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 CALVERT NEW AFRICA FUND INTO THE
                           CALVERT SOUTH AFRICA FUND)

[ X ]  PRE-EFFECTIVE  AMENDMENT  NO.  5  [  ]  POST-EFFECTIVE  AMENDMENT  NO.__

                        (CHECK APPROPRIATE BOX OR BOXES)

CALVERT IMPACT FUND, INC.                   REGISTRANT'S 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  AVENUE                        OFFERING: March  29,  2001
SUITE  1000N                                              Date of Reorganization
BETHESDA,  MD  20814

                     NAME AND ADDRESS OF AGENT FOR SERVICE:
                           WILLIAM M. TARTIKOFF, ESQ.
                        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 30, 2001.

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 the Securities
Act of 1933 or until the registration statement shall become effective on such
date as the Commission may determine.



Important  Information
Regarding  Your  Investment
In  Calvert

February  ___,  2001

Dear  Shareholder,

I  am  writing  to inform you of the upcoming special meeting of shareholders of
the  Calvert New Africa 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 Calvert
New  Africa  Fund  for  shares  of equal value in the newly formed Calvert South
Africa  Fund,  a  series  of Calvert Impact Fund, Inc. The Board of Directors of
Calvert  New  World  Fund, Inc., including myself, believe this change is in the
best  interests  of  the  Calvert New Africa Fund, and you, as its shareholders.
We  believe  that the merger is in everyone's best interests as Calvert has long
standing  ties  to  South  Africa  and it is important to support the continuing
transformation  of  South  Africa.  Selecting RISA Investment Advisers, LLC as a
partner  gives Calvert immediate access to a creative, socially-screened product
with  one  year of out-performance against its benchmark and a relationship with
African  Harvest Asset Managers (Proprietary) Limited, the premiere multi-racial
investment  firm  in  South  Africa.
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  (800)  368-2750.
Sincerely,
Barbara  J.  Krumsiek
President


Calvert  New  World  Fund,  Inc.
Calvert  New  Africa  Fund

4550  Montgomery  Avenue,  Suite  1000N
Bethesda,  Maryland  20814

NOTICE  OF  SPECIAL  MEETING  OF  SHAREHOLDERS
To  be  held  on  March  29,  2001

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders of the Calvert New
Africa  Fund  will  be held in the Tenth Floor Conference Room of Calvert Group,
Ltd.,  Air  Rights  North  Tower, 4550 Montgomery Avenue, Suite 1000N, Bethesda,
Maryland  at  9:00 a.m. on Thursday, March 29, 2001, for the following purposes:

I.     To  consider  and  act  on an Agreement and Plan of Reorganization, dated
December  7, 2000, providing for the transfer of substantially all of the assets
of  the  Calvert  New  Africa  Fund  to and the assumption of certain identified
liabilities  of  the Calvert New Africa 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 February 7, 2001, are
entitled  to  notice  of and to vote at this meeting or any adjournment thereof.

By  Order  of  the  Board  of  Directors,





William  M.  Tartikoff,  Esq.
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.



IMPORTANT  NOTICE  TO
Calvert  New  Africa  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) 368-2745. We appreciate you investing with Calvert, and
look  forward  to  a  continuing  relationship.

Q.     Why  am  I  receiving  a  proxy  statement?

A.     Calvert New World Fund, Inc. is seeking your approval of a reorganization
of  the  shares of its series - Calvert New Africa Fund - into the Calvert South
Africa  Fund,  a  series  of  Calvert  Impact  Fund,  Inc.

Q.     What  are  the  effects  of  this  reorganization?

A.     The Reorganization will affect the Calvert New Africa 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.

     Through  the  Reorganization,  the  surviving  Calvert South Africa Fund is
expected  to  give  Fund  shareholders  access  to  a South Africa concentrated,
socially  screened  investment  product.

     At the same time as this proposed transaction, the Board of Trustees of The
RISA  Fund  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.  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.




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

A.     The Calvert New Africa Fund's investment objective is "to seek to achieve
capital  appreciation  over  time  through investments primarily in the emerging
market  of  equity  and  equity-linked securities and fixed-income securities of
African  and African-related companies," whereas the Calvert South Africa Fund's
investment objective is "to seek maximum total return by investing in securities
of  South  African  issuers."  Accordingly,  the  main  difference  between  the
investment  objectives  of  the Funds is that the Calvert South Africa Fund will
have a narrower investment scope, focusing mainly on South African companies, as
opposed  to  the  Calvert  New  Africa  Fund's  pan-African  focus.

Q.     Will  the  Calvert  South  Africa  Fund  have  social  screens?

A.     The  Labor  Research  Service  of  South  Africa  will provide the social
screening  for  the Calvert South Africa Fund, the criterion are companies that:

     -     create  jobs  and  train  workers;
     -     encourage economic and social empowerment of the majority population;
     -     encourage  employment  equity;
     -     maintain  quality  workplace  conditions;
     -     protect  the  environment;
     -     enforce  high  health  and  safety  standards;
     -     demonstrate  open  and  effective  corporate  governance;  and
     -     respect  the  rights  of  indigenous  peoples.





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 Calvert New Africa Fund and the
Calvert  South Africa Fund estimated expense structure expressed as a percentage
of  average  annual  net  assets:

     Calvert     Calvert
      New  Africa  Fund     South  Africa  Fund
     Management  fees     1.75%     1.25%
     Advisor's  fees     0.495%     0.25%
     Subadvisors'  fees     0.755%     0.80%
     Administrative  fees     0.25%     0.20%
     12b-1/Distribution     0.25%     0.25%
     Other  Expenses     4.39%     2.21%
     Gross  Fees     6.39%     3.74%
     Fee  Reimbursement     3.11%     1.49%
     Net  Fees     3.28%     2.25%

     The  "Other  Expenses"  for the Calvert New Africa 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 of the Calvert South Africa Fund in the first year after the date of the
Reorganization  (net  of  any  expense  offset  arrangements),  if  necessary.

Q.     What  will  be the name of the surviving fund after the Reorganization is
complete?

A.     The  Calvert  South  Africa  Fund will be the fund to survive the merger.

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 The RISA Fund's shareholders, the combined
Calvert  South  Africa  Fund  is  expected  to  have approximately $5 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 Calvert New Africa Fund, will
Calvert  propose  liquidating  that  Fund?

A.     If the proposal to merge the Calvert New Africa Fund is not approved, the
Board  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 29, 2001. As of 4:00 p.m. 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 Calvert New
Africa  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  the  Reorganization.

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

A.     Calvert  New  Africa  Fund  will  pay  for  the  expenses  related to the
shareholder  meeting.



Q.     How  does  the  Board of Directors of the Calvert New Africa Fund suggest
that  I  vote?

A.     After  careful  consideration,  the Board of Directors of the Calvert New
Africa  Fund unanimously recommends 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) 368-2745.

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  Calvert  New  Africa  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
Calvert  New  Africa  Fund

By  and  in  exchange  for  shares  of  Calvert  South  Africa  Fund
4550  Montgomery  Avenue,  Bethesda,  Maryland  20814,  (800)  368-2745


This  Prospectus  and Proxy Statement relates to the proposed transfer of all of
the  assets  and the assumption of certain identified liabilities of the Calvert
New  Africa  Fund  in  exchange  for  shares  of  the Calvert South Africa Fund.
Following  the transfer, Calvert South Africa Fund shares will be distributed to
shareholders  of  the Calvert New Africa Fund in liquidation of the Fund and the
Calvert  New  Africa  Fund  will  be  dissolved.  As  a  result  of the proposed
transaction,  each  shareholder of the Calvert New Africa 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 Calvert New
Africa  Fund.  The  transaction will only occur if shareholders vote in favor of
the  proposed  transfer.

The  Calvert South Africa Fund is a series of Calvert Impact Fund, Inc., a newly
formed  open-end  diversified  management  investment  company.  Its  investment
objective  is  to  seek maximum total return by investing in securities of South
African  issuers.

The  Calvert  New  Africa  Fund  is  a  series  of Calvert New World, Inc. As of
December  31,  2000, the net assets of the Fund were $4,021,843.  Its investment
objective  is  to  seek  to  achieve  capital  appreciation  over  time  through
investments  primarily  in  the  emerging  market  of  equity  and equity-linked
securities and fixed-income securities of African and African-related companies.

The  Calvert South Africa Fund and the Calvert New Africa Fund both have a 4.75%
maximum sales charge. The sales charge is added to the purchase price of shares,
but  will  not  be applied to shares issued in the reorganization. See "Purchase
Procedures".  Each  of  the Funds has a distribution plan that permits it to pay
certain  expenses  associated with the distribution of its shares. 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 subadvisors. Currently,
for  the  Calvert  New  Africa  Fund,  Calvert-Sloan  Advisers,  L.L.C.  is  the
investment advisor, while New Africa Advisers, Inc. and Calvert Asset Management
Company,  Inc.  jointly  serve  as  the  subadvisors.



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  February  ___,  2001  and  is  incorporated  herein by reference. A
Statement  of  Additional  Information  dated  February  ___,  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. The Prospectus and Statement of Additional
Information of the Calvert New Africa Fund, both dated July 31, 2000, the Annual
Report  to  Shareholders  dated  March  31,  2000, and the Semi-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
without  charge  by  writing  the  Fund  at 4550 Montgomery Avenue, Suite 1000N,
Bethesda,  Maryland  20814,  or  by  calling               (800)  368-2745.

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           4
     Risk  Factors          7
     Expense  Comparisons          8
     Reasons  for  the  Reorganization          10
     Information  about  the  Reorganization          12
     Information  about  the  Calvert  South  Africa  Fund          15
     Shareholder  Information          26
     Comparison  of  Investment  Policies          28
     Comparative  Information  on  Shareholder  Rights          28
     General  Information  about  the  Funds          30
     Other  Business          30
     Voting  Information          30
     Adjournment          33
     Exhibit  A  -  Agreement  and  Plan  of  Reorganization          34




SYNOPSIS

Reasons  for  the  Reorganization.  The  Board of Directors of Calvert New World
Fund,  Inc.  (the "Directors") believe that the proposed Reorganization would be
in  the  best  interests  of  the shareholders of the Calvert New Africa Fund in
considering  various  issues connected with concerns over the Calvert New Africa
Fund's  well being, and recognizing Calvert's continued goal to manifest visible
support  for  the  continuing  transformation  of  South  Africa.

The  Calvert  New  Africa Fund has suffered from, at times, poor performance and
lackluster  sales  and  Management  and  the  Directors  have  discussed various
alternatives from "staying the course" to closing the Fund. However, recognizing
Calvert  New  Africa's desire for a visible presence in Africa that would result
in  basic  economic development by investing in and assisting with the growth of
African  companies,  it  was  felt  best  to  combine the Fund with another fund
concentrating  in  investments  in  South Africa, the Calvert South Africa Fund.

Proposed  Transaction.  The  Directors 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 Calvert New Africa 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  Calvert New Africa Fund in liquidation of the Calvert New
Africa  Fund,  and the Calvert New Africa Fund will be dissolved. As a result of
the  proposed  transaction, each shareholder of the Calvert New Africa 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
Directors,  including  the  independent  Directors,  have  concluded  that  the
Reorganization would be in the best interests of the shareholders of the Calvert
New  Africa  Fund  and  recommend  shareholder  approval.

At the same time as this proposed transaction, the Board of Trustees of The RISA
Fund  will  be  soliciting its shareholders to also merge into the Calvert South
Africa  Fund.

Tax Consequences. The Plan is conditioned upon receipt by the Calvert New Africa
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 Calvert New Africa Fund shares. In addition, the tax
basis  of  the  Calvert  New  Africa 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  Calvert  New Africa Fund prior to the
Reorganization.  See  "Information  about  the  Reorganization."


Investment  Policies. Shareholders should consider the differences in investment
policies  between  the  Calvert  New  Africa Fund and Calvert South Africa Fund.
While  both of the Funds have the same focus of investing in Africa, the Calvert
South  Africa  Fund  has  a  narrower investment scope, focusing mainly on South
African  companies,  as  opposed  to  the  Calvert New Africa Fund's pan-African
focus.  Further,  the  Calvert South Africa Fund's objective is to seek "maximum
total return," whereas the Calvert New Africa Fund's investment objective is "to
achieve capital appreciation over time" through its investments. See "Comparison
of  Investment  Policies."

Purchases.  Shares  of the Calvert New Africa Fund and Calvert South Africa Fund
are  sold  on  a  continuous basis at net asset value plus the appropriate sales
charge,  which is subject to reduction by right of accumulation, group purchase,
and  letter  of intent. Employee purchases and certain plans qualified under 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 Funds' shares are 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  the Calvert New Africa Fund is $2,000 and
$5,000  for the Calvert South Africa Fund, and the minimum subsequent investment
is  $250  for  both  Funds  (except  in  the  case of certain retirement plans).

Exchange Privileges. Shareholders of the Calvert New Africa Fund and the Calvert
South  Africa  Fund  may  exchange  Fund shares for 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 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 the distributor 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  the  distributor  may  reject  any  order  considered  market-timing
activity.

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

Distribution  Procedures.  The  Calvert New Africa Fund and 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;  however,  neither  Fund  anticipates making any such distributions unless
available  capital  loss carryovers have been used or have expired. Shareholders
of  the  Funds may reinvest distributions. Your existing election in the Calvert
New Africa 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 Calvert New
Africa 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. Both Funds may
impose  a  charge  of $5 for wire transfers of less than $1,000. Both Funds may,
after 30 days' notice, close your accounts if the account falls below $1,000 and
the  balance  is  not  brought  up  to  the  required  minimum  amount.

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 Calvert New Africa
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. To the extent that certain of these non-qualifying
New  South  Africa Companies transfer to the Calvert South Africa Fund following
the  Reorganization,  transaction costs could be incurred in transitioning these
holdings  out  of  the  Fund.


EXPENSE  COMPARISONS

     Calvert     Pro          New Africa Fund     Forma               (Surviving
          Calvert  South
          Africa  Fund)
Shareholder  Fees

Maximum  sales  charge  (load)
imposed  on  purchases     4.75%     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)

Annual  fund  operating
expenses1

Management  fees     1.75%     1.25%

Distribution  and  service
(12b-1)  fees     0.25%     0.25%

Other  expenses     4.39%     2.24%

Total  annual  fund
operating  expenses     6.39%     3.74%

Fee  waiver and/or expense               reimbursement     (3.11%)2     (1.49%)3

Net  expenses     3.28%     2.25%4





Notes  to  Fees  and  Expenses  Table
1     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
Advisor  to  the               Subadvisor.  Management  fees  also  include  an
administrative  fee paid by the          Fund to Calvert Administrative Services
Company,  an  affiliate  of  the  Advisor.

2     Calvert-Sloan  has  agreed to limit annual fund operating expenses (net of
any          expense offset arrangements) through July 31, 2001. The contractual
expense          cap  is  shown as "Net expenses," this is the maximum amount of
operating          expenses  that  may be charged to the Calvert New Africa Fund
through
     July  31,  2001. For the purposes of this expense limit, operating expenses
do          not  include  interest expense, brokerage commissions, extraordinary
expenses,          taxes  and capital items. For the fiscal year ended March 31,
2000,  interest          expense  was  1.67%. The Fund has an offset arrangement
with  the  custodian          bank whereby the custodian and transfer agent fees
may  be  paid  indirectly  by          credits  on  the  Fund's  uninvested cash
balances.  These  credits  are  used  to          reduce  the  Fund's  expenses.

3     The  Advisor  and  Subadvisors  have agreed to limit annual fund operating
expenses  (net  of  any  expense  offset  arrangements, estimated to be approxi-
mately  0.20%)  through  March  29,  2002.  For  the  purposes  of  this expense
limit,  operating  expenses  do  not include interest expense, brokerage commis-
sions,  extraordinary  expenses, taxes and capital items. the Fund has an offset
arrangement  with  its  custodian  bank  whereby  the  custodian  and  transfer
agents  fees  may  be  paid  indirectly by credits on the Fund's uninvested cash
balances.  These  credits  are  used  to  reduce  the  Fund's  expenses.

4     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  the  Fund  through  March  29,  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
Calvert  New  Africa  Fund     $790     $2,011
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 person (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 each Fund's distribution plan totals
0.25%,  based  on  average  daily  net  assets  of each Fund. The maximum annual
percentage  payable  under  the  Calvert  South  Africa Fund's distribution plan
totals  0.35%,  however, the Fund's Board of Directors has 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 Directors of Calvert New World Fund, Inc. believe that the proposed
Reorganization would be in the best interests of the shareholders of the Calvert
New  Africa  Fund.

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



In  determining  whether  to  recommend  approval  of  the  Reorganization  to
shareholders  of  the Calvert New Africa Fund, the Directors considered a number
of factors, including, but not limited to: (1) the capabilities and resources of
the  Calvert  South  Africa  Fund, its advisor and subadvisors 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 comparative investment performance of
RISA  Investment Advisers and African Harvest; (4) the comparative difference in
these  subadvisors'  investment  styles  and  investment  and  social  research
capabilities;  (5)  the  terms  and  conditions  of  the  Agreement  and Plan of
Reorganization  and  whether  the  Reorganization  would  result  in dilution of
current  Fund  shareholders'  interests;  (6)  the  potential economies of scale
realizable as a result of the Reorganization; (7) the service features available
to shareholders of both the Calvert New Africa Fund and the Calvert South Africa
Fund; (8) the costs estimated to be incurred to complete the Reorganization; (9)
the  future  growth  prospects  of  the  Calvert  South  Africa  Fund  after the
Reorganization;  and  (10)  the  non-taxable  treatment  of  the Reorganization.

In  this  regard, the Directors reviewed information provided by RISA Investment
Advisers  and  African  Harvest  relating  to  the  anticipated  impact  to  the
shareholders  of  the  Fund  as  a  result  of the Reorganization. The Directors
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  Calvert New Africa Fund in
exchange  for shares of the Calvert South Africa Fund on March 29, 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  Calvert  New  Africa Fund will equal the value of the
shares  of  the  Calvert  New  Africa  Fund outstanding immediately prior to the
Reorganization.  Portfolio  securities  of  the  Calvert New Africa 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 Calvert
New  Africa  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 Calvert New Africa Fund will
liquidate  and distribute pro rata to its shareholders of record as of the close
of  business  on  March  29, 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 Calvert New Africa 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 1940 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  Calvert  New Africa Fund, representing the respective pro rata
number  of  full  and  fractional  shares  of  the Calvert South Africa Fund due
shareholders  of  the  Calvert  New  Africa  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
shares  of  capital  stock  of  the  Calvert  New  Africa  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 Calvert New Africa 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 Calvert New
Africa 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  Calvert New Africa Fund nor Calvert South Africa Fund will
recognize  any  gain  or loss upon the transfer of the assets of the Calvert New
Africa  Fund  to  and  the assumption of its liabilities by 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 Calvert New
Africa  Fund;

(2)     The  shareholders  of  the  Calvert  New Africa 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  Calvert New Africa 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 Calvert New
Africa  Fund shareholders will be the same as the basis of the shares of capital
stock  of  the  Calvert  New  Africa  Fund  surrendered  in  the  exchange;  and

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

The  Plan  may be terminated and the Reorganization abandoned at any time before
or  after approval by Calvert New Africa Fund shareholders, 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 Calvert New Africa
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 outside counsel to
the Calvert New Africa Fund and 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  Calvert  New Africa 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 Calvert New Africa Fund shares held
immediately  prior  to  the  exchange  (Section 354, 356); and (3) the basis and
holding  period of such Calvert New Africa Fund assets acquired by Calvert South
Africa  Fund  will be the same as the basis and holding period of such assets of
the Calvert New Africa 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  Calvert New Africa 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 Calvert New Africa 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 Calvert New
Africa  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.


               Pro  Forma                    (Surviving          Calvert  New
Calvert  South
     Africa  Fund          Africa  Fund)*
Net  Asset  Value  Per  Share     $5.36          $15.00
Shares  Outstanding     750,401          268,123

*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  Objective.  The  Calvert  South  Africa Fund will seek maximum total
return by investing in securities of South African issuers. The Fund considers a
company  to be a South African issuer if the company derives its revenues mainly
from business activities in South Africa or its stock is traded principally on a
South  African  exchange.  This  objective may be changed by the Fund's Board of
Directors  without  shareholder  approval.

Principal Investment Strategies. The Calvert South Africa Fund typically invests
at  least 75% of its assets in publicly traded stocks of South African companies
with  above  average growth aspects. Management describe companies that pass its
proactive  screens as "New South Africa Companies." Management believes that New
South  Africa  Companies,  as  a  group,  will outperform the Johannesburg Stock
Exchange  All  Shares  Index over time because they have embraced the social and
economic  transformation  sweeping  South  Africa.

These  companies:

- -     create  jobs  and  train  workers;
- -     encourage  economic  and  social  empowerment  of the majority population;
- -     encourage  employment  equity;
- -     maintain  quality  workplace  conditions;
- -     protect  the  environment;
- -     enforce  high  health  and  safety  standards;
- -     demonstrate  open  and  effective  corporate  governance;  and
- -     respect  the  rights  of  indigenous  peoples.


The  Calvert  South  Africa  Fund  will invest in companies that are expected to
achieve sustainable growth and profitability. The Fund will invest approximately
75%  of  its  total assets in publicly traded stocks of South African companies.
The  Fund  may  invest  up  to 25% of its assets in sovereign debt issued by the
government  of  South Africa.  The Fund is also permitted to invest up to 20% of
its  assets  in  high quality money market instruments of U.S. and South African
issuers.  If  adverse  market or economic conditions occur, the Fund temporarily
may  invest  up  to  100%  of  its  assets  in  U.S.  money  market instruments.

The Calvert South Africa Fund's strategy for selecting growth stocks begins with
a  company-by-company  approach  emphasizing  fundamental  stock  analysis. This
encompasses  industry  and  competitor  analysis,  regular  management  visits,
financial  statement  and  ratio  analysis  and  international  comparative
evaluations.  The Fund seeks to reduce portfolio risk by research rather than by
diversification.

For a discussion of how the Calvert South Africa Fund's investment objective and
principal  investment  strategies  differ  from  those of the Calvert New Africa
Fund,  see  "Comparison  of  Investment  Policies."

Socially  Responsible Investment Criteria. Investments are selected on the basis
of their ability to contribute to the dual objectives of financial soundness and
social  criteria.  The  Fund  has developed social investment criteria, detailed
below.  These  criteria  represent  standards  of  behavior  which  few, if any,
organizations  totally  satisfy.  As  a  matter  of  practice,  evaluation  of a
particular organization in the context of these criteria will involve subjective
judgment  by  the Advisor and Subadvisors. All social criteria may be changed by
the  Board  of  Directors  without  shareholder  approval.

The  following  criteria,  created by the Labour Research Group in South Africa,
will  be  used  to  screen  the Fund. All the criteria are equally weighted. Any
company  that scores below 50% on the scorecard is rejected. Companies that earn
more  than  60% are approved while those that earn above 70% will be highlighted
for  special  praise.  Companies  whose  primary  business is tobacco, gambling,
weapons  or  predatory  lending  will  be  excluded  from  the  portfolio.

Create  jobs  through  innovation  and expansion plans. The Fund will ask senior
management  probing  questions about their plans and strategies and assess their
ability  to  innovate  and  invest  for  job  creating.

Training  of  workers  to  enhance  skills.  All  workers must be skilled and to
achieve  this  company training programs and grading systems must be transformed
to  provide  clear  career  paths  for  all  employees.

Economic  and  social  empowerment.  The Fund will seek companies where there is
evidence  of  high  levels  of  worker  empowerment.



Equity  through  affirmative action. Programs within the company should focus on
the  advancement  of  women,  black  employees  and  the  disabled.

Good  conditions  of  employment.  Special  focus will be given to the company's
minimum  wage.

Sound  environment practices must be promoted. The Fund will pay close attention
to  companies  to  ensure  they  put  in  place practices which will protect the
environment.

High  health  and  safety  standards  must be applied. The Fund will rely on the
reports  of  employees  and  want  to  see  active  involvement of trade unions.

Demonstrate  open  and  effective  corporate  governance.  The  Fund  wants full
disclosure  of  director's  pay  and  more  effective  communication  with  all
stakeholders.

Respect  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.

Principal  Risks.  The  Calvert  South  Africa  Fund is designed for aggressive,
long-term  investors  who  are  willing to accept above-average risk in order to
seek  a  higher  rate  of  return  over  time.  Investments  in  African  and
African-related  issuers  involve  risk  factors  and special considerations not
normally  associated  with  investments  in  United  States  issuers.

You  could  lose  money  on  your  investment  in  the  Fund,  or the Fund could
underperform  for  any  of  the  following  reasons:

1.  Stocks  are  subject to market, economic and business risks that cause their
prices  to  fluctuate.

2.  Investing  in  South  African  securities  involves  additional  risks  not
associated  with  investments  in  U.S.  securities.
- -  The Fund is subject to foreign currency risk, which is the risk that the U.S.
dollar  value  of its investments may decline due to changes in foreign currency
exchange  rates  or  the  imposition  of  exchange  control  regulations

- -  South  Africa is a developing country and its economy is less diversified and
mature than the economies of developed countries. There is a risk of economic or
political  instability  in  South  Africa.
- -  There is less liquidity and higher volatility in the South African securities
markets  than  in  the  U.S.  and  less government supervision and regulation of
exchanges,  brokers  and  issuers  in  South  Africa.

- -  South  African companies are not subject to the same accounting, auditing and
financial  reporting  standards  as U.S. public companies, and there may be less
publicly  available  information  about  South African companies than comparable
U.S.  companies.


- -  Government  actions  may  be  taken  which  could negatively affect the Fund.
3.  The  Fund's  investments  in  South  African  sovereign debt obligations are
subject to interest rate risk and credit risk. Interest rate risk is the risk of
market  losses  caused  by  changes  in interest rates. Generally, when interest
rates  rise,  the  market prices of debt obligations go down. Credit risk is the
risk  that  the  borrower  may  default  or otherwise become unable to honor its
financial  obligations.

4.  The  Fund  is  non-diversified. Compared to other funds, the Fund may invest
more of its assets in a smaller number of companies. Gains or losses on a single
stock  may  have  greater  impact  on  the  Fund.

An  investment  in  the  Fund  is  not  a  bank  deposit  and  is not insured or
guaranteed  by the Federal Deposit Insurance Corporation or any other government
agency

For  a  discussion  of  the  Calvert  South Africa Fund's fees and expenses, see
"Expense  Comparisons."

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.

Investment  Practices  and  Risks

Equity  Investments.  The Fund normally invests at least 75% of its total assets
in growth stocks of New South Africa Companies. While the Fund invests mainly in
common stocks, the Fund also may invest in other types of equity securities such
as  preferred stocks, debt securities which are convertible into or exchangeable
for common stock, and warrants or rights that are convertible into common stock.
The  Fund's  portfolio  securities  generally will be traded on the Johannesburg
Stock  Exchange,  but also may be listed in established over-the-counter markets
in  South Africa. The Fund is permitted to invest up to 15% of its net assets in
illiquid  securities, including restricted securities and publicly traded stocks
with  limited  marketability.

Fixed  Income  Investments.  The  Fund may invest up to 25% of its total assets,
from  time  to  time,  in sovereign debt obligations issued by the government of
South  Africa.  The sovereign debt obligations in which the Fund invests will be
investment  grade.



Money Market Investments. The Fund is permitted to invest up to 20% of its total
assets  as reserves to facilitate the Fund's cash flow needs (e.g., redemptions,
expenses,  and  purchases  of portfolio securities). The Fund's reserves will be
invested  in investment grade money market instruments of U.S. and South African
issuers.

Defensive Investments. Under adverse investment conditions, the Fund temporarily
may invest up to 100% of its total assets in high quality, short term U.S. money
market  instruments.  When following such a defensive strategy, the Fund will be
less  likely  to  achieve  its  investment  objective.

The  Fund's  benchmark  is  the  Johannesburg  Stock  Exchange  All Shares Index
("JSE").  The Fund will not own all, or even most, of the stocks included in the
JSE,  and  the Fund will invest in additional companies not included in the JSE.
Based  upon  a market capitalization weighting, the JSE represents more than 10%
of  most  emerging  market  equity  indices.

Market  Risk.  The  prices of the securities owned by the Fund will fluctuate in
value.  These  fluctuations  can  occur  because  of general market and economic
conditions,  perceptions  regarding  the  industry  of the issuer company or the
issuer  company's  particular  circumstances. Changes in the value of the Fund's
portfolio  securities  will  result  in  changes  in  the  Fund's  share  price.
Consequently,  when  you  sell Fund shares, they may be worth less than what you
paid  for  them.  The  Fund  will  own stocks of small companies which are often
subject  to wider and more abrupt fluctuations in market price than larger, more
established  companies.  The  reason  for  this  volatility is that these stocks
typically  are  traded  in  lower  volume,  and their issuers typically are more
sensitive  to  changing  economic  conditions  and subject to greater changes in
earnings  and  business  prospects.

Foreign  Risk.  Foreign  securities  markets  generally  are not as developed or
efficient as those in the United States. Securities of foreign issuers often are
less  liquid  and  more  volatile  than  securities  of comparable U.S. issuers.
Because  the  Fund  invests  primarily  in  South  Africa, it will be subject to
foreign  investment  risks  which  include  possible  political  and  economic
instability,  seizure  or nationalization of foreign holdings or the adoption of
governmental  restrictions  that  adversely  affect  or  restrict the payment of
principal  and  interest  on  securities  to  investors located outside of South
Africa.  South  Africa  is  a  developing  country,  and  its  economy  is  less
diversified  and  mature, and its political system is less stable, than those of
developed  countries.  The  markets of developing countries such as South Africa
generally  will  be  more  volatile  than  the markets of more mature economies;
however,  such  markets  may  provide  higher  rates  of  return  to  investors.
Furthermore,  there  may  be  less  publicly  available  information about South
African  companies  than  about  U.S.  companies,  and  South  African  compa


nies  are  not subject to accounting, auditing and financial reporting standards
and  requirements  comparable  to  those  to  which  U.S. companies are subject.
Brokerage  commissions  and  other transaction costs on South African securities
exchanges  may be higher than in the U.S. Additionally, there is less government
supervision  and  regulation  of  exchanges, brokers and issuers in South Africa
than  there  is  in  the  U.S.

Foreign  Currency  Risk.  The  value  of  the Fund's assets, as measured in U.S.
dollars,  will fluctuate with changes in currency rates. Currency exchange rates
may  fluctuate  significantly  over  a  short  period of time.They generally are
determined  by  the  forces of supply and demand in the foreign exchange markets
and  the  relative  merits  of  investments  in  different  countries, actual or
perceived changes in interest rates and other complex factors. Currency exchange
rates  also  can  be  affected by intervention by U.S. or foreign governments or
central banks, or the failure to intervene, or by currency controls or political
developments  in  the  United  States  or  abroad.

Fixed Income Security Risk. The market value of fixed income securities, such as
South  African  government debt obligations, will change in response to interest
rate  changes  and  other factors. During periods of falling interest rates, the
value  of outstanding fixed income securities generally rises. During periods of
rising  interest  rates,  the value of such securities generally declines. While
securities  with  longer maturities tend to produce higher yields, the prices of
longer  maturity securities are also subject to greater market fluctuations as a
result  of  changes  in  interest  rates.  Changes by recognized agencies in the
credit  rating  of  any fixed income security and in the ability of an issuer to
make  payments  of  interest  and  principal  also  affect  the  value  of these
investments.  Changes in the value of the Fund's debt securities will affect the
net  asset  value  of  the  Fund's  shares.

Hedging  Risk.  Although  not  a  principal  investment  strategy,  the  Fund is
permitted  to  invest in derivatives which are financial instruments that derive
their  performance,  at  least  in  part,  from the performance of an underlying
asset,  index,  currency  or  interest  rate.  The  derivatives the Fund may use
include  options  and  futures.  While  derivatives  can  be used effectively to
further  the  Fund's investment objective, under certain market conditions, they
can  increase  the  volatility  of  the  Fund's  net  asset  value, decrease the
liquidity  of  the  Fund's  portfolio or make the accurate pricing of the Fund's
portfolio  more  difficult.  The primary risks associated with the Fund's use of
futures  and  options are (1) the failure to predict accurately the direction of
stock prices, interest rates, currency movements and other economic factors; (2)
the  failure  as  hedging  techniques  in cases where the price movements of the
securities  underlying the options and futures do not follow the price movements
of  the portfolio securities subject to the hedge; (3) the potentially unlimited
loss  from  investing  in  futures contracts; and (4) the likelihood of the Fund
being  unable  to  control  losses  by  closing  its


position  where a liquid secondary market does not exist. The risk that the Fund
will  be  unable  to  close  out  a futures position or options contract will be
minimized  by  the  Fund  only  entering  into  futures  contracts  or  options
transactions  on  national  exchanges and for which there appears to be a liquid
secondary  market.

Investment Practices and Risks.  The most concise description of the Fund's risk
profile  is under the risk-return summary.  The Fund is also permitted to invest
in  certain other investments and to use certain investment techniques that have
higher  risks  associated  with  them.  On  the  following  pages  are  brief
descriptions  of  these  other  principal investments and techniques, along with
their  risks.

Active  Trading  Strategy/Turnover  involves  selling  a  security  soon  after
purchase.  An  active  trading  strategy  causes a fund to have higher portfolio
turnover  compared  to  other  funds  and  higher  transaction  costs,  such  as
commissions  and  custodian  and  settlement  fees,  and  may  increase your tax
liability.  Risks:  Opportunity,  Market  and  Transaction.

Temporary  Defensive  Positions.  During  adverse  market, economic or political
conditions,  the  Fund  may  depart  from its principal investment strategies by
increasing  its  investment  in  short-term interest-bearing securities.  During
times  of any temporary defensive positions, the Fund may not be able to achieve
its  investment  objective.  Risks:  Opportunity.

Conventional  Securities
Foreign  Securities.  Securities  issued  by  companies located outside the U.S.
and/or  traded  primarily  on  a  foreign  exchange.  Risks:  Market,  Currency,
Transaction,  Liquidity,  Information  and  Political.

Small  Cap Stocks.  Investing in small companies involves greater risk than with
more  established  companies.  Small  cap stock prices are more volatile and the
companies  often  have  limited product lines, markets, financial resources, and
management  experience.  Risks:  Market,  Liquidity  and  Information.

Emerging  Market.  Securities  issued  by  companies  located in those countries
whose  economics  and  capital  markets  are  not  as developed as those of more
industrialized  nations.  Risks:  Market,  Currency,  Transaction,  Liquidity,
Information,  and  Political.

Investment  grade  bonds.  Bonds  rated  BBB/Baa or higher or comparable unrated
bonds.  Risks:  Interest  Rate,  Market  and  Credit.




Below-investment  grade  bonds.  Bonds rated below BBB/Baa or comparable unrated
bonds  are  considered junk bonds.  They are subject to greater credit risk than
investment  grade  bonds.  The Fund does not expect to own more than 20% of such
securities.  Risks:  Credit,  Market,  Interest Rate, Liquidity and Information.

Unrated  debt securities.  Bonds that have not been rated by a recognized rating
agency; the Advisor has determined the credit quality based on its own research.
Risks:  Credit,  Market,  Interest  Rate,  Liquidity  and  Information.

Illiquid  securities.  Securities  which cannot be readily sold because there is
no  active  market.  The  Fund  does  not  expect  to  own more than 15% of such
securities.  Risks:  Liquidity,  Market  and  Transaction.

Leveraged  Derivative  Instruments
Currency  contracts.  Contracts involving the right or obligation to buy or sell
a given amount of foreign currency at a specified price and future date.  Risks:
Currency,  Leverage,  Correlation,  Liquidity  and  Opportunity.

Options  on  securities  and indices.  Contracts giving the holder the right but
not  the  obligation  to  purchase or sell a security (or the cash value, in the
case of an option on an index) at a specified price within a specified time.  In
the  case of selling (writing) options, the Fund will write call options only if
they already own the security (if it is "covered").  The Fund does not expect to
own  more  than  5%  (based on net premium payments) of such securities.  Risks:
Interest  Rate,  Currency,  Market, Leverage, Correlation, Liquidity, Credit and
Opportunity.

Futures  contract.  Agreement to buy or sell a specific amount of a commodity or
financial  instrument at a particular price on a specific future date.  The Fund
does  not  expect to own more than 5% of such securities.  Risks: Interest Rate,
Currency,  Market,  Leverage,  Correlation,  Liquidity  and  Opportunity.

Types  of  Investment  Risk

Correlation  risk.  This  occurs  when  a Fund "hedges" - uses one investment to
offset  the Fund's position in another.  If the two investments do not behave in
relation to one another the way Fund managers expect them to, then unexpected or
undesired results may occur.  For example, a hedge may eliminate or reduce gains
as  well  as  offset  losses.

Credit  risk.  The  risk that the issuer of a security or the counterparty to an
investment  contract  may  default  or become unable to pay its obligations when
due.


Currency risk.  Currency risk occurs when a Fund buys, sells or holds a security
denominated  in  foreign  currency.  Foreign currencies "float" in value against
the  U.S.  dollar.  Adverse  changes  in  foreign  currency  values  can  cause
investment  losses  when  a  Fund's  investments  are converted to U.S. dollars.

Information  risk.  The  risk that information about a security or issuer or the
market  might  not  be  available,  complete,  accurate  or  comparable.

Interest  rate  risk.  The  risk  that  changes in interest rates will adversely
affect  the  value  of  an investor's securities.  When interest rates rise, the
value  of  fixed-income  securities  will generally fall.  Conversely, a drop in
interest  rates  will  generally  cause an increase in the value of fixed-income
securities.  Longer-term securities and zero coupon/"stripped" coupon securities
("strips")  are  subject  to  greater  interest  rate  risk.

Leverage risk.  The risk that occurs in some securities or techniques which tend
to magnify the effect of small changes in an index or a market.  This can result
in  a  loss  that  exceeds  the  amount  actually  invested.

Liquidity  risk.  The  risk that occurs when investments cannot be readily sold.
A Fund may have to accept a less-than-desirable price to complete the sale of an
illiquid  security  or  may  not  be  able  to  sell  it  at  all.

Market  risk.  The  risk  securities prices in a market, a sector or an industry
will  fluctuate,  and  that  such  movements might reduce an investment's value.

Opportunity  risk.  The risk of missing out on an investment opportunity because
the  assets  needed  to  take advantage of it are committed to less advantageous
investments  or  strategies.

Political  risk.  The  risk  that  may occur with foreign investments, and means
that  the  value  of an investment may be adversely affected by nationalization,
taxation,  war, government instability or other economic or political actions or
factors.

Transaction  risk.  The  risk  that  a Fund may be delayed or unable to settle a
transaction  or  that  commissions  and  settlement  expenses may be higher than
usual.





Management

Calvert  Asset  Management  Company,  Inc., 4550 Montgomery Avenue, Suite 1000N,
Bethesda,  MD 20814, is the Fund's investment advisor. Calvert provides the Fund
with investment supervision and management and office space; furnishes executive
and other personnel to the Funs, and pays the salaries and fees of all Directors
who  are  affiliated persons of Calvert. It has been managing mutual funds since
1976.  It  is  the  investment advisor for over 25 mutual fund portfolios. As of
December  31,  2000,  Calvert  had over $6.5 billion in assets under management.

RISA  Investment  Advisers, 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 (Proprietary) 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 two subadvisory agreements provide for the Advisor to
pay  the Subadvisors each a fee of 0.40% of the Fund's average daily net assets.




SHAREHOLDER  INFORMATION

How  Shares  Are  Priced.  The price of shares is based on each Fund's net asset
value  ("NAV"). NAV is computed by adding the value of each 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  a  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). Each 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 each Fund is open but purchases
cannot  be  received  because  the  banks  and  post  offices  are  closed.

Each  Fund  may  hold  securities that are primarily listed on foreign exchanges
that  trade  on  days  when the NYSE is closed. The Funds do not price shares on
days  when the NYSE is closed, even if foreign markets may be open. As a result,
the  value  of the Funds' 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. Each Fund pays dividends from its respective
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, neither Fund anticipates making any such
distributions  unless  available  capital loss carryovers have been used or have
expired.

Federal  Taxes. In January, each 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, each 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
U.S.  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 Funds are 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.

COMPARISON  OF  INVESTMENT  POLICIES

As  noted  above,  the investment objectives of both the Calvert New Africa Fund
and  Calvert  Social  Africa  Fund  are  similar  in their focus on investing in
African  securities. However, the Calvert South Africa Fund has a narrower scope
of  investment, focusing mainly on investing in South African companies, whereas
the  Calvert  New  Africa  Fund  invests  in pan-African companies. Further, the
Calvert South Africa Fund's objective is to seek "maximum total return," whereas
the  Calvert  New  Africa  Fund's  investment  objective  is "to achieve capital
appreciation  over  time"  through its investments. However, even though capital
appreciation  relates simply to the growth of an asset, whereas total return has
a  component  of income related to it, in the context of both funds, these terms
can  be used interchangeably. The Calvert South Africa Fund will actively employ
social  criteria  in  screening  investments.

The  investment restrictions of both the Calvert New Africa Fund and the Calvert
South  Africa  Fund  are  essentially  identical.





COMPARATIVE  INFORMATION  ON  SHAREHOLDER  RIGHTS

The  Calvert  New  Africa  Fund  is  a series of Calvert New World Fund, Inc., a
Maryland  Corporation.  The  Calvert  South  Africa  Fund is a series of Calvert
Impact  Fund,  Inc.,  also  a  Maryland  Corporation.

The  Calvert  New Africa Fund currently offers three classes (Class A, B and C).
However,  pursuant  to  the Reorganization, shareholders in all three classes of
the Calvert New Africa Fund will be converted into Class A Shares of the Calvert
South  Africa  Fund.  The  following  chart  shows  the  differences between the
classes:




Class  A:
Front-End  Sales
Charge

Sales  charge  on  each  purchase  of  4.75%  or  less,  depending on the amount
invested.




Class  A  shares  have  an  annual  12b-1  fee  of  up  to  0.35%.

Class  A  shares  have  lower  annual  expenses  due  to  a  lower  12b-1  fee.


Purchases  of Class A shares at NAV for accounts with $1,000,000 or more will be
subject  to  a  1.0%  deferred  sales  charge  for  1  year.
Class  B:
Deferred  Sales
Charge  for  6  years

No  sales  charge on each purchase, but if these shares are sold shares within 6
years,  there  will be a deferred sales charge of 5% or less on shares you sell.

Class  B  shares  have  an  annual  12b-1  fee  of  1%.


Class  B  shares  will  automatically  convert  to Class A shares after 8 years,
reducing  future  annual  expenses.


Class  C:
Deferred  Sales
Charge  for  1  year

No  sales  charge  on each purchase, but if these shares are sold within 1 year,
there  will  be  a  deferred  sales  charge  of  1%  at  that  time.


Class  C  shares  have  an  annual  12b-1  fee  of  1.00%.

Class  C  shares  have  higher  annual  expenses  than  Class  A and there is no
automatic  conversion  to  Class  A.


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 Calvert New
Africa  Fund  and  the  Calvert  South  Africa  Fund.


GENERAL  INFORMATION  ABOUT  THE  FUNDS

Information about the Calvert New Africa Fund is included in a prospectus, which
all  shareholders  have  received. Further information is included in the Fund's
Statement  of  Additional  Information.  Both  the  Prospectus  and Statement of
Additional  Information  are hereby incorporated by reference and are dated July
31,  2000.  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 Calvert New Africa Fund are also available by writing the Fund at
4550  Montgomery  Avenue,  Suite  1000N, Bethesda, Maryland 20814, or by calling
(800)  368-2745. Both Funds 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 both 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 materials 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  Calvert on behalf of both Funds.

OTHER  BUSINESS

The  Board  of  Directors of the Calvert New World Fund, Inc. does 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 Calvert New Africa Fund are being solicited
by  the Board of Directors for the Special Meeting of Shareholders to be held in
the  Tenth  Floor Conference Room of Calvert Group Ltd., Air Rights North Tower,
4550  Montgomery  Avenue,  Suite  1000N,  Bethesda,  Maryland  at  9:00  a.m. on
Thursday,  March  29,  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 Calvert and its affiliates or by
proxy  soliciting  firms  retained for this purpose. The Calvert New Africa Fund
will  bear  solicitation  costs,  which are expected to be approximately $4,000.


A  proxy  may be revoked at any time before the meeting or during the meeting by
oral  or  written  notice to William M. Tartikoff, Esq., 4550 Montgomery Avenue,
Suite 1000N, Bethesda, Maryland 20814. 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.

The  Plan  must  be  approved  by a majority of the outstanding shares, which is
defined  as the lesser of: (1) the vote of 67% or more of the shares of the Fund
at the Special Meeting if the holders of more than 50% of the outstanding shares
of  the Fund are present in person or by proxy, or (2) the vote of more than 50%
of  the  outstanding  shares  of  the  Fund.

Abstentions  and broker non-votes will be counted as shares present for purposes
of  determining whether a quorum is present but will not be voted for or against
any adjournment or proposal. A broker non-vote is when a broker holds the shares
and  the  actual  owner does not vote and the broker holding the shares does not
have  the  authority  to  vote  the  shares. Accordingly, abstentions and broker
non-votes effectively will be a vote against adjournment or against any proposal
where  the  required  vote  is  a  percentage  of  the  shares  present.

Shareholders  of  the Calvert New Africa Fund of record at the close of business
on February 7, 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 February 7, 2001, as shown on the books of the
Calvert  New Africa Fund, there were issued and outstanding 744,836.401 of Class
A  Shares,  29,972,828  of  Class  B Shares and 4,893.522 of Class C Shares. The
votes  of  the  shareholders  of  the  Calvert  South  Africa Fund are not being
solicited  since  neither their approval nor their consent is necessary for this
transaction.

As  of  December  31, 2000, the officers and directors of the Calvert New Africa
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  Calvert  New  Africa  Fund:

Name  and  Address               %  of  Ownership

The  Public  School  Retirement  System     56.67%  of  Class  A
of  the  City  of  St.  Louis
St.  Louis,  MO

Beverly  J.  Entwisle               19.98%  of  Class  B
98  Baptist  Rd.
Canterbury,  NH  03224


Name  and  Address               %  of  Ownership

Sylvis  V.  Obradovic               5.61%  of  Class  B
PO  Box  2500
Maryland  Hts,  MO  63043

David  R.  Klein                    11.97%  of  Class  B
1662  Taroka  Dr.
Fairbanks,  AK  99709

Virginia  E.  Touhey               11.82%  of  Class  B
3  Azalea  Ct.
Clifton  Park,  NY  12065

Robin  Klay                    11.11%  of  Class  C
296  W.  18th  Street
Holland,  MI  49423

Richard  B.  Lindley               36.56%  of  Class  C
303  Daisy  Ln.
Dripping  Spgs,  TX  78620

Kimberly  D.  Lomis  MD               6.26%  of  Class  C
4230  Harding  Rd  Ste  302
Nashville,  TN  37205

Beverly  Cuddy                    7.47%  of  Class  C
1731  18th  St.
Niceville,  FL  32578

UNCG  Wesley  Foundation               18.06%  of  Class  C
PO  Box  26170
Greensboro,  NC  27402




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  Directors
William  M.  Tartikoff,  Esq.
Secretary


The  Board  of  Directors  of  Calvert  New  World  Fund,  Inc.,  including  the
Independent  Directors,  recommend  a  Vote  FOR  Approval  of  the  Plan.


EXHIBIT  A
AGREEMENT  AND  PLAN  OF  REORGANIZATION

This  AGREEMENT  AND  PLAN  OF  REORGANIZATION, dated as of December 7, 2000, is
between  the  Calvert  New Africa Fund, a series of Calvert New World Fund, Inc.
and  the  Calvert  South  Africa  Fund,  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 Calvert New
Africa  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"). The Calvert South Africa Fund shall
furnish  to  the  Calvert  New Africa Fund such data and information as shall be
reasonably  requested  by  the  Calvert  New  Africa  Fund  for inclusion in the
information  to be furnished to its shareholders in connection with the meeting.

2.     REORGANIZATION

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

(i)     to deliver to the Calvert New Africa Fund in exchange for the assets the
number of full and fractional shares of common stock of the Calvert South Africa
Fund  ("Calvert  South  Africa  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 Calvert New
Africa  Fund  Shares (rounded to the nearest million) by the net asset value per
share  of  the  Calvert  South  Africa Fund (rounded to the nearest million) and
multiplying  the quotient by the number of outstanding shares of the Calvert New
Africa  Fund  as  of  the close of business on the closing date. It is expressly
agreed  that there will be no sales charge to the Calvert New Africa Fund, or to
any  of  the  shareholders  of  the Calvert New Africa Fund upon distribution of
Calvert  South


Africa  Fund  Shares  to  them;  and

(ii)     not  to  assume  any  of  the Calvert New Africa Fund's obligations and
liabilities,  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 Calvert New Africa 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 Calvert New Africa Fund's net assets to be transferred
to  the  Calvert  South Africa 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  the  Calvert  South  Africa  Fund's  prospectus.

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

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



4.     LIQUIDATION  AND  DISSOLUTION

(a)     As  soon  as  practicable after the Closing Date, the Calvert New Africa
Fund  will  distribute  pro  rata to the Calvert New Africa Fund shareholders of
record as of the close of business on the Closing Date the shares of the Calvert
South  Africa  Fund  received  by  the  Calvert New Africa Fund pursuant to this
Section.  Such  liquidation  and  distribution  will  be  accompanied  by  the
establishment  of shareholder accounts on the share records of the Calvert South
Africa  Fund  in  the  names  of each such shareholder of the Calvert New Africa
Fund,  representing the respective pro rata number of full shares and fractional
interests  in  shares  of  the  Calvert  South  Africa Fund due to each. No such
shareholder  accounts  shall  be established by the Calvert South Africa Fund or
its  transfer agent for the Calvert South Africa Fund except pursuant to written
instructions  from  the Calvert New Africa Fund, and the Calvert New Africa Fund
agrees  to provide on the Closing Date instructions to transfer to a shareholder
account  for each former Calvert New Africa Fund shareholder a pro rata share of
the  number  of  shares  of  the  Calvert South Africa 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 the Calvert South Africa Fund or its transfer
agent  to  each  shareholder  of  the  Calvert  New  Africa  Fund receiving such
distribution  of  shares  of  the  Calvert  South  Africa  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 the Calvert South
Africa Fund shall not be issued unless requested by the shareholder and, if such
a  request  is made, share certificates of the Calvert South Africa Fund will be
issued  only for full shares of the Calvert South Africa Fund and any fractional
interests  in  shares  shall  be  credited in the shareholder's account with the
Calvert  South  Africa  Fund.

(d)  As  promptly  as  is  practicable  after the liquidation of the Calvert New
Africa  Fund,  and  in  no  event  later  than  12  months from the date of this
Agreement,  the  Calvert  New  Africa  Fund  shall be terminated pursuant to the
provisions  of  the  Plan  and  its  By-laws  and  Articles  of  Incorporation.

(e)     Immediately  after  the  Closing  Date,  the share transfer books of the
Calvert  New  Africa  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 South Africa 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  South  Africa  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  said  By-laws.

6.     REPRESENTATIONS AND WARRANTIES OF CALVERT               SOUTH AFRICA FUND

(a)  Organization, Existence, Etc. Calvert South Africa 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,  the Calvert South Africa Fund is not
qualified  to  do  business  as  a  foreign  corporation  under  the laws of any
jurisdiction. The Calvert South Africa 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 the
Calvert  South  Africa  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.  The  Calvert  South Africa Fund has an unlimited number of
shares  of  beneficial interest, no par value, of which as of December 31, 2000,
250,000,000  shares were outstanding, and no shares were held in the treasury of
the  Calvert  South  Africa  Fund.  All of the outstanding shares of the Calvert
South  Africa Fund have been duly authorized and are validly issued, fully paid,
and  non-assessable.  Since  the  Calvert  South  Africa  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 South Africa 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, the Calvert South Africa
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. The Calvert
South  Africa  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 South Africa Fund, whether or not determined or
determinable,  other  than  liabilities disclosed or provided for in the Calvert
South  Africa Fund Financial Statements and liabilities incurred in the ordinary
course  of  business  subsequent  to  December 31, 2000, or otherwise previously
disclosed  to  the  Calvert  New  Africa Fund, none of which has been materially
adverse  to  the  business, assets or results of operations of the Calvert South
Africa  Fund.

(g)     Litigation.  To the knowledge of the Calvert South Africa Fund there are
no  claims,  actions,  suits, or proceedings, pending or threatened, which would
adversely  affect  the  Calvert  South Africa 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  Calvert  New  Africa  Fund under which no default exists, the Calvert South
Africa  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.  The Calvert South Africa 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 the Calvert South Africa 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 the Calvert South Africa 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
Calvert  New Africa 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  CALVERT  NEW          AFRICA  FUND

(a)  Organization,  Existence,  etc.  The  Calvert  New  Africa  Fund  is a duly
organized  series  of  the Calvert New World Fund, Inc., validly existing and in
good standing under the laws of the State of Maryland, and has power to carry on
its  business  as  it  is now being conducted. Currently, the Calvert New Africa
Fund  is not qualified to do business as a foreign corporation under the laws of
any  jurisdiction.  The Calvert New Africa 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 Calvert New World Fund, Inc., of
which the Calvert New Africa Fund is a series, is registered under 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.  The  Calvert New Africa Fund has an unlimited number of
shares  of  beneficial  interest,  no  par value, of which as of March 31, 2000,
250,000,000  shares were outstanding, and no shares were held in the treasury of
the  Calvert  New  Africa Fund. All of the outstanding shares of the Calvert New
Africa  Fund  have  been duly authorized and are validly issued, fully paid, and
non-assessable.  Since  the  Calvert  New Africa 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


Calvert  New  Africa  Fund  may  change  prior  to  the  Effective  Date  of the
Reorganization.

(d)  Financial  Statements.  The  financial statements of the Calvert New Africa
Fund  for the year ended March 31, 2000, ("the Calvert New Africa Fund Financial
Statements"),  previously  delivered  to  the  Calvert South Africa Fund, fairly
present  the  financial  position of the Calvert New Africa Fund as of March 31,
2000,  and  the  results of its operations and changes in its net assets for the
year  then  ended.

(e)     Authority  Relative  to  the  Plan. Calvert New World Fund, Inc. has the
power  to  enter  into  the Plan on behalf of the Calvert New Africa 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 the Calvert New World Fund, Inc. and, except for
approval  by  the  holders  of  its  capital  stock, no other proceedings by the
Calvert  New  World  Fund,  Inc.  are  necessary  to  authorize  its officers to
effectuate  the  Plan  and the transactions contemplated. The Calvert New Africa
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 Calvert New Africa Fund
whether  or  not determined or determinable, other than liabilities disclosed or
provided for in the Calvert New Africa Fund Financial Statements and liabilities
incurred  in  the  ordinary  course of business subsequent to March 31, 2000, or
otherwise  previously  disclosed to the Calvert South Africa Fund, none of which
has been materially adverse to the business, assets, or results of operations of
the  Calvert  New  Africa  Fund.

(g)     Litigation. To the knowledge of the Calvert New Africa Fund there are no
claims,  actions,  suits,  or  proceedings,  pending  or threatened, which would
adversely affect the Calvert New Africa 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  Calvert  South  Africa  Fund under which no default exists, the Calvert New
World  Fund,  Inc. on behalf of the Calvert New Africa 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 Calvert New Africa Fund
have been filed for all taxable years up to and including the taxable year ended
March  31,  2000, and all taxes payable pursuant to such returns have been paid.
The  Calvert  New  Africa  Fund  has qualified as a regulated investment company
under  the  Internal  Revenue Code with respect to each past taxable year of the
Calvert  New  Africa  Fund  since  commencement  of  its  operations.

(j)     Portfolio  Securities.  All  securities  to be listed in the schedule of
investments  of  the  Calvert  New  Africa  Fund as of the Effective Time of the
Reorganization  will  be  owned by the Calvert New World Fund, Inc. on behalf of
the  Calvert  New  Africa  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 Calvert New Africa Fund will cooperate with
the  Calvert  South  Africa  Fund  in connection with the Registration Statement
referred  to  in Section 6(i) of this Agreement, and will furnish to the Calvert
South  Africa  Fund  the  information  relating  to  the Calvert New Africa 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 Calvert New Africa 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  the  Calvert  South  Africa  Fund,  insofar as it relates to the Calvert New
Africa  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  Calvert  New  Africa  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  SOUTH          AFRICA  FUND

The  obligations  of  the  Calvert  South  Africa 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 Calvert New Africa 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 Calvert New Africa Fund
since  March  31,  2000.  The  Calvert  South  Africa Fund shall have received a
certificate  from the Calvert New Africa Fund satisfactory in form and substance
to  the Calvert South Africa 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.  The  Calvert  South  Africa  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 Calvert South Africa Fund, as to
certain  of  the federal income tax consequences of the Reorganization under the
Internal Revenue Code to the Calvert New Africa Fund and the shareholders of the
Calvert New Africa 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  Calvert  New  Africa  Fund  in  connection  with the
Reorganization,  and  on  such  other written representations as the Calvert New
Africa  Fund and the Calvert South Africa 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  Calvert  New Africa Fund nor the Calvert South Africa
Fund  will  recognize  any  gain  or loss upon the transfer of the assets of the
Calvert  New  Africa  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 beneficial
interest  of  the  Calvert  New  Africa  Fund;

(ii)     the  shareholders  of  the  Calvert New Africa 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  capital  stock  of the Calvert New Africa Fund for Calvert South Africa Fund
Shares  (including  any  fractional  share  interests  they  are  deemed to have
received)  pursuant  to  the  Reorganization;

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

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

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

(i)     the  Calvert  New  World  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)     the  Calvert New Africa Fund is a series of the Calvert New World Fund,
Inc.;  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 the Calvert New World Fund, Inc., and the Plan has
been  duly  executed  and delivered by the Calvert New World Fund, Inc. and is a
valid and binding obligation of the Calvert New World Fund, Inc. and its series,
Calvert  New  Africa  Fund.

9.     CONDITIONS  TO  OBLIGATIONS  OF  CALVERT  NEW  AFRICA          FUND

The obligations of the Calvert New Africa 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 the
Calvert  New  World  Fund,  Inc.

(b)     Representations, Warranties and, Agreements. As of the Effective Time of
the  Reorganization, the Calvert South Africa 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 the Calvert South
Africa  Fund  since  December  31,  2000.  As  of  the  Effective  Time  of  the
Reorganization,  the  Calvert  New Africa Fund shall have received a certificate
from  the  Calvert  South  Africa Fund satisfactory in form and substance to the
Calvert  New  Africa  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 Calvert New Africa 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 Calvert New Africa Fund, as to certain of
the  federal  income  tax  consequences  of  the  Reorganization  under


the Internal Revenue Code to the Calvert South Africa 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
Calvert New Africa Fund in connection with the Reorganization, and on such other
written  representations  as  the  Calvert New Africa Fund and the Calvert South
Africa  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  Calvert  New Africa Fund nor the Calvert South Africa Fund
will  recognize  any gain or loss upon the transfer of the assets of the Calvert
New  Africa  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
Calvert  New  Africa  Fund;

(ii)     the  shareholders  of  the  Calvert New Africa 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  capital  stock  of the Calvert New Africa Fund for Calvert South Africa Fund
Shares  (including  any  fractional  share  interests  they  are  deemed to have
received)  pursuant  to  the  Reorganization;

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

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

(e)     Opinion  of Counsel. The Calvert New Africa Fund shall have received the
opinion  of  counsel for the Calvert South Africa Fund, dated the Effective Time
of  the  Reorganization,  addressed to and in form and substance satisfactory to
the  Calvert  New  Africa  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  the  Calvert  South Africa Fund and is a valid and
binding  obligation  of  Calvert Impact Fund, Inc. and its series, Calvert South
Africa  Fund;

(iv)     Calvert  South  Africa  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  the  Calvert  South  Africa  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 Calvert New Africa 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  Calvert New Africa Fund may terminate the Plan at any time prior to
the  Effective  Time of the Reorganization by notice to the Calvert South Africa
Fund  if:  (i) a material condition to its performance under this Agreement or a
material  covenant  of the Calvert South Africa 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 Calvert
South  Africa  Fund.


(d)     The  Calvert  South Africa Fund may terminate the Plan at any time prior
to  the Effective Time of the Reorganization by notice to the Calvert New Africa
Fund  if:  (i) a material condition to its performance under this Agreement or a
material  covenant of the Calvert New Africa 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 Calvert
New  Africa  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 Calvert New Africa 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 March 31, 2001, 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.

11.     EXPENSES

Each  Fund  will  bear  its  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  Calvert New Africa Fund and the Calvert South Africa
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)     CALVERT  NEW  AFRICA  FUND


Attest:


By:     /s/  Ivy  Wafford  Duke     By:     /s/  Barbara  J.  Krumsiek
     Name:     Barbara  J.  Krumsiek
     Title:     President


(SEAL)     CALVERT  SOUTH  AFRICA  FUND


By:     /s/  Ivy  Wafford  Duke     By:     /s/  William  M.  Tartikoff
     Name:     William  M.  Tartikoff
     Title:     Vice  President


Thank  You  For  Voting  Each  of  Your  Accounts  Promptly!







                            Calvert Impact Fund, Inc.
                       STATEMENT OF ADDITIONAL INFORMATION

                             February __, 2001

                        Acquisition of the Assets of the
                             Calvert New Africa Fund
                 (a series of the Calvert New World Fund, Inc.)

                       4550 Montgomery Avenue, Suite 1000N
                            Bethesda, Maryland 20814


                        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 Calvert New
Africa Fund in exchange 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 February __,
2001,  attached  hereto  and  incorporated  by  reference.

     This  Statement  of  Additional  Information  is  not  a  prospectus.  A
Prospectus/Proxy  Statement  dated  February __,  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 Calvert New
Africa  Fund  are  hereby incorporated by reference and are dated July 31, 2000.
You  may obtain copies by calling or writing the Fund at 4550 Montgomery Avenue,
Suite  1000N, Bethesda, Maryland 20814 or by calling the Fund at (800) 661-3550.

     The  date  of  this  Statement of Additional Information is February __,
2001.




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

                       Statement of Additional Information
                                 February __, 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 SAI in conjunction with the Fund's Prospectus, dated
March  2001. The audited financial statements of the Calvert South Africa Fund's
predecessor  fund,  The  RISA  Fund,  included  in  its  most  recent  Report to
Shareholders,  are  expressly incorporated by reference, and made a part of this
SAI.  The prospectus and The RISA Fund's 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                  8
     Dividends,  Distributions  and  Taxes     9
     Net  Asset  Value                        10
     Calculation  of  Total  Return           11
     Advertising                              11
     Purchase  and  Redemption  of  Shares    12
     Directors  and  Officers                 12
     Investment  Advisor  and  Subadvisors    14
     Administrative  Services  Agent          15
     Transfer  and  Shareholder  Servicing
       Agents                                 15
     Method  of  Distribution                 15
     Portfolio  Transactions                  16
     Personal  Securities  Transactions       17
     Independent  Accountants  and
       Custodians                             17
     General  Information                     17
     Appendix                                 18



                          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 U.S.
dollar-denominated  and  traded in the U.S. 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  U.S.  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 U.S. dollar, the value of the security in U.S.
dollars  will  increase  or  decline  correspondingly.
Emerging  Markets 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 climatic 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 Subadvisors 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,
U.S.  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, U.S.
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 25% 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 U.S.
Government  and U.S. 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.  The  Fund  considers a security to be investment
grade if it has received an investment grade rating from at least one nationally
recognized statistical rating organization (NRSRO), or is an unrated security of
comparable quality.  Currently, there are four NRSROs.) 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
Subadvisors 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 Subadvisors 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  Subadvisors,  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 U.S. 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  Subadvisors  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  U.S.  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 Subadvisors 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 U.S. 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 transactions 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 premiums paid for related
options would not exceed 5% of its total assets, excluding any bona fide hedging
purposes.
(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  U.S.,  a  State,  the  District  of  Columbia, a U.S. possession, a foreign
government,  an international organization, or any political subdivision, agency
or  instrumentality  of  any  of  the  foregoing; U.S. 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  U.S.  Government  obligations. State law varies considerably
concerning the tax status of dividends derived from U.S. 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; and (b) 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.
     The  standardized  total return for Class A shares is "linked" to the total
return of the Fund's predecessor, The RISA Fund. In the table below, performance
results  for Class A are for the predecessor.  Please note that current expenses
for  the  Class  A Shares of the Fund are capped at 2.25%, the same as they were
for  The  RISA  Fund.  Annual  total  returns  for  The RISA did not include the
assessment  of  any  sale  loads,  and  therefore  actual performance would have
differed.
     Total  returns  for  the  Fund's  shares  for  the periods indicated are as
follows:

Periods  Ended                 Class  A
September  30,  2000          Total  Return

Calvert  South  Africa  Fund
One  year                       4.19%
Five  years                     N/A
From  date  of  inception*      4.69%

*(October  1,  1999)

                                   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.)  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  Directors  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 Officers 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  a  ,  is  also  a  Director/Trustee  of  certain  other investment
companies  in  the  Calvert  Group  of  Funds.
     The Audit Committee of the Board is composed of those Directors who are not
interested  persons.
     Directors  of  the  Fund  not  affiliated with the Funds 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.

                           Director Compensation Table

Fiscal Year 2000       Aggregate     Pension or Retirement                 Total
(unaudited numbers)  Compensation   Benefits Accrued as part   Compensation from
               from Registrant for   of Registrants Expenses*     Registrant and
               Service as Director                          Fund Complex paid to
                                                                      Director**

Name  of  Director

Rebecca  Adamson            N/A                 N/A                      $34,932
Miles Douglas Harper III    N/A                 N/A                          N/A
Joy  V.  Jones,  Esq.       N/A                 N/A                      $24,932
D.  Wayne  Silby            N/A                 N/A                      $63,432

*Mesdames  Adamson  and  Jones  have  chosen  to  defer  a  portion  of  their
compensation.  As  of September 30, 2000, total deferred compensation, including
dividends  and  capital appreciation, were $68,578.10 and $31,238.96 for each of
them,  respectively.
**  As  of  September  30,  2000,  the  Fund  Complex  consists  of  eleven (11)
registered  investment  companies.

                       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
Calvert  Group,  Ltd., which is a subsidiary of Acacia Life Insurance Company of
Washington, D.C. ("Acacia"). On January 1, 1999, Acacia merged with and became 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.
     The  Advisor  and  Subadvisors  have  agreed to limit annual fund operating
expenses  (net  of  any  expense  offset  arrangements  and  exclusive  of  any
performance  fee  adjustment, estimated to be approximately 0.20%) through March
29,  2002. The contractual expense cap is 2.25% for Class A. For the purposes of
this  expense  limit,  operating  expenses  do  not  include  interest  expense,
brokerage commissions, extraordinary expenses, taxes and capital items. The Fund
has  an offset arrangement with the custodian bank whereby the custodian and the
transfer  agent  fees may be paid indirectly by credits on the Fund's uninvested
cash  balances.  These  credits  are  used  to  reduce  the  Fund's  expenses.

Subadvisors

     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  the  Fund's  average  daily  net  assets.

     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  the  Fund's  average  daily  net  assets.

     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 Subadvisors or the
implementation  of  any  proposed  material change in the Investment Subadvisory
Agreement,  the  Fund  will  furnish  its shareholders information about the new
Subadvisors  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 Subadvisors 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
Subadvisors  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 the
Fund's  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 distributors market and distribute the
Fund's  shares  and  are  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  may not exceed, on an annual basis, 0.35% of the Fund's
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  distributors, at their own
expense,  may  incur  costs and pay expenses associated with the distribution of
shares  of the Fund.  The Advisor and/or distributors have 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 distributors make a continuous
offering  of the Fund's securities on a "best efforts" basis. Under the terms of
the  agreement,  the  distributors  are  entitled  to  share,  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  distributors  receive  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/Subadvisors obligation to seek best
execution.  The Advisor or Subadvisors 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  Advisor, and principal underwriters 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 one
class  of  shares:  Class  A. 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.

     The  Fund  may  also  rely  on  ratings  by  any other NRSRO, such as Fitch
International  Rating  Agency  or  Thompson's  Bankwatch.



                                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)


INVESTMENT  ADVISOR
Calvert  Asset  Management  Company,  Inc.
4550  Montgomery  Avenue
Suite  1000N
Bethesda,  Maryland  20814

Shareholder  ServiceS     TRANSFER  AGENT
Calvert  Shareholder  Services,  Inc.     National Financial Data Services, Inc.
4550  Montgomery  Avenue     330  West  9th  Street
Suite  1000N     Kansas  City,  Missouri  64105
Bethesda,  Maryland  20814

PRINCIPAL  UNDERWRITERS     INDEPENDENT  accountants
Calvert  Distributors,  Inc.     Arthur  Andersen  LLP
4550  Montgomery  Avenue     1601  Market  Street
Suite  1000N     Philadelphia,  PA  19103
Bethesda,  Maryland  20814

BOE  SECURITIES,  INC.
225  South  15th  Street
Suite  928
Philadelphia,  PA  19102






CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
PROFORMA  STATEMENTS  OF  ASSETS  AND  LIABILITIES                    Calvert
MARCH  31,  2000  (UNAUDITED)                                      South Africa
              Calvert           The     Calvert                         Fund
            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               Calvet
     SEPTEMBER  30,  2000  (UNAUDITED)                            South Africa
               Calvert            The      Calvert                    Fund
            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
                                           South Africa
Calvert      The    Calvert                    Fund                       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)2        0      0        0        -
Administrative Service Fee
      0         0           0      14,272 3    14,272     20   14,272        0
Transfer  agency  fees  and expenses
 32,899     4,340           0          581 4   37,820     53   37,820    2,170
Distribution  Plan  expenses:
Class  A
 15,918     1,680           0          242 5   17,840     25   17,840      840
Class  B
    807         -           -         (807)5        0      0        0        -
Class  C
    161         -           -         (161)5        0      0        0        -
Insurance
      -    18,544           0      (18,544)6        0      0        0    9,272
Directors'  fees  and  expenses
 27,692    11,522           0      (32,078)7    7,136     10    7,136    5,761
Accounting  fees
 18,100    23,322           0      (39,281)8    2,141      3    2,141   11,661
Custodian  fees
 34,681    27,158           0      (31,868)9   29,971     42   29,971   13,579
Registration  fees
 36,575    14,404           0        7,536 13  58,515     82   58,515    7,202
Reports  to  shareholders
 11,988     7,682           0       (6,825)13  12,845     18   12,845    3,841
Professional fees
 32,439    52,814           0      (74,549)10  10,704     15   10,704   26,407
Organizational  expenses
 14,068    39,006           0      (53,074)11       0      0        0   19,503
Miscellaneous
  4,173     7,202           0      (10,661)13     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 12 (93,441)  -131 (93,441)(101,317)
Class  B
(11,173)        -           -       11,173 12       0      0       0         -
Class  C
(10,639)        -           -       10,639 12       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%  12               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.

4  Proforma adjustments required to reflect the estimated expenses expected to
be incurred for the upcoming fiscal year.

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
                                 South Africa                               The
Calvert  The   Calvert               Fund     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)2         0       -       -                    -
                                                                0       0
Administrative  Service  Fee
     0         0     0    5,256 3     5,256       0       0                    0
                                                               20   5,256
Transfer  agency  fees  and  expenses
14,438    29,021     0  (29,530)4    13,929   2,170   31,191              29,021
                                                               53  13,929
Distribution  Plan  expenses:
Class  A
 5,215     1,188     0      167 5     6,570     840    2,028               1,188
                                                               25   6,570
Class  B
   514         -     -     (514)5         0       -        -                   -
                                                                0       0
Class  C
    94         -     -      (94)5         0       -        -                   -
                                                                0       0
Insurance
     0    19,312     0  (19,312)6         0       -    1,932               1,932
                                                                0       0
 Directors'  fees  and  expenses
10,859     4,239     0  (12,470)7     2,628   5,761   10,000               4,239
                                                               10   2,628
Accounting  fees
 5,981   102,339     0 (107,532)8       788  11,661  114,000             102,339
                                                                3     788
Custodian  fees
26,088    (8,176)    0   (6,874)9    11,038  13,579    5,403             (8,176)
                                                               42  11,038
Registration  fees
14,540    (1,184)    0    8,194 13    21,550   7,202    6,018            (1,184)
                                                               82  21,550
Reports  to  shareholders
 4,450     1,186     0     (905)13    4,731   3,841    5,027               1,186
                                                               18   4,731
Professional  fees
 7,102     6,627     0   (9,787)10    3,942  26,407   33,034               6,627
                                                               15   3,942
Organizational  expenses
     -    20,467     0  (20,467)11        0  19,503   39,970              20,467
                                                                0       0
Miscellaneous
   870    (3,560)    0    2,953 13      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 12  (27,186)(101,317)(161,970)          (60,653)
                                                              131 (27,186)
Class  B
(5,077)       -      -    5,077 12        0        -        -
                                                                0       0
Class  C
(4,869)       -      -    4,869 12        0        -        -
                                                                0       0
Fee  waivers
     -  (107,241)    0  107,241 12        0          (107,241)         (107,241)
                                                                0       0
Fees  paid  indirectly
(11,973)       -     0        0 4   (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.

4  Proforma adjustments required to reflect the estimated expenses expected to
be incurred for the upcoming fiscal year.

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)12   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
MARCH  31,  2000  (UNAUDITED)

    CALVERT  NEW
    AFRICA  FUND    THE RISA
                    FUND           CALVERT
                                SOUTH AFRICA
                                    FUND          PROFORMA
                                                 ADJUSTMENTS      TOTAL  TOTAL
   SHARES   VALUE  SHARES  VALUE  SHARES  VALUE  SHARES VALUE     SHARES VALUE

EQUITY SECURITIES - 66.8%

Botswana  -  0.0%
Sechaba  Brewery

   163,300  $161,863          -     -         (163,300) ($161,863)

Sefalana  Holdings  Co.

   105,300   106,548          -     -         (105,300) (106,548)
             268,411               -               -    (268,411)


Egypt  -  0.0%
Al-Ahram  Beverages  Co.*

   4,800   85,920          -     -            (4,800)     (85,920)
Commercial  International  Co.

  8,150    96,791                             (8,150)     (96,791)
Egyptian  Company  for  Mobile  Service  (MobiNil)*

  5,000    241,894                            (5,000)     (241,894)
Egyptian  Starch  &  Glucose  Manufacturing  Co.

    125    868                                (125)       (868)
Media  Productions  Co.*

    1,700  35,177          -     -            (1,700)     (35,177)
MISR  Duty  Free Shop Co.

    13,675 39,974                             (13,675)    (39,974)
Orascom  Construction*

    3,650  51,603                             (3,650)     (51,603)
          552,227               -               -        (552,227)

Ghana  -  0.0%
Ashanti  Goldfields  Limited  (GDR)*

    10,201 21,677                             (10,201)   (21,677)
Guinness  Ghana

    339,900 81,002                            (339,900)  (81,002)
Social  Security  Bank

    218,700 106,800                           (218,700)  (106,800)
            209,479               -               -      (209,479)

Ivory  Coast  -  0.0%
Societe  National  des  Telecommunication

    3,100   119,720                             (3,100)  (119,720)


Kenya  -  0.0%
Kenya  Power  &  Lighting  Co.

   71,734   84,336                             (71,734)  (84,336)
Uchumi  Supermarkets

   114,192  65,983                             (114,192) (65,983)
           150,319                                      (150,319)

CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
MARCH  31,  2000  (UNAUDITED)

    CALVERT  NEW
    AFRICA  FUND    THE RISA
                    FUND           CALVERT
                                SOUTH AFRICA
                                    FUND          PROFORMA
                                                 ADJUSTMENTS      TOTAL  TOTAL
   SHARES   VALUE  SHARES  VALUE  SHARES  VALUE  SHARES VALUE     SHARES VALUE

EQUITY  SECURITIES  (CONT'D)

South  Africa  -  66.8%
Adcorp Holdings, Ltd.

                      8000  30,680                                8,000   30,680
African  Bank  Investments,  Ltd.*

                      14000 29,625                                14,000  29,625
African  Life  Assurance  Co.,  Ltd.

                     6200   36,234                                6,200   36,234
Alexander  Forbes,  Ltd.

                     38,000 89,121                                38,000  89,121
Anglo  American  Platnum

  3,900  103,833                                                 3,900   103,833
AngloGold,  Ltd.

  900    43,103                                                   900     43,103
Avis Southern Africa, Ltd.

                     17500  20,989                                17,500  20,989
Billiton,  Plc.

  71,700  337,902                                                71,700  337,902
Capital  Alliance  Holdings,  Ltd.

          -         30,000  61,879                                30,000  61,879
City  Lodge Hotels

  1       1                                                        1       1
Comparex  Holdings,  Ltd.

                   25,000  44,499                                 25,000  44,499
DataTec,  Ltd.*

  10,600  188,142  2,500  44,308                                 13,100  232,450
De  Beers  Centenary

  12,800  299,656  1,500  35,065                                 14,300  334,721
Dimension  Data  Holdings,  Ltd.

  34,779  310,246  6,000  53,262                                 40,779  363,508
FirstRand,  Ltd.

  205,300 248,163                                               205,300  248,163
Fusion Capital*

  1,053,900 161,258                                           1,053,900  161,258
Gray  Securities,  Ltd.

                  95,000  27,578                               95,000     27,578
Greenwich  Group,  Ltd.

                 31,400  8,396                                  31,400     8,396
Hosken  Consolidated  Investmens,  Ltd.*

                 35,000  39,572          -     -               35,000     39,572
Impala  Platinum  Holdings,  Ltd.

                 1,500   52,024                                1,500      52,024
Imperial  Holdings, Ltd.

  18,396  157,628                                             18,396     157,628
La  Retail  Stores,  Ltd.

                 22,000  15,697                                22,000     15,697
M  Cell  Warrants

  43,200  237,962                                             43,200     237,962
Metro  Cash  and  Carry,  Ltd.

  60,400  52,216                                               60,400     52,216
Metropolitan  Life,  Ltd.

                70,000  88,769                                 70,000     88,769
Moneyweb  Holdings, Ltd.

                200,000  29,030                                200,000    29,030
Mossie  Holdings*

  25  154,540                                                  25        154,540
Naspers, Ltd. (N shares)

  18,800  229,840                                             18,800     229,840
Old  Mutual,  Plc.

                22,000  51,932                                 22,000     51,932
Prism  Holdings,  Ltd.*

  17,900  22,459                                               17,900     22,459
Profurn,  Ltd.

                75,000  51,910                                 75,000     51,910
Rebhold,  Ltd.

  36,700  98,552                                               36,700     98,552
Rembrandt  Group,  Ltd.

  11,900  105,608                                             11,900     105,608
Sanlam,  Ltd.

  80,500  102,357                                             80,500     102,357
Sappi,  Ltd.

  21,200  164,137                                             21,200     164,137
Standard Bank Investment

  58,200  240,441                                             58,200     240,441
Tempora Investments, Ltd.

               10,000  49,656                                 10,000      49,656
Woolworths  Holdings,  Ltd.

               100,000  56,531                                100,000     56,531
       3,258,044       916,757               -                         4,174,801
                                                                    66.83%  66.8

CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
MARCH  31,  2000  (UNAUDITED)

    CALVERT  NEW
    AFRICA  FUND    THE RISA
                    FUND           CALVERT
                                SOUTH AFRICA
                                    FUND          PROFORMA
                                                 ADJUSTMENTS      TOTAL  TOTAL
   SHARES   VALUE  SHARES  VALUE  SHARES  VALUE  SHARES VALUE     SHARES VALUE
EQUITY  SECURITIES  (CONT'D)

UNITED  KINGDOM  -  0.0%
African  Lakes  Corporation, Plc.*

  127,141  228,736                              (127,141) (228,736)
Old Mutual, Plc.*

  121,100  286,282                              (121,100) (286,282)
           515,018                                        (515,018)

UNITED  STATES  -  0.0%
African  Church*

  250,000  0                                     (250,000) 0


ZIMBABWE  -  0.0%
Econet  Wireless  Holdings,  Ltd.

  135,700 55,061                                 (135,700) (55,061)

     Total  Equity  Investments  (Identified Cost $4,370,098)

          5,128,279  916,757               -             (1,870,235)


CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
MARCH  31,  2000  (UNAUDITED)

    CALVERT  NEW
    AFRICA  FUND    THE RISA
                    FUND           CALVERT
                                SOUTH AFRICA
                                    FUND          PROFORMA
                                                 ADJUSTMENTS      TOTAL  TOTAL
   SHARES   VALUE  SHARES  VALUE  SHARES  VALUE  SHARES VALUE     SHARES VALUE

REPURCHASE AGREEMENTS - 2.8%

   PRINCIPAL       PRINCIPAL     PRINCIPAL      PRINCIPAL        PRINCIPAL
            VALUE           VALUE         VALUE          VALUE           VALUE
PNC  Bank
     PNC  Bank  $175,000  at  4.85%  (Agreement  dated  3/28/00  to  be
     repurchased  at  $175,165.03  on  4/4/00,  collateralized  by  $175,000
     Treasury  Note,  5.75%  due  4/30/03)(Value  $179,124)

                   $175,000 $175,000                           $175,000 $175,000
                                                                           2.80%

     Total  Repurchase  Agreements  (Identified  Cost  $175,000

                             175,000                                     175,000
                                                                           2.80%

     Total  Investments    69.6%  (Cost  $4,545,098)

           5,128,279        1,091,757                   (1,870,235)    4,349,801
                                                                          69.63%
     Other  assets  and  liabilities,  net    30.4%

          (34,219)          61,169               0       1,870,235     1,897,185
                                                                          30.37%
     Total  Net  Assets  -  100.0%

          $5,094,060        $1,152,926          $0       $0 #         $6,246,986
                                                                         100.00%

* Non-income producing security as no dividends were paid during the period from
April  1,  1999  to  March  31,  2000.

#  Current  holdings  of  the  Calvert  New  Africa  Fund  and RISA Fund may not
qualifyas  "New  South  Africa Companies" pursuant to the investment policies of
the  Calvert  South  Afica  Fund.

See  notes  to  Proforma  Financial  Statements.



CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
PROFORMA  PORTFOLIO  OF  INVESTMENTS
MARCH  31,  2000  (UNAUDITED)


  CALVERT                    CALVERT
  NEW  AFRICA     THE RISA    SOUTH AFRICA     PROFORMA
     FUND          FUND          FUND         ADJUSTMENTS  TOTAL  TOTAL
 SHARES VALUE    SHARES VALUE  SHARES VALUE  SHARES VALUE  SHARES VALUE

EQUITY  SECURITIES  -  66.8%
Botswana  -  0.0%
Sechaba  Brewery

  163,300 $161,863                           (163,300) ($161,863)
Sefalana  Holdings  Co.
  105,300  106,548                           (105,300) (106,548)
           268,411               -               -     (268,411)

Egypt  -  0.0%
Al-Ahram  Beverages  Co.*
  4,800  85,920                              (4,800)   (85,920)

Commercial  International  Co.
  8,150  96,791                              (8,150)   (96,791)

Egyptian  Company  for  Mobile  Service  (MobiNil)*
  5,000  241,894                             (5,000)   (241,894)

Egyptian  Starch  &  Glucose  Manufacturing  Co.
  125   868                                  (125)     (868)

Media  Productions  Co.*
  1,700 35,177                               (1,700)   (35,177)

MISR  Duty  Free Shop Co.
  13,675 39,974                              (13,675)  (39,974)

Orascom  Construction*
  3,650  51,603                              (3,650)   (51,603)
         552,227               -               -       (552,227)

Ghana  -  0.0%
Ashanti  Goldfields  Limited  (GDR)*
  10,201 21,677                              (10,201)  (21,677)

Guinness  Ghana
  339,900 81,002                             (339,900) (81,002)

Social  Security  Bank
  218,700 106,800                            (218,700) (106,800)
          209,479               -               -      (209,479)

Ivory  Coast  -  0.0%
Societe  National  des  Telecommunication
  3,100  119,720                             (3,100)   (119,720)

Kenya  -  0.0%
Kenya  Power  &  Lighting  Co.
  71,734 84,336                              (71,734)  (84,336)

Uchumi  Supermarkets
  114,192 65,983                             (114,192) (65,983)
          150,319               -               -      (150,319)

  CALVERT                    CALVERT
  NEW  AFRICA     THE RISA    SOUTH AFRICA     PROFORMA
     FUND          FUND          FUND         ADJUSTMENTS  TOTAL  TOTAL
 SHARES VALUE    SHARES VALUE  SHARES VALUE  SHARES VALUE  SHARES VALUE
EQUITY  SECURITIES  (CONT'D)

South  Africa  -  66.8%
Adcorp Holdings, Ltd.
                 8000  30,680                              8,000  30,680

African  Bank  Investments,  Ltd.*
                 14000 29,625                              14,000 29,625

African  Life  Assurance  Co.,  Ltd.
                 6200 36,234                               6,200  36,234

Alexander  Forbes,  Ltd.
                 38,000 89,121                             38,000 89,121

Anglo  American  Platnum
  3,900  103,833                                           3,900  103,833

AngloGold,  Ltd.
  900   43,103                                             900    43,103

Avis Southern Africa, Ltd.
          -      17500  20,989                             17,500 20,989

Billiton,  Plc.
  71,700 337,902                                           71,700 337,902

Capital  Alliance  Holdings,  Ltd.
                 30,000 61,879                             30,000 61,879

City  Lodge Hotels
  1     1                                                  1      1

Comparex  Holdings,  Ltd.
                 25,000 44,499                             25,000  44,499

DataTec,  Ltd.*
  10,600 188,142  2,500 44,308                             13,100  232,450

De  Beers  Centenary
  12,800 299,656  1,500 35,065                             14,300  334,721

Dimension  Data  Holdings,  Ltd.
  34,779 310,246  6,000 53,262                             40,779  363,508

FirstRand,  Ltd.
  205,300 248,163                                          205,300 248,163

Fusion Capital*
  1,053,900 161,258                                        1,053,900 161,258

Gray  Securities,  Ltd.
                  95,000 27,578                            95,000    27,578

Greenwich  Group,  Ltd.
                  31,400 8,396                             31,400    8,396

Hosken  Consolidated  Investmens,  Ltd.*
                  35,000 39,572                            35,000    39,572

Impala  Platinum  Holdings,  Ltd.
                  1,500  52,024                            1,500     52,024

Imperial  Holdings, Ltd.
  18,396 157,628                                           18,396    157,628

La  Retail  Stores,  Ltd.
                  22,000  15,697                           22,000    15,697

M  Cell  Warrants
  43,200  237,962                                          43,200    237,962

Metro  Cash  and  Carry,  Ltd.
  60,400 52,216                                            60,400    52,216

Metropolitan  Life,  Ltd.
                  70,000  88,769                           70,000    88,769

Moneyweb  Holdings, Ltd.
                  200,000 29,030                           200,000   29,030

Mossie  Holdings*
  25  154,540                                              25        154,540

Naspers, Ltd. (N shares)
  18,800 229,840                                           18,800    229,840

Old  Mutual,  Plc.
                 22,000   51,932                           22,000    51,932

Prism  Holdings,  Ltd.*
  17,900  22,459                                           17,900    22,459

Profurn,  Ltd.
                75,000    51,910                           75,000    51,910

Rebhold,  Ltd.
  36,700  98,552                                           36,700    98,552

Rembrandt  Group,  Ltd.
  11,900  105,608                                          11,900    105,608

Sanlam,  Ltd.
  80,500  102,357                                          80,500    102,357

Sappi,  Ltd.
  21,200  164,137                                          21,200    164,137

Standard Bank Investment
  58,200  240,441                                          58,200    240,441

Tempora Investments, Ltd.
                10,000   49,656                            10,000    49,656

Woolworths  Holdings,  Ltd.
                100,000  56,531                            100,000   56,531
  3,258,044             916,757                                     4,174,801
                                                                       66.83%

  CALVERT                    CALVERT
  NEW  AFRICA     THE RISA    SOUTH AFRICA     PROFORMA
     FUND          FUND          FUND         ADJUSTMENTS  TOTAL  TOTAL
 SHARES VALUE    SHARES VALUE  SHARES VALUE  SHARES VALUE  SHARES VALUE
EQUITY  SECURITIES  (CONT'D)

UNITED  KINGDOM  -  0.0%
African  Lakes  Corporation, Plc.*
  127,141 228,736                            (127,141) (228,736)

Old Mutual, Plc.*
  121,100 286,282                            (121,100) (286,282)
          515,018               -               -      (515,018)

UNITED  STATES  -  0.0%
African  Church*
  250,000 0                                  (250,000)  0

ZIMBABWE  -  0.0%
Econet  Wireless  Holdings,  Ltd.
  135,700 55,061                             (135,700)  (55,061)

     Total  Equity  Investments  (Identified Cost $4,370,098)
          5,128,279      916,757               -        (1,870,235)

REPURCHASE  AGREEMENTS  -  2.8%

  PRINCIPAL     PRINCIPAL    PRINCIPAL    PRINCIPAL    PRINCIPAL
         VALUE        VALUE        VALUE        VALUE         VALUE

PNC  Bank
     PNC  Bank  $175,000  at  4.85%  (Agreement  dated  3/28/00  to  be
     repurchased  at  $175,165.03  on  4/4/00,  collateralized  by  $175,000
     Treasury  Note,  5.75%  due  4/30/03)(Value  $179,124)
                $175,000 $175,000                       $175,000 $175,000
                                                                    2.80%

     Total  Repurchase  Agreements  (Identified  Cost  $175,000)
                 175,000                                           175,000
                                                                     2.80%

     Total  Investments  -  69.6%  (Cost  $4,545,098)
         5,128,279      1,091,757              (1,870,235)       4,349,801
                                                                    69.63%

     Other  assets  and  liabilities,  net  -  30.4%
        (34,219)        61,169     0           1,870,235         1,897,185
                                                                    30.37%

     Total  Net  Assets  -  100.0%
        $5,094,060      $1,152,926 $0          $0 #             $6,246,986
                                                                   100.00%

* Non-income producing security as no dividends were paid during the period from
April  1,  1999  to  March  31,  2000.

#  Current  holdings  of  the  Calvert  New  Africa  Fund  and RISA Fund may not
qualify as  "New  South  Africa Companies" pursuant to the investment policies
of the  Calvert  South  Africa  Fund.

See notes to Proforma Financial Statements.




CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
NOTES  TO  PROFORMA  FINANCIAL  STATEMENTS
MARCH  31,  2000  (UNAUDITED)



NOTE  A  -  SIGNIFICANT  ACCOUNTING  POLICIES

General: The proforma schedule of statements of assets and liabilities gives the
effect  of  the  proposed combination of the Funds. The combination is accounted
for  as  a  tax-free  merger  of investment companies. The proforma statement of
operations  presents  the  operations  of  the  Funds on a combined basis and is
presented  for  information  purposes  only:  however  it  is  not  necessarily
representative  of what the combined result of the Funds would have been had the
combination  occurred at the beginning of the fiscal year. The transaction would
be  accomplished
by  a  transfer  of  all  of the assets and the assumption of certain identified
liabilities  of  the  Calvert  New Africa Fund and The RISA 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 Calvert New Africa Fund and The RISA Fund in liquidation of both Calvert New
Africa  Fund  and The RISA Fund and both of these Funds would then be dissolved.
As  a  result  of  the proposed transaction, each shareholder of the Calvert New
Africa  Fund  and  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 respective shares of the Calvert South Africa
Fund.

The RISA Fund constitutes the surviving entity for financial reporting purposes,
therefore  it  is  deemed  the  "accounting  survivor"  for  the  merger.

Security  Valuation:  Securities  listed  or  traded  on  a  national securities
exchange  are  valued  at  the last reported sale price. Unlisted securities and
listed securities for which the last sale price is unavailable are valued at the
most  recent  bid  price  or  based  on  a  yield  equivalent  obtained from the
securities'  market  maker.  Foreign  security  prices,  furnished  by quotation
services in the securities local currency, are translated using the current U.S.
dollar  exchange  rate.  Other securities and assets for which market quotations
are  not  available  or  deemed inappropriate are valued in good faith under the
direction  of  the  Board  of  Directors.

In  determining  fair  value,  the  Board considers all relevant qualitative and
quantitative  information  available.  These  factors are subject to change over
time  and  are  reviewed  periodically.  The  values  assigned  to  fair  value
investments  are based on available information and do not necessarily represent
amounts  that  might  be  ultimately  be  realized, since such amounts depend on
future  developments  inherent in long-term investments. Further, because of the
inherent  uncertainty  of  valuation,  those  estimated  values  may  differ
significantly  from  the  values that would have been used had a ready market of
the  investments  existed,  and  the  differences  could  be  material.

Security Transactions and Investment Income: Security transactions are accounted
for  on trade date. Realized gains and losses are recorded on an identified cost
basis.  Dividend  income  is  recorded on the ex-dividend date or in the case of
dividends  on certain foreign securities, as soon as the Fund is informed of the
ex-dividend  date.  Interest  income,  accretion of discount and amortization of
premium  on  recorded  on  an  accrual  basis.

Foreign  Currency  Transactions: The Fund's accounting records are maintained in
U.S.  dollars. For valuation of assets and liabilities on each date of net asset
value determination, foreign denominations are converted into U.S. dollars using
the  current  exchange  rate.  Security  transactions,  income  and expenses are
translated  at  the  prevailing  rate  of exchange of the date of the event. The
effect of changes in foreign exchange rates on securities is included in the net
realized  and  unrealized  gain  or  loss  on  securities.

Distributions to Shareholders: Distributions to shareholders are recorded by the
Fund on ex-dividend date. Dividends from net investment income and distributions
from  net  realized  capital  gains,  if  any,  are  paid  at  least  annually.
Distributions are determined in accordance with income tax regulations which may
differ  from  generally  accepted  accounting  principles; accordingly, periodic
reclassifications  are made within the Fund's capital accounts to reflect income
and  gains  available  for  distribution  under  income  tax  regulations.

Estimates:  The preparation of financial statements in conformity with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  the  reported  amounts  of assets and liabilities and
disclosure  of  contingent  assets  and liabilities at the date of the financial
statements  and the reported amounts of income and expenses during the reporting
period.  Actual  results  could  differ  from  those  estimates.

Expense  Offset  Arrangements: The Fund has an agreement with its custodian bank
whereby  the  custodian's  and  transfer  agent's fees may be paid indirectly by
credits  earned  on  the  Fund's  cash  on deposit with the bank. Such a deposit
arrangement  is  an  alternative  to  overnight  investments.

Federal  Income Taxes: No provision for federal income tax is required since the
Fund  intends  to  qualify  as a regulated investment company under the Internal
Revenue  Code  and  to  distribute  substantially  all  of its taxable earnings.


NOTE  B  -  RELATED  PARTY  TRANSACTIONS

The  Fund  has  entered into an Investment Advisory Agreement with Calvert Asset
Management  Company, Inc. Calvert Asset Management Company, Inc. (the "Advisor")
is  wholly-owned  by  Calvert  Group,  Ltd.  ("Calvert"),  which  is  indirectly
wholly-owned  by  Ameritas  Acacia  Mutual Holding Company. The Advisor provides
investment  advisory  services  and  pays  the salaries and fees of officers and
affiliated  Directors  of the Fund. For its services, the Advisor is entitled to
receive an annual fee, payable monthly, of 1.05% of the Fund's average daily net
assets.

The  Advisor  will  utilize  the  services  of  two Subadvisors, RISA Investment
Advisers,  LLC  and  African  Harvest  Proprietary  Asset  Managers Limited. The
Advisor will pay each Subadvisor from its fee, 0.40% of the Fund's average daily
net  assets.

The  Advisor  has agreed to limit annual fund operating expenses (net of expense
offset  arrangements) through September 30, 2002. The contractual expense cap is
2.25%.  For the purpose of this expense limit, operating expenses do not include
interest  expense,  brokerage,  taxes, extraordinary expenses and capital items.

The  Fund  has  entered  into  an Administrative Services Agreement with Calvert
Administrative  Services  Company.  Calvert  Administrative  Services  Company
("CASC"),  an  affiliate of the Advisor, provides administrative services to the
Fund.  CASC  is  entitled to receive an annual fee, payable monthly, of 0.20% of
the  Fund's  average  daily  net  assets.

The  Fund  has  entered  into a Distribution Agreement with Calvert Distributors
Inc.  ("CDI"),  an  affiliate  of the Advisor, and BOE Securities, Inc. ("BOE").
Pursuant  to  the  Distribution Agreement, CDI and BOE are entitled to receive a
combined  fee  of  0.25%  of  the  Fund's  average  daily  net  assets.

The  Fund  has  entered  into  a  Shareholder  Servicing  Agreement with Calvert
Shareholder  Services,  Inc.  Calvert  Shareholder  Services,  Inc. ("CSSI"), an
affiliate  of  the  Advisor  is  the  shareholder  servicing  agent of the Fund.
National  Financial  Data  Services,  Inc. ("NFDS") is the transfer and dividend
disbursing  agent.  For its services, CSSI is entitled to receive a fee of $3.91
per  shareholder  account  and  $0.45  per  transaction.



1

CALVERT  NEW  AFRICA  FUND
THE  RISA  FUND
CALVERT  SOUTH  AFRICA  FUND
NOTES  TO  PROFORMA  FINANCIAL  STATEMENTS
SEPTEMBER  30,  2000  (UNAUDITED)



NOTE  A  -  SIGNIFICANT  ACCOUNTING  POLICIES

General: The proforma schedule of statements of assets and liabilities gives the
effect  of  the  proposed combination of the Funds. The combination is accounted
for  as  a  tax-free  merger  of investment companies. The proforma statement of
operations  presents  the  operations  of  the  Funds on a combined basis and is
presented  for  information  purposes  only:  however  it  is  not  necessarily
representative  of what the combined result of the Funds would have been had the
combination  occurred at the beginning of the fiscal year. The transaction would
be  accomplished
by  a  transfer  of  all  of the assets and the assumption of certain identified
liabilities  of  the  Calvert  New Africa Fund and The RISA 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 Calvert New Africa Fund and The RISA Fund in liquidation of both Calvert New
Africa  Fund  and The RISA Fund and both of these Funds would then be dissolved.
As  a  result  of  the proposed transaction, each shareholder of the Calvert New
Africa  Fund  and  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 respective shares of the Calvert South Africa
Fund.

The RISA Fund constitutes the surviving entity for financial reporting purposes,
therefore  it  is  deemed  the  "accounting  survivor"  for  the  merger.

Security  Valuation:  Securities  listed  or  traded  on  a  national securities
exchange  are  valued  at  the last reported sale price. Unlisted securities and
listed securities for which the last sale price is unavailable are valued at the
most  recent  bid  price  or  based  on  a  yield  equivalent  obtained from the
securities'  market  maker.  Foreign  security  prices,  furnished  by quotation
services in the securities local currency, are translated using the current U.S.
dollar  exchange  rate.  Other securities and assets for which market quotations
are  not  available  or  deemed inappropriate are valued in good faith under the
direction  of  the  Board  of  Directors.

In  determining  fair  value,  the  Board considers all relevant qualitative and
quantitative  information  available.  These  factors are subject to change over
time  and  are  reviewed  periodically.  The  values  assigned  to  fair  value
investments  are based on available information and do not necessarily represent
amounts  that  might  be  ultimately  be  realized, since such amounts depend on
future  developments  inherent in long-term investments. Further, because of the
inherent  uncertainty  of  valuation,  those  estimated  values  may  differ
significantly  from  the  values that would have been used had a ready market of
the  investments  existed,  and  the  differences  could  be  material.

Security Transactions and Investment Income: Security transactions are accounted
for  on trade date. Realized gains and losses are recorded on an identified cost
basis.  Dividend  income  is  recorded on the ex-dividend date or in the case of
dividends  on certain foreign securities, as soon as the Fund is informed of the
ex-dividend  date.  Interest  income,  accretion of discount and amortization of
premium  on  recorded  on  an  accrual  basis.

Foreign  Currency  Transactions: The Fund's accounting records are maintained in
U.S.  dollars. For valuation of assets and liabilities on each date of net asset
value determination, foreign denominations are converted into U.S. dollars using
the  current  exchange  rate.  Security  transactions,  income  and expenses are
translated  at  the  prevailing  rate  of exchange of the date of the event. The
effect of changes in foreign exchange rates on securities is included in the net
realized  and  unrealized  gain  or  loss  on  securities.

Distributions to Shareholders: Distributions to shareholders are recorded by the
Fund on ex-dividend date. Dividends from net investment income and distributions
from  net  realized  capital  gains,  if  any,  are  paid  at  least  annually.
Distributions are determined in accordance with income tax regulations which may
differ  from  generally  accepted  accounting  principles; accordingly, periodic
reclassifications  are made within the Fund's capital accounts to reflect income
and  gains  available  for  distribution  under  income  tax  regulations.

Estimates:  The preparation of financial statements in conformity with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  the  reported  amounts  of assets and liabilities and
disclosure  of  contingent  assets  and liabilities at the date of the financial
statements  and the reported amounts of income and expenses during the reporting
period.  Actual  results  could  differ  from  those  estimates.

Expense  Offset  Arrangements: The Fund has an agreement with its custodian bank
whereby  the  custodian's  and  transfer  agent's fees may be paid indirectly by
credits  earned  on  the  Fund's  cash  on deposit with the bank. Such a deposit
arrangement  is  an  alternative  to  overnight  investments.

Federal  Income Taxes: No provision for federal income tax is required since the
Fund  intends  to  qualify  as a regulated investment company under the Internal
Revenue  Code  and  to  distribute  substantially  all  of its taxable earnings.


NOTE  B  -  RELATED  PARTY  TRANSACTIONS

The  Fund  has  entered into an Investment Advisory Agreement with Calvert Asset
Management  Company, Inc. Calvert Asset Management Company, Inc. (the "Advisor")
is  wholly-owned  by  Calvert  Group,  Ltd.  ("Calvert"),  which  is  indirectly
wholly-owned  by  Ameritas  Acacia  Mutual Holding Company. The Advisor provides
investment  advisory  services  and  pays  the salaries and fees of officers and
affiliated  Directors  of the Fund. For its services, the Advisor is entitled to
receive an annual fee, payable monthly, of 1.05% of the Fund's average daily net
assets.

The  Advisor  will  utilize  the  services  of  two Subadvisors, RISA Investment
Advisers,  LLC  and  African  Harvest  Proprietary  Asset  Managers Limited. The
Advisor will pay each Subadvisor from its fee, 0.40% of the Fund's average daily
net  assets.

The  Advisor  has agreed to limit annual fund operating expenses (net of expense
offset  arrangements) through September 30, 2002. The contractual expense cap is
2.25%.  For the purpose of this expense limit, operating expenses do not include
interest  expense,  brokerage,  taxes, extraordinary expenses and capital items.

The  Fund  has  entered  into  an Administrative Services Agreement with Calvert
Administrative  Services  Company.  Calvert  Administrative  Services  Company
("CASC"),  an  affiliate of the Advisor, provides administrative services to the
Fund.  CASC  is  entitled to receive an annual fee, payable monthly, of 0.20% of
the  Fund's  average  daily  net  assets.

The  Fund  has  entered  into a Distribution Agreement with Calvert Distributors
Inc.  ("CDI"),  an  affiliate  of the Advisor, and BOE Securities, Inc. ("BOE").
Pursuant  to  the  Distribution Agreement, CDI and BOE are entitled to receive a
combined  fee  of  0.25%  of  the  Fund's  average  daily  net  assets.

The  Fund  has  entered  into  a  Shareholder  Servicing  Agreement with Calvert
Shareholder  Services,  Inc.  Calvert  Shareholder  Services,  Inc. ("CSSI"), an
affiliate  of  the  Advisor  is  the  shareholder  servicing  agent of the Fund.
National  Financial  Data  Services,  Inc. ("NFDS") is the transfer and dividend
disbursing  agent.  For its services, CSSI is entitled to receive a fee of $3.91
per  shareholder  account  and  $0.45  per  transaction.



1

                         NOTES TO PORTFOLIO ADJUSTMENTS


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  eliminate costs not expected to be incurred for the upcoming fiscal year.

3  To reflect an Administrative Service Fee of 0.20% of the Fund's average daily
net  assets.

4  To  reflect  the  expected  Transfer  Agency  fees  for  the  new  Fund.

5  To  reflect  the  Distribution  Plan  Expenses of 0.25% of the Fund's average
daily net assets and to eliminate Calvert New Africa Fund's Class B & C amounts.

6  To  reflect  Insurance  Costs  expected  to  be  incurred  for  the new Fund.
Insurance Expenses for the new Fund are categorized in the miscellaneous expense
caption.

7  To  reflect  the  expected Director's fees and expenses for the new Fund. The
fee  is based upon four independent "disinterested" directors receiving a $5,000
annual retainer fee that is allocated to each of the funds in the series served.

8  To  reflect  the Accounting Fees expected to be incurred in the new Fund. The
RISA  Fund  had  an arrangement with its service provider that charged an annual
rate  of  .135%  of  the  Fund's  average  daily net assets, or a minimum fee of
$114,000, whichever was greater. For the period of October 1, 1999 (commencement
of  operations)  through  March 31, 2000, the service provider's minimum fee was
$52,250,  of  which  $40,589  was  waived.

9  To  reflect  the  expected  custodian  fees for the new Fund. The Fund has an
agreement  with  its custodian bank whereby the custodian's and transfer agent's
fees may be paid indirectly by credits earned on the Fund's cash on deposit with
the bank. Such a deposit arrangement is an alternative to overnight investments.

10  To  reflect  the expected Professional Fees for the new Fund. Audit fees for
new  funds  are  limited  to  $6,000  for  the  first  year.

11  To  eliminate  Organization  and Offering Expenses not applicable to the new
Fund.  These  costs  have  been  completely  amortized.

12  The  Advisor  has  agreed  to  limit  annual fund operating expenses (net of
expense offset arrangements) through September 30, 2002. The contractual expense
cap  is  2.25%. For the purpose of this expense limit, operating expenses do not
include  interest  expense, brokerage, taxes, extraordinary expenses and capital
items.

13  Proforma  adjustments required to reflect the estimated expenses expected to
be  incurred  for  the  upcoming  fiscal  year.




1

                         NOTES TO PORTFOLIO ADJUSTMENTS


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  eliminate costs not expected to be incurred for the upcoming fiscal year.

3  To reflect an Administrative Service Fee of 0.20% of the Fund's average daily
net  assets.

4  To  reflect  the  expected  Transfer  Agency  fees  for  the  new  Fund.

5  To  reflect  the  Distribution  Plan  Expenses of 0.25% of the Fund's average
daily net assets and to eliminate Calvert New Africa Fund's Class B & C amounts.

6  To  reflect  Insurance  Costs  expected  to  be  incurred  for  the new Fund.
Insurance Expenses for the new Fund are categorized in the miscellaneous expense
caption.

7  To  reflect  the  expected Director's fees and expenses for the new Fund. The
fee  is based upon four independent "disinterested" directors receiving a $5,000
annual retainer fee that is allocated to each of the funds in the series served.

8  To  reflect  the Accounting Fees expected to be incurred in the new Fund. The
RISA  Fund  had  an arrangement with its service provider that charged an annual
rate  of  .135%  of  the  Fund's  average  daily net assets, or a minimum fee of
$114,000, whichever was greater. For the period of October 1, 1999 (commencement
of  operations)  through  September  30,  2000,  $74,100 of these fees have been
waived.

9  To  reflect  the  expected  custodian  fees for the new Fund. The Fund has an
agreement  with  its custodian bank whereby the custodian's and transfer agent's
fees may be paid indirectly by credits earned on the Fund's cash on deposit with
the bank. Such a deposit arrangement is an alternative to overnight investments.

10  To  reflect  the expected Professional Fees for the new Fund. Audit fees for
new  funds  are  limited  to  $6,000  for  the  first  year.

11  To  eliminate  Organization  and Offering Expenses not applicable to the new
Fund.  These  costs  have  been  completely  amortized.

12  The  Advisor  has  agreed  to  limit  annual fund operating expenses (net of
expense offset arrangements) through September 30, 2002. The contractual expense
cap  is  2.25%. For the purpose of this expense limit, operating expenses do not
include  interest  expense, brokerage, taxes, extraordinary expenses and capital
items.

13  Proforma  adjustments required to reflect the estimated expenses expected to
be  incurred  for  the  upcoming  fiscal  year.






                            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