on April 1, 1999.  In addition, the
expenses  do  not  include  the  cost  of  merging  the  two  funds.

See  Notes  to  Proforma  Financial  Statements.



CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
PROFORMA  STATEMENTS  OF  ASSETS  AND  LIABILITIES
MARCH  31,  2000  (UNAUDITED)

Calvert              The           Calvert
New Africa          RISA       South Africa      Proforma            Proforma
Fund                Fund              Fund    Adjustments            Combined
ASSETS
Investments  in  securities,  at value -
 $5,128,279   $1,091,757                $0              -          $6,220,036
 (Cost  $5,781,152,  $1,117,552,  and  $0  respectively.
Foreign  Currency
          -       88,631                 0              -              88,631
Cash
      6,435       58,960                 0              -              65,395
Receivable  for  securities  sold
    337,506      166,699                 0              -             504,205
Interest  and  dividends  receivable
     13,247        3,107                 0              -              16,354
Receivable  for  shares  sold
        139            -                 0              -                 139
Receivable  from  Advisor
         -        53,132                 0              -              53,132
Other  assets
    11,937        10,053                 0              -              21,990
Deferred  offering  costs
         -        20,467                 0              -              20,467
Total  assets
 5,497,543     1,492,806                 0              -           6,990,349

LIABILITIES
Payable  for  securities  purchased
   241,070       275,929                 0              -             516,999
Payable  to  Bank
   103,092             -                 0              -             103,092
Payable  for  shares  redeemed
     1,163             -                 0              -               1,163
Payable  to  Calvert-Sloan  Advisors,  LLC
    22,046             -                 0              -              22,046
Payable to Calvert Shareholder Services, Inc.
       405             -                 0              -                 405
Payable  to  Calvert  Distributors  Inc.
     1,195             -                 0              -               1,195
Accrued  expenses  and  other  liabilities
    34,512        63,951                 0              -              98,463
Total  liabilities
   403,483       339,880                 0              -             743,363
NET  ASSETS
$5,094,060    $1,152,926                $0              -          $6,246,986

NET  ASSETS
Paid-in  capital  applicable  to  the  following  shares  of  common
 stock,  $0.01  par  value  with  250,000,000  shares  authorized
 for  Calvert  New  Africa  Class  A,  B,  and  C  combined:
Class  A:  721,127  shares  outstanding,
$8,599,543
Class  B:  12,174  shares  outstanding,
   115,760
Class  C:  4,330  shares  outstanding,
    36,430
Paid-in  capital,  The  RISA  Fund,  98,821  shares  outstanding,
 $0.001  par  value,  unlimited  authorization
              $1,135,000
Paid-in  capital,  Calvert  South  Africa  Fund,  0  shares  outstanding
                                        $0              -          $9,886,733
Undistributed  net  investment  income  (loss)
(11,098)           5,735                 0              -             (5,363)
Accumulated  net  realized  gain  (loss)  on  investments
 and  foreign  currencies
(2,984,935)       39,567                 0              -         (2,945,368)
Net  unrealized  appreciation  (depreciation)  on  investments
 and  assets  and  liabilities  in  foreign  currencies
  (661,640)      (27,376)                0              -           (689,016)
NET  ASSETS
$5,094,060    $1,152,926                $0              -          $6,246,986


NET  ASSETS  -  CLASS  A
$4,980,860    $1,152,926                $0                         $6,246,986
SHARES  OUTSTANDING  - CLASS A
   721,127 (1)    98,821 (1)             0(1)    (419,986)        416,466 (1)
NET  ASSET  VALUE  -  CLASS  A
     $6.91        $11.67            $15.00                         $15.00 (4)
MAXIMUM  SALES  CHARGE  -  CLASS  A
      0.34 (3)       N/A              0.75(3)                        0.75 (3)
OFFERING  PRICE  -  CLASS  A
     $7.25        $11.67            $15.75                             $15.75

NET  ASSETS  -  CLASS  B
   $83,114           N/A               N/A                                N/A
SHARES  OUTSTANDING  -  CLASS  B
    12,174 (1,2)     N/A               N/A                                N/A
NET  ASSET  VALUE  -  CLASS  B
     $6.83           N/A               N/A                                N/A

NET  ASSETS  -  CLASS  C
   $30,086           N/A               N/A                                N/A
SHARES  OUTSTANDING  -  CLASS  C
     4,330 (1,2)     N/A               N/A                                N/A
NET  ASSET  VALUE  -  CLASS  C
     $6.95           N/A               N/A                                N/A

(1)  The  proforma combined shares outstanding consists of 721,127 shares of the
Calvert  New  Africa  Fund  Class  A,  12,174  shares  of  Calvert  New
Africa  Class  B, 4,330 shares of Calvert New Africa Fund Class C, 98,821
shares  of  The  RISA  Fund,  and  416,466  shares  issued  to  shareholders
of  the  new  combined  entity,  the  Calvert  South  Africa  Fund.

(2)  The Calvert New Africa Fund's Class B & C shareholders exchanged into Class
A  of  the  Calvert  South  Africa  Fund.

(3)  The  maximum  sales  charge  for  the  Calvert  New Africa Fund and the new
Calvert  South  Africa  Fund  is  4.75%.

(4)  The  Calvert  South  Africa  Fund's net asset value has been established at
$15.00  per  share.

N/A  -  Not  Applicable

See  Notes  to  Proforma  Financial  Statements.





     CALVERT  NEW  AFRICA  FUND
     THE  RISA  FUND
     CALVERT  SOUTH  AFRICA  FUND
     PROFORMA  STATEMENTS  OF  ASSETS  AND  LIABILITIES
     SEPTEMBER  30,  2000  (UNAUDITED)
Calvert          The          Calvert
New Africa       RISA     South Africa      Proforma        Proforma
  Fund           Fund          Fund      Adjustments        Combined
ASSETS
Investments in securities, at value -
$4,146,360   $882,018               $0             -      $5,028,378
(Cost  $5,186,009,  $966,129,  and  $0  respectively.
Foreign  Currency
         -          -                0             -               0
Cash     0          -                0             -               0
Receivable  for  securities  sold
    90,139          -                0             -          90,139
Interest and dividends receivable
    16,720      6,029                0             -          22,749
Receivable  for  shares  sold
       145          -                0             -             145
Receivable  from  Advisor
         -     116,963               0             -         116,963
Other  assets
    14,024          13               0             -          14,037
Deferred  offering  costs
         -           -               0             -               0
Total  assets
 4,267,388   1,005,023               0             -       5,272,411

LIABILITIES
Payable  for  securities  purchased
    11,035           -               0             -          11,035
Payable  to  Bank
    76,530           -               0             -          76,530
Payable for shares redeemed
     2,293           -               0             -           2,293
Payable  to  Calvert-Sloan  Advisors,  LLC
    13,915           -               0             -          13,915
Payable  to  Calvert  Shareholder  Services,  Inc.
       343           -               0             -             343
Payable  to  Calvert  Distributors  Inc.
       960           -               0             -             960
Accrued  expenses  and  other  liabilities
    19,086      54,000               0             -          73,086
Total  liabilities
   124,162      54,000               0             -         178,162
NET  ASSETS
$4,143,226    $951,023              $0             -      $5,094,249

NET  ASSETS
Paid-in  capital  applicable  to  the  following  shares  of  common
stock,  $0.01  par  value  with  250,000,000  shares  authorized
for  Calvert  New  Africa  Class  A,  B,  and  C  combined:
Class  A:  712,506  shares  outstanding,
$8,543,951
Class  B:  23,456  shares  outstanding,
178,578
Class  C:  3,713  shares  outstanding,
31,558
Paid-in  capital,  The  RISA  Fund,  91,217  shares  outstanding,
$0.001  par  value,  unlimited authorization
            $1,015,882
Paid-in  capital,  Calvert  South  Africa  Fund,  0  shares  outstanding
                                    $0             -      $9,769,969
Undistributed net investment income (loss)
 (5,354)        33,416               0             -          28,062
Accumulated  net  realized  gain  (loss)  on  investments
and  foreign  currencies
(3,551,863)    (14,032)              0             -     (3,565,895)
Net  unrealized  appreciation  (depreciation)  on  investments
and  assets  and  liabilities  in  foreign currencies
(1,053,644)    (84,243)              0             -     (1,137,887)
NET  ASSETS
$4,143,226    $951,023              $0             -      $5,094,249


NET  ASSETS  -  CLASS  A
$3,993,075    $951,023              $0                    $5,094,249
SHARES  OUTSTANDING  -  CLASS A
   712,506 (1)  91,217 (1)           0 (1)   (491,275)   339,617 (1)
NET  ASSET  VALUE  - CLASS A
     $5.60      $10.43          $15.00                    $15.00 (4)
MAXIMUM  SALES CHARGE - CLASS A
      0.28 (3)     N/A            0.75 (3)                  0.75 (3)
OFFERING  PRICE  -  CLASS  A
     $5.88      $10.43          $15.75                        $15.75

NET  ASSETS  -  CLASS  B
  $129,285         N/A             N/A                           N/A
SHARES OUTSTANDING - CLASS B
    23,456 (1,2)   N/A             N/A                           N/A
NET  ASSET  VALUE  -  CLASS  B
     $5.51         N/A             N/A                           N/A

NET  ASSETS  -  CLASS  C
   $20,866         N/A             N/A                           N/A
SHARES  OUTSTANDING - CLASS C
     3,713 (1,2)   N/A             N/A                           N/A
NET  ASSET  VALUE  -  CLASS  C
     $5.62         N/A             N/A                           N/A

(1)  The  proforma combined shares outstanding consists of 712,506 shares of the
Calvert  New  Africa  Fund  Class  A,  23,456  shares  of  Calvert  New
Africa  Class  B, 3,713 shares of Calvert New Africa Fund Class C, 91,217
shares  of  The  RISA  Fund,  and  339,617  shares  issued  to  shareholders
of  the  new  combined  entity,  the  Calvert  South  Africa  Fund.

(2)  The Calvert New Africa Fund's Class B & C shareholders exchanged into Class
A  of  the  Calvert  South  Africa  Fund.

(3)  The  maximum  sales  charge  for  the  Calvert  New Africa Fund and the new
Calvert  South  Africa  Fund  is  4.75%.

(4)  The  Calvert  South  Africa  Fund's net asset value has been established at
$15.00  per  share.

N/A  -  Not  Applicable

See  Notes  to  Proforma  Financial  Statements.




     CALVERT  NEW  AFRICA  FUND
     THE  RISA  FUND
     CALVERT  SOUTH  AFRICA  FUND
     PROFORMA  STATEMENTS  OF  OPERATIONS
     YEAR  ENDED  MARCH  31,  2000  (UNAUDITED)
Calvert        The     Calvert                                              The
New           RISA       South    Proforma    Proforma                     RISA
Africa        Fund**    Africa  Adjustments   Combined                     Fund
Fund*                    Fund
Investment  Income:
Dividend  income
 $258,071    $7,668         $0           -    $265,739                   $3,834
Interest  income
   11,081    17,240          0           -      28,321                    8,620
Total  investment  income
  269,152    24,908          0           0     294,060                   12,454

Expenses:                                              Basis  Dollars
                                                      Points
Investment  advisory  fee
   96,961     8,398          0     (30,432)1    74,927                    4,199
                                                         105   74,927
Interest
  108,102         -          0    (108,102)          0                        -
                                                           0        0
Administrative  Service  Fee
        0         0          0      14,272  2   14,272                        0
                                                          20   14,272
Transfer  agency  fees  and  expenses
   32,899     4,340          0         581      37,820                    2,170
                                                          53   37,820
Distribution  Plan  expenses:
Class  A
   15,918     1,680          0         242      17,840                      840
                                                          25   17,840
Class  B
      807         -          -        (807)          0                        -
                                                           0        0
Class  C
      161         -          -        (161)          0                        -
                                                           0        0
Insurance
        -    18,544          0     (18,544)          0                    9,272
                                                           0        0
Directors'  fees  and expenses
   27,692    11,522         0      (32,078)      7,136                    5,761
                                                          10    7,136
Accounting  fees
   18,100    23,322         0      (39,281)      2,141                   11,661
                                                           3    2,141
Custodian  fees
   34,681    27,158         0      (31,868)     29,971                   13,579
                                                          42   29,971
Registration  fees
   36,575    14,404         0        7,536      58,515                    7,202
                                                          82   58,515
Reports  to  shareholders
   11,988     7,682         0       (6,825)     12,845                    3,841
                                                          18   12,845
Professional  fees
   32,439    52,814         0      (74,549)     10,704                   26,407
                                                          15   10,704
Organizational  expenses
   14,068    39,006         0      (53,074)          0                   19,503
                                                           0        0
Miscellaneous
    4,173     7,202         0      (10,661)        714                    3,601
                                                           1      714
Total  expenses
  434,564   216,072         0     (383,753)    266,883                  108,036
                                                         374  266,883
                                                               266,883
Reimbursement  from  Advisor:
Class  A
  (79,017) (202,634)        0      188,210     (93,441)               (101,317)
                                                        -131   (93,441)
Class  B
  (11,173)        -         -       11,173            0                       -
                                                           0         0
Class  C
  (10,639)        -         -       10,639            0                       -
                                                           0         0
Fees  paid  indirectly
  (12,885)        -         0            0      (12,885)                      -
                                                         -18   (12,885)
Net  expenses
  320,850    13,438         0     (173,730)     160,558                   6,719
                                                         225   160,558
                                                                 160,558
NET  INVESTMENT  INCOME  (LOSS)
  (51,698)   11,470         0      173,730      133,502                   5,735

REALIZED  AND  UNREALIZED  GAIN  (LOSS)
Net  realized  gain  (loss)  on:
Investments
(1,081,308)  48,953         0            -   (1,032,355)                 48,953
Foreign  currency  transactions
   (50,849)  (9,386)        0            -      (60,235)                (9,386)
(1,132,157)  39,567         0            0   (1,092,590)                 39,567

Change  in  unrealized  appreciation  or  (depreciation)  on:
Investments  and  foreign  currencies
(1,125,362) (25,795)        0            -   (1,151,157)               (25,795)
Assets  and  liabilities  denominated  in  foreign  currencies
    (9,005)  (1,581)        0            -      (10,586)                (1,581)
(1,134,367) (27,376)        0            0   (1,161,743)               (27,376)

NET  REALIZED  AND  UNREALIZED  GAIN  (LOSS)
(2,266,524)  12,191         0            -   (2,254,333)                 12,191

INCREASE  (DECREASE)  IN  NET  ASSETS
RESULTING  FROM  OPERATIONS
($2,318,222) $23,661       $0            -  ($2,294,561)                $17,926


AVERAGE NET ASSETS - CLASS A
  6,367,264  671,840        0            -    7,135,918                 671,840
RATIO  OF  TOTAL  EXP  TO  AVG N/A - CLASS A
      6.39%    32.16%    0.00%           -         3.74%                 32.16%
RATIO  OF  NET  EXP  TO  AVG  N/A  -  CLASS A
      4.95%     2.00%    0.00%           -         2.25%  3               2.00%

AVERAGE  NET  ASSETS  -  CLASS  B
    80,729       N/A      N/A            -          N/A
RATIO  OF  TOTAL  EXP  TO  AVG  N/A  - CLASS B
     19.74%      N/A      N/A            -          N/A
RATIO  OF  NET  EXP  TO  AVG  N/A  -  CLASS  B
      5.70%      N/A      N/A            -          N/A

AVERAGE  NET  ASSETS  -  CLASS  C
    16,086       N/A      N/A            -          N/A
RATIO  OF  TOTAL  EXP  TO  AVG  N/A  - CLASS C
     72.04%      N/A      N/A            -          N/A
RATIO  OF  NET  EXP  TO  AVG  N/A  -  CLASS  C
      5.70%      N/A      N/A            -          N/A

*  For  the  year  ended  March  31,  2000.
**  For  the  period from the commencement of operations October 1, 1999 through
March  31,  2000.  Since  the  Fund  has  only  six  months  of
operations, the income and expense amounts have been restated to reflect the
results  that  could  have  been  expected  for  one  year.

1  To  reflect  the  change  in  Investment  Advisory  Fees. The Fund's advisory
agreement  provides  for  the  Fund  to  pay  the  Advisor  a  fee  of
1.05%  of  the  Fund's  average  daily  net  assets.

2  To reflect an administrative service fee of 0.20% of the Fund's average daily
net  assets.

3 The Advisor has agreed to limit annual fund operating expenses (net of expense
offset  arrangements)  through  September  30,  2002.

The  proforma  combined  statements  of  operations  presented  above  does  not
necessarily  reflect  what  the  results  of  operations  would
have  been  if  the entities had been merged on April 1, 1999.  In addition, the
expenses  do  not  include  the  cost  of  merging  the  two  funds.

See  Notes  to  Proforma  Financial  Statements.



     CALVERT  NEW  AFRICA  FUND
     THE  RISA  FUND
     CALVERT  SOUTH  AFRICA  FUND
     PROFORMA  STATEMENTS  OF  OPERATIONS
     SIX  MONTHS  ENDED  SEPTEMBER  30,  2000  (UNAUDITED)

Calvert       The    Calvert                                                The
New          RISA     South   Proforma   Proforma        The      The       RISA
Africa       Fund**  Africa                              RISA    RISA       Fund
Fund*                Fund   Adjustments  Combined        Fund    Fund    Squeeze
NET  INVESTMENT  INCOME
Investment  Income:
Dividend  income
  $77,189  $11,308     $0        -      $88,497         $3,834  $15,142  $11,308
Interest  income
      617    4,557      0        -        5,174          8,620   13,177    4,557
Total  investment  income
  77,806    15,865      0        0       93,671         12,454   28,319   15,865
Expenses:                                     Basis
                                             Points Dollars
Investment  advisory  fee
  32,203     5,942      0    (10,550) 1  27,595          4,199   10,141    5,942
                                               105  27,595
Interest
   1,264         -      0     (1,264)         0              -        -        -
                                                 0       0
Administrative  Service  Fee
       0         0      0      5,256 2    5,256              0        0        0
                                                20   5,256
Transfer  agency  fees  and  expenses
  14,438    29,021      0    (29,530)    13,929          2,170   31,191   29,021
                                                53  13,929
Distribution  Plan  expenses:
Class  A
   5,215     1,188      0        167      6,570            840    2,028    1,188
                                                25   6,570
Class  B
     514         -      -       (514)         0              -        -        -
                                                 0       0
Class  C
      94         -      -        (94)         0              -        -        -
                                                 0       0
Insurance
       0    19,312      0    (19,312)         0              -   19,312   19,312
                                                 0       0
Directors'  fees  and  expenses
  10,859     4,239      0    (12,470)     2,628          5,761   10,000    4,239
                                                10   2,628
Accounting  fees
   5,981   102,339      0   (107,532)       788         11,661  114,000  102,339
                                                 3     788
Custodian  fees
  26,088    (8,176)     0     (6,874)    11,038         13,579    5,403  (8,176)
                                                42  11,038
Registration  fees
  14,540    (1,184)     0      8,194     21,550          7,202    6,018  (1,184)
                                                82  21,550
Reports  to  shareholders
   4,450     1,186      0       (905)     4,731          3,841    5,027    1,186
                                                18   4,731
Professional  fees
   7,102     6,627      0     (9,787)     3,942         26,407   33,034    6,627
                                                15   3,942
Organizational  expenses
       -    20,467      0    (20,467)         0         19,503   39,970   20,467
                                                 0       0
Miscellaneous
     870    (3,560)     0      2,953        263         12,873    9,313  (3,560)
                                                 1     263
Total  expenses
 123,618   177,401      0   (202,728)    98,291        108,036  285,437  177,401
                                               374  98,291
                                                     196,044
Reimbursement  from  Advisor:
Class  A
 (29,637)  (60,653)     0     63,104    (27,186)      (101,317)(161,970)(60,653)
                                              -131 (27,186)
Class  B
  (5,077)        -      -      5,077          0              -        -        -
                                                 0       0
Class  C
  (4,869)        -      -      4,869          0              -        -        -
                                                 0       0
Fee  waivers
       -  (107,241)     0    107,241          0             - (107,241)(107,241)
                                                 0       0
Fees  paid  indirectly
 (11,973)        -      0          0    (11,973)             -        -        0
                                               -18 (11,973)
Net  expenses
  72,062     9,507      0    (22,437)    59,132          6,719   16,226    9,507
                                               225  59,132
                                                       117,941

NET  INVESTMENT  INCOME  (LOSS)
   5,744     6,358      0     22,437     34,539          5,735   12,093    6,358

REALIZED  AND  UNREALIZED  GAIN  (LOSS)
Net  realized  gain  (loss)  on:
Investments
(498,005)  (62,985)     0          -   (560,990)        48,953 (14,032) (62,985)
Foreign  currency  transactions
 (68,923)   (9,261)     0          -    (78,184)        (9,386)(18,647)  (9,261)
(566,928)  (72,246)     0          0   (639,174)        39,567 (32,679) (72,246)

Change  in  unrealized  appreciation  or  (depreciation)  on:
Investments  and  foreign  currencies
(401,672)  (58,316)     0          -   (459,988)       (25,795) (84,111)(58,316)
Assets  and  liabilities  denominated  in  foreign  currencies
   9,668     1,449      0          -     11,117         (1,581)    (132)   1,449
(392,004)  (56,867)     0          0   (448,871)       (27,376) (84,243)(56,867)

NET  REALIZED  AND  UNREALIZED  GAIN  (LOSS)
(958,932) (129,113)     0          - (1,088,045)        12,191(116,922)(129,113)

INCREASE  (DECREASE)  IN  NET  ASSETS
RESULTING  FROM  OPERATIONS
($953,188)($122,755)   $0          - ($1,075,943)      $17,926($104,829)
                                                                      ($122,755)


AVERAGE NET ASSETS - CLASS A
4,172,091   948,122     0          -   5,241,823       671,840  811,280  948,122
RATIO  OF  TOTAL EXP TO AVG N/A - CLASS A
  5.30%(a) 37.32%(a)  0.00% (a)     -      3.74% (a)    32.16%   35.18%   37.32%
RATIO  OF  NET  EXP  TO  AVG N/A - CLASS A
  3.33%(a)  2.00%(a)  0.00% (a)     -      2.25% (a)3    2.00%    2.00%    2.00%

AVERAGE  NET  ASSETS  -  CLASS B
 102,746      N/A        N/A        -       N/A
RATIO  OF  TOTAL  EXP  TO AVG N/A - CLASS B
   14.49%(a)  N/A        N/A        -       N/A
RATIO  OF  NET  EXP  TO  AVG  N/A  - CLASS B
    4.08%(a)  N/A        N/A        -       N/A

AVERAGE  NET  ASSETS  -  CLASS  C
  18,864      N/A        N/A        -       N/A
RATIO  OF  TOTAL  EXP  TO AVG N/A - CLASS C
   56.13%(a)  N/A        N/A        -       N/A
 RATIO  OF  NET  EXP  TO  AVG  N/A  - CLASS C
    4.08%(a) N/A         N/A        -       N/A

(a)  Annualized
*  For  the  six  months  ended  September  30,  2000.
**  For  the  six months ended September 30, 2000. For comparative purposes, the
period  used  is  the  six  month  interim  period  from  April  1,  2000
through  September  30,  2000.

1  To  reflect  the  change  in  Investment  Advisory  Fees. The Fund's advisory
agreement  provides  for  the  Fund  to  pay  the  Advisor  a  fee  of
1.05%  of  the  Fund's  average  daily  net  assets.

2  To reflect an administrative service fee of 0.20% of the Fund's average daily
net  assets.

3 The Advisor has agreed to limit annual fund operating expenses (net of expense
offset  arrangements)  through  September  30,  2002.

The  proforma  combined  statements  of  operations  presented  above  does  not
necessarily  reflect  what  the  results  of  operations  would
have  been  if  the entities had been merged on April 1, 1999.  In addition, the
expenses  do  not  include  the  cost  of  merging  the  two  funds.

See  Notes  to  Proforma  Financial  Statements.





                            PART C. OTHER INFORMATION


Item  15.  Indemnification

Registrant's  By-Laws,  Exhibit  2  of this Registration Statement, provides, in
summary,  that officers and directors shall be indemnified by Registrant against
liabilities  and  expenses  incurred by such persons in connection with actions,
suits,  or  proceedings  arising  out  of their offices or duties of employment,
except  that  no  indemnification  can  be  made to such a person if he has been
adjudged liable of willful misfeasance, bad faith, gross negligence, or reckless
disregard  of  his  duties.  In  the  absence  of  such  an  adjudication,  the
determination  of  eligibility  for indemnification shall be made by independent
counsel  in  a  written  opinion  or  by  the  vote of a majority of a quorum of
directors  who  are  neither "interested persons" of Registrant, as that term is
defined  in  Section 2(a)(19) of the Investment Company Act of 1940, nor parties
to  the  proceeding.

Registrant  may  purchase  and  maintain  liability  insurance  on behalf of any
officer,  trustee,  employee  or agent against any liabilities arising from such
status.  In  this  regard,  Registrant  will  maintain  a  Directors  & Officers
(Partners)  Liability  Insurance Policy with Chubb Group of Insurance Companies,
15  Mountain  View  Road, Warren, New Jersey 07061, providing Registrant with $5
million  in directors and officers liability coverage, plus $5 million in excess
directors and officers liability coverage for the independent trustees/directors
only.  Registrant  also  maintains an $9 million Investment Company Blanket Bond
issued  by  ICI  Mutual  Insurance  Company,  P.O. Box 730, Burlington, Vermont,
05402.

Item  16.  Exhibits

1.  Articles of Incorporation filed herewith.

2.  By-Laws  filed herewith.

3.  Inapplicable.

4.  Agreement and Plan of Reorganization filed as Exhibit A to the Form
N-14 filed herewith.

5.  Specimen  Stock  Certificate (inapplicable).

6.  Investment  Advisory  Agreement filed herewith.

    Draft Investment Sub-advisory Agreement filed herewith.

7.  Underwriting  Agreement  filed herewith.

8.  Directors'  Deferred  Compensation  Agreement  filed herewith.

9.  Custodial  Contract filed herewith.

10.  Plan  of  Distribution  filed herewith.

11.  Draft  Opinion  of  Counsel,  filed  herewith.

12.  Draft  Opinion  and  Consent  of  Counsel  on  Tax Matters, filed
herewith.

13.  Transfer  Agency  Contract  filed herewith.

14.  Draft  Consent  of  Independent  Auditors,  filed  herewith

15.  Inapplicable.

16.  Copies of Power of Attorney Forms filed herewith.

17.  (a) Code of Ethics filed herewith.

     (b) 18F-3 Multiple Class Plan filed herewith.

Item  17.  Undertakings:

The  undersigned  registrant  agrees  that prior to any public reoffering of the
securities  registered  through  the use of a prospectus which is a part of this
registration statement by any person or party who is deemed to be an underwriter
within the meaning of Rule 145(c) of the Securities Act of 1933, the reoccurring
prospectus  will  contain  the  information  called  for  by  the  applicable
registration form for re offerings by persons who may be deemed underwriters, in
addition  to  the  information  called  for by the other items of the applicable
form.

The  undersigned  registrant  agrees  that  every prospectus that is filed under
paragraph  (1) above will be filed as a part of an amendment to the registration
statement  and  will  not be used until the amendment is effective, and that, in
determining  any  liability  under  the  1933 Act, each post-effective amendment
shall  be  deemed  to be a new registration statement for the securities offered
therein,  and  the offering of the securities at that time shall be deemed to be
the  initial  bona  fide  offering  of  them.

The  registrant  hereby amends this registration statement on such date or dates
as  may be necessary to delay its effective date until the registrant shall file
a  further  amendment which specifically states that this registration statement
shall  thereafter  become  effective  in  accordance  with  Section  8(a) of the
Securities  Act  of  1933  or  until  the  registration  statement  shall become
effective  on  such date as the Commission acting pursuant to said section 8(a),
may  determine.


                                   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