Calvert New World Fund Inc – ‘485BPOS’ on 7/27/00

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Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Post-Effective Amendment                              70±   316K 
 3: EX-99.10    Opinion of Counsel                                     1      6K 
 4: EX-99.11    Auditors Consent Letter                                1      5K 
 5: EX-99.18    Code of Ethics                                        10±    39K 
 2: EX-99.8     Custodial Contract                                    15±    61K 

485BPOS   —   Post-Effective Amendment
Document Table of Contents

485BPOS
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SEC  REGISTRATION  NOS.                                                         
811-8924  AND  33-87744                                                         

SECURITIES  AND  EXCHANGE  COMMISSION                                           
WASHINGTON,  D.C.  20549                                                        

FORM  N-1A                                                                      

REGISTRATION  STATEMENT  UNDER  THE                                             
SECURITIES  ACT  OF  1933                                                       

POST-EFFECTIVE  AMENDMENT  NO.  7                       XX                      

AND/OR                                                                          

REGISTRATION  STATEMENT  UNDER  THE                                             
INVESTMENT  ACT  OF  1940                                                       

AMENDMENT  NO.  7                                       XX                      

CALVERT  NEW  WORLD  FUND,  INC.                                                
(EXACT  NAME  OF  REGISTRANT  AS  SPECIFIED  IN  CHARTER)                       

4550  MONTGOMERY  AVENUE                                                        
SUITE  1000N                                                                    
BETHESDA,  MARYLAND  20814                                                      
(ADDRESS  OF  PRINCIPAL  EXECUTIVE  OFFICES)                                    

REGISTRANT'S  TELEPHONE  NUMBER:  (301)  951-4881                               

WILLIAM  M.  TARTIKOFF,  ESQ.                                                   
4550  MONTGOMERY  AVENUE                                                        
SUITE  1000N                                                                    
BETHESDA,  MARYLAND  20814                                                      
(NAME  AND  ADDRESS  OF  AGENT  FOR  SERVICE)                                   

IT  IS  PROPOSED  THAT  THIS  FILING  WILL  BECOME  EFFECTIVE                   

IMMEDIATELY  UPON  FILING               XX  ON  JULY  31,  2000                 
PURSUANT  TO  PARAGRAPH  (B)            PURSUANT  TO  PARAGRAPH  (B)            

ON  60  DAYS  AFTER  FILING             ON  (DATE)                              
PURSUANT  TO  PARAGRAPH  (A)            PURSUANT  TO  PARAGRAPH  (A)            

OF  RULE  485.                                                                  

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CALVERT                                                                         
NEW  AFRICA  FUND                                                               
PROSPECTUS                                                                      

JULY  31,  2000                                                                 

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PROSPECTUS                                                                      
JULY  31,  2000                                                                 

CALVERT  NEW  AFRICA  FUND                                                      

ABOUT  THE  FUND                                                                
2     INVESTMENT  OBJECTIVE,  STRATEGY,  PAST  PERFORMANCE                      
5     FEES  AND  EXPENSES                                                       
7     INVESTMENT  PRACTICES  AND  RISKS                                         

ABOUT  YOUR  INVESTMENT                                                         
14     ABOUT  THE  ADVISOR                                                      
14     SUBADVISORS  AND  PORTFOLIO  MANAGEMENT  TEAM                            
15     ADVISORY  FEES                                                           
16     HOW  TO  BUY  SHARES                                                     
16     CHOOSING  A  SHARE  CLASS                                                
18     CALCULATION  OF  CDSC/WAIVER                                             
19     DISTRIBUTION  AND  SERVICE  FEES                                         
20     ACCOUNT  APPLICATION                                                     
20     IMPORTANT  -  HOW  SHARES  ARE  PRICED                                   
21     WHEN  YOUR  ACCOUNT  WILL  BE  CREDITED                                  
21     OTHER  CALVERT  GROUP  FEATURES                                          
(EXCHANGES, MINIMUM ACCOUNT BALANCE, ETC.)                        
24     DIVIDENDS,  CAPITAL  GAINS  AND  TAXES                                   
25     HOW  TO  SELL  SHARES                                                    
27     FINANCIAL  HIGHLIGHTS                                                    
30     EXHIBIT  A-  REDUCED  SALES  CHARGES  (CLASS  A)                         
32     EXHIBIT  B-  SERVICE  FEES  AND                                          
OTHER  ARRANGEMENTS  WITH  DEALERS                                

THESE  SECURITIES  HAVE  NOT  BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION (SEC) OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SEC OR
ANY  STATE  SECURITIES  COMMISSION  PASSED  ON  THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS.  ANY  REPRESENTATION  TO  THE  CONTRARY  IS  A  CRIMINAL  OFFENSE.  

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CALVERT  NEW  AFRICA  FUND                                                      
ADVISOR:          CALVERT-SLOAN  ADVISERS,  L.L.C.                              
SUBADVISORS:      NEW  AFRICA  ADVISERS,  INC.                                  
CALVERT  ASSET  MANAGEMENT  COMPANY,  INC.  

OBJECTIVE                                                                       
THE  FUND  SEEKS  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. THIS OBJECTIVE
MAY  BE  CHANGED  BY THE FUND'S BOARD OF DIRECTORS WITHOUT SHAREHOLDER APPROVAL.

PRINCIPAL  INVESTMENT  STRATEGIES                                               
THE  FUND  TYPICALLY  INVESTS AT LEAST 65% OF ITS ASSETS IN EQUITY SECURITIES OF
AFRICAN  AND  AFRICAN-RELATED  COMPANIES.  THE  FUND  DEFINES  AFRICAN  AND     
AFRICAN-RELATED  COMPANIES  AS  THOSE  THAT  ARE:                               

-     ORGANIZED  UNDER  THE  LAWS  OF  AN  AFRICAN  COUNTRY,                    
-     DERIVE  AT  LEAST  HALF  OF  THEIR  REVENUES  IN  AFRICA,                 
-     HAVE  AT  LEAST  HALF  OF  THEIR  ASSETS  LOCATED  IN  AFRICA,  OR        
-     HAVE  SECURITIES  TRADED  PRINCIPALLY  ON  A  STOCK  EXCHANGE  IN  AFRICA.

THE  FUND  ALSO  BUYS  EQUITY  SECURITIES  OF  MULTINATIONAL  COMPANIES  THAT DO
BUSINESS  IN  AFRICA.                                                           

THE  FUND  MAY  INVEST  UP TO 15% OF ITS NET ASSETS IN DIRECT INVESTMENTS. THESE
INVESTMENTS ARE GENERALLY PRIVATELY PLACED VENTURE CAPITAL INVESTMENTS IN SMALL,
UNTRIED ENTERPRISES. BECAUSE THEY ARE NOT TRADED ON AN EXCHANGE AND THUS HAVE NO
READILY  AVAILABLE  MARKET  PRICE,  DIRECT  INVESTMENTS  ARE  VALUED  UNDER  THE
DIRECTION  AND  CONTROL  OF  THE  FUND'S  BOARD.                                

NEW AFRICA ADVISERS, INC., APPLIES A "TOP-DOWN" ANALYSIS FOR COUNTRY ALLOCATION,
BASED ON ECONOMIC ANALYSIS AND FUNDAMENTALS RELATIVE TO THE APPLICABLE INDEX AND
THEN  WEIGHS  THOSE COUNTRIES ACCORDINGLY, GIVING GREATER WEIGHT TO COUNTRIES IT
EXPECTS  TO  HAVE FAVORABLE ECONOMIC CONDITIONS, AND LESS TO THOSE IT EXPECTS TO
HAVE  UNFAVORABLE  ECONOMIC  CONDITIONS.  AFTER  COUNTRY  ALLOCATIONS  HAVE BEEN
DETERMINED,  IT APPLIES A "BOTTOM-UP" ANALYSIS, IDENTIFYING COMPANIES WHICH HAVE
AN  ABOVE  MARKET  AVERAGE  PROSPECTIVE  GROWTH  RATE, BUT SELL AT BELOW AVERAGE
VALUATIONS.                                                                     

PRINCIPAL  RISKS                                                                
THE  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.                                                                

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YOU  COULD  LOSE  MONEY  ON  YOUR  INVESTMENT  IN  THE  FUND,  OR THE FUND COULD
UNDERPERFORM  FOR  ANY  OF  THE  FOLLOWING  REASONS:                            

-     THE  STOCK  MARKETS  IN  AFRICAN  COUNTRIES  GO  DOWN.                    
-     THE  INDIVIDUAL  STOCKS  IN  THE  FUND DO NOT PERFORM AS WELL AS EXPECTED.
-     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.          
-     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.                       
-     DIRECT  INVESTMENTS  INVOLVE  A  HIGH DEGREE OF RISK - THEY ARE SUBJECT TO
LIQUIDITY,  INFORMATION,  AND  IF  A  DEBT  INVESTMENT,  CREDIT  RISK.          

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.                                                             

FUND  PERFORMANCE                                                               
THE  FOLLOWING  BAR  CHART  AND  TABLE  SHOW  THE  FUND'S ANNUAL RETURNS AND ITS
LONG-TERM  PERFORMANCE. THE CHART AND TABLE PROVIDE SOME INDICATION OF THE RISKS
OF  INVESTING  IN  THE  FUND. THE CHART SHOWS HOW THE PERFORMANCE OF THE CLASS A
SHARES  HAS  VARIED FROM YEAR TO YEAR. THE TABLE COMPARES THE FUND'S PERFORMANCE
OVER  TIME  TO  THAT  OF  THE  MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) SOUTH
AFRICA  INDEX,  A  WIDELY RECOGNIZED, UNMANAGED INDEX OF COMMON STOCK PRICES. IT
ALSO SHOWS THE FUND'S RETURNS COMPARED TO THE LIPPER EMERGING MARKET FUND INDEX,
A  COMPOSITE  INDEX OF THE ANNUAL RETURN OF MUTUAL FUNDS THAT HAVE AN INVESTMENT
GOAL  SIMILAR  TO  THAT  OF  THE  FUND.  THE  FUND'S  PAST  PERFORMANCE DOES NOT
NECESSARILY  INDICATE  HOW  THE  FUND  WILL  PERFORM  IN  THE  FUTURE.          

THE  RETURN  FOR  THE  FUND'S OTHER CLASSES OF SHARES OFFERED BY THIS PROSPECTUS
WILL  DIFFER FROM THE CLASS A RETURNS SHOWN IN THE BAR CHART, DEPENDING UPON THE
EXPENSES OF THAT CLASS. THE BAR CHART DOES NOT REFLECT ANY SALES CHARGE THAT YOU
MAY  BE  REQUIRED  TO  PAY UPON PURCHASE OR REDEMPTION OF THE FUND'S SHARES. ANY
SALES  CHARGE  WILL  REDUCE  YOUR  RETURN.  THE AVERAGE TOTAL RETURN TABLE SHOWS
RETURNS WITH THE MAXIMUM SALES CHARGE DEDUCTED. NO SALES CHARGE HAS BEEN APPLIED
TO  THE  INDICES  USED  FOR  COMPARISON  IN  THE  TABLE.                        

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CALVERT  NEW  AFRICA                                                            
YEAR-BY-YEAR  TOTAL  RETURN                                                     
(CLASS  A  RETURN  AT  NAV)                                                     

INSERT  BAR  CHART  HERE                                                        

BEST  QUARTER  (OF  PERIODS  SHOWN)     Q1  '98     18.67%                      
WORST  QUARTER  (OF  PERIODS  SHOWN)    Q3  '99    (16.10%)                     

2000  YEAR-TO-DATE  (THROUGH  6.30.00)             (29.84%)                     

AVERAGE  ANNUAL  TOTAL  RETURNS  (AS  OF  12.31.99)                             
(WITH  MAXIMUM  SALES  CHARGE  DEDUCTED)                                        
                    1  YEAR     5  YEARS     10  YEARS
CALVERT NEW AFRICA CLASS A1     (23.28%)          N/A           N/A             
CALVERT NEW AFRICA CLASS B      (23.88%)          N/A           N/A             
CALVERT NEW AFRICA CLASS C      (20.88%)          N/A           N/A             
MSCI SOUTH AFRICA INDEX          57.20%           N/A           N/A             
LIPPER EMERGING MARKET                                                          
FUND  INDEX                 68.97%           N/A           N/A        

1    SINCE INCEPTION (4/30/95)    CALVERT NEW AFRICA CLASS A (8.06%);           
                    MSCI SOUTH AFRICA INDEX (0.79%);
                            LIPPER EMERGING MARKET FUND INDEX 5.21%.

THE MONTH END DATE OF 4/30/95 IS USED FOR COMPARISON PURPOSES ONLY,   
ACTUAL  FUND  INCEPTION  IS  4/12/95.                                 

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FEES  AND  EXPENSES                                                             
THIS  TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY AND HOLD
SHARES  OF  THE  FUND.                                                          
                                        CLASS  A     CLASS  B     CLASS  C
SHAREHOLDER  FEES                                                               
(PAID DIRECTLY FROM YOUR ACCOUNT)                                               

MAXIMUM  SALES  CHARGE  (LOAD)                                                  
IMPOSED  ON  PURCHASES                         4.75%        NONE         NONE   
(AS  A  PERCENTAGE  OF  OFFERING  PRICE)                                        

MAXIMUM  DEFERRED  SALES  CHARGE  (LOAD)                                        
(AS  A  PERCENTAGE  OF  PURCHASE  OR            NONE1       5.00%2     1.00%3   
REDEMPTION  PROCEEDS,  WHICHEVER  IS  LOWER)                                    

ANNUAL  FUND  OPERATING  EXPENSES                                               
(DEDUCTED  FROM  FUND  ASSETS)                                                  

MANAGEMENT  FEES                                1.75%       1.75%       1.75%   

DISTRIBUTION  AND  SERVICE  (12B-1)  FEES        .25%       1.00%       1.00%   

OTHER  EXPENSES                                 4.39%      16.99%      69.29%   

TOTAL  ANNUAL  FUND  OPERATING  EXPENSES        6.39%      19.74%      72.04%   

FEE  WAIVER  AND/OR  EXPENSE  REIMBURSEMENT4    3.11%      15.71%      68.01%   

NET  EXPENSES                                   3.28%       4.03%       4.03%   

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:                                                               

CLASS                             NUMBER  OF  YEARS  INVESTMENT  IS  HELD       
                                 1  YEAR     3  YEARS     5  YEARS     10  YEARS
A                                   $790       $2,011       $3,119        $6,026
B (WITH REDEMPTION)                  905        2,184        3,317         6,136
B (NO REDEMPTION)                    405        1,796        3,131         6,136
C (WITH REDEMPTION)                  505        1,796        3,131         6,239
C (NO REDEMPTION)                    405        1,796        3,131         6,239

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ANNUAL  FUND  OPERATING  EXPENSES                                               
EXPENSES  ARE  BASED  ON EXPENSES FOR THE FUND'S MOST RECENT FISCAL YEAR, UNLESS
OTHERWISE  INDICATED.  MANAGEMENT  FEES INCLUDE THE SUBADVISORY FEES PAID BY THE
ADVISOR  TO  THE  SUBADVISORS,  AND  THE  ADMINISTRATIVE FEE PAID BY THE FUND TO
CALVERT  ADMINISTRATIVE  SERVICES  COMPANY,  AN  AFFILIATE  OF  CALVERT  ASSET  
MANAGEMENT  COMPANY,  INC.,  ONE  OF  THE  SUBADVISORS.                         

NOTES  TO  FEES  AND  EXPENSES  TABLE                                           
1     PURCHASES  OF  CLASS A SHARES FOR ACCOUNTS WITH $1 MILLION OR MORE ARE NOT
SUBJECT  TO  FRONT-END  SALES  CHARGES,  BUT MAY BE SUBJECT TO A 1.0% CONTINGENT
DEFERRED  SALES  CHARGE  ON  SHARES  REDEEMED  WITHIN  1  YEAR  OF  PURCHASE.   
(SEE  "HOW  TO  BUY  SHARES"  -  CLASS  A.)                                     
2     A  CONTINGENT  DEFERRED SALES CHARGE IS IMPOSED ON THE PROCEEDS OF CLASS B
SHARES  REDEEMED  WITHIN 6 YEARS, SUBJECT TO CERTAIN EXCEPTIONS. THE CHARGE IS A
PERCENTAGE  OF  NET  ASSET  VALUE  AT  THE  TIME  OF  PURCHASE  OR  REDEMPTION, 
WHICHEVER  IS LESS, AND DECLINES FROM 5% IN THE FIRST YEAR THAT SHARES ARE HELD,
TO  4%  IN  THE  SECOND  AND  THIRD YEAR, 3% IN THE FOURTH YEAR, 2% IN THE FIFTH
YEAR,  AND  1%  IN  THE SIXTH YEAR. THERE IS NO CHARGE ON REDEMPTIONS OF CLASS B
SHARES  HELD  FOR  MORE  THAN SIX YEARS. SEE "CALCULATION OF CONTINGENT DEFERRED
SALES  CHARGE."                                                                 
3     A  CONTINGENT  DEFERRED  SALES  CHARGE OF 1% IS IMPOSED ON THE PROCEEDS OF
CLASS  C SHARES REDEEMED WITHIN ONE YEAR. THE CHARGE IS A PERCENTAGE OF NET     
ASSET  VALUE  AT  THE  TIME  OF  PURCHASE  OR REDEMPTION, WHICHEVER IS LESS. SEE
"CALCULATION  OF  CONTINGENT  DEFERRED  SALES  CHARGE."                         
4     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 FUND THROUGH JULY 31, 2001. CALVERT-SLOAN HAS FURTHER
AGREED  TO  WAIVE  FEES  AND  REIMBURSE  EXPENSES  (NET  OF  ANY  EXPENSE OFFSET
ARRANGEMENTS) FOR CLASS B SHARES AT 7.03% THROUGH JULY 31, 2008, AND FOR CLASS C
SHARES  AT  7.03% THROUGH JULY 31, 2010. 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.                                        

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INVESTMENT  PRACTICES  AND  RISKS                                               

DIRECT  INVESTMENTS                                                             
THE  FUND  MAY INVEST UP TO 15% OF ITS NET ASSETS IN DIRECT INVESTMENTS.  DIRECT
INVESTMENTS  ARE  PRIVATELY  PLACED  INVESTMENTS IN SMALL COMPANIES. THE ADVISOR
INTENDS  TO FOCUS THE DIRECT INVESTMENTS IN SOUTH AFRICA. DIRECT INVESTMENTS MAY
TAKE  THE  FORM  OF  (1)  MANAGEMENT  BUYOUTS  OF  ESTABLISHED  BUSINESSES,  (2)
INVESTMENTS  IN  CLOSELY-HELD  LISTED COMPANIES THAT ARE UNDERVALUED RELATIVE TO
THEIR  MARKET  VALUE,  (3) INVESTMENTS IN CERTAIN ADVANCED-STAGE VENTURE CAPITAL
SITUATIONS  THAT  ARE  POISED  FOR  SUSTAINED  GROWTH,  AND  (4) CERTAIN SPECIAL
INVESTMENT  SITUATIONS,  SUCH  AS  PRIVATIZATIONS  (A  GOVERNMENT-OWNED  OR     
STATE-CONTROLLED  ENTITY  THAT  IS  SOLD  TO  THE  PRIVATE  SECTOR).            

IN  EACH  DIRECT  INVESTMENT,  THE  FUND  WILL  SEEK  TO ALLY ITSELF WITH STRONG
MANAGEMENT,  AS DETERMINED BY NEW AFRICA ADVISERS, INC., EITHER ALREADY IN PLACE
OR  RECRUITED  FOR THAT PARTICULAR SITUATION.  IN ORDER TO ASSURE AN IDENTITY OF
INTEREST  WITH  THE  FUND,  THE  MANAGEMENT  OF  EACH  DIRECT INVESTMENT WILL BE
EXPECTED TO MAKE A MEANINGFUL INVESTMENT IN ITS COMPANY, TO THE EXTENT POSSIBLE.
THE  FUND  WILL  AIM TO ENHANCE THE FINANCIAL PERFORMANCE AND VALUE OF PORTFOLIO
COMPANIES  BY SITTING ON THE BOARD OF DIRECTORS OF EACH DIRECT INVESTMENT, UNDER
THE SUPERVISION OF THE FUND BOARD OF DIRECTORS AND TO THE EXTENT ALLOWED BY LAW,
AND  BY OFFERING GENERAL BUSINESS AND MANAGEMENT ADVICE TO THE MANAGEMENT OF THE
DIRECT  INVESTMENT.                                                             

THE  ADVISOR  WILL TRY TO STRUCTURE DIRECT INVESTMENTS TO HAVE A REASONABLE EXIT
OPPORTUNITY  -  A  WAY  OUT  OF THE INVESTMENT (SINCE THERE IS NO READY MARKET).
VARIOUS  EXIT  STRATEGIES MAY BE USED:  SALE OF THE BUSINESS TO A THIRD PARTY OR
TO  MANAGEMENT;  A  PUBLIC OFFERING;  OR A REFINANCING OF THE CAPITAL STRUCTURE.
THE  HOLDING  PERIOD  FOR  A  DIRECT INVESTMENT IS EXPECTED TO RANGE FROM 5 TO 7
YEARS.                                                                          

THERE  IS  NO  REGULAR  MARKET  FOR  DIRECT  INVESTMENTS;  PERMISSION  FROM  THE
GOVERNMENT  REGULATORY  AUTHORITIES  IS  USUALLY  NECESSARY FOR EACH INVESTMENT.
WHILE  DIRECT  INVESTMENTS  OFFER THE OPPORTUNITY FOR SIGNIFICANT CAPITAL GAINS,
SUCH  INVESTMENTS  INVOLVE  A  DEGREE  OF  BUSINESS AND FINANCIAL RISKS THAT CAN
RESULT  IN  LOSSES.  THEY  ARE  ALSO  ILLIQUID.  RISKS  INCLUDE  NEW MANAGEMENT,
SUBSTANTIAL  VARIATIONS IN OPERATING RESULTS FROM PERIOD TO PERIOD, AND THE NEED
FOR  SUBSTANTIAL  ADDITIONAL  CAPITAL  TO  SUPPORT  EXPANSION  OR  TO ACHIEVE OR
MAINTAIN  A  COMPETITIVE POSITION.  THESE COMPANIES MAY FACE INTENSE COMPETITION
FROM  RIVALS  WITH  GREATER  FINANCIAL  RESOURCES,  MORE  EXTENSIVE RESEARCH AND
DEVELOPMENT,  MANUFACTURING,  MARKETING, AND SERVICES CAPABILITIES, AND A LARGER
NUMBER  OF  QUALIFIED  MANAGERIAL  AND  TECHNICAL  PERSONNEL.                   

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AFRICAN  ECONOMIES                                                              
THE  ECONOMIES OF INDIVIDUAL AFRICAN COUNTRIES MAY DIFFER FROM THE US ECONOMY IN
GROWTH  OF GROSS  DOMESTIC PRODUCT OR GROSS NATIONAL PRODUCT, RATE OF INFLATION,
CAPITAL  REINVESTMENT,  RESOURCE  SELF-SUFFICIENCY, STRUCTURAL UNEMPLOYMENT, AND
BALANCE  OF  PAYMENTS  POSITION.  THE ECONOMIES OF AFRICAN COUNTRIES MAY ALSO BE
AFFECTED  TO A GREATER EXTENT THAN IN OTHER COUNTRIES BY PRICE FLUCTUATIONS OF A
SINGLE  COMMODITY.  SEVERE  CYCLICAL CLIMACTIC CONDITIONS, PARTICULARLY DROUGHT,
MAY  ALSO  AFFECT THE ECONOMIES OF AFRICAN COUNTRIES.  BUSINESS ENTITIES IN SOME
AFRICAN  COUNTRIES  DO  NOT  HAVE  A  SIGNIFICANT  HISTORY  OF  OPERATING  IN   
MARKET-ORIENTED  ECONOMIES,  AND  THE ULTIMATE IMPACT OF SOME AFRICAN COUNTRIES'
ATTEMPTS  TO  MOVE  TOWARD  MORE MARKET-ORIENTED ECONOMIES IS CURRENTLY UNCLEAR.
THE  SOUTH  AFRICAN  ECONOMY  IS SUBSTANTIALLY MORE DEVELOPED THAN THAT OF OTHER
AFRICAN  COUNTRIES.  THE  ADVISOR  EXPECTS  A  SIGNIFICANT PORTION OF THE FUND'S
ASSETS  TO  BE  INVESTED  IN  SOUTH  AFRICA.  THE  FUND'S  PERFORMANCE  MAY  BE 
SIGNIFICANTLY  AFFECTED  BY  THE ECONOMIC, SOCIAL, AND POLITICAL DEVELOPMENTS IN
SOUTH  AFRICA.                                                                  

AFRICAN  SECURITIES  MARKETS                                                    
THE  SECURITIES  MARKETS  OF AFRICAN COUNTRIES ARE COMPARATIVELY SMALL, WITH THE
MAJORITY  OF  MARKET  CAPITALIZATION  AND TRADING VOLUME CONCENTRATED IN A SMALL
NUMBER  OF  COMPANIES.  IN  MANY  AFRICAN  COUNTRIES, INCLUDING SOUTH AFRICA AND
ZIMBABWE,  A  SMALL  NUMBER  OF  INSTITUTIONAL  INVESTORS  HOLD  POSITIONS  IN  
PUBLICLY-HELD  COMPANIES  IN  THAT PARTICULAR COUNTRY REPRESENTING A SUBSTANTIAL
PORTION  OF  THE TOTAL MARKET CAPITALIZATION OF LISTED SECURITIES.  THIS FACTOR,
TOGETHER  WITH  SIGNIFICANT  EXCHANGE CONTROL LIMITATIONS ON THE ABILITY OF SUCH
INVESTORS TO INVEST OUTSIDE THEIR HOME COUNTRIES AND THE INCREASED INVESTMENT IN
CERTAIN  AFRICAN  ISSUERS  BY  FOREIGN  INVESTORS,  WILL  LIMIT  THE  SECURITIES
AVAILABLE  FOR  PURCHASE  BY  THE  FUND.  THESE  FACTORS  MAY  CAUSE  THE FUND'S
INVESTMENT  PORTFOLIO TO EXPERIENCE GREATER PRICE VOLATILITY AND LOWER LIQUIDITY
THAN  A  PORTFOLIO  INVESTED  ONLY  IN  SECURITIES  OF  A  US  COMPANY.         

TRADING  VOLUME  IN  AFRICAN  SECURITIES  IS SUBSTANTIALLY LESS THAN THAT IN THE
UNITED  STATES.  DURING  PERIODS  OF  PRICE  VOLATILITY AND LOW LIQUIDITY IN THE
MARKETS,  SECURITIES  SETTLEMENTS  AND  CLEARANCE  MAY  BE SUBJECT TO DELAYS AND
RELATED  ADMINISTRATIVE  UNCERTAINTIES,  SUCH AS SHARE REGISTRATION AND DELIVERY
DELAYS.  THIS  COULD  RESULT  IN  TEMPORARY  PERIODS  WHEN  FUND  ASSETS ARE NOT
INVESTED  AND  NO  RETURN  IS  EARNED.                                          

CURRENCY  RISKS                                                                 
FOREIGN  SECURITIES  INVOLVE  CURRENCY  RISKS.  THE US DOLLAR VALUE OF A FOREIGN
SECURITY  TENDS  TO  DECREASE  WHEN  THE  VALUE  OF THE DOLLAR RISES AGAINST THE
FOREIGN CURRENCY IN WHICH THE SECURITY IS DENOMINATED AND TENDS TO INCREASE WHEN
THE  VALUE  OF THE DOLLAR FALLS AGAINST SUCH CURRENCY.  FLUCTUATIONS IN EXCHANGE
RATES  MAY  ALSO  AFFECT THE EARNING POWER AND ASSET VALUE OF THE FOREIGN ENTITY
ISSUING THE SECURITY.  RESTRICTIONS ON CAPITAL FLOWS MAY BE IMPOSED.  LOSSES AND
OTHER  EXPENSES  MAY BE  INCURRED  IN  CONVERTING  BETWEEN  VARIOUS  CURRENCIES 
IN  CONNECTION  WITH PURCHASES  AND  SALES  OF  FOREIGN  SECURITIES.            

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GENERAL  FOREIGN  SECURITY  RISKS                                               
THERE  ARE  SUBSTANTIAL  AND  DIFFERENT  RISKS  INVOLVED IN INVESTING IN FOREIGN
SECURITIES.  YOU  SHOULD  CONSIDER THESE RISKS CAREFULLY.  FOR EXAMPLE, THERE IS
GENERALLY  LESS  PUBLICLY  AVAILABLE INFORMATION ABOUT FOREIGN COMPANIES THAN IS
AVAILABLE  ABOUT  COMPANIES  IN  THE  US.  FOREIGN  COMPANIES ARE NOT SUBJECT TO
UNIFORM  AUDIT  AND  FINANCIAL  REPORTING  STANDARDS, PRACTICES AND REQUIREMENTS
COMPARABLE  TO  THOSE  IN  THE  US.                                             

FOREIGN  STOCK  MARKETS  ARE GENERALLY NOT AS DEVELOPED OR EFFICIENT AS THOSE IN
THE  US.  IN  MOST  FOREIGN MARKETS VOLUME AND LIQUIDITY ARE LESS THAN IN THE US
AND,  AT  TIMES,  VOLATILITY  OF  PRICE  CAN  BE  GREATER  THAN  THAT IN THE US.
COMMISSIONS  ON  FOREIGN  STOCK  EXCHANGES  ARE  GENERALLY  HIGHER  THAN  ON  US
EXCHANGES.  THERE  IS  GENERALLY  LESS  GOVERNMENT SUPERVISION AND REGULATION OF
FOREIGN  STOCK  EXCHANGES,  BROKERS  AND  COMPANIES  THAN  IN  THE  US.         

THE  DIVIDENDS  AND INTEREST PAYABLE ON CERTAIN OF THE FUND'S FOREIGN SECURITIES
MAY  BE  SUBJECT  TO  FOREIGN  WITHHOLDING  TAXES,  THUS REDUCING THE NET AMOUNT
AVAILABLE  FOR  DISTRIBUTION  TO THE FUND'S SHAREHOLDERS.  YOU SHOULD UNDERSTAND
THAT  THE  EXPENSE  RATIO OF THE FUND CAN BE EXPECTED TO BE HIGHER THAN THOSE OF
INVESTMENT  COMPANIES  INVESTING  ONLY IN DOMESTIC SECURITIES SINCE THE COSTS OF
OPERATIONS  ARE  HIGHER.                                                        

THERE  IS  ALSO  THE  POSSIBILITY  OF  ADVERSE  CHANGE IN INVESTMENT OR EXCHANGE
CONTROL  REGULATIONS,  NATIONALIZATION,  EXPROPRIATION OR CONFISCATORY TAXATION,
LIMITATIONS  ON  THE  REMOVAL  OF  FUNDS  OR  OTHER  ASSETS, POLITICAL OR SOCIAL
INSTABILITY,  OR  DIPLOMATIC  DEVELOPMENTS  WHICH  COULD  ADVERSELY  AFFECT     
INVESTMENTS,  ASSETS  OR  SECURITIES  TRANSACTIONS OF THE FUND.  IN THE EVENT OF
EXPROPRIATION,  NATIONALIZATION,  OR OTHER CONFISCATION, THE FUND COULD LOSE ITS
ENTIRE  INVESTMENT  IN  THE  COUNTRY  INVOLVED.                                 

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INVESTMENT  PRACTICES  AND  RELATED  RISKS  TABLE                               
ON  THE  FOLLOWING PAGES ARE BRIEF DESCRIPTIONS OF THE PRINCIPAL INVESTMENTS AND
TECHNIQUES,  SUMMARIZED  EARLIER,  ALONG  WITH  CERTAIN  ADDITIONAL  INVESTMENT 
TECHNIQUES  AND  THEIR  RISKS.  FOR EACH OF THE INVESTMENT PRACTICES LISTED, THE
TABLE  BELOW  SHOWS THE FUND'S LIMITATIONS AS A PERCENTAGE OF ITS ASSETS AND THE
PRINCIPAL  TYPES  OF  RISK  INVOLVED.  (SEE  THE PAGES FOLLOWING THE TABLE FOR A
DESCRIPTION OF THE TYPES OF RISKS). NUMBERS IN THIS TABLE SHOW MAXIMUM ALLOWABLE
AMOUNT  ONLY;  FOR  ACTUAL USAGE, CONSULT THE FUND'S ANNUAL/SEMI-ANNUAL REPORTS.

KEY  TO  TABLE                                                                  
J     FUND  CURRENTLY  USES                                                     
Q     PERMITTED,  BUT  NOT  TYPICALLY  USED                                     
(%  OF  ASSETS  ALLOWABLE,  IF  RESTRICTED)                         
8     NOT  PERMITTED                                                            
XN    ALLOWED  UP  TO  X%  OF  FUND'S  NET  ASSETS                              
XT    ALLOWED  UP  TO  X%  OF  FUND'S  TOTAL  ASSETS                            

INVESTMENT  PRACTICES                                                           
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 A FUND'S TAX
LIABILITY.                                                                      
RISKS:  OPPORTUNITY,  MARKET  AND  TRANSACTION.                                 
                                       Q

TEMPORARY  DEFENSIVE  POSITIONS.                                                
DURING  ADVERSE  MARKET,  ECONOMIC  OR POLITICAL CONDITIONS, THE FUND MAY DEPART
FROM  ITS  PRINCIPAL  INVESTMENT  STRATEGIES  BY INCREASING ITS INVESTMENT IN US
GOVERNMENT  SECURITIES  AND OTHER SHORT-TERM INTEREST-BEARING SECURITIES. DURING
TIMES  OF  ANY  TEMPORARY DEFENSIVE POSITIONS, A FUND MAY NOT BE ABLE TO ACHIEVE
ITS  INVESTMENT  OBJECTIVE.  RISKS:  OPPORTUNITY.                               
                                       Q

CONVENTIONAL  SECURITIES                                                        
FOREIGN SECURITIES. SECURITIES ISSUED BY COMPANIES LOCATED OUTSIDE THE US AND/OR
TRADED  PRIMARILY  ON  A FOREIGN EXCHANGE. RISKS: MARKET, CURRENCY, TRANSACTION,
LIQUIDITY,  INFORMATION  AND  POLITICAL.                                        
                                       J

EMERGING MARKET. SECURITIES ISSUED BY COMPANIES LOCATED IN THOSE COUNTRIES WHOSE
ECONOMIES  AND  CAPITAL  MARKETS  ARE  NOT  AS  DEVELOPED  AS  THOSE  OF  MORE  
INDUSTRIALIZED  NATIONS.  RISKS:  MARKET,  CURRENCY,  TRANSACTION,  LIQUIDITY,  
INFORMATION,  AND  POLITICAL.                                                   
                                       J

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INVESTMENT  PRACTICES  AND  RELATED  RISKS  (CONT'D)                            

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.          
                                       J

INVESTMENT  GRADE  BONDS.  BONDS  RATED  BBB/BAA OR HIGHER OR COMPARABLE UNRATED
BONDS.                                                                          
RISKS:  INTEREST  RATE,  MARKET  AND  CREDIT.                                   
                                       Q
                                       20T

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.  RISKS:  CREDIT,  MARKET, INTEREST RATE, LIQUIDITY AND
INFORMATION.                                                                    
                                       Q
                                        20T1

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.         
                                       Q
                                        20T1

ILLIQUID SECURITIES. SECURITIES WHICH CANNOT BE READILY SOLD BECAUSE THERE IS NO
ACTIVE  MARKET.                                                                 
RISKS:  LIQUIDITY,  MARKET  AND  TRANSACTION.                                   
                                       J
                                       15N

LEVERAGED  DERIVATIVE  INSTRUMENTS                                              
CURRENCY  CONTRACTS.  FORWARD 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.        
                                       Q

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 IT
ALREADY  OWNS THE SECURITY (IF IT IS "COVERED"). RISKS: INTEREST RATE, CURRENCY,
MARKET,  LEVERAGE,  CORRELATION,  LIQUIDITY,  CREDIT  AND  OPPORTUNITY.         
                                         5T2

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. RISKS:
INTEREST  RATE,  CURRENCY,  MARKET,  LEVERAGE,  CORRELATION,  LIQUIDITY  AND    
OPPORTUNITY.                                                                    
                                       Q
                                      5T

1     20%  LIMIT  APPLIES  TO  ALL  FIXED-INCOME,  ALL  OF  WHICH  MAY  BE BELOW
INVESTMENT  GRADE.                                                              
2     BASED  ON  NET  PREMIUM  PAYMENTS.                                        

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THE  FUND  HAS  ADDITIONAL  INVESTMENT  POLICIES  AND RESTRICTIONS (FOR EXAMPLE,
REPURCHASE AGREEMENTS, BORROWING, PLEDGING, AND REVERSE REPURCHASE AGREEMENTS   
AND SECURITIES LENDING.)  THESE POLICIES AND RESTRICTIONS ARE DISCUSSED IN THE  
SAI.                                                                            

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 US DOLLAR.
ADVERSE  CHANGES  IN  FOREIGN CURRENCY VALUES CAN CAUSE INVESTMENT LOSSES WHEN A
FUND'S  INVESTMENTS  ARE  CONVERTED  TO  US  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.                                  

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MANAGEMENT  RISK                                                                
THE  RISK  THAT  A FUND'S PORTFOLIO MANAGEMENT PRACTICES MAY NOT WORK TO ACHIEVE
THEIR  DESIRED  RESULT.                                                         

MARKET  RISK                                                                    
THE  RISK  THAT  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.           

SOCIAL  PHILOSOPHY  -  CALVERT'S  VISION  AND  JOURNEY                          
THE FUND IS THE FIRST OPEN-ENDED MUTUAL FUND TO INVEST PRIMARILY IN AFRICA.  THE
FUND'S  INVESTMENT OBJECTIVE SUPPORTS BASIC ECONOMIC DEVELOPMENT BY INVESTING IN
AND ASSISTING THE GROWTH OF AFRICAN COMPANIES, BY PROVIDING CAPITAL AND CREATING
JOBS.  AS  A  MEMBER  OF  THE  CALVERT GROUP OF FUNDS, CALVERT NEW AFRICA FUND'S
CAPITAL  INVESTMENTS  IN  AFRICA  ARE  DIRECTED TO SPECIFIC ECONOMIC DEVELOPMENT
GOALS.  THE  FUND  VIEWS  POSITIVELY  COMPANIES THAT ARE MAKING PROGRESS TOWARDS
BLACK  ECONOMIC  EMPOWERMENT  AND  POSITIVE  EMPLOYEE RELATIONS IN AFRICA. AS AN
INVESTOR,  THE  FUND  WILL  ALSO  ENCOURAGE  COMPANIES  IN  WHICH  IT INVESTS TO
DEMONSTRATE  POSITIVE  LEADERSHIP IN AREAS LIKE THE ENVIRONMENT AND TREATMENT OF
EMPLOYEES.  THE FUND'S INVESTMENTS, BOTH THROUGH DIRECT INVESTMENT OPPORTUNITIES
AND  THROUGH  THE  OWNERSHIP  OF  PUBLICLY  TRADED  SECURITIES, SEEK TO CATALYZE
ECONOMIC  EMPOWERMENT  AND IMPROVE THE QUALITY OF LIFE FOR THE PEOPLE OF AFRICA.

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ABOUT  THE  ADVISOR                                                             

CALVERT-SLOAN  ADVISERS,  L.L.C., 4550 MONTGOMERY AVENUE, SUITE 1000N, BETHESDA,
MD  20814  IS  THE FUND'S ADVISOR. 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
AFFILIATED PERSONS OF THE ADVISOR. CALVERT GROUP, LTD. AND SLOAN HOLDINGS, INC.,
JOINTLY  OWN  CALVERT-SLOAN  ADVISERS,  L.L.C.                                  

SUBADVISORS  AND  PORTFOLIO  MANAGEMENT  TEAM                                   
NEW AFRICA ADVISERS, INC. ("NAA"), 103 WEST MAIN STREET, DURHAM, NC 27701 IS ONE
OF  THE FUND'S SUBADVISORS. IT IS RESPONSIBLE FOR ASSET ALLOCATION AND SELECTION
OF  THE SPECIFIC INVESTMENTS FOR THE FUND. NAA ALSO HAS OFFICES IN JOHANNESBURG,
SOUTH  AFRICA.  SLOAN  FINANCIAL  GROUP,  INC  ("SFG")  WHOLLY  OWNS  NAA.      

SFG,  HEADQUARTERED  IN  DURHAM,  NORTH  CAROLINA,  IS  THE  NATION'S  LARGEST  
MINORITY-OWNED  FINANCIAL  SERVICES  FIRM.  FOUNDED  IN  1986 BY MACEO K. SLOAN,
(CHAIRMAN,  PRESIDENT,  AND  CHIEF  EXECUTIVE OFFICER), THE COMPANY'S ROOTS DATE
BACK TO 1898 WHEN SLOAN'S ANCESTORS FOUNDED NORTH CAROLINA MUTUAL LIFE INSURANCE
COMPANY,  THE  NATION'S  LARGEST  MINORITY-OWNED  INSURANCE FIRM. PRESENTLY, SFG
CONTAINS  TWO  INVESTMENT MANAGEMENT SUBSIDIARIES, NCM CAPITAL MANAGEMENT GROUP,
INC.,  AND  NAA.  AS  OF  MARCH  31,  2000,  SFG  SUBSIDIARIES  MANAGE ASSETS OF
APPROXIMATELY  $6.25  BILLION.  THE  FIRM'S  CLIENT  BASE  INCLUDES  MANY OF THE
NATION'S  LARGEST  EMPLOYEE  BENEFIT,  FOUNDATION,  AND  ENDOWMENT  PLANS.      

INVESTMENT  SELECTIONS  FOR  THE FUND ARE MADE BY A TEAM, LED BY MACEO K. SLOAN,
CHAIRMAN  OF  NAA.  MR.  SLOAN'S  25-YEAR  CAREER  IN  THE INVESTMENT MANAGEMENT
INDUSTRY  BEGAN  AT  NORTH  CAROLINA MUTUAL LIFE INSURANCE COMPANY WHERE HE HELD
POSITIONS  INCLUDING  INVESTMENT  ANALYST,  TREASURER, VICE PRESIDENT, AND CHIEF
INVESTMENT  OFFICER.  PRESENTLY,  HE  SERVES  AS  CHAIRMAN, PRESIDENT, AND CHIEF
EXECUTIVE  OFFICER  OF  SFG AND NCM CAPITAL MANAGEMENT GROUP, INC. HE HAS BEEN A
PANELIST  ON  THE PBS PROGRAM WALL STREET WEEK IN REVIEW WITH LOUIS RUKEYSER AND
HAS  BEEN  A  PANELIST  AND  CHAIRED  SEVERAL  CONFERENCES CONCERNING INVESTMENT
OPPORTUNITIES  IN  SOUTH  AFRICA.                                               

CALVERT ASSET MANAGEMENT COMPANY ("CAMCO"), 4550 MONTGOMERY AVENUE, SUITE 1000N,
BETHESDA,  MD  20814 IS THE FUND'S OTHER SUBADVISOR. CAMCO MANAGES THE US DOLLAR
PORTION OF THE FUND'S CASH RESERVES. CALVERT GROUP LTD. WHOLLY OWNS CAMCO. CAMCO
HAS  BEEN  MANAGING MUTUAL FUNDS SINCE 1976. CAMCO IS THE INVESTMENT ADVISOR FOR
OVER  25  MUTUAL  FUNDS,  INCLUDING  THE  FIRST  AND  LARGEST FAMILY OF SOCIALLY
SCREENED FUNDS. AS OF DECEMBER  31,  1999, CAMCO HAD OVER $6.5 BILLION IN ASSETS
UNDER MANAGEMENT CAMCO USES A TEAM APPROACH TO ITS CASH MANAGEMENT OF THE FUND. 

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RENO J. MARTINI, SENIOR VICE PRESIDENT AND CHIEF INVESTMENT OFFICER, HEADS THIS 
TEAM AND OVERSEES  THE  INVESTMENT MANAGEMENT OF ALL CALVERT FUNDS FOR CAMCO.   
MR. MARTINI HAS OVER 15 YEARS OF EXPERIENCE IN THE INVESTMENT INDUSTRY AND HAS  
BEEN THE HEAD OF  CAMCO'S  ASSET  MANAGEMENT  TEAM  SINCE  1985.                

THE  FUND  HAS  OBTAINED  AN  EXEMPTIVE  ORDER  FROM THE SECURITIES AND EXCHANGE
COMMISSION  TO  PERMIT THE FUND, PURSUANT TO APPROVAL BY THE BOARD OF DIRECTORS,
TO ENTER INTO AND MATERIALLY AMEND CONTRACTS WITH THE FUND'S SUBADVISORS WITHOUT
SHAREHOLDER  APPROVAL.  SEE  "INVESTMENT  ADVISOR AND SUBADVISOR" IN THE SAI FOR
FURTHER  DETAILS.                                                               

ADVISORY  FEES                                                                  
THE  ANNUAL  ADVISORY FEE PAID TO CALVERT-SLOAN ADVISERS, L.L.C. BY THE FUND FOR
THE  MOST  RECENT  FISCAL YEAR WAS 1.50% OF THE FUND'S AVERAGE DAILY NET ASSETS.

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HOW  TO  BUY  SHARES                                                            

GETTING  STARTED  -  BEFORE  YOU  OPEN  AN  ACCOUNT                             
YOU  HAVE  A  FEW DECISIONS TO MAKE BEFORE YOU OPEN AN ACCOUNT IN A MUTUAL FUND.

FIRST,  DECIDE  WHICH  FUND  OR  FUNDS  BEST  SUITS  YOUR  NEEDS AND YOUR GOALS.

SECOND, DECIDE WHAT KIND OF ACCOUNT YOU WANT TO OPEN. CALVERT OFFERS INDIVIDUAL,
JOINT,  TRUST, UNIFORM GIFTS/TRANSFERS TO MINOR ACCOUNTS, TRADITIONAL, EDUCATION
AND  ROTH  IRAS, QUALIFIED PROFIT-SHARING AND MONEY PURCHASE PLANS, SIMPLE IRAS,
SEP-IRAS,  403(B)(7)  ACCOUNTS,  AND  SEVERAL  OTHER  TYPES OF ACCOUNTS. MINIMUM
INVESTMENTS  ARE  LOWER  FOR  THE  RETIREMENT  PLANS.                           

THEN  DECIDE  WHICH  CLASS  OF  SHARES  IS  BEST  FOR  YOU.                     

YOU  SHOULD  MAKE  THIS  DECISION  CAREFULLY,  BASED  ON:                       

-  THE  AMOUNT  YOU  WISH  TO  INVEST;                                
-  THE  LENGTH  OF  TIME  YOU  PLAN  TO  KEEP  THE  INVESTMENT;  AND  
-  THE  CLASS  EXPENSES.                                              

CHOOSING  A  SHARE  CLASS                                                       
THE  FUND  IN THIS PROSPECTUS OFFERS THREE DIFFERENT CLASSES (CLASS A, B, OR C).
THIS  CHART  SHOWS  THE  DIFFERENCE  IN  THE  CLASSES  AND  THE GENERAL TYPES OF
INVESTORS  WHO  MAY  BE  INTERESTED  IN  EACH  CLASS:                           

CLASS  A:                                                                       
FRONT-END SALES                                                                 
CHARGE                                                                          

FOR ALL INVESTORS, PARTICULARLY THOSE INVESTING A SUBSTANTIAL AMOUNT WHO PLAN TO
HOLD  THE  SHARES  FOR  A  LONG  PERIOD  OF  TIME.                              

SALES  CHARGE  ON  EACH  PURCHASE  OF 4.75% OR LESS, DEPENDING ON THE AMOUNT YOU
INVEST.                                                                         

CLASS  B:                                                                       
DEFERRED  SALES                                                                 
CHARGE  FOR  6  YEARS                                                           

FOR INVESTORS WHO PLAN TO HOLD THE SHARES AT LEAST 6 YEARS. THE EXPENSES OF THIS
CLASS  ARE  HIGHER  THAN  CLASS  A  BECAUSE  OF  THE  12B-1  FEE.               

NO  SALES  CHARGE  ON EACH PURCHASE, BUT IF YOU SELL YOUR SHARES WITHIN 6 YEARS,
YOU  WILL  PAY  A  DEFERRED  SALES  CHARGE  OF  5%  OR  LESS ON SHARES YOU SELL.

CLASS  C:                                                                       
DEFERRED  SALES                                                                 
CHARGE  FOR  1  YEAR                                                            

FOR  INVESTORS WHO ARE INVESTING FOR AT LEAST ONE YEAR, BUT LESS THAN SIX YEARS.
THE  EXPENSES  OF  THIS  CLASS ARE HIGHER THAN CLASS A BECAUSE OF THE 12B-1 FEE.

NO SALES CHARGE ON EACH PURCHASE, BUT IF YOU SELL SHARES WITHIN 1 YEAR, THEN YOU
WILL  PAY  A  DEFERRED  SALES  CHARGE  OF  1%  AT  THAT  TIME.                  

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CLASS  A:                                                                       
FRONT-END  SALES                                                                
CHARGE                                                                          

CLASS  A  SHARES  HAVE  AN  ANNUAL  12B-1  FEE  OF  UP  TO  0.25%.              

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%  DEFERRED  SALES  CHARGE  FOR  1  YEAR.                      
CLASS  B:                                                                       
DEFERRED  SALES                                                                 
CHARGE  FOR  6  YEARS                                                           

CLASS  B  SHARES  HAVE  AN  ANNUAL  12B-1  FEE  OF  1%.                         

YOUR SHARES WILL AUTOMATICALLY CONVERT TO CLASS A SHARES AFTER 8 YEARS, REDUCING
YOUR  FUTURE  ANNUAL  EXPENSES.                                                 

IF YOU ARE INVESTING MORE THAN $250,000, YOU SHOULD CONSIDER INVESTING IN CLASS 
A OR C.                                                                         
CLASS  C:                                                                       
DEFERRED  SALES                                                                 
CHARGE  FOR  1  YEAR                                                            

CLASS  C  SHARES  HAVE  AN  ANNUAL  12B-1  FEE  OF  1%.                         

CLASS C  SHARES  HAVE  HIGHER  ANNUAL  EXPENSES  THAN  CLASS  A AND THERE IS NO 
AUTOMATIC  CONVERSION  TO  CLASS  A.                                            

IF  YOU  ARE  INVESTING  MORE  THAN  $1,000,000,  YOU SHOULD INVEST IN CLASS A. 

CLASS  A                                                                        
IF YOU CHOOSE CLASS A, YOU WILL PAY A SALES CHARGE AT THE TIME OF EACH PURCHASE.
THIS TABLE  SHOWS  THE  CHARGES BOTH AS A PERCENTAGE OF OFFERING PRICE AND AS A 
PERCENTAGE OF THE AMOUNT YOU INVEST. THE TERM "OFFERING PRICE" MEANS THE NAV PER
SHARE PLUS THE FRONT-END SALES CHARGE. IF YOU INVEST MORE, THE SALES CHARGE WILL
BE  LOWER.  FOR  EXAMPLE,  IF  YOU  INVEST  MORE  THAN  $50,000,  OR  IF  YOUR  
CUMULATIVE  PURCHASES  OR  THE VALUE IN YOUR ACCOUNT IS MORE THAN $50,000,4 THEN
THE  SALES  CHARGE  IS  REDUCED  TO  3.75%.                                     

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*        
4    THIS IS CALLED "RIGHTS OF ACCUMULATION." THE SALES CHARGE IS CALCULATED BY 
TAKING  INTO  ACCOUNT  NOT  ONLY  THE  DOLLAR  AMOUNT  OF THE NEW PURCHASE OF   
SHARES, BUT ALSO THE HIGHER OF COST OR CURRENT VALUE  OF SHARES YOU HAVE        
PREVIOUSLY  PURCHASED  IN CALVERT  GROUP  FUNDS THAT IMPOSE SALES CHARGES. THIS 
AUTOMATICALLY  APPLIES TO YOUR ACCOUNT FOR EACH NEW PURCHASE OF CLASS A SHARES. 

*    PURCHASES  OF  CLASS  A SHARES AT NAV FOR ACCOUNTS WITH $1,000,000 OR MORE 
ARE  SUBJECT  TO  A  ONE  YEAR  CDSC  OF  1.00%. SEE THE "CALCULATION OF        
CONTINGENT  DEFERRED  SALES  CHARGE  AND  WAIVER  OF  SALES  CHARGES."          

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THE CLASS A FRONT-END SALES CHARGE MAY BE WAIVED FOR CERTAIN PURCHASES OR       
INVESTORS,  SUCH  AS  PARTICIPANTS  IN  CERTAIN GROUP RETIREMENT PLANS OR OTHER 
QUALIFIED GROUPS AND CLIENTS OF REGISTERED INVESTMENT ADVISERS. FOR DETAILS ON  
THESE  AND  OTHER  PURCHASES THAT  MAY  QUALIFY FOR A REDUCED SALES CHARGE, SEE 
EXHIBIT  A.                                                                     

CLASS  B                                                                        
IF  YOU  CHOOSE CLASS B, THERE IS NO FRONT-END SALES CHARGE LIKE CLASS A, BUT IF
YOU SELL THE SHARES WITHIN THE FIRST 6 YEARS, YOU WILL HAVE TO PAY A "CONTINGENT
DEFERRED"  SALES  CHARGE  ("CDSC").  THIS  MEANS THAT YOU DO NOT HAVE TO PAY THE
SALES  CHARGE  UNLESS  YOU  SELL  YOUR  SHARES  WITHIN  THE  FIRST 6 YEARS AFTER
PURCHASE.  KEEP  IN  MIND THAT THE LONGER YOU HOLD THE SHARES, THE LESS YOU WILL
HAVE  TO  PAY  IN  DEFERRED  SALES  CHARGES.                                    

TIME  SINCE  PURCHASE          CDSC %                                           
1ST  YEAR                      5%                                               
2ND  YEAR                      4%                                               
3RD  YEAR                      4%                                               
4TH  YEAR                      3%                                               
5TH  YEAR                      2%                                               
6TH  YEAR                      1%                                               
AFTER  6  YEARS                NONE                                             

CALCULATION OF CONTINGENT DEFERRED SALES CHARGE AND WAIVER OF SALES CHARGES     
THE CDSC WILL NOT BE CHARGED ON SHARES YOU RECEIVED AS DIVIDENDS OR FROM CAPITAL
GAINS DISTRIBUTIONS OR ON ANY CAPITAL APPRECIATION (GAIN IN THE VALUE) OF SHARES
THAT  ARE  SOLD.                                                                

SHARES THAT  ARE  NOT  SUBJECT  TO THE CDSC WILL BE REDEEMED FIRST, FOLLOWED BY 
SHARES YOU  HAVE  HELD  THE  LONGEST. THE CDSC IS CALCULATED BY DETERMINING THE 
SHARE VALUE  AT  BOTH  THE TIME OF PURCHASE AND REDEMPTION AND THEN MULTIPLYING 
WHICHEVER VALUE  IS  LESS BY THE PERCENTAGE THAT APPLIES AS SHOWN ABOVE. IF YOU 
CHOOSE  TO SELL  ONLY  PART  OF YOUR SHARES, THE CAPITAL APPRECIATION FOR THOSE 
SHARES ONLY IS INCLUDED IN THE CALCULATION, RATHER THAN THE CAPITAL APPRECIATION
FOR  THE  ENTIRE  ACCOUNT.                                                      

THE  CDSC  ON  CLASS  B  SHARES  WILL BE WAIVED IN THE FOLLOWING CIRCUMSTANCES: 

-  REDEMPTION  UPON  THE  DEATH  OR  DISABILITY  OF  THE  SHAREHOLDER,  PLAN    
PARTICIPANT, OR  BENEFICIARY.1                                                  
-  MINIMUM  REQUIRED  DISTRIBUTIONS  FROM  RETIREMENT  PLAN  ACCOUNTS  FOR      
SHAREHOLDERS  701/2  AND  OLDER.2                                               

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-    THE  RETURN  OF  AN  EXCESS  CONTRIBUTION OR DEFERRAL AMOUNTS, PURSUANT TO 
SECTIONS  408(D)(4)  OR  (5),  401(K)(8),  402(G)(2),  OR  401(M)(6)  OF  THE   
INTERNAL REVENUE CODE.                                                          
-    INVOLUNTARY  REDEMPTIONS  OF  ACCOUNTS  UNDER  PROCEDURES SET FORTH BY THE 
FUND'S  BOARD  OF  DIRECTORS.                                                   
-    A SINGLE ANNUAL WITHDRAWAL UNDER A SYSTEMATIC WITHDRAWAL PLAN OF UP TO 10% 
PER  YEAR  OF  THE  SHAREHOLDER'S  ACCOUNT  BALANCE.3                           

1    "DISABILITY"  MEANS  A TOTAL DISABILITY AS EVIDENCED BY A DETERMINATION BY 
THE  FEDERAL  SOCIAL  SECURITY  ADMINISTRATION.                                 
2    THE  MAXIMUM  AMOUNT  SUBJECT  TO  THIS  WAIVER  IS  BASED  ONLY  UPON THE 
SHAREHOLDER'S  CALVERT  GROUP  RETIREMENT  ACCOUNTS.                            
3    THIS  SYSTEMATIC  WITHDRAWAL  PLAN  REQUIRES  A MINIMUM ACCOUNT BALANCE OF 
$50,000  TO  BE  ESTABLISHED.                                                   

CLASS  C                                                                        
IF  YOU CHOOSE CLASS C, THERE IS NO FRONT-END SALES CHARGE LIKE CLASS A, BUT IF 
YOU SELL THE SHARES WITHIN THE FIRST YEAR, YOU WILL HAVE TO PAY A 1% CDSC. CLASS
C  MAY BE  A GOOD CHOICE FOR YOU IF YOU PLAN TO BUY SHARES AND HOLD THEM FOR AT 
LEAST  1  YEAR,  BUT  NOT  MORE  THAN  FIVE  OR  SIX  YEARS.                    

DISTRIBUTION  AND  SERVICE  FEES                                                
THE  FUND HAS  ADOPTED A PLAN UNDER RULE 12B-1 OF THE INVESTMENT COMPANY ACT OF 
1940 THAT ALLOWS THE 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. PLEASE  SEE  EXHIBIT  B  FOR MORE SERVICE FEE 
INFORMATION.                                                                    

THE  TABLE  BELOW  SHOWS  THE  MAXIMUM  ANNUAL  PERCENTAGE  PAYABLE  UNDER  THE 
DISTRIBUTION PLAN, AND THE AMOUNT ACTUALLY PAID BY THE FUND FOR THE MOST RECENT 
FISCAL  YEAR.  THE FEES ARE BASED ON AVERAGE DAILY NET ASSETS OF THE PARTICULAR 
CLASS.                                                                          

MAXIMUM  PAYABLE  UNDER  PLAN/AMOUNT  ACTUALLY  PAID                  

CLASS  A          CLASS  B          CLASS  C                          

0.25%/0.25%       1.00%/1.00%       1.00%/1.00%                       

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NEXT  STEP  -  ACCOUNT  APPLICATION                                             
COMPLETE AND SIGN AN APPLICATION FOR EACH NEW ACCOUNT. WHEN MULTIPLE CLASSES OF 
SHARES  ARE OFFERED,  PLEASE SPECIFY WHICH CLASS YOU WISH TO PURCHASE. FOR MORE 
INFORMATION, CONTACT  YOUR  FINANCIAL  PROFESSIONAL OR OUR SHAREHOLDER SERVICES 
DEPARTMENT  AT  800-368-2748.                                                   

MINIMUM TO  OPEN  AN  ACCOUNT     MINIMUM  ADDITIONAL                           
$2,000                  INVESTMENTS  -$250                

PLEASE  MAKE  YOUR  CHECK  PAYABLE                                              
TO  THE  FUND  AND  MAIL  IT  TO:                                               
NEW  ACCOUNTS              SUBSEQUENT  INVESTMENTS                    
(INCLUDE  APPLICATION)     (INCLUDE  INVESTMENT  SLIP)                
CALVERT  GROUP             CALVERT  GROUP                             
P.O.  BOX  219544          P.O.  BOX  219739                          
KANSAS,  CITY  MO          KANSAS  CITY,  MO                          
64121-9544                 64121-9739                                 

BY  REGISTERED,          CALVERT  GROUP                               
CERTIFIED,  OR           C/O  NFDS                                    
OVERNIGHT  MAIL          330  WEST  9TH  STREET                       
         KANSAS  CITY,  MO  64105-1807

IMPORTANT  -  HOW  SHARES  ARE  PRICED                                          
THE  PRICE  OF  SHARES IS  BASED  ON THE FUND'S NET ASSET VALUE ("NAV"). NAV IS 
COMPUTED  BY  ADDING THE  VALUE  OF  THE  FUND'S  HOLDINGS  PLUS  OTHER ASSETS, 
SUBTRACTING LIABILITIES,  AND  THEN DIVIDING THE RESULT BY THE NUMBER OF SHARES 
OUTSTANDING. THE NAV OF EACH CLASS WILL BE DIFFERENT, DEPENDING ON THE NUMBER OF
SHARES  OUTSTANDING  FOR  EACH  CLASS.                                          

PORTFOLIO  SECURITIES  AND  OTHER  ASSETS ARE VALUED BASED ON MARKET QUOTATIONS,
EXCEPT  THAT SECURITIES MATURING WITHIN 60 DAYS ARE VALUED AT AMORTIZED COST. IF
MARKET  QUOTATIONS  ARE NOT READILY AVAILABLE, SECURITIES ARE VALUED BY A METHOD
THAT  THE  FUND'S  BOARD  OF  DIRECTORS BELIEVES ACCURATELY REFLECTS FAIR VALUE.

THE NAV IS CALCULATED AS OF THE CLOSE OF EACH BUSINESS DAY, WHICH COINCIDES WITH
THE CLOSING  OF  THE  REGULAR  SESSION  OF THE NEW YORK STOCK EXCHANGE ("NYSE") 
(NORMALLY 4  P.M. ET). THE FUND IS OPEN FOR BUSINESS EACH DAY THE NYSE IS OPEN. 
PLEASE NOTE THAT THERE ARE SOME FEDERAL HOLIDAYS, HOWEVER, SUCH AS COLUMBUS DAY 
AND VETERANS'  DAY,  WHEN  THE  NYSE IS OPEN AND THE FUND IS OPEN BUT PURCHASES 
CANNOT BE  RECEIVED  BECAUSE  THE  BANKS  AND  POST  OFFICES  ARE  CLOSED.      

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THE  FUND HOLDS  SECURITIES THAT ARE PRIMARILY LISTED ON FOREIGN EXCHANGES THAT 
TRADE ON  DAYS  WHEN THE NYSE IS CLOSED. THE FUND DOES NOT PRICE SHARES ON DAYS 
WHEN  THE NYSE IS CLOSED, EVEN IF FOREIGN MARKETS MAY BE OPEN. AS A RESULT, THE 
VALUE  OF THE FUND'S SHARES MAY CHANGE ON DAYS WHEN YOU WILL NOT BE ABLE TO BUY 
OR  SELL  YOUR  SHARES.                                                         

WHEN  YOUR  ACCOUNT  WILL  BE  CREDITED                                         
YOUR PURCHASE  WILL BE PROCESSED AT THE NEXT NAV CALCULATED AFTER YOUR ORDER IS 
RECEIVED IN  GOOD  ORDER.  ALL OF YOUR PURCHASES MUST BE MADE IN US DOLLARS. NO 
CASH  OR THIRD  PARTY  CHECKS  WILL  BE ACCEPTED. NO CREDIT CARD OR CREDIT LOAN 
CHECKS WILL BE ACCEPTED. EACH 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.  ANY CHECK PURCHASE RECEIVED WITHOUT AN 
INVESTMENT SLIP  MAY  CAUSE  DELAYED CREDITING. ANY PURCHASE LESS THAN THE $250 
MINIMUM  FOR SUBSEQUENT INVESTMENT WILL BE CHARGED A SERVICE FEE OF $3. 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).                                                        

OTHER  CALVERT  GROUP  FEATURES                                                 

CALVERT  INFORMATION  NETWORK                                                   
FOR  24  HOUR  PERFORMANCE  AND ACCOUNT  INFORMATION CALL 800-368-2745 OR VISIT 
WWW.CALVERT.COM                                                                 

YOU  CAN OBTAIN  CURRENT  PERFORMANCE  AND  PRICING INFORMATION, VERIFY ACCOUNT 
BALANCES, AND  AUTHORIZE CERTAIN TRANSACTIONS WITH THE CONVENIENCE OF ONE PHONE 
CALL,  24  HOURS  A  DAY.                                                       

ACCOUNT  SERVICES                                                               
BY SIGNING  UP  FOR  SERVICES  WHEN  YOU OPEN YOUR ACCOUNT, YOU AVOID HAVING TO 
OBTAIN A  SIGNATURE  GUARANTEE.  IF YOU WISH TO ADD SERVICES AT A LATER DATE, A 
SIGNATURE GUARANTEE  TO  VERIFY  YOUR  SIGNATURE MAY BE OBTAINED FROM ANY BANK, 
TRUST COMPANY AND SAVINGS AND LOAN ASSOCIATION, CREDIT UNION, BROKER-DEALER FIRM
OR  MEMBER OF  A  DOMESTIC  STOCK  EXCHANGE.  A  NOTARY PUBLIC CANNOT PROVIDE A 
SIGNATURE  GUARANTEE.                                                           

CALVERT  MONEY  CONTROLLER                                                      
CALVERT MONEY CONTROLLER  ALLOWS  YOU TO PURCHASE OR SELL SHARES BY ELECTRONIC  
FUNDS TRANSFER WITHOUT THE TIME DELAY OF MAILING A CHECK OR THE ADDED EXPENSE OF
A WIRE. USE THIS SERVICE TO TRANSFER UP TO $300,000 ELECTRONICALLY. ALLOW ONE OR

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TWO BUSINESS  DAYS AFTER YOU PLACE YOUR REQUEST FOR THE TRANSFER TO TAKE PLACE. 
MONEY TRANSFERRED  TO PURCHASE NEW SHARES WILL BE SUBJECT TO A HOLD OF UP TO 10 
BUSINESS DAYS  BEFORE REDEMPTION REQUESTS WILL BE HONORED. TRANSACTION REQUESTS 
MUST BE  RECEIVED  BY  4  P.M. ET. YOU MAY REQUEST THIS SERVICE ON YOUR INITIAL 
ACCOUNT APPLICATION.  CALVERT  MONEY  CONTROLLER  TRANSACTIONS  RETURNED  FOR   
INSUFFICIENT  FUNDS  WILL  INCUR  A  $25  CHARGE.                               

TELEPHONE  TRANSACTIONS                                                         
YOU  MAY PURCHASE, REDEEM, OR EXCHANGE SHARES, WIRE FUNDS AND USE CALVERT MONEY 
CONTROLLER BY  TELEPHONE  IF  YOU HAVE PRE-AUTHORIZED SERVICE INSTRUCTIONS. YOU 
RECEIVE TELEPHONE PRIVILEGES AUTOMATICALLY WHEN YOU OPEN YOUR ACCOUNT UNLESS YOU
ELECT OTHERWISE. FOR OUR MUTUAL PROTECTION, THE FUND, THE SHAREHOLDER SERVICING 
AGENT AND  THEIR  AFFILIATES  USE  PRECAUTIONS  SUCH  AS  VERIFYING SHAREHOLDER 
IDENTITY AND RECORDING TELEPHONE CALLS TO CONFIRM INSTRUCTIONS GIVEN BY PHONE. A
CONFIRMATION STATEMENT  IS  SENT  FOR  MOST  TRANSACTIONS;  PLEASE  REVIEW THIS 
STATEMENT AND  VERIFY  THE  ACCURACY  OF  YOUR  TRANSACTION  IMMEDIATELY.       

EXCHANGES                                                                       
CALVERT  GROUP OFFERS A WIDE VARIETY OF INVESTMENT OPTIONS THAT INCLUDES COMMON 
STOCK  FUNDS, TAX-EXEMPT AND CORPORATE BOND FUNDS, AND MONEY MARKET FUNDS (CALL 
YOUR BROKER OR CALVERT REPRESENTATIVE FOR MORE INFORMATION). WE MAKE IT EASY FOR
YOU  TO PURCHASE SHARES IN OTHER CALVERT FUNDS IF YOUR INVESTMENT GOALS CHANGE. 
THE  EXCHANGE PRIVILEGE OFFERS FLEXIBILITY BY ALLOWING YOU TO EXCHANGE SHARES ON
WHICH  YOU HAVE  ALREADY  PAID  A  SALES CHARGE FROM ONE CALVERT MUTUAL FUND TO 
ANOTHER  AT  NO  ADDITIONAL  CHARGE.                                            

COMPLETE  AND  SIGN  AN  ACCOUNT  APPLICATION,  TAKING CARE TO REGISTER YOUR NEW
ACCOUNT  IN  THE  SAME  NAME AND TAXPAYER IDENTIFICATION NUMBER AS YOUR EXISTING
CALVERT  ACCOUNT(S).  EXCHANGE  INSTRUCTIONS  MAY  THEN BE GIVEN BY TELEPHONE IF
TELEPHONE REDEMPTIONS HAVE BEEN AUTHORIZED AND THE SHARES ARE NOT IN CERTIFICATE
FORM.                                                                           

BEFORE  YOU  MAKE  AN  EXCHANGE,  PLEASE  NOTE  THE  FOLLOWING:                 

EACH  EXCHANGE  REPRESENTS  THE  SALE  OF SHARES OF ONE FUND AND THE PURCHASE OF
SHARES  OF  ANOTHER.  THEREFORE,  YOU  COULD  REALIZE  A  TAXABLE  GAIN OR LOSS.

YOU  MAY  EXCHANGE SHARES ACQUIRED BY REINVESTMENT OF DIVIDENDS OR DISTRIBUTIONS
INTO  ANOTHER  CALVERT  FUND  AT  NO  ADDITIONAL  CHARGE.                       

SHARES  MAY  ONLY  BE  EXCHANGED FOR SHARES OF THE SAME CLASS OF ANOTHER CALVERT
FUND.                                                                           

NO  CDSC  IS  IMPOSED  ON  EXCHANGES  OF SHARES SUBJECT TO A CDSC AT THE TIME OF

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THE  EXCHANGE. THE APPLICABLE CDSC IS IMPOSED AT THE TIME THE SHARES ACQUIRED BY
THE  EXCHANGE  ARE  REDEEMED.                                                   

EACH  FUND AND THE DISTRIBUTOR RESERVE THE RIGHT AT ANY TIME TO REJECT OR CANCEL
ANY  PART  OF  ANY PURCHASE OR EXCHANGE ORDER; MODIFY ANY TERMS OR CONDITIONS OF
PURCHASE OF SHARES OF ANY FUND; OR WITHDRAW ALL OR ANY PART OF THE OFFERING MADE
BY  THIS  PROSPECTUS.  TO  PROTECT THE INTERESTS OF INVESTORS, EACH FUND AND THE
DISTRIBUTOR  MAY  REJECT  ANY  ORDER  CONSIDERED  MARKET-TIMING  ACTIVITY.      

THE  FUND  RESERVES THE RIGHT TO TERMINATE OR MODIFY THE EXCHANGE PRIVILEGE WITH
60  DAYS'  WRITTEN  NOTICE.                                                     

ELECTRONIC  DELIVERY  OF  PROSPECTUSES  AND  SHAREHOLDER  REPORTS               
YOU  MAY  REQUEST  TO RECEIVE ELECTRONIC DELIVERY OF PROSPECTUSES AND ANNUAL AND
SEMI  ANNUAL  REPORTS.                                                          

COMBINED  GENERAL  MAILINGS  (HOUSEHOLDING)                                     
MULTIPLE  ACCOUNTS WITH THE SAME SOCIAL SECURITY NUMBER WILL RECEIVE ONE MAILING
PER  HOUSEHOLD  OF  INFORMATION  SUCH AS PROSPECTUSES AND SEMI-ANNUAL AND ANNUAL
REPORTS. YOU MAY REQUEST FURTHER GROUPING OF ACCOUNTS TO RECEIVE FEWER MAILINGS.
SEPARATE  STATEMENTS  WILL  BE  GENERATED  FOR EACH SEPARATE ACCOUNT AND WILL BE
MAILED  IN  ONE  ENVELOPE  FOR  EACH  COMBINATION  ABOVE.                       

SPECIAL  SERVICES  AND  CHARGES                                                 
THE  FUND  PAYS  FOR  SHAREHOLDER SERVICES BUT NOT FOR SPECIAL SERVICES THAT ARE
REQUIRED BY A FEW SHAREHOLDERS, SUCH AS A REQUEST FOR A HISTORICAL TRANSCRIPT OF
AN  ACCOUNT  OR  A STOP PAYMENT ON A DRAFT. YOU MAY BE REQUIRED TO PAY A FEE FOR
THESE  SPECIAL  SERVICES.                                                       

IF  YOU  ARE  PURCHASING  SHARES  THROUGH  A  PROGRAM  OF  SERVICES OFFERED BY A
BROKER/DEALER  OR  FINANCIAL  INSTITUTION, YOU SHOULD READ THE PROGRAM MATERIALS
TOGETHER  WITH  THIS  PROSPECTUS.  CERTAIN  FEATURES  MAY  BE  MODIFIED IN THESE
PROGRAMS.  INVESTORS  MAY  BE  CHARGED A FEE IF THEY EFFECT TRANSACTIONS IN FUND
SHARES  THROUGH  A  BROKER  OR  AGENT.                                          

MINIMUM  ACCOUNT  BALANCE                                                       
PLEASE  MAINTAIN  A BALANCE IN EACH OF YOUR FUND ACCOUNTS OF AT LEAST $1,000 PER
CLASS.  IF  THE  BALANCE IN YOUR ACCOUNT FALLS BELOW THE MINIMUM DURING A MONTH,
YOUR ACCOUNT MAY BE CLOSED AND THE PROCEEDS MAILED TO THE ADDRESS OF RECORD. YOU
WILL  RECEIVE  NOTICE THAT YOUR ACCOUNT IS BELOW THE MINIMUM, AND WILL BE CLOSED
IF  THE BALANCE IS NOT BROUGHT UP TO THE REQUIRED MINIMUM AMOUNT WITHIN 30 DAYS.

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DIVIDENDS,  CAPITAL  GAINS  AND  TAXES                                          

THE  FUND PAYS DIVIDENDS FROM ITS NET INVESTMENT INCOME ANNUALLY. NET INVESTMENT
INCOME  CONSISTS  OF  INTEREST INCOME, NET SHORT-TERM CAPITAL GAINS, IF ANY, AND
DIVIDENDS  DECLARED AND PAID ON INVESTMENTS, LESS EXPENSES. DISTRIBUTIONS OF NET
SHORT-TERM  CAPITAL  GAINS  (TREATED  AS  DIVIDENDS  FOR  TAX  PURPOSES) AND NET
LONG-TERM  CAPITAL  GAINS,  IF  ANY, ARE NORMALLY PAID ONCE A YEAR; HOWEVER, THE
FUND  DOES NOT ANTICIPATE MAKING ANY SUCH DISTRIBUTIONS UNLESS AVAILABLE CAPITAL
LOSS  CARRYOVERS  HAVE  BEEN  USED  OR  HAVE  EXPIRED. DIVIDEND AND DISTRIBUTION
PAYMENTS  WILL  VARY  BETWEEN  CLASSES.                                         

DIVIDEND  PAYMENT  OPTIONS                                                      
DIVIDENDS AND ANY DISTRIBUTIONS ARE AUTOMATICALLY REINVESTED IN THE SAME FUND AT
NAV (WITHOUT SALES CHARGE), UNLESS YOU ELECT TO HAVE AMOUNTS OF $10 OR MORE PAID
IN  CASH  (BY CHECK OR BY CALVERT MONEY CONTROLLER). DIVIDENDS AND DISTRIBUTIONS
FROM  ANY  CALVERT  GROUP  FUND  MAY BE AUTOMATICALLY INVESTED IN AN IDENTICALLY
REGISTERED  ACCOUNT IN ANY OTHER CALVERT GROUP FUND AT NAV. IF REINVESTED IN THE
SAME  ACCOUNT,  NEW  SHARES  WILL  BE PURCHASED AT NAV ON THE REINVESTMENT DATE,
WHICH  IS  GENERALLY  1 TO 3 DAYS PRIOR TO THE PAYMENT DATE. YOU MUST NOTIFY THE
FUNDS  IN WRITING TO CHANGE YOUR PAYMENT OPTIONS. IF YOU ELECT TO HAVE DIVIDENDS
AND/OR  DISTRIBUTIONS  PAID IN CASH, AND THE US POSTAL SERVICE RETURNS THE CHECK
AS  UNDELIVERABLE,  IT,  AS  WELL AS FUTURE DIVIDENDS AND DISTRIBUTIONS, WILL BE
REINVESTED IN ADDITIONAL SHARES. NO DIVIDENDS WILL ACCRUE ON AMOUNTS REPRESENTED
BY  UNCASHED  DISTRIBUTION  OR  REDEMPTION  CHECKS.                             

BUYING  A  DIVIDEND                                                             
AT THE TIME OF PURCHASE, THE SHARE PRICE OF EACH CLASS MAY REFLECT UNDISTRIBUTED
INCOME,  CAPITAL  GAINS  OR UNREALIZED APPRECIATION OF SECURITIES. ANY INCOME OR
CAPITAL  GAINS  FROM  THESE AMOUNTS WHICH ARE LATER DISTRIBUTED TO YOU ARE FULLY
TAXABLE.  ON  THE  RECORD DATE FOR A DISTRIBUTION, SHARE VALUE IS REDUCED BY THE
AMOUNT  OF  THE  DISTRIBUTION.  IF  YOU  BUY  SHARES JUST BEFORE THE RECORD DATE
("BUYING  A  DIVIDEND")  YOU  WILL  PAY  THE  FULL PRICE FOR THE SHARES AND THEN
RECEIVE  A  PORTION  OF  THE  PRICE  BACK  AS  A  TAXABLE  DISTRIBUTION.        

FEDERAL  TAXES                                                                  
IN  JANUARY,  THE  FUND  WILL  MAIL YOU FORM 1099-DIV INDICATING THE FEDERAL TAX
STATUS  OF  DIVIDENDS  AND ANY CAPITAL GAIN DISTRIBUTIONS PAID TO YOU 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 YOU 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.

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YOU  MAY  REALIZE  A CAPITAL GAIN OR LOSS WHEN YOU SELL OR EXCHANGE SHARES. THIS
CAPITAL GAIN OR LOSS WILL BE SHORT- OR LONG-TERM, DEPENDING ON HOW LONG YOU HAVE
OWNED THE SHARES WHICH WERE SOLD. IN JANUARY, THE FUND WILL MAIL YOU FORM 1099-B
INDICATING  THE  TOTAL AMOUNT OF ALL SALES, INCLUDING EXCHANGES. YOU SHOULD KEEP
YOUR  ANNUAL  YEAR-END  ACCOUNT  STATEMENTS TO DETERMINE THE COST (BASIS) OF THE
SHARES  TO  REPORT  ON  YOUR  TAX  RETURNS.                                     

OTHER  TAX  INFORMATION                                                         
IN ADDITION TO FEDERAL TAXES, YOU MAY BE SUBJECT TO STATE OR LOCAL TAXES ON YOUR
INVESTMENT,  DEPENDING  ON  THE  LAWS  IN YOUR AREA. YOU WILL BE NOTIFIED TO THE
EXTENT,  IF  ANY,  THAT  DIVIDENDS  REFLECT INTEREST RECEIVED FROM US GOVERNMENT
SECURITIES.  SUCH  DIVIDENDS  MAY  BE  EXEMPT  FROM  CERTAIN STATE INCOME TAXES.

TAXPAYER  IDENTIFICATION  NUMBER                                                
IF WE DO NOT HAVE YOUR CORRECT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER
("TIN")  AND A SIGNED CERTIFIED APPLICATION OR FORM W-9, FEDERAL LAW REQUIRES US
TO WITHHOLD 31% OF YOUR REPORTABLE DIVIDENDS, AND 31% OF CERTAIN REDEMPTIONS. IN
ADDITION, YOU MAY BE SUBJECT TO A FINE BY THE INTERNAL REVENUE SERVICE. YOU WILL
ALSO  BE  PROHIBITED  FROM  OPENING  ANOTHER  ACCOUNT  BY  EXCHANGE. IF THIS TIN
INFORMATION  IS  NOT  RECEIVED WITHIN 60 DAYS AFTER YOUR ACCOUNT IS ESTABLISHED,
YOUR  ACCOUNT  MAY  BE  REDEEMED  (CLOSED)  AT  THE  CURRENT  NAV ON THE DATE OF
REDEMPTION.  CALVERT  GROUP  RESERVES THE RIGHT TO REJECT ANY NEW ACCOUNT OR ANY
PURCHASE  ORDER  FOR  FAILURE  TO  SUPPLY  A  CERTIFIED  TIN.                   

HOW  TO  SELL  SHARES                                                           
YOU  MAY REDEEM ALL OR A PORTION OF YOUR SHARES ON ANY DAY YOUR FUND IS OPEN FOR
BUSINESS,  PROVIDED  THE  AMOUNT  REQUESTED IS NOT ON HOLD. WHEN YOU PURCHASE BY
CHECK OR WITH CALVERT MONEY CONTROLLER (ELECTRONIC FUNDS TRANSFER), THE PURCHASE
WILL  BE ON HOLD FOR UP TO 10 BUSINESS DAYS FROM THE DATE OF RECEIPT. DURING THE
HOLD  PERIOD,  REDEMPTIONS PROCEEDS WILL NOT BE SENT UNTIL THE TRANSFER AGENT IS
REASONABLY  SATISFIED  THAT THE PURCHASE PAYMENT HAS BEEN COLLECTED. YOUR SHARES
WILL  BE  REDEEMED  AT  THE NEXT NAV CALCULATED AFTER YOUR REDEMPTION REQUEST IS
RECEIVED  (LESS  ANY APPLICABLE CDSC). 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. CALVERT MONEY
CONTROLLER  REDEMPTIONS  GENERALLY  WILL BE CREDITED TO YOUR BANK ACCOUNT BY THE
SECOND  BUSINESS  DAY  AFTER  YOUR  PHONE CALL. THE 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,

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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.                         

FOLLOW THESE SUGGESTIONS TO ENSURE TIMELY PROCESSING OF YOUR REDEMPTION REQUEST:

BY  TELEPHONE                                                                   
YOU  MAY REDEEM SHARES FROM YOUR ACCOUNT BY TELEPHONE AND HAVE YOUR MONEY MAILED
TO  YOUR  ADDRESS OF RECORD OR ELECTRONICALLY TRANSFERRED OR WIRED TO A BANK YOU
HAVE  PREVIOUSLY  AUTHORIZED. A CHARGE OF $5 MAY BE IMPOSED ON WIRE TRANSFERS OF
LESS  THAN  $1,000.                                                             

WRITTEN  REQUESTS                                                               
CALVERT  GROUP,  P.O.  BOX  219544,  KANSAS  CITY,  MO  64121-9544              
YOUR LETTER SHOULD INCLUDE YOUR ACCOUNT NUMBER AND FUND AND THE NUMBER OF SHARES
OR  THE  DOLLAR  AMOUNT  YOU  ARE  REDEEMING. PLEASE PROVIDE A DAYTIME TELEPHONE
NUMBER,  IF POSSIBLE, FOR US TO CALL IF WE HAVE QUESTIONS. IF THE MONEY IS BEING
SENT  TO  A  NEW BANK, PERSON, OR ADDRESS OTHER THAN THE ADDRESS OF RECORD, YOUR
LETTER  MUST  BE  SIGNATURE  GUARANTEED.                                        

SYSTEMATIC  CHECK  REDEMPTIONS                                                  
IF YOU MAINTAIN AN ACCOUNT WITH A BALANCE OF $10,000 OR MORE, YOU MAY HAVE UP TO
TWO  (2)  REDEMPTION  CHECKS  FOR  A FIXED AMOUNT SENT TO YOU ON THE 15TH OF THE
MONTH,  SIMPLY  BY SENDING A LETTER WITH ALL INFORMATION, INCLUDING YOUR ACCOUNT
NUMBER,  AND THE DOLLAR AMOUNT ($100 MINIMUM). IF YOU WOULD LIKE A REGULAR CHECK
MAILED  TO  ANOTHER  PERSON  OR PLACE, YOUR LETTER MUST BE SIGNATURE GUARANTEED.
UNLESS  THEY  OTHERWISE QUALIFY FOR A WAIVER, CLASS B OR CLASS C SHARES REDEEMED
BY  SYSTEMATIC CHECK REDEMPTION WILL BE SUBJECT TO THE CONTINGENT DEFERRED SALES
CHARGE.                                                                         

CORPORATIONS  AND  ASSOCIATIONS                                                 
YOUR  LETTER  OF  INSTRUCTION  AND  CORPORATE  RESOLUTION  SHOULD  BE  SIGNED BY
PERSON(S)  AUTHORIZED  TO  ACT  ON  THE  ACCOUNT,  ACCOMPANIED  BY  SIGNATURE   
GUARANTEE(S).                                                                   

TRUSTS                                                                          
YOUR  LETTER  OF INSTRUCTION SHOULD BE SIGNED BY THE TRUSTEE(S) (AS TRUSTEE(S)),
WITH  A  SIGNATURE  GUARANTEE.  (IF THE TRUSTEE'S NAME IS NOT REGISTERED ON YOUR
ACCOUNT,  PLEASE PROVIDE A COPY OF THE TRUST DOCUMENT, CERTIFIED WITHIN THE LAST
60  DAYS.)                                                                      

THROUGH  YOUR  DEALER                                                           
YOUR DEALER MUST RECEIVE YOUR REQUEST BEFORE THE CLOSE OF REGULAR TRADING ON THE
NYSE  TO  RECEIVE THAT DAY'S NAV. YOUR DEALER WILL BE RESPONSIBLE FOR FURNISHING
ALL  NECESSARY  DOCUMENTATION  TO  CALVERT GROUP AND MAY CHARGE YOU FOR SERVICES
PROVIDED.                                                                       

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FINANCIAL  HIGHLIGHTS                                                           
THE  FINANCIAL  HIGHLIGHTS  TABLE  IS INTENDED TO HELP YOU UNDERSTAND THE FUND'S
FINANCIAL  PERFORMANCE  FOR  THE PAST FIVE (5) FISCAL YEARS (OR IF SHORTER, THE 
PERIOD  OF  THE  FUND'S  OPERATIONS).  THE  FUND'S  FISCAL YEAR END IS MARCH 31.
CERTAIN  INFORMATION  REFLECTS FINANCIAL RESULTS FOR A SINGLE SHARE, BY FUND AND
CLASS.  THE TOTAL RETURNS IN THE TABLE REPRESENT THE RATE THAT AN INVESTOR WOULD
HAVE EARNED (OR LOST) ON AN INVESTMENT IN THE FUND (ASSUMING REINVESTMENT OF ALL
DIVIDENDS AND DISTRIBUTIONS), AND DOES NOT REFLECT ANY APPLICABLE FRONT- OR     
BACK-END  SALES  CHARGE.  THIS  INFORMATION  HAS  BEEN  AUDITED  BY             
PRICEWATERHOUSECOOPERS LLP  WHOSE  REPORT,  ALONG  WITH  THE  FUND'S  FINANCIAL 
STATEMENTS,  ARE  INCLUDED  IN THE FUND'S ANNUAL REPORT, WHICH IS AVAILABLE UPON
REQUEST.                                                                        

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FINANCIAL  HIGHLIGHTS                                                           

                                YEARS  ENDED
                                     MARCH  31,     MARCH  31,     MARCH 31,
CLASS  A  SHARES                         2000           1999           1998     
NET  ASSET  VALUE,  BEGINNING              $9.79         $13.34        $12.65   
INCOME  FROM  INVESTMENT  OPERATIONS                                            
  NET  INVESTMENT  INCOME                (.08)          (.10)        (.07)
NET REALIZED AND UNREALIZED GAIN (LOSS)  (2.80)         (3.45)          .89 
     TOTAL FROM INVESTMENT OPERATIONS   (2.88)         (3.55)          .82
DISTRIBUTIONS  FROM                                                             
  IN  EXCESS  OF  NET  REALIZED  GAIN       -             --         (.13)
       TOTAL  DISTRIBUTIONS                 -             --         (.13)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE                                    
                                        (2.88)         (3.55)          .69
NET  ASSET  VALUE,  ENDING                 $6.91          $9.79        $13.34   

TOTAL  RETURN*                            (29.42%)       (26.61%)       6.72%   
RATIOS  TO  AVERAGE  NET  ASSETS:                                               
  NET  INVESTMENT  INCOME  (LOSS)        (.78%)         (.84%)      (.60%)
  TOTAL  EXPENSES                        6.39%          4.19%        4.65%
  EXPENSES  BEFORE  OFFSETS              5.15%          3.65%        3.76%
  NET  EXPENSES                          4.95%          3.36%        3.25%
PORTFOLIO  TURNOVER                          133%            60%          74%   
NET  ASSETS,  ENDING  (IN  THOUSANDS)     $4,981         $8,536       $11,613   

                                                  PERIODS  ENDED
                                                   MARCH  31,   MARCH  31,
                                                  1997         1996^
NET  ASSET  VALUE,  BEGINNING                            $12.00        $12.00   
INCOME  FROM  INVESTMENT  OPERATIONS                                            
  NET  INVESTMENT  INCOME                               (.05)        (.04)
  NET  REALIZED  AND  UNREALIZED  GAIN  (LOSS)           .70           .04
       TOTAL  FROM  INVESTMENT  OPERATIONS               .65             -
TOTAL  INCREASE  (DECREASE)  IN  NET  ASSET  VALUE          .65             -   
NET  ASSET  VALUE,  ENDING                               $12.65        $12.00   

TOTAL  RETURN*                                             5.42%        0.00%   
RATIOS  TO  AVERAGE  NET  ASSETS:                                               
  NET  INVESTMENT  INCOME  (LOSS)                       (.45%)   (.54%)(A)
  TOTAL  EXPENSES                                       4.87%     4.99%(A)
  EXPENSES  BEFORE  OFFSETS                             3.54%     3.75%(A)
  NET  EXPENSES                                         3.25%     3.24%(A)
PORTFOLIO  TURNOVER                                          23%           6%   
NET  ASSETS,  ENDING  (IN  THOUSANDS)                    $9,206        $7,974   

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FINANCIAL  HIGHLIGHTS                                                           

                                                    PERIODS  ENDED
                                                    MARCH 31,    MARCH 31,
CLASS  B  SHARES                                         2000         1999^^    
NET  ASSET  VALUE,  BEGINNING                             $9.75        $13.13   
INCOME  FROM  INVESTMENT  OPERATIONS                                            
  NET  INVESTMENT  INCOME                               (.16)        (.06)
  NET  REALIZED AND UNREALIZED  GAIN  (LOSS)           (2.76)       (3.32)
       TOTAL  FROM  INVESTMENT  OPERATIONS             (2.92)       (3.38)
TOTAL  INCREASE  (DECREASE)  IN  NET  ASSET  VALUE        (2.92)       (3.38)   
NET  ASSET  VALUE,  ENDING                                $6.83         $9.75   

TOTAL  RETURN*                                           (29.95%)    (25.74%)   
RATIOS  TO  AVERAGE  NET  ASSETS:                                               
  NET  INVESTMENT  INCOME  (LOSS)                      (1.91%)  (1.48%)(A)
  TOTAL  EXPENSES                                      19.74%    37.54%(A)
  EXPENSES  BEFORE  OFFSETS                             5.90%     4.68%(A)
  NET  EXPENSES                                         5.70%     4.02%(A)
PORTFOLIO  TURNOVER                                         133%          60%   
NET  ASSETS,  ENDING  (IN  THOUSANDS)                       $83           $71   

                                                      PERIODS  ENDED
                                                     MARCH 31,   MARCH 31,
CLASS  C  SHARES                                          2000        1999^^    
NET  ASSET  VALUE,  BEGINNING                              $9.75       $13.13   
INCOME  FROM  INVESTMENT  OPERATIONS                                            
  NET  INVESTMENT  INCOME                                (.12)       (.05)
  NET  REALIZED  AND  UNREALIZED  GAIN  (LOSS)          (2.68)      (3.33)
       TOTAL  FROM  INVESTMENT  OPERATIONS              (2.80)      (3.38)
TOTAL  INCREASE  (DECREASE)  IN  NET  ASSET  VALUE         (2.80)      (3.38)   
NET  ASSET  VALUE,  ENDING                                 $6.95        $9.75   

TOTAL  RETURN*                                            (28.72%)   (25.74%)   
RATIOS  TO  AVERAGE  NET  ASSETS:                                               
  NET  INVESTMENT  INCOME  (LOSS)                       (1.47%) (1.36%)(A)
  TOTAL  EXPENSES                                       72.04%  189.55%(A)
  EXPENSES  BEFORE  OFFSETS                              5.90%    5.52%(A)
  NET  EXPENSES                                          5.70%    4.02%(A)
PORTFOLIO  TURNOVER                                          133%         60%   
NET  ASSETS,  ENDING  (IN  THOUSANDS)                        $30          $14   

(A)  ANNUALIZED                                                                 
*  TOTAL RETURN IS NOT ANNUALIZED FOR PERIODS LESS THAN ONE YEAR AND DOES NOT   
REFLECT  DEDUCTION  OF  ANY  FRONT-END  OR  DEFERRED  SALES  CHARGE.            
^   FROM  APRIL  12,  1995  INCEPTION.                                          
^^  FROM  JUNE  1,  1998  INCEPTION.                                            

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EXHIBIT  A                                                                      

REDUCED  SALES  CHARGES  (CLASS  A  ONLY)                                       

YOU  MAY  QUALIFY  FOR  A  REDUCED  SALES  CHARGE THROUGH SEVERAL PURCHASE PLANS
AVAILABLE. YOU MUST NOTIFY THE FUND AT THE TIME OF PURCHASE TO TAKE ADVANTAGE OF
THE  REDUCED  SALES  CHARGE.                                                    

RIGHTS  OF  ACCUMULATION  CAN  BE  APPLIED  TO  SEVERAL  ACCOUNTS               
CLASS  A  SALES CHARGE BREAKPOINTS ARE AUTOMATICALLY CALCULATED FOR EACH ACCOUNT
BASED  ON  THE  HIGHER  OF COST OR CURRENT VALUE OF SHARES PREVIOUSLY PURCHASED.
THIS  PRIVILEGE  CAN BE APPLIED TO A FAMILY GROUP OR OTHER QUALIFIED GROUP* UPON
REQUEST.  SHARES  COULD  THEN  BE  PURCHASED  AT  THE REDUCED SALES CHARGE WHICH
APPLIES  TO  THE  ENTIRE  GROUP; THAT IS, BASED ON THE HIGHER OF COST OR CURRENT
VALUE  OF  SHARES  PREVIOUSLY PURCHASED AND CURRENTLY HELD BY ALL THE MEMBERS OF
THE  GROUP.                                                                     

*   A  "QUALIFIED  GROUP"  IS  ONE  WHICH:                                      
1.  HAS  BEEN  IN  EXISTENCE  FOR  MORE  THAN  SIX  MONTHS,  AND                
2.  HAS  A  PURPOSE  OTHER  THAN  ACQUIRING  SHARES  AT  A  DISCOUNT,  AND      
3.  SATISFIES  UNIFORM  CRITERIA WHICH ENABLE CDI AND BROKERS OFFERING SHARES   
TO  REALIZE  ECONOMIES  OF  SCALE  IN  DISTRIBUTING  SUCH  SHARES.      

A  QUALIFIED  GROUP MUST HAVE MORE THAN 10 MEMBERS, MUST BE AVAILABLE TO ARRANGE
FOR  GROUP  MEETINGS  BETWEEN  REPRESENTATIVES  OF  CDI  OR BROKERS DISTRIBUTING
SHARES,  MUST AGREE TO INCLUDE SALES AND OTHER MATERIALS RELATED TO THE FUNDS IN
ITS  PUBLICATIONS  AND  MAILINGS  TO  MEMBERS  AT  REDUCED  OR NO COST TO CDI OR
BROKERS.  A  PENSION  PLAN  IS NOT A QUALIFIED GROUP FOR RIGHTS OF ACCUMULATION.

LETTER  OF  INTENT                                                              
IF  YOU  (OR YOUR GROUP, AS DESCRIBED ABOVE) PLAN TO PURCHASE $50,000 OR MORE OF
CALVERT  FUND  SHARES  OVER THE NEXT 13 MONTHS, YOUR SALES CHARGE MAY BE REDUCED
THROUGH  A  "LETTER OF INTENT." YOU PAY THE LOWER SALES CHARGE APPLICABLE TO THE
TOTAL  AMOUNT  YOU  PLAN TO INVEST OVER THE 13-MONTH PERIOD, EXCLUDING ANY MONEY
MARKET  FUND  PURCHASES,  INSTEAD OF THE HIGHER 4.75% SALES CHARGE. PART OF YOUR
SHARES  WILL  BE  HELD  IN  ESCROW,  SO  THAT  IF  YOU  DO NOT INVEST THE AMOUNT
INDICATED,  YOU  WILL  HAVE  TO  PAY  THE SALES CHARGE APPLICABLE TO THE SMALLER
INVESTMENT  ACTUALLY  MADE.  FOR  MORE  INFORMATION,  SEE  THE  SAI.            

RETIREMENT  PLANS  UNDER  SECTION  457,  SECTION  403(B)(7),  OR  SECTION 401(K)
THERE  IS  NO  SALES  CHARGE ON SHARES PURCHASED FOR THE BENEFIT OF A RETIREMENT
PLAN  UNDER  SECTION  457  OF  THE  INTERNAL  REVENUE  CODE  OF 1986, AS AMENDED
("CODE"),  OR  FOR  A PLAN QUALIFYING UNDER SECTION 403(B) OR 401(K) OF THE CODE
IF, AT THE TIME OF PURCHASE, (I) CALVERT GROUP HAS BEEN NOTIFIED IN WRITING THAT
THE  403(B)                                                                     

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OR  401(K)  PLAN  HAS  AT LEAST 200 ELIGIBLE EMPLOYEES AND IS NOT SPONSORED BY A
K-12  SCHOOL DISTRICT, OR (II) THE COST OR CURRENT VALUE OF SHARES A 401(K) PLAN
HAS  IN  CALVERT  GROUP  OF  FUNDS  (EXCEPT  MONEY  MARKET FUNDS) IS AT LEAST $1
MILLION.                                                                        

NEITHER  THE  FUND,  NOR  CALVERT  DISTRIBUTORS, INC. ("CDI"), NOR ANY AFFILIATE
THEREOF WILL REIMBURSE A PLAN OR PARTICIPANT FOR ANY SALES CHARGES PAID PRIOR TO
RECEIPT  OF  SUCH  WRITTEN COMMUNICATION AND CONFIRMATION BY CALVERT GROUP. PLAN
ADMINISTRATORS SHOULD SEND REQUESTS FOR THE WAIVER OF SALES CHARGES BASED ON THE
ABOVE  CONDITIONS  TO:  CALVERT  GROUP RETIREMENT PLANS, 4550 MONTGOMERY AVENUE,
SUITE  1000N,  BETHESDA,  MD  20814.                                            

OTHER  CIRCUMSTANCES                                                            
THERE  IS  NO  SALES  CHARGE ON SHARES OF ANY FUND OF THE CALVERT GROUP OF FUNDS
SOLD  TO  (I) CURRENT OR RETIRED DIRECTORS, TRUSTEES, OR OFFICERS OF THE CALVERT
GROUP  OF  FUNDS,  EMPLOYEES OF CALVERT GROUP, LTD. AND ITS AFFILIATES, OR THEIR
FAMILY  MEMBERS;  (II)  CSIF  ADVISORY COUNCIL MEMBERS, DIRECTORS, OFFICERS, AND
EMPLOYEES  OF  ANY  SUBADVISOR  FOR  THE  CALVERT  GROUP  OF FUNDS, EMPLOYEES OF
BROKER/DEALERS  DISTRIBUTING  THE  FUND'S SHARES AND IMMEDIATE FAMILY MEMBERS OF
THE  COUNCIL,  SUBADVISOR,  OR  BROKER/DEALER;  (III)  PURCHASES  MADE THROUGH A
REGISTERED  INVESTMENT  ADVISOR;  (IV)  TRUST  DEPARTMENTS  OF  BANKS OR SAVINGS
INSTITUTIONS  FOR  TRUST  CLIENTS  OF  SUCH  BANK  OR INSTITUTION, (V) PURCHASES
THROUGH  A  BROKER  MAINTAINING  AN  OMNIBUS ACCOUNT WITH THE FUND, PROVIDED THE
PURCHASES  ARE  MADE  BY  (A)  INVESTMENT ADVISORS OR FINANCIAL PLANNERS PLACING
TRADES  FOR THEIR OWN ACCOUNTS (OR THE ACCOUNTS OF THEIR CLIENTS) AND WHO CHARGE
A  MANAGEMENT,  CONSULTING,  OR  OTHER FEE FOR THEIR SERVICES; OR (B) CLIENTS OF
SUCH  INVESTMENT  ADVISORS  OR FINANCIAL PLANNERS WHO PLACE TRADES FOR THEIR OWN
ACCOUNTS  IF  SUCH  ACCOUNTS ARE LINKED TO THE MASTER ACCOUNT OF SUCH INVESTMENT
ADVISOR OR FINANCIAL PLANNER ON THE BOOKS AND RECORDS OF THE BROKER OR AGENT; OR
(C)  RETIREMENT  AND  DEFERRED COMPENSATION PLANS AND TRUSTS, INCLUDING, BUT NOT
LIMITED TO, THOSE DEFINED IN SECTION 401(A) OR SECTION 403(B) OF THE I.R.C., AND
"RABBI  TRUSTS."                                                                

DIVIDENDS  AND  CAPITAL  GAIN  DISTRIBUTIONS  FROM  OTHER  CALVERT  GROUP  FUNDS
YOU  MAY  PREARRANGE  TO HAVE YOUR DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS FROM
ANOTHER  CALVERT  GROUP  FUND  AUTOMATICALLY INVESTED IN ANOTHER ACCOUNT WITH NO
ADDITIONAL  SALES  CHARGE.                                                      

PURCHASES  MADE  AT  NAV                                                        
EXCEPT  FOR  MONEY MARKET FUNDS, IF YOU MAKE A PURCHASE AT NAV, YOU MAY EXCHANGE
THAT  AMOUNT  TO  ANOTHER  CALVERT  GROUP  FUND  AT  NO ADDITIONAL SALES CHARGE.

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REINSTATEMENT  PRIVILEGE                                                        
IF  YOU  REDEEM  SHARES  AND  THEN WITHIN 60 DAYS DECIDE TO REINVEST IN THE SAME
FUND,  YOU MAY DO SO AT THE NET ASSET VALUE NEXT COMPUTED AFTER THE REINVESTMENT
ORDER  IS  RECEIVED,  WITHOUT  A  SALES  CHARGE.  YOU  MAY USE THE REINSTATEMENT
PRIVILEGE  ONLY  ONCE.  THE  FUND RESERVES THE RIGHT TO MODIFY OR ELIMINATE THIS
PRIVILEGE.                                                                      

EXHIBIT  B                                                                      
SERVICE  FEES  AND  OTHER  ARRANGEMENTS  WITH  DEALERS                          

CALVERT  DISTRIBUTORS,  INC., THE FUND'S UNDERWRITER, PAYS DEALERS A COMMISSION,
OR REALLOWANCE (EXPRESSED AS A PERCENTAGE OF THE OFFERING PRICE FOR CLASS A, AND
A  PERCENTAGE  OF AMOUNT INVESTED FOR CLASS B AND C) WHEN YOU PURCHASE SHARES OF
NON-MONEY  MARKET  FUNDS. CDI ALSO PAYS DEALERS AN ONGOING SERVICE FEE WHILE YOU
OWN SHARES OF THAT FUND (EXPRESSED AS AN ANNUAL PERCENTAGE RATE OF AVERAGE DAILY
NET  ASSETS  HELD IN CALVERT ACCOUNTS BY THAT DEALER). THE TABLE BELOW SHOWS THE
AMOUNT  OF  PAYMENT  WHICH  DIFFERS  DEPENDING  ON  THE  CLASS.                 

MAXIMUM  COMMISSION/SERVICE  FEES 

CLASS  A          CLASS  B*          CLASS  C**             
4.00%/0.25%       4.00%/0.25%        1.00%/1.00%            

*CLASS  B  SERVICE  FEES  BEGIN  TO  ACCRUE  IN  THE  13TH  MONTH.              
**CLASS  C  PAYS  DEALERS  A SERVICE FEE OF 0.25% AND ADDITIONAL COMPENSATION OF
0.75%  FOR  A  TOTAL  OF  1%.  BEGINS  TO  ACCRUE  IN  13TH  MONTH.             

OCCASIONALLY,  CDI  MAY  REALLOW  TO  DEALERS  THE  FULL CLASS A FRONT-END SALES
CHARGE.  CDI MAY ALSO PAY ADDITIONAL CONCESSIONS, INCLUDING NON-CASH PROMOTIONAL
INCENTIVES,  SUCH  AS  MERCHANDISE  OR  TRIPS,  TO  BROKERS EMPLOYING REGISTERED
REPRESENTATIVES WHO HAVE SOLD OR ARE EXPECTED TO SELL A MINIMUM DOLLAR AMOUNT OF
SHARES  OF  THE  FUND  AND/OR SHARES OF OTHER FUNDS UNDERWRITTEN BY CDI. CDI MAY
MAKE  EXPENSE  REIMBURSEMENTS  FOR  SPECIAL  TRAINING  OF  A BROKER'S REGISTERED
REPRESENTATIVES,  ADVERTISING  OR  EQUIPMENT, OR TO DEFRAY THE EXPENSES OF SALES
CONTESTS.  CALVERT-SLOAN,  CDI,  OR  THEIR  AFFILIATES  MAY  PAY, FROM THEIR OWN
RESOURCES,  CERTAIN  BROKER-DEALERS  AND/OR  OTHER  PERSONS,  FOR  THE  SALE AND
DISTRIBUTION OF THE SECURITIES OR FOR SERVICES TO THE FUND. THESE AMOUNTS MAY BE
SIGNIFICANT.  PAYMENTS  MAY INCLUDE ADDITIONAL COMPENSATION BEYOND THE REGULARLY
SCHEDULED  RATES, AND FINDER'S FEES. CDI PAYS DEALERS A FINDER'S FEE OF UP TO 1%
ON  CERTAIN  CLASS  A  SHARES  PURCHASED  AT  NAV.  CALL  800-368-2750  FOR MORE
INFORMATION.  WHERE  PAID,  THE FINDER'S FEE IS 1% OF THE NAV PURCHASE AMOUNT ON
THE  FIRST $2 MILLION, .80% ON $2 TO $3 MILLION, .50% ON $3 TO $50 MILLION, .25%
ON  $50  TO  $100  MILLION,  AND .15% OVER $100 MILLION. ALL PAYMENTS WILL BE IN
COMPLIANCE  WITH  THE  RULES  OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS,
INC.                                                                            

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TO  OPEN  AN  ACCOUNT:                                                          
800-368-2748                                                                    

PERFORMANCE  AND  PRICES:                                                       
WWW.CALVERT.COM                                                                 
CALVERT  INFORMATION  NETWORK                                                   
24  HOURS,  7  DAYS  A  WEEK                                                    
800-368-2745                                                                    

SERVICE  FOR  EXISTING  ACCOUNTS:                                               
SHAREHOLDERS  800-368-2745                                                      
BROKERS  800-368-2746                                                           

TDD  FOR  HEARING-IMPAIRED:                                                     
800-541-1524                                                                    

BRANCH  OFFICE:                                                                 
4550  MONTGOMERY  AVENUE                                                        
SUITE  1000N                                                                    
BETHESDA,  MD  20814                                                            

REGISTERED,  CERTIFIED  OR                                                      
OVERNIGHT  MAIL:                                                                
CALVERT  GROUP                                                                  
C/O  NFDS                                                                       
330  WEST  9TH  STREET                                                          
KANSAS  CITY,  MO  64105                                                        

CALVERT  GROUP  WEB-SITE                                                        
ADDRESS:  WWW.CALVERT.COM                                                       

PRINCIPAL  UNDERWRITER                                                          
CALVERT  DISTRIBUTORS,  INC.                                                    
4550  MONTGOMERY  AVENUE                                                        
SUITE  1000N                                                                    
BETHESDA,  MD  20814                                                            

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FOR INVESTORS WHO WANT MORE INFORMATION ABOUT THE FUND, THE FOLLOWING DOCUMENTS 
ARE  AVAILABLE  FREE  UPON  REQUEST:                                            

ANNUAL/SEMI-ANNUAL  REPORTS: ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS
IS  AVAILABLE  IN  THE FUND'S ANNUAL AND SEMI-ANNUAL REPORTS TO SHAREHOLDERS. IN
THE  FUND'S  ANNUAL  REPORT, YOU WILL FIND A DISCUSSION OF THE MARKET CONDITIONS
AND  INVESTMENT  STRATEGIES  THAT  SIGNIFICANTLY AFFECTED THE FUND'S PERFORMANCE
DURING  ITS  LAST  FISCAL  YEAR.                                                

STATEMENT  OF ADDITIONAL  INFORMATION (SAI): THE SAI FOR THE FUND PROVIDES MORE 
DETAILED INFORMATION ABOUT THE FUND AND IS INCORPORATED INTO THIS PROSPECTUS BY 
REFERENCE.                                                                      

YOU  CAN  GET  FREE  COPIES  OF  REPORTS AND SAIS, REQUEST OTHER INFORMATION AND
DISCUSS YOUR QUESTIONS ABOUT THE FUND BY CONTACTING YOUR FINANCIAL PROFESSIONAL,
OR  THE  FUND  AT:                                                              

CALVERT  GROUP                                                                  
4550  MONTGOMERY  AVENUE                                                        
SUITE  1000N                                                                    
BETHESDA,  MD.  20814                                                           

TELEPHONE:  1-800-368-2745                                                      

CALVERT  GROUP  WEB-SITE                                                        
WWW.CALVERT.COM                                                                 

YOU  CAN  REVIEW THE  FUND'S REPORT AND SAI AT THE PUBLIC REFERENCE ROOM OF THE 
SECURITIES  AND  EXCHANGE  COMMISSION.  YOU  CAN  GET  TEXT-ONLY  COPIES:       

FOR  A  FEE,  BY  WRITING TO  OR  CALLING  THE  PUBLIC REFERENCE SECTION OF THE 
COMMISSION,  WASHINGTON,  D.C.  20549-0102,  TELEPHONE:  202-942-8090.          

FREE  FROM  THE  COMMISSION'S  INTERNET  WEBSITE  AT  HTTP://WWW.SEC.GOV.       

INVESTMENT  COMPANY  ACT  FILE:     NO.  811-8924                               

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CALVERT NEW WORLD FUND, INC.
 CALVERT NEW AFRICA FUND
4550 MONTGOMERY AVENUE, BETHESDA, MARYLAND 20814

 STATEMENT OF ADDITIONAL INFORMATION
 JULY 31, 2000

NEW  ACCOUNT     (800)  368-2748     SHAREHOLDER                      
INFORMATION:     (301)  951-4820     SERVICES:     (800)  368-2745    
BROKER           (800)  368-2746     TDD  FOR  THE  HEARING-          
SERVICES:        (301)  951-4850     IMPAIRED:     (800)  541-1524    

   THIS  STATEMENT  OF  ADDITIONAL  INFORMATION  ("SAI")  IS NOT A PROSPECTUS.
INVESTORS SHOULD  READ  THE  STATEMENT OF ADDITIONAL INFORMATION IN CONJUNCTION 
WITH THE  FUND'S  PROSPECTUS, DATED JULY 31, 2000. THE FUND'S AUDITED FINANCIAL 
STATEMENTS INCLUDED  IN  ITS  MOST  RECENT  ANNUAL  REPORT TO SHAREHOLDERS, ARE 
EXPRESSLY INCORPORATED BY REFERENCE, AND MADE A PART OF THIS SAI. THE PROSPECTUS
AND THE MOST RECENT SHAREHOLDER REPORT MAY BE OBTAINED FREE OF CHARGE BY WRITING
THE FUND AT THE ABOVE ADDRESS OR 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                        10       
NET  ASSET  VALUE                                            10       
CALCULATION  OF  TOTAL  RETURN                               11       
ADVERTISING                                                  12       
PURCHASE  AND  REDEMPTION  OF  SHARES                        12       
DIRECTORS  AND  OFFICERS                                     13       
INVESTMENT  ADVISOR  AND  SUBADVISORS                        15       
ADMINISTRATIVE  SERVICES  AGENT                              16       
TRANSFER  AND  SHAREHOLDER  SERVICING  AGENTS                16       
METHOD  OF  DISTRIBUTION                                     16       
PORTFOLIO  TRANSACTIONS                                      18       
PERSONAL  SECURITIES  TRANSACTIONS                           19       
INDEPENDENT  ACCOUNTANTS  AND  CUSTODIANS                    19       
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES          19       
GENERAL  INFORMATION                                         20       
APPENDIX                                                     21       

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

     THE  INVESTMENT  OBJECTIVE  AND  POLICIES  OF CALVERT NEW WORLD FUND, INC.,
CALVERT  NEW  AFRICA  FUND  (THE "FUND") IS TO ACHIEVE CAPITAL APPRECIATION OVER
TIME.  THE  FUND  SEEKS CAPITAL APPRECIATION AGGRESSIVELY BY FOCUSING THE FUND'S
INVESTMENTS MOSTLY IN THE EMERGING MARKET OF EQUITY AND EQUITY-LINKED SECURITIES
AND  FIXED-INCOME  SECURITIES  OF  AFRICAN  AND  AFRICAN-RELATED  COMPANIES. THE
FOLLOWING  DISCUSSION  SUPPLEMENTS  THE  DISCUSSION  IN  THE  PROSPECTUS. UNLESS
OTHERWISE  SPECIFIED, THE INVESTMENT OBJECTIVE, PROGRAMS AND RESTRICTIONS OF THE
FUND  ARE  NOT  FUNDAMENTAL  POLICIES.  THE  OPERATING  POLICIES OF THE FUND ARE
SUBJECT  TO  CHANGE  BY  ITS  BOARD  OF  DIRECTORS WITHOUT SHAREHOLDER APPROVAL.

FOREIGN  SECURITIES                                                             
     INVESTMENTS  IN FOREIGN SECURITIES MAY PRESENT RISKS NOT TYPICALLY INVOLVED
IN  DOMESTIC  INVESTMENTS. THE FUND MAY PURCHASE FOREIGN SECURITIES DIRECTLY, ON
FOREIGN  MARKETS, OR THOSE REPRESENTED BY AMERICAN DEPOSITARY RECEIPTS ("ADRS"),
OR  OTHER  RECEIPTS  EVIDENCING  OWNERSHIP  OF  FOREIGN  SECURITIES,  SUCH  AS  
INTERNATIONAL  DEPOSITARY  RECEIPTS  AND GLOBAL DEPOSITARY RECEIPTS. ADRS ARE US
DOLLAR-DENOMINATED AND TRADED IN THE US ON EXCHANGES OR OVER-THE-COUNTER. IF THE
FUND  INVESTS  IN  AN  ADR RATHER THAN DIRECTLY IN A FOREIGN ISSUER'S STOCK, THE
FUND  MAY POSSIBLY AVOID SOME CURRENCY AND SOME LIQUIDITY RISKS. THE INFORMATION
AVAILABLE  FOR ADRS IS SUBJECT TO THE MORE UNIFORM AND MORE EXACTING ACCOUNTING,
AUDITING AND FINANCIAL REPORTING STANDARDS OF THE DOMESTIC MARKET OR EXCHANGE ON
WHICH  THEY  ARE  TRADED.                                                       
   ADDITIONAL  COSTS  MAY  BE  INCURRED  IN  CONNECTION  WITH  INTERNATIONAL
INVESTMENT  SINCE  FOREIGN  BROKERAGE  COMMISSIONS  AND  THE  CUSTODIAL  COSTS  
ASSOCIATED  WITH  MAINTAINING  FOREIGN PORTFOLIO SECURITIES ARE GENERALLY HIGHER
THAN  IN  THE  UNITED  STATES.  FEE  EXPENSE  MAY  ALSO  BE INCURRED ON CURRENCY
EXCHANGES  WHEN  THE  FUND  CHANGES  INVESTMENTS  FROM ONE COUNTRY TO ANOTHER OR
CONVERTS  FOREIGN  SECURITIES  HOLDINGS  INTO  US  DOLLARS.                     
     UNITED  STATES  GOVERNMENT  POLICIES  HAVE  AT  TIMES, IN THE PAST, THROUGH
IMPOSITION  OF  INTEREST  EQUALIZATION TAXES AND OTHER RESTRICTIONS, DISCOURAGED
CERTAIN  INVESTMENTS  ABROAD  BY  UNITED  STATES INVESTORS. IN ADDITION, FOREIGN
COUNTRIES  MAY  IMPOSE  WITHHOLDING  AND  TAXES  ON  DIVIDENDS  AND  INTEREST.  
     SINCE  INVESTMENTS  IN SECURITIES OF ISSUERS DOMICILED IN FOREIGN COUNTRIES
USUALLY  INVOLVE  CURRENCIES  OF  THE  FOREIGN COUNTRIES, AND SINCE THE FUND MAY
TEMPORARILY HOLD FUNDS IN FOREIGN CURRENCIES DURING THE COMPLETION OF INVESTMENT
PROGRAMS,  THE  VALUE  OF  THE  ASSETS  OF THE FUND AS MEASURED IN UNITED STATES
DOLLARS  MAY BE AFFECTED FAVORABLY OR UNFAVORABLY BY CHANGES IN FOREIGN CURRENCY
EXCHANGE  RATES  AND  EXCHANGE CONTROL REGULATIONS. FOR EXAMPLE, IF THE VALUE OF
THE FOREIGN CURRENCY IN WHICH A SECURITY IS DENOMINATED INCREASES OR DECLINES IN
RELATION  TO  THE  VALUE  OF  THE  US  DOLLAR, THE VALUE OF THE SECURITY IN U.S.
DOLLARS  WILL  INCREASE  OR  DECLINE  CORRESPONDINGLY.                          
    EMERGING  MARKET  SECURITIES. INVESTING IN EMERGING MARKETS IN PARTICULAR,
THOSECOUNTRIES  WHOSE  ECONOMIES AND CAPITAL MARKETS ARE NOT AS DEVELOPED AS    
THOSE OF MORE INDUSTRIALIZED NATIONS, CARRIES ITS OWN SPECIAL RISKS. INVESTMENTS
IN THESE COUNTRIES MAY BE RISKIER, AND WILL BE SUBJECT TO ERRATIC AND ABRUPT    
PRICE MOVEMENTS.  SOME  ECONOMIES  ARE  LESS WELL DEVELOPED AND LESS DIVERSE,   
AND MORE VULNERABLE  TO THE EBB AND FLOW OF INTERNATIONAL TRADE, TRADE BARRIERS 
AND OTHER PROTECTIONIST  OR  RETALIATORY  MEASURES.  MANY OF THESE COUNTRIES ARE
GRAPPLING WITH  SEVERE  INFLATION OR RECESSION, HIGH LEVELS OF NATIONAL DEBT,   
AND CURRENCY EXCHANGE PROBLEMS. INVESTMENTS IN COUNTRIES THAT HAVE RECENTLY     
BEGUN MOVING AWAY FROM  CENTRAL  PLANNING AND STATE-OWNED INDUSTRIES TOWARD FREE
MARKETS SHOULD BE REGARDED  AS SPECULATIVE. AMONG OTHER RISKS, THE ECONOMIES OF 
SUCH COUNTRIES MAY BE AFFECTED TO A GREATER EXTENT THAN IN OTHER COUNTRIES BY   
PRICE FLUCTUATIONS OF A SINGLE COMMODITY, BY SEVERE CYCLICAL CLIMACTIC          
CONDITIONS, LACK OF SIGNIFICANT HISTORY IN OPERATING UNDER  A  MARKET-ORIENTED  
ECONOMY,  OR  BY  POLITICAL INSTABILITY,  INCLUDING  RISK  OF  EXPROPRIATION.   
   CERTAIN  EMERGING  MARKET  COUNTRIES  HAVE  HISTORICALLY EXPERIENCED, AND
MAY CONTINUE  TO  EXPERIENCE, HIGH RATES OF INFLATION, HIGH INTEREST RATES,     
EXCHANGE RATE FLUCTUATIONS, LARGE AMOUNTS OF EXTERNAL DEBT, BALANCE OF PAYMENTS 
AND TRADE DIFFICULTIES  AND  EXTREME  POVERTY AND UNEMPLOYMENT. THE ISSUER OR   
GOVERNMENTAL AUTHORITY  THAT  CONTROLS THE REPAYMENT OF AN EMERGING MARKET      
COUNTRY'S DEBT MAY NOT  BE  ABLE  OR  WILLING  TO  REPAY  THE PRINCIPAL AND/OR  
INTEREST WHEN DUE IN ACCORDANCE WITH THE TERMS OF SUCH DEBT. AS A RESULT OF THE 
FOREGOING, A GOVERNMENT  OBLIGOR  MAY  DEFAULT ON ITS OBLIGATIONS. IF SUCH AN   
EVENT OCCURS, A FUND  MAY  HAVE  LIMITED  LEGAL  RECOURSE  AGAINST  THE ISSUER  
AND/OR GUARANTOR. REMEDIES  MUST,  IN SOME CASES, BE PURSUED IN THE COURTS OF   
THE DEFAULTING PARTY ITSELF,  AND  THE  ABILITY  OF  THE  HOLDER  OF  FOREIGN   
GOVERNMENT FIXED INCOME SECURITIES  TO  OBTAIN  RECOURSE  MAY BE SUBJECT TO THE 
POLITICAL CLIMATE IN THE RELEVANT  COUNTRY.                                     
     FORWARD  CURRENCY  EXCHANGE  CONTRACTS.  THE  FUND WILL CONDUCT ITS FOREIGN
CURRENCY  EXCHANGE  TRANSACTIONS EITHER ON A SPOT (I.E., CASH) BASIS AT THE SPOT
RATE PREVAILING IN THE FOREIGN EXCHANGE MARKET, OR THROUGH ENTERING INTO FORWARD
CONTRACTS  TO  PURCHASE  OR  SELL  FOREIGN  CURRENCIES.  IT MAY ALSO USE FOREIGN
CURRENCY  OPTIONS  AND  FUTURES.  SEE BELOW. A FORWARD FOREIGN CURRENCY CONTRACT
INVOLVES  AN OBLIGATION TO PURCHASE OR SELL A SPECIFIC CURRENCY AT A FUTURE DATE
WHICH  MAY BE ANY FIXED NUMBER OF DAYS FROM THE DATE OF THE CONTRACT AGREED UPON
BY  THE PARTIES, AT A PRICE SET AT THE TIME OF THE CONTRACT. THESE CONTRACTS ARE
TRADED  IN  THE  INTERBANK  MARKET  CONDUCTED  DIRECTLY BETWEEN CURRENCY TRADERS
(USUALLY  LARGE,  COMMERCIAL  BANKS)  AND  THEIR  CUSTOMERS.  A  FORWARD FOREIGN
CURRENCY  CONTRACT  GENERALLY HAS NO DEPOSIT REQUIREMENT, AND NO COMMISSIONS ARE
CHARGED  AT ANY STAGE FOR TRADES, ALTHOUGH THEY DO REALIZE A PROFIT BASED ON THE
DIFFERENCE  (THE  "SPREAD")  BETWEEN  THE  PRICES  AT  WHICH THEY ARE BUYING AND
SELLING  VARIOUS  CURRENCIES.                                                   
     THE FUND MAY ENTER INTO FORWARD FOREIGN CURRENCY CONTRACTS FOR TWO REASONS.
FIRST,  THE  FUND  MAY  DESIRE  TO  PRESERVE THE UNITED STATES DOLLAR PRICE OF A
SECURITY  WHEN  IT ENTERS INTO A CONTRACT FOR THE PURCHASE OR SALE OF A SECURITY
DENOMINATED  IN  A  FOREIGN  CURRENCY.  THE  FUND  MAY BE ABLE TO PROTECT ITSELF
AGAINST  POSSIBLE  LOSSES RESULTING FROM CHANGES IN THE RELATIONSHIP BETWEEN THE
UNITED  STATES  DOLLAR AND FOREIGN CURRENCIES DURING THE PERIOD BETWEEN THE DATE
THE  SECURITY  IS  PURCHASED  OR  SOLD  AND THE DATE ON WHICH PAYMENT IS MADE OR
RECEIVED  BY  ENTERING  INTO  A FORWARD CONTRACT FOR THE PURCHASE OR SALE, FOR A
FIXED  AMOUNT  OF DOLLARS, OF THE AMOUNT OF THE FOREIGN CURRENCY INVOLVED IN THE
UNDERLYING  SECURITY  TRANSACTIONS.                                             
     SECOND,  WHEN  THE  ADVISOR  OR  SUBADVISOR BELIEVES THAT THE CURRENCY OF A
PARTICULAR  FOREIGN  COUNTRY MAY SUFFER A SUBSTANTIAL DECLINE AGAINST THE UNITED
STATES  DOLLAR,  THE  FUND MAY ENTER INTO A FORWARD FOREIGN CURRENCY CONTRACT TO
SELL,  FOR  A  FIXED  AMOUNT  OF  DOLLARS,  THE  AMOUNT  OF  FOREIGN  CURRENCY  
APPROXIMATING  THE  VALUE OF SOME OR ALL OF THE FUND'S SECURITIES DENOMINATED IN
SUCH  FOREIGN  CURRENCY.  THE  PRECISE  MATCHING OF THE FORWARD FOREIGN CURRENCY
CONTRACT  AMOUNTS  AND  THE  VALUE  OF  THE  FUND'S SECURITIES INVOLVED WILL NOT
GENERALLY  BE POSSIBLE SINCE THE FUTURE VALUE OF THE SECURITIES WILL CHANGE AS A
CONSEQUENCE OF MARKET MOVEMENTS BETWEEN THE DATE THE FORWARD CONTRACT IS ENTERED
INTO  AND  THE  DATE  IT  MATURES.  THE PROJECTION OF SHORT-TERM CURRENCY MARKET
MOVEMENT  IS  DIFFICULT, AND THE SUCCESSFUL EXECUTION OF THIS SHORT-TERM HEDGING
STRATEGY  IS  UNCERTAIN.  ALTHOUGH  FORWARD  FOREIGN  CURRENCY CONTRACTS TEND TO
MINIMIZE  THE RISK OF LOSS DUE TO A DECLINE IN THE VALUE OF THE HEDGED CURRENCY,
AT THE SAME TIME THEY TEND TO LIMIT ANY POTENTIAL GAIN WHICH MIGHT RESULT SHOULD
THE  VALUE  OF  SUCH  CURRENCY  INCREASE.                                       

TEMPORARY  DEFENSIVE  POSITIONS                                                 
     FOR  TEMPORARY  DEFENSIVE  PURPOSES  - WHICH MAY INCLUDE A LACK OF ADEQUATE
PURCHASE  CANDIDATES  OR AN UNFAVORABLE MARKET ENVIRONMENT - THE FUND MAY INVEST
IN  CASH  OR CASH EQUIVALENTS. CASH EQUIVALENTS INCLUDE INSTRUMENTS SUCH AS, BUT
NOT  LIMITED  TO, US GOVERNMENT AND AGENCY OBLIGATIONS, CERTIFICATES OF DEPOSIT,
BANKER'S  ACCEPTANCES, TIME DEPOSITS COMMERCIAL PAPER, SHORT-TERM CORPORATE DEBT
SECURITIES,  AND  REPURCHASE  AGREEMENTS.                                       

REPURCHASE  AGREEMENTS                                                          
     THE  FUND  MAY  PURCHASE  DEBT SECURITIES SUBJECT TO REPURCHASE AGREEMENTS,
WHICH  ARE  ARRANGEMENTS  UNDER  WHICH  THE FUND BUYS A SECURITY, AND THE SELLER
SIMULTANEOUSLY  AGREES  TO REPURCHASE THE SECURITY AT A SPECIFIED TIME AND PRICE
REFLECTING  A MARKET RATE OF INTEREST. THE FUND ENGAGES IN REPURCHASE AGREEMENTS
IN  ORDER TO EARN A HIGHER RATE OF RETURN THAN IT COULD EARN SIMPLY BY INVESTING
IN  THE  OBLIGATION WHICH IS THE SUBJECT OF THE REPURCHASE AGREEMENT. REPURCHASE
AGREEMENTS  ARE  NOT, HOWEVER, WITHOUT RISK. IN THE EVENT OF THE BANKRUPTCY OF A
SELLER  DURING THE TERM OF A REPURCHASE AGREEMENT, A LEGAL QUESTION EXISTS AS TO
WHETHER  THE  FUND WOULD BE DEEMED THE OWNER OF THE UNDERLYING SECURITY OR WOULD
BE  DEEMED  ONLY TO HAVE A SECURITY INTEREST IN AND LIEN UPON SUCH SECURITY. THE
FUND  WILL  ONLY  ENGAGE  IN  REPURCHASE  AGREEMENTS  WITH RECOGNIZED SECURITIES
DEALERS  AND  BANKS DETERMINED TO PRESENT MINIMAL CREDIT RISK BY THE ADVISOR. IN
ADDITION, THE FUND WILL ONLY ENGAGE IN REPURCHASE AGREEMENTS REASONABLY DESIGNED
TO  SECURE  FULLY  DURING  THE  TERM OF THE AGREEMENT THE SELLER'S OBLIGATION TO
REPURCHASE  THE  UNDERLYING  SECURITY  AND  WILL MONITOR THE MARKET VALUE OF THE
UNDERLYING  SECURITY  DURING  THE  TERM  OF  THE  AGREEMENT. IF THE VALUE OF THE
UNDERLYING  SECURITY  DECLINES AND IS NOT AT LEAST EQUAL TO THE REPURCHASE PRICE
DUE  THE  FUND  PURSUANT  TO  THE AGREEMENT, THE FUND WILL REQUIRE THE SELLER TO
PLEDGE ADDITIONAL SECURITIES OR CASH TO SECURE THE SELLER'S OBLIGATIONS PURSUANT
TO THE AGREEMENT. IF THE SELLER DEFAULTS ON ITS OBLIGATION TO REPURCHASE AND THE
VALUE  OF  THE  UNDERLYING  SECURITY DECLINES, THE FUND MAY INCUR A LOSS AND MAY
INCUR  EXPENSES  IN  SELLING  THE UNDERLYING SECURITY. REPURCHASE AGREEMENTS ARE
ALWAYS  FOR  PERIODS OF LESS THAN ONE YEAR. REPURCHASE AGREEMENTS NOT TERMINABLE
WITHIN  SEVEN  DAYS  ARE  CONSIDERED  ILLIQUID.                                 

REVERSE  REPURCHASE  AGREEMENTS                                                 
     THE  FUND MAY ALSO ENGAGE IN REVERSE REPURCHASE AGREEMENTS. UNDER A REVERSE
REPURCHASE  AGREEMENT,  THE FUND SELLS SECURITIES TO A BANK OR SECURITIES DEALER
AND AGREES TO REPURCHASE THOSE SECURITIES FROM SUCH PARTY AT AN AGREED UPON DATE
AND  PRICE  REFLECTING  A MARKET RATE OF INTEREST. THE FUND INVESTS THE PROCEEDS
FROM  EACH REVERSE REPURCHASE AGREEMENT IN OBLIGATIONS IN WHICH IT IS AUTHORIZED
TO  INVEST.  THE  FUND INTENDS TO ENTER INTO A REVERSE REPURCHASE AGREEMENT ONLY
WHEN  THE  INTEREST  INCOME  PROVIDED  FOR  IN  THE OBLIGATION IN WHICH THE FUND
INVESTS  THE  PROCEEDS  IS  EXPECTED  TO  EXCEED THE AMOUNT THE FUND WILL PAY IN
INTEREST  TO THE OTHER PARTY TO THE AGREEMENT PLUS ALL COSTS ASSOCIATED WITH THE
TRANSACTIONS. THE FUND DOES NOT INTEND TO BORROW FOR LEVERAGE PURPOSES. THE FUND
WILL  ONLY  BE  PERMITTED  TO  PLEDGE  ASSETS  TO THE EXTENT NECESSARY TO SECURE
BORROWINGS  AND  REVERSE  REPURCHASE  AGREEMENTS.                               
     DURING  THE  TIME  A  REVERSE REPURCHASE AGREEMENT IS OUTSTANDING, THE FUND
WILL MAINTAIN IN A SEGREGATED CUSTODIAL ACCOUNT AN AMOUNT OF CASH, US GOVERNMENT
SECURITIES  OR  OTHER LIQUID, HIGH-QUALITY DEBT SECURITIES EQUAL IN VALUE TO THE
REPURCHASE  PRICE.  THE FUND WILL MARK-TO-MARKET THE VALUE OF ASSETS HELD IN THE
SEGREGATED ACCOUNT, AND WILL PLACE ADDITIONAL ASSETS IN THE ACCOUNT WHENEVER THE
TOTAL  VALUE  OF  THE  ACCOUNT  FALLS BELOW THE AMOUNT REQUIRED UNDER APPLICABLE
REGULATIONS.                                                                    
     THE  FUND'S USE OF REVERSE REPURCHASE AGREEMENTS INVOLVES THE RISK THAT THE
OTHER  PARTY TO THE AGREEMENTS COULD BECOME SUBJECT TO BANKRUPTCY OR LIQUIDATION
PROCEEDINGS DURING THE PERIOD THE AGREEMENTS ARE OUTSTANDING. IN SUCH EVENT, THE
FUND  MAY  NOT  BE  ABLE  TO REPURCHASE THE SECURITIES IT HAS SOLD TO THAT OTHER
PARTY.  UNDER  THOSE  CIRCUMSTANCES,  IF AT THE EXPIRATION OF THE AGREEMENT SUCH
SECURITIES ARE OF GREATER VALUE THAN THE PROCEEDS OBTAINED BY THE FUND UNDER THE
AGREEMENTS,  THE  FUND  MAY  HAVE  BEEN  BETTER  OFF HAD IT NOT ENTERED INTO THE
AGREEMENT.  HOWEVER, THE FUND WILL ENTER INTO REVERSE REPURCHASE AGREEMENTS ONLY
WITH  BANKS  AND DEALERS WHICH THE ADVISOR BELIEVES PRESENT MINIMAL CREDIT RISKS
UNDER GUIDELINES ADOPTED BY THE FUND'S BOARD OF DIRECTORS. IN ADDITION, THE FUND
BEARS THE RISK THAT THE MARKET VALUE OF THE SECURITIES IT SOLD MAY DECLINE BELOW
THE  AGREED-UPON REPURCHASE PRICE, IN WHICH CASE THE DEALER MAY REQUEST THE FUND
TO  POST  ADDITIONAL  COLLATERAL.                                               

AFRICAN  SOVEREIGN  DEBT                                                        
     THE  FUND  MAY  INVEST  UP TO 20% OF ITS ASSETS IN FIXED-INCOME SECURITIES.
THESE  INCLUDE  BUT  ARE  NOT LIMITED TO, FOREIGN GOVERNMENT OBLIGATIONS -- DEBT
SECURITIES  ISSUED  AND  BACKED BY THE RESPECTIVE GOVERNMENT BODIES. IN TERMS OF
THEIR  GOVERNMENT  BACKING,  THESE  SECURITIES  WILL  STRUCTURALLY  RESEMBLE  US
GOVERNMENT AND US GOVERNMENT AGENCY ISSUES. IN MANY INSTANCES THE DEBT ISSUES OF
AFRICAN  SOVEREIGNTIES REPRESENT LOW QUALITY SECURITIES AND MAY BE COMPARABLE TO
SECURITIES  RATED  BELOW  INVESTMENT-GRADE.  BECAUSE  OF  THEIR  SPECULATIVE    
CHARACTERISTICS,  THEY  TRADE  AT SUBSTANTIAL DISCOUNTS FROM FACE VALUE, BUT MAY
OFFER  SUBSTANTIAL  LONG-TERM  CAPITAL  APPRECIATION.                           

NON-INVESTMENT  GRADE  DEBT  SECURITIES                                         
     NON-INVESTMENT  GRADE  DEBT  SECURITIES  ARE  LOWER QUALITY DEBT SECURITIES
(GENERALLY  THOSE  RATED  BB OR LOWER BY S&P OR BA OR LOWER BY MOODY'S, KNOWN AS
"JUNK  BONDS").  THESE  SECURITIES HAVE MODERATE TO POOR PROTECTION OF PRINCIPAL
AND  INTEREST PAYMENTS AND HAVE SPECULATIVE CHARACTERISTICS. (SEE APPENDIX FOR A
DESCRIPTION OF THE RATINGS.) THESE SECURITIES INVOLVE GREATER RISK OF DEFAULT OR
PRICE  DECLINES  DUE  TO  CHANGES  IN  THE  ISSUER'S  CREDITWORTHINESS  THAN    
INVESTMENT-GRADE  DEBT SECURITIES. BECAUSE THE MARKET FOR LOWER-RATED SECURITIES
MAY  BE  THINNER  AND LESS ACTIVE THAN FOR HIGHER-RATED SECURITIES, THERE MAY BE
MARKET PRICE VOLATILITY FOR THESE SECURITIES AND LIMITED LIQUIDITY IN THE RESALE
MARKET.  MARKET PRICES FOR THESE SECURITIES MAY DECLINE SIGNIFICANTLY IN PERIODS
OF GENERAL ECONOMIC DIFFICULTY OR RISING INTEREST RATES. UNRATED DEBT SECURITIES
MAY  FALL  INTO  THE  LOWER QUALITY CATEGORY. UNRATED SECURITIES USUALLY ARE NOT
ATTRACTIVE  TO  AS MANY BUYERS AS RATED SECURITIES ARE, WHICH MAY MAKE THEM LESS
MARKETABLE.                                                                     
     THE  QUALITY  LIMITATION  SET  FORTH  IN  THE  FUND'S  INVESTMENT POLICY IS
DETERMINED  IMMEDIATELY  AFTER  THE  FUND'S  ACQUISITION  OF  A  GIVEN SECURITY.
ACCORDINGLY, ANY LATER CHANGE IN RATINGS WILL NOT BE CONSIDERED WHEN DETERMINING
WHETHER  AN  INVESTMENT  COMPLIES  WITH  THE  FUND'S  INVESTMENT  POLICY.       
     WHEN  PURCHASING  HIGH-YIELDING  SECURITIES  RATED OR UNRATED, THE ADVISORS
PREPARE  THEIR  OWN CAREFUL CREDIT ANALYSIS TO ATTEMPT TO IDENTIFY THOSE ISSUERS
WHOSE  FINANCIAL CONDITION IS ADEQUATE TO MEET FUTURE OBLIGATIONS OR IS EXPECTED
TO  BE ADEQUATE IN THE FUTURE. THROUGH FUND DIVERSIFICATION AND CREDIT ANALYSIS,
INVESTMENT  RISK  CAN BE REDUCED, ALTHOUGH THERE CAN BE NO ASSURANCE THAT LOSSES
WILL  NOT  OCCUR.                                                               

DERIVATIVES                                                                     
     THE FUND CAN USE VARIOUS TECHNIQUES TO INCREASE OR DECREASE ITS EXPOSURE TO
CHANGING  SECURITY PRICES, INTEREST RATES, OR OTHER FACTORS THAT AFFECT SECURITY
VALUES.  THESE TECHNIQUES MAY INVOLVE DERIVATIVE TRANSACTIONS SUCH AS BUYING AND
SELLING  OPTIONS  AND  FUTURES CONTRACTS AND LEVERAGED NOTES, ENTERING INTO SWAP
AGREEMENTS,  AND PURCHASING INDEXED SECURITIES. THE FUND CAN USE THESE PRACTICES
EITHER  AS  SUBSTITUTION OR AS PROTECTION AGAINST AN ADVERSE MOVE IN THE FUND TO
ADJUST  THE  RISK  AND RETURN CHARACTERISTICS OF THE FUND. IF THE ADVISOR AND/OR
SUBADVISOR  JUDGES MARKET CONDITIONS INCORRECTLY OR EMPLOYS A STRATEGY THAT DOES
NOT  CORRELATE  WELL  WITH  A  FUND'S INVESTMENTS, OR IF THE COUNTERPARTY TO THE
TRANSACTION  DOES  NOT  PERFORM  AS PROMISED, THESE TECHNIQUES COULD RESULT IN A
LOSS. THESE TECHNIQUES MAY INCREASE THE VOLATILITY OF THE FUND AND MAY INVOLVE A
SMALL  INVESTMENT  OF  CASH  RELATIVE  TO  THE  MAGNITUDE  OF  THE RISK ASSUMED.
DERIVATIVES  ARE  OFTEN  ILLIQUID.                                              

OPTIONS  AND  FUTURES  CONTRACTS                                                
     THE  FUND MAY, IN PURSUIT OF ITS RESPECTIVE INVESTMENT OBJECTIVES, PURCHASE
PUT  AND  CALL  OPTIONS  AND  ENGAGE  IN THE WRITING OF COVERED CALL OPTIONS AND
SECURED  PUT  OPTIONS  ON  SECURITIES,  AND EMPLOY A VARIETY OF OTHER INVESTMENT
TECHNIQUES.  SPECIFICALLY,  THE FUND MAY ALSO ENGAGE IN THE PURCHASE AND SALE OF
STOCK  INDEX FUTURE CONTRACTS, FOREIGN CURRENCY FUTURES CONTRACTS, INTEREST RATE
FUTURES  CONTRACTS,  AND OPTIONS ON SUCH FUTURES, AS DESCRIBED MORE FULLY BELOW.
     THE  FUND  MAY  ENGAGE  IN  SUCH  TRANSACTIONS  ONLY  TO HEDGE THE EXISTING
POSITIONS.  IT  WILL  NOT  ENGAGE  IN  SUCH  TRANSACTIONS  FOR  THE  PURPOSES OF
SPECULATION  OR  LEVERAGE. SUCH INVESTMENT POLICIES AND TECHNIQUES MAY INVOLVE A
GREATER  DEGREE  OF  RISK  THAN  THOSE  INHERENT IN MORE CONSERVATIVE INVESTMENT
APPROACHES.                                                                     
     THE  FUND  MAY  WRITE "COVERED OPTIONS" ON SECURITIES IN STANDARD CONTRACTS
TRADED  ON  NATIONAL  SECURITIES  EXCHANGES.  THE FUND MAY WRITE SUCH OPTIONS IN
ORDER  TO  RECEIVE  THE  PREMIUMS FROM OPTIONS THAT EXPIRE AND TO SEEK NET GAINS
FROM  CLOSING  PURCHASE  TRANSACTIONS  WITH  RESPECT  TO  SUCH  OPTIONS.        

PUT  AND  CALL  OPTIONS. THE FUND MAY PURCHASE PUT AND CALL OPTIONS, IN STANDARD
CONTRACTS  TRADED ON NATIONAL SECURITIES EXCHANGES OR OVER-THE-COUNTER. THE FUND
WILL  PURCHASE  SUCH  OPTIONS  ONLY  TO  HEDGE  AGAINST  CHANGES IN THE VALUE OF
SECURITIES  THE  FUND HOLDS AND NOT FOR THE PURPOSES OF SPECULATION OR LEVERAGE.
BY  BUYING  A  PUT,  THE FUND HAS THE RIGHT TO SELL THE SECURITY AT THE EXERCISE
PRICE,  THUS  LIMITING ITS RISK OF LOSS THROUGH A DECLINE IN THE MARKET VALUE OF
THE  SECURITY UNTIL THE PUT EXPIRES. THE AMOUNT OF ANY APPRECIATION IN THE VALUE
OF THE UNDERLYING SECURITY WILL BE PARTIALLY OFFSET BY THE AMOUNT OF THE PREMIUM
PAID  FOR  THE  PUT  OPTION  AND  ANY  RELATED  TRANSACTION  COSTS. PRIOR TO ITS
EXPIRATION,  A  PUT  OPTION  MAY  BE  SOLD IN A CLOSING SALE TRANSACTION AND ANY
PROFIT  OR LOSS FROM THE SALE WILL DEPEND ON WHETHER THE AMOUNT RECEIVED IS MORE
OR  LESS  THAN  THE PREMIUM PAID FOR THE PUT OPTION PLUS THE RELATED TRANSACTION
COSTS.                                                                          
     THE  FUND MAY PURCHASE CALL OPTIONS ON SECURITIES. SUCH TRANSACTIONS MAY BE
ENTERED  INTO IN ORDER TO LIMIT THE RISK OF A SUBSTANTIAL INCREASE IN THE MARKET
PRICE  OF  THE  SECURITY  WHICH  THE  FUND  INTENDS  TO  PURCHASE.  PRIOR TO ITS
EXPIRATION,  A CALL OPTION MAY BE SOLD IN A CLOSING SALE TRANSACTION. ANY PROFIT
OR  LOSS  FROM SUCH A SALE WILL DEPEND ON WHETHER THE AMOUNT RECEIVED IS MORE OR
LESS  THAN  THE  PREMIUM  PAID  FOR THE CALL OPTION PLUS THE RELATED TRANSACTION
COSTS.                                                                          

COVERED  OPTIONS.  THE  FUND  MAY  WRITE ONLY COVERED OPTIONS ON EQUITY AND DEBT
SECURITIES  IN  STANDARD  CONTRACTS  TRADED  ON  NATIONAL  OR FOREIGN SECURITIES
EXCHANGES.  THIS MEANS THAT, IN THE CASE OF CALL OPTIONS, SO LONG AS THE FUND IS
OBLIGATED  AS  THE  WRITER  OF  A  CALL OPTION, THE FUND WILL OWN THE UNDERLYING
SECURITY  SUBJECT  TO THE OPTION AND, IN THE CASE OF PUT OPTIONS, THE FUND WILL,
THROUGH  ITS  CUSTODIAN,  DEPOSIT  AND MAINTAIN EITHER CASH OR SECURITIES WITH A
MARKET  VALUE  EQUAL  TO  OR  GREATER  THAN  THE  EXERCISE  PRICE OF THE OPTION.
     WHEN  THE  FUND  WRITES A COVERED CALL OPTION, THE FUND GIVES THE PURCHASER
THE  RIGHT  TO PURCHASE THE SECURITY AT THE CALL OPTION PRICE AT ANY TIME DURING
THE  LIFE  OF  THE  OPTION.  AS  THE  WRITER  OF THE OPTION, THE FUND RECEIVES A
PREMIUM,  LESS  A COMMISSION, AND IN EXCHANGE FOREGOES THE OPPORTUNITY TO PROFIT
FROM  ANY INCREASE IN THE MARKET VALUE OF THE SECURITY EXCEEDING THE CALL OPTION
PRICE.  THE  PREMIUM  SERVES  TO  MITIGATE THE EFFECT OF ANY DEPRECIATION IN THE
MARKET  VALUE  OF  THE  SECURITY.  WRITING COVERED CALL OPTIONS CAN INCREASE THE
INCOME  OF THE FUND AND THUS REDUCE DECLINES IN THE NET ASSET VALUE PER SHARE OF
THE  FUND  IF SECURITIES COVERED BY SUCH OPTIONS DECLINE IN VALUE. EXERCISE OF A
CALL  OPTION  BY  THE  PURCHASER  HOWEVER  WILL  CAUSE THE FUND TO FOREGO FUTURE
APPRECIATION  OF  THE  SECURITIES  COVERED  BY  THE  OPTION.                    
     WHEN  THE  FUND  WRITES  A COVERED PUT OPTION, IT WILL GAIN A PROFIT IN THE
AMOUNT OF THE PREMIUM, LESS A COMMISSION, SO LONG AS THE PRICE OF THE UNDERLYING
SECURITY  REMAINS  ABOVE THE EXERCISE PRICE. HOWEVER, THE FUND REMAINS OBLIGATED
TO PURCHASE THE UNDERLYING SECURITY FROM THE BUYER OF THE PUT OPTION (USUALLY IN
THE  EVENT THE PRICE OF THE SECURITY FALLS BELOW THE EXERCISE PRICE) AT ANY TIME
DURING  THE  OPTION  PERIOD. IF THE PRICE OF THE UNDERLYING SECURITY FALLS BELOW
THE  EXERCISE PRICE, THE FUND MAY REALIZE A LOSS IN THE AMOUNT OF THE DIFFERENCE
BETWEEN  THE EXERCISE PRICE AND THE SALE PRICE OF THE SECURITY, LESS THE PREMIUM
RECEIVED.                                                                       
     THE  FUND  MAY  PURCHASE  SECURITIES WHICH MAY BE COVERED WITH CALL OPTIONS
SOLELY  ON THE BASIS OF CONSIDERATIONS CONSISTENT WITH THE INVESTMENT OBJECTIVES
AND  POLICIES OF THE FUND. THE FUND'S TURNOVER MAY INCREASE THROUGH THE EXERCISE
OF  A  CALL OPTION; THIS WILL GENERALLY OCCUR IF THE MARKET VALUE OF A "COVERED"
SECURITY  INCREASES  AND  THE  FUND  HAS  NOT  ENTERED  INTO  A CLOSING PURCHASE
TRANSACTION.                                                                    
     RISKS  RELATED  TO  OPTIONS  TRANSACTIONS.  THE  FUND  CAN  CLOSE  OUT  ITS
RESPECTIVE  POSITIONS  IN  EXCHANGE-TRADED  OPTIONS  ONLY  ON  AN EXCHANGE WHICH
PROVIDES  A  SECONDARY  MARKET  IN  SUCH  OPTIONS.  ALTHOUGH THE FUND INTENDS TO
ACQUIRE  AND  WRITE  ONLY  SUCH  EXCHANGE-TRADED  OPTIONS  FOR  WHICH  AN ACTIVE
SECONDARY  MARKET APPEARS TO EXIST, THERE CAN BE NO ASSURANCE THAT SUCH A MARKET
WILL EXIST FOR ANY PARTICULAR OPTION CONTRACT AT ANY PARTICULAR TIME. THIS MIGHT
PREVENT THE FUND FROM CLOSING AN OPTIONS POSITION, WHICH COULD IMPAIR THE FUND'S
ABILITY  TO  HEDGE  EFFECTIVELY.  THE INABILITY TO CLOSE OUT A CALL POSITION MAY
HAVE AN ADVERSE EFFECT ON LIQUIDITY BECAUSE THE FUND MAY BE REQUIRED TO HOLD THE
SECURITIES  UNDERLYING  THE  OPTION  UNTIL  THE  OPTION EXPIRES OR IS EXERCISED.

OVER-THE-COUNTER  ("OTC")  OPTIONS.  OTC  OPTIONS  DIFFER  FROM  EXCHANGE-TRADED
OPTIONS  IN  SEVERAL RESPECTS. THEY ARE TRANSACTED DIRECTLY WITH DEALERS AND NOT
WITH  A  CLEARING  CORPORATION,  AND  THERE  IS A RISK OF NON-PERFORMANCE BY THE
DEALER.  HOWEVER,  THE PREMIUM IS PAID IN ADVANCE BY THE DEALER. OTC OPTIONS ARE
AVAILABLE  FOR  A GREATER VARIETY OF SECURITIES AND FOREIGN CURRENCIES, AND IN A
WIDER  RANGE  OF  EXPIRATION  DATES  AND  EXERCISE  PRICES  THAN EXCHANGE-TRADED
OPTIONS.  SINCE  THERE  IS NO EXCHANGE, PRICING IS NORMALLY DONE BY REFERENCE TO
INFORMATION  FROM  A  MARKET  MAKER, WHICH INFORMATION IS CAREFULLY MONITORED OR
CAUSED  TO  BE  MONITORED  BY  THE SUBADVISOR AND VERIFIED IN APPROPRIATE CASES.
     A  WRITER OR PURCHASER OF A PUT OR CALL OPTION CAN TERMINATE IT VOLUNTARILY
ONLY  BY  ENTERING INTO A CLOSING TRANSACTION. IN THE CASE OF OTC OPTIONS, THERE
CAN BE NO ASSURANCE THAT A CONTINUOUS LIQUID SECONDARY MARKET WILL EXIST FOR ANY
PARTICULAR  OPTION  AT  ANY SPECIFIC TIME. CONSEQUENTLY, THE FUND MAY BE ABLE TO
REALIZE  THE  VALUE  OF  AN OTC OPTION IT HAS PURCHASED ONLY BY EXERCISING IT OR
ENTERING  INTO  A  CLOSING  SALE  TRANSACTION  WITH  THE  DEALER THAT ISSUED IT.
SIMILARLY,  WHEN  THE FUND WRITES AN OTC OPTION, IT GENERALLY CAN CLOSE OUT THAT
OPTION  PRIOR  TO  ITS  EXPIRATION  ONLY  BY  ENTERING  INTO  A CLOSING PURCHASE
TRANSACTION  WITH  THE  DEALER  TO  WHICH  IT  ORIGINALLY WROTE THE OPTION. IF A
COVERED  CALL  OPTION WRITER CANNOT EFFECT A CLOSING TRANSACTION, IT CANNOT SELL
THE  UNDERLYING  SECURITY  OR  FOREIGN  CURRENCY UNTIL THE OPTION EXPIRES OR THE
OPTION  IS EXERCISED. THEREFORE, THE WRITER OF A COVERED OTC CALL OPTION MAY NOT
BE  ABLE  TO  SELL  AN  UNDERLYING  SECURITY  EVEN  THOUGH IT MIGHT OTHERWISE BE
ADVANTAGEOUS  TO  DO SO. LIKEWISE, THE WRITER OF A SECURED OTC PUT OPTION MAY BE
UNABLE  TO  SELL  THE  SECURITIES PLEDGED TO SECURE THE PUT FOR OTHER INVESTMENT
PURPOSES WHILE IT IS OBLIGATED AS A PUT WRITER. SIMILARLY, A PURCHASER OF AN OTC
PUT  OR  CALL OPTION MIGHT ALSO FIND IT DIFFICULT TO TERMINATE ITS POSITION ON A
TIMELY  BASIS  IN  THE  ABSENCE  OF  A  SECONDARY  MARKET.                      
     THE  FUND  UNDERSTANDS  THE  POSITION  OF  THE  STAFF OF THE SECURITIES AND
EXCHANGE  COMMISSION (THE "SEC") TO BE THAT PURCHASED OTC OPTIONS AND THE ASSETS
USED  AS  "COVER"  FOR WRITTEN OTC OPTIONS ARE ILLIQUID SECURITIES. THE FUND HAS
ADOPTED  PROCEDURES  FOR ENGAGING IN OTC OPTIONS TRANSACTIONS FOR THE PURPOSE OF
REDUCING ANY POTENTIAL ADVERSE EFFECT OF SUCH TRANSACTIONS UPON THE LIQUIDITY OF
THE  FUND.                                                                      

FUTURES TRANSACTIONS. THE FUND MAY PURCHASE AND SELL FUTURES CONTRACTS, BUT ONLY
WHEN, IN THE JUDGMENT OF THE SUBADVISOR, SUCH A POSITION ACTS AS A HEDGE AGAINST
MARKET  CHANGES  WHICH  WOULD  ADVERSELY AFFECT THE SECURITIES HELD BY THE FUND.
THESE  FUTURES  CONTRACTS  MAY  INCLUDE,  BUT  ARE  NOT LIMITED TO, MARKET INDEX
FUTURES  CONTRACTS  AND  FUTURES  CONTRACTS  BASED ON US GOVERNMENT OBLIGATIONS.
     A  FUTURES  CONTRACT  IS AN AGREEMENT BETWEEN TWO PARTIES TO BUY AND SELL A
SECURITY ON A FUTURE DATE WHICH HAS THE EFFECT OF ESTABLISHING THE CURRENT PRICE
FOR  THE  SECURITY.  ALTHOUGH  FUTURES  CONTRACTS  BY THEIR TERMS REQUIRE ACTUAL
DELIVERY  AND  ACCEPTANCE  OF SECURITIES, IN MOST CASES THE CONTRACTS ARE CLOSED
OUT  BEFORE  THE  SETTLEMENT  DATE  WITHOUT  THE MAKING OR TAKING OF DELIVERY OF
SECURITIES. UPON BUYING OR SELLING A FUTURES CONTRACT, THE FUND DEPOSITS INITIAL
MARGIN  WITH  ITS CUSTODIAN, AND THEREAFTER DAILY PAYMENTS OF MAINTENANCE MARGIN
ARE  MADE  TO  AND  FROM  THE  EXECUTING  BROKER. PAYMENTS OF MAINTENANCE MARGIN
REFLECT  CHANGES  IN  THE  VALUE  OF  THE  FUTURES CONTRACT, WITH THE FUND BEING
OBLIGATED  TO  MAKE  SUCH PAYMENTS IF ITS FUTURES POSITION BECOMES LESS VALUABLE
AND  ENTITLED  TO  RECEIVE  SUCH PAYMENTS IF ITS POSITIONS BECOME MORE VALUABLE.
     THE  FUND  MAY  ONLY  INVEST  IN  FUTURES CONTRACTS TO HEDGE ITS RESPECTIVE
EXISTING  INVESTMENT  POSITIONS  AND  NOT FOR INCOME ENHANCEMENT, SPECULATION OR
LEVERAGE  PURPOSES. WHEN THE FUND PURCHASES A FUTURES CONTRACT, IT WILL MAINTAIN
AN  AMOUNT  OF  CASH,  CASH EQUIVALENTS OR SECURITIES IN A SEGREGATED ACCOUNT SO
THAT  THE  AMOUNT  SO SEGREGATED PLUS THE AMOUNT OF INITIAL AND VARIATION MARGIN
HELD  IN  THE  ACCOUNT  OF  ITS  BROKER  EQUALS  THE MARKET VALUE OF THE FUTURES
CONTRACT,  THEREBY  ENSURING  THE  TRANSACTION  IS  UNLEVERAGED.                
     FUTURES  CONTRACTS  ARE  DESIGNED  BY  BOARDS OF TRADE WHICH ARE DESIGNATED
"CONTRACTS  MARKETS"  BY  THE  COMMODITY FUTURES TRADING COMMISSION ("CFTC"). AS
SERIES  OF  A  REGISTERED INVESTMENT COMPANY, THE FUND IS ELIGIBLE FOR EXCLUSION
FROM  THE  CFTC'S DEFINITION OF "COMMODITY POOL OPERATOR," MEANING THAT THE FUND
MAY  INVEST  IN FUTURES CONTRACTS UNDER SPECIFIED CONDITIONS WITHOUT REGISTERING
WITH  THE CFTC. FUTURES CONTRACTS TRADE ON CONTRACTS MARKETS IN A MANNER THAT IS
SIMILAR  TO  THE WAY A STOCK TRADES ON A STOCK EXCHANGE AND THE BOARDS OF TRADE,
THROUGH  THEIR  CLEARING  CORPORATIONS,  GUARANTEE PERFORMANCE OF THE CONTRACTS.

OPTIONS  ON  FUTURES  CONTRACTS.  THE  FUND  MAY  PURCHASE AND WRITE PUT OR CALL
OPTIONS AND SELL CALL OPTIONS ON FUTURES CONTRACTS. THE FUND MAY ALSO ENTER INTO
CLOSING  TRANSACTIONS  WITH  RESPECT  TO  SUCH  OPTIONS TO TERMINATE AN EXISTING
POSITION;  THAT  IS, TO SELL A PUT OPTION ALREADY OWNED AND TO BUY A CALL OPTION
TO CLOSE A POSITION WHERE THE FUND HAS ALREADY SOLD A CORRESPONDING CALL OPTION.
     THE  FUND  MAY  ONLY  INVEST IN OPTIONS ON FUTURES CONTRACTS TO HEDGE THEIR
RESPECTIVE  EXISTING  INVESTMENT  POSITIONS  AND  NOT  FOR  INCOME  ENHANCEMENT,
SPECULATION  OR  LEVERAGE  PURPOSES.                                            
     AN  OPTION  ON  A FUTURES CONTRACT GIVES THE PURCHASER THE RIGHT, IN RETURN
FOR THE PREMIUM PAID, TO ASSUME A POSITION IN A FUTURES CONTRACT-A LONG POSITION
IF  THE  OPTION  IS  A  CALL  AND  A  SHORT POSITION IF THE OPTION IS A PUT-AT A
SPECIFIED  EXERCISE  PRICE AT ANY TIME DURING THE PERIOD OF THE OPTION. THE FUND
WILL  PAY  A PREMIUM FOR SUCH OPTIONS PURCHASED OR SOLD. IN CONNECTION WITH SUCH
OPTIONS  BOUGHT  OR SOLD, THE FUND WILL MAKE INITIAL MARGIN DEPOSITS AND MAKE OR
RECEIVE MAINTENANCE MARGIN PAYMENTS WHICH REFLECT CHANGES IN THE MARKET VALUE OF
SUCH  OPTIONS. THIS ARRANGEMENT IS SIMILAR TO THE MARGIN ARRANGEMENTS APPLICABLE
TO  FUTURES  CONTRACTS  DESCRIBED  ABOVE.                                       

PUT  OPTIONS  ON  FUTURES  CONTRACTS.  THE  PURCHASE  OF  PUT OPTIONS ON FUTURES
CONTRACTS  IS  ANALOGOUS TO THE SALE OF FUTURES CONTRACTS AND IS USED TO PROTECT
THE FUND AGAINST THE RISK OF DECLINING PRICES. THE FUND MAY PURCHASE PUT OPTIONS
AND  SELL  PUT  OPTIONS ON FUTURES CONTRACTS THAT ARE ALREADY OWNED BY THE FUND.
THE FUND WILL ONLY ENGAGE IN THE PURCHASE OF PUT OPTIONS AND THE SALE OF COVERED
PUT  OPTIONS  ON  MARKET  INDEX  FUTURES  FOR  HEDGING  PURPOSES.               

CALL OPTIONS ON FUTURES CONTRACTS. THE SALE OF CALL OPTIONS ON FUTURES CONTRACTS
IS  ANALOGOUS  TO  THE SALE OF FUTURES CONTRACTS AND IS USED TO PROTECT THE FUND
AGAINST  THE  RISK  OF DECLINING PRICES. THE PURCHASE OF CALL OPTIONS ON FUTURES
CONTRACTS  IS ANALOGOUS TO THE PURCHASE OF A FUTURES CONTRACT. THE FUND MAY ONLY
BUY CALL OPTIONS TO CLOSE AN EXISTING POSITION WHERE THE FUND HAS ALREADY SOLD A
CORRESPONDING CALL OPTION, OR FOR A CASH HEDGE. THE FUND WILL ONLY ENGAGE IN THE
SALE  OF  CALL  OPTIONS  AND  THE  PURCHASE OF CALL OPTIONS TO COVER FOR HEDGING
PURPOSES.                                                                       

WRITING  CALL  OPTIONS  ON  FUTURES  CONTRACTS.  THE  WRITING OF CALL OPTIONS ON
FUTURES  CONTRACTS  CONSTITUTES  A PARTIAL HEDGE AGAINST DECLINING PRICES OF THE
SECURITIES  DELIVERABLE  UPON  EXERCISE  OF THE FUTURES CONTRACT. IF THE FUTURES
CONTRACT  PRICE  AT EXPIRATION IS BELOW THE EXERCISE PRICE, THE FUND WILL RETAIN
THE FULL AMOUNT OF THE OPTION PREMIUM WHICH PROVIDES A PARTIAL HEDGE AGAINST ANY
DECLINE  THAT  MAY  HAVE  OCCURRED  IN  THE  FUND'S  SECURITIES  HOLDINGS.      

RISKS  OF  OPTIONS  AND FUTURES CONTRACTS. IF THE FUND HAS SOLD FUTURES OR TAKES
OPTIONS  POSITIONS TO HEDGE AGAINST A DECLINE IN THE MARKET AND THE MARKET LATER
ADVANCES,  THE  FUND MAY SUFFER A LOSS ON THE FUTURES CONTRACTS OR OPTIONS WHICH
IT  WOULD  NOT  HAVE  EXPERIENCED  IF  IT  HAD  NOT  HEDGED. CORRELATION IS ALSO
IMPERFECT  BETWEEN MOVEMENTS IN THE PRICES OF FUTURES CONTRACTS AND MOVEMENTS IN
PRICES  OF THE SECURITIES WHICH ARE THE SUBJECT OF THE HEDGE. THUS, THE PRICE OF
THE  FUTURES CONTRACT OR OPTION MAY MOVE MORE THAN OR LESS THAN THE PRICE OF THE
SECURITIES  BEING  HEDGED.  WHERE  THE  FUND  HAS  SOLD FUTURES OR TAKEN OPTIONS
POSITIONS TO HEDGE AGAINST DECLINE IN THE MARKET, THE MARKET MAY ADVANCE AND THE
VALUE OF THE SECURITIES HELD IN THE FUND MAY DECLINE. IF THIS WERE TO OCCUR, THE
FUND  MIGHT LOSE MONEY ON THE FUTURES CONTRACTS OR OPTIONS AND ALSO EXPERIENCE A
DECLINE  IN  THE  VALUE  OF  ITS  SECURITIES.                                   
     THE  FUND  CAN  CLOSE OUT FUTURES POSITIONS ONLY ON AN EXCHANGE OR BOARD OF
TRADE  WHICH  PROVIDES  A  SECONDARY  MARKET  IN SUCH FUTURES. ALTHOUGH THE FUND
INTENDS  TO  PURCHASE  OR  SELL  ONLY SUCH FUTURES FOR WHICH AN ACTIVE SECONDARY
MARKET APPEARS TO EXIST, THERE CAN BE NO ASSURANCE THAT SUCH A MARKET WILL EXIST
FOR  ANY  PARTICULAR FUTURES CONTRACT AT ANY PARTICULAR TIME. THIS MIGHT PREVENT
THE  FUND  FROM CLOSING A FUTURES POSITION, WHICH COULD REQUIRE THE FUND TO MAKE
DAILY  CASH  PAYMENTS WITH RESPECT TO ITS POSITION IN THE EVENT OF ADVERSE PRICE
MOVEMENTS.                                                                      
     OPTIONS  ON  FUTURES  TRANSACTIONS  BEAR  SEVERAL  RISKS  APART  FROM THOSE
INHERENT  IN OPTIONS TRANSACTIONS GENERALLY. THE FUND'S ABILITY TO CLOSE OUT ITS
OPTIONS  POSITIONS  IN  FUTURES  CONTRACTS  WILL  DEPEND  UPON WHETHER AN ACTIVE
SECONDARY  MARKET  FOR SUCH OPTIONS DEVELOPS AND IS IN EXISTENCE AT THE TIME THE
FUND  SEEKS TO CLOSE ITS POSITIONS. THERE CAN BE NO ASSURANCE THAT SUCH A MARKET
WILL  DEVELOP  OR  EXIST.  THEREFORE, THE FUND MIGHT BE REQUIRED TO EXERCISE THE
OPTIONS  TO  REALIZE  ANY  PROFIT.                                              

FOREIGN  CURRENCY  TRANSACTIONS.  FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. A
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT INVOLVES AN OBLIGATION TO PURCHASE OR
SELL A SPECIFIC CURRENCY AT A FUTURE DATE, WHICH MAY BE ANY FIXED NUMBER OF DAYS
("TERM")  FROM  THE  DATE OF THE CONTRACT AGREED UPON BY THE PARTIES, AT A PRICE
SET  AT  THE  TIME  OF THE CONTRACT. THESE CONTRACTS ARE TRADED DIRECTLY BETWEEN
CURRENCY  TRADERS  (USUALLY  LARGE  COMMERCIAL  BANKS)  AND  THEIR  CUSTOMERS.  
     THE  FUND  WILL  NOT  ENTER  INTO  SUCH FORWARD CONTRACTS OR MAINTAIN A NET
EXPOSURE  IN  SUCH CONTRACTS WHERE IT WOULD BE OBLIGATED TO DELIVER AN AMOUNT OF
FOREIGN  CURRENCY  IN  EXCESS OF THE VALUE OF ITS PORTFOLIO SECURITIES AND OTHER
ASSETS  DENOMINATED  IN  THAT  CURRENCY.  THE  SUBADVISOR  BELIEVES  THAT  IT IS
IMPORTANT  TO  HAVE THE FLEXIBILITY TO ENTER INTO SUCH FORWARD CONTRACTS WHEN IT
DETERMINES  THAT  TO  DO  SO  IS  IN  THE FUND'S BEST INTERESTS. SEE ABOVE UNDER
"FOREIGN  SECURITIES."                                                          
     FOREIGN  CURRENCY  OPTIONS.  A  FOREIGN CURRENCY OPTION PROVIDES THE OPTION
BUYER  WITH  THE RIGHT TO BUY OR SELL A STATED AMOUNT OF FOREIGN CURRENCY AT THE
EXERCISE  PRICE  AT  A SPECIFIED DATE OR DURING THE OPTION PERIOD. A CALL OPTION
GIVES  ITS OWNER THE RIGHT, BUT NOT THE OBLIGATION, TO BUY THE CURRENCY, WHILE A
PUT  OPTION  GIVES  ITS  OWNER  THE  RIGHT,  BUT NOT THE OBLIGATION, TO SELL THE
CURRENCY.  THE  OPTION  SELLER (WRITER) IS OBLIGATED TO FULFILL THE TERMS OF THE
OPTION  SOLD  IF  IT IS EXERCISED. HOWEVER, EITHER SELLER OR BUYER MAY CLOSE ITS
POSITION DURING THE OPTION PERIOD FOR SUCH OPTIONS ANY TIME PRIOR TO EXPIRATION.
     A CALL RISES IN VALUE IF THE UNDERLYING CURRENCY APPRECIATES. CONVERSELY, A
PUT  RISES  IN  VALUE IF THE UNDERLYING CURRENCY DEPRECIATES. WHILE PURCHASING A
FOREIGN  CURRENCY OPTION CAN PROTECT THE FUND AGAINST AN ADVERSE MOVEMENT IN THE
VALUE  OF A FOREIGN CURRENCY, IT DOES NOT LIMIT THE GAIN WHICH MIGHT RESULT FROM
A FAVORABLE MOVEMENT IN THE VALUE OF SUCH CURRENCY. FOR EXAMPLE, IF THE FUND WAS
HOLDING  SECURITIES  DENOMINATED  IN  AN  APPRECIATING  FOREIGN CURRENCY AND HAD
PURCHASED  A FOREIGN CURRENCY PUT TO HEDGE AGAINST A DECLINE IN THE VALUE OF THE
CURRENCY,  IT  WOULD  NOT  HAVE  TO EXERCISE ITS PUT. SIMILARLY, IF THE FUND HAD
ENTERED INTO A CONTRACT TO PURCHASE A SECURITY DENOMINATED IN A FOREIGN CURRENCY
AND  HAD  PURCHASED A FOREIGN CURRENCY CALL TO HEDGE AGAINST A RISE IN THE VALUE
OF  THE  CURRENCY  BUT INSTEAD THE CURRENCY HAD DEPRECIATED IN VALUE BETWEEN THE
DATE OF PURCHASE AND THE SETTLEMENT DATE, IT WOULD NOT HAVE TO EXERCISE ITS CALL
BUT  COULD  ACQUIRE IN THE SPOT MARKET THE AMOUNT OF FOREIGN CURRENCY NEEDED FOR
SETTLEMENT.                                                                     
     FOREIGN  CURRENCY  FUTURES  TRANSACTIONS. THE FUND MAY USE FOREIGN CURRENCY
FUTURES CONTRACTS AND OPTIONS ON SUCH FUTURES CONTRACTS. THROUGH THE PURCHASE OR
SALE  OF  SUCH  CONTRACTS, IT MAY BE ABLE TO ACHIEVE MANY OF THE SAME OBJECTIVES
ATTAINABLE  THROUGH  THE  USE  OF  FOREIGN  CURRENCY FORWARD CONTRACTS, BUT MORE
EFFECTIVELY  AND  POSSIBLY  AT  A  LOWER  COST.                                 
     UNLIKE  FORWARD  FOREIGN  CURRENCY  EXCHANGE  CONTRACTS,  FOREIGN  CURRENCY
FUTURES  CONTRACTS  AND  OPTIONS  ON  FOREIGN  CURRENCY  FUTURES  CONTRACTS  ARE
STANDARDIZED  AS TO AMOUNT AND DELIVERY PERIOD AND ARE TRADED ON BOARDS OF TRADE
AND  COMMODITIES  EXCHANGES.  IT  IS ANTICIPATED THAT SUCH CONTRACTS MAY PROVIDE
GREATER  LIQUIDITY  AND  LOWER  COST  THAN  FORWARD  FOREIGN  CURRENCY  EXCHANGE
CONTRACTS.                                                                      

LENDING  PORTFOLIO  SECURITIES                                                  
     THE  FUND  MAY  LEND  ITS  SECURITIES TO MEMBER FIRMS OF THE NEW YORK STOCK
EXCHANGE  AND  COMMERCIAL  BANKS WITH ASSETS OF ONE BILLION DOLLARS OR MORE. ANY
SUCH  LOANS MUST BE SECURED CONTINUOUSLY IN THE FORM OF CASH OR CASH EQUIVALENTS
SUCH  AS US TREASURY BILLS. THE AMOUNT OF THE COLLATERAL MUST ON A CURRENT BASIS
EQUAL  OR EXCEED THE MARKET VALUE OF THE LOANED SECURITIES, AND THE FUND MUST BE
ABLE TO TERMINATE SUCH LOANS UPON NOTICE AT ANY TIME. THE FUND WILL EXERCISE ITS
RIGHT  TO  TERMINATE  A SECURITIES LOAN IN ORDER TO PRESERVE THEIR RIGHT TO VOTE
UPON  MATTERS  OF  IMPORTANCE  AFFECTING  HOLDERS  OF  THE  SECURITIES.         
THE ADVANTAGE OF SUCH LOANS IS THAT THE FUND CONTINUES TO RECEIVE THE 
EQUIVALENT OF THE INTEREST EARNED OR DIVIDENDS PAID BY THE ISSUERS ON THE LOANED
SECURITIES WHILE  AT  THE  SAME  TIME EARNING INTEREST ON THE CASH OR EQUIVALENT
COLLATERAL WHICH  MAY  BE  INVESTED  IN  ACCORDANCE  WITH  THE FUND'S INVESTMENT
OBJECTIVE, POLICIES  AND  RESTRICTIONS.                                         
     SECURITIES  LOANS  ARE  USUALLY  MADE TO BROKER-DEALERS AND OTHER FINANCIAL
INSTITUTIONS  TO  FACILITATE  THEIR  DELIVERY  OF  SUCH  SECURITIES. AS WITH ANY
EXTENSION  OF  CREDIT, THERE MAY BE RISKS OF DELAY IN RECOVERY AND POSSIBLY LOSS
OF  RIGHTS IN THE LOANED SECURITIES SHOULD THE BORROWER OF THE LOANED SECURITIES
FAIL  FINANCIALLY.  HOWEVER,  THE FUND WILL MAKE LOANS OF ITS SECURITIES ONLY TO
THOSE  FIRMS  THE ADVISOR OR SUBADVISOR DEEMS CREDITWORTHY AND ONLY ON TERMS THE
ADVISOR  BELIEVES  SHOULD  COMPENSATE FOR SUCH RISK. ON TERMINATION OF THE LOAN,
THE  BORROWER  IS  OBLIGATED TO RETURN THE SECURITIES TO THE FUND. THE FUND WILL
RECOGNIZE ANY GAIN OR LOSS IN THE MARKET VALUE OF THE SECURITIES DURING THE LOAN
PERIOD.  THE FUND MAY PAY REASONABLE CUSTODIAL FEES IN CONNECTION WITH THE LOAN.

 INVESTMENT RESTRICTIONS
 -----------------------

FUNDAMENTAL  INVESTMENT  RESTRICTIONS                                           

     THE  FUND  HAS  ADOPTED  THE FOLLOWING FUNDAMENTAL INVESTMENT RESTRICTIONS.
THESE  RESTRICTIONS  CANNOT  BE CHANGED WITHOUT THE APPROVAL OF THE HOLDERS OF A
MAJORITY  OF  THE  OUTSTANDING  SHARES  OF  THE  FUND.                          

(1) THE FUND MAY NOT MAKE ANY INVESTMENT INCONSISTENT WITH ITS CLASSIFICATION AS
A  NONDIVERSIFIED  INVESTMENT  COMPANY  UNDER  THE  1940  ACT.                  
(2)  THE  FUND  MAY NOT CONCENTRATE ITS INVESTMENTS IN THE SECURITIES OF ISSUERS
PRIMARILY  ENGAGED  IN  ANY PARTICULAR INDUSTRY (OTHER THAN SECURITIES ISSUED OR
GUARANTEED  BY  THE  U.S.  GOVERNMENT  OR  ITS AGENCIES OR INSTRUMENTALITIES AND
REPURCHASE  AGREEMENTS  SECURED  THEREBY).                                      
(3)  THE FUND MAY NOT ISSUE SENIOR SECURITIES OR BORROW MONEY, EXCEPT FROM BANKS
FOR  TEMPORARY OR EMERGENCY PURPOSES AND THEN ONLY IN AN AMOUNT UP TO 33 1/3% OF
THE  VALUE  OF ITS TOTAL ASSETS OR AS PERMITTED BY LAW AND EXCEPT BY ENGAGING IN
REVERSE  REPURCHASE  AGREEMENTS, WHERE ALLOWED. IN ORDER TO SECURE ANY PERMITTED
BORROWINGS  AND  REVERSE  REPURCHASE AGREEMENTS UNDER THIS SECTION, THE FUND MAY
PLEDGE,  MORTGAGE  OR  HYPOTHECATE  ITS  ASSETS.                                
(4)  THE  FUND  MAY  NOT  UNDERWRITE  THE SECURITIES OF OTHER ISSUERS, EXCEPT AS
ALLOWED  BY  LAW OR TO THE EXTENT THAT THE PURCHASE OF OBLIGATIONS IN ACCORDANCE
WITH  ITS INVESTMENT OBJECTIVE AND POLICIES, EITHER DIRECTLY FROM THE ISSUER, OR
FROM  AN  UNDERWRITER  FOR  AN  ISSUER,  MAY  BE  DEEMED  AN  UNDERWRITING.     
(5)  THE FUND MAY NOT INVEST DIRECTLY IN COMMODITIES OR REAL ESTATE, ALTHOUGH IT
MAY  INVEST  IN  SECURITIES  WHICH  ARE  SECURED  BY  REAL ESTATE OR REAL ESTATE
MORTGAGES  AND  SECURITIES  OF  ISSUERS  WHICH  INVEST  OR  DEAL IN COMMODITIES,
COMMODITY  FUTURES,  REAL  ESTATE  OR  REAL  ESTATE  MORTGAGES.                 
(6) THE FUND MAY NOT MAKE LOANS, OTHER THAN THROUGH THE PURCHASE OF MONEY MARKET
INSTRUMENTS AND REPURCHASE AGREEMENTS OR BY THE PURCHASE OF BONDS, DEBENTURES OR
OTHER  DEBT SECURITIES, OR AS PERMITTED BY LAW. THE PURCHASE OF ALL OR A PORTION
OF  AN ISSUE OF PUBLICLY OR PRIVATELY DISTRIBUTED DEBT OBLIGATIONS IN ACCORDANCE
WITH  THE  FUND'S  INVESTMENT  OBJECTIVE,  POLICIES  AND RESTRICTIONS, SHALL NOT
CONSTITUTE  THE  MAKING  OF  A  LOAN.                                           

NONFUNDAMENTAL  INVESTMENT  RESTRICTIONS                                        

     THE  FUND'S  BOARD  OF  DIRECTORS  HAS ADOPTED THE FOLLOWING NONFUNDAMENTAL
INVESTMENT  RESTRICTIONS. A NONFUNDAMENTAL INVESTMENT RESTRICTION CAN BE CHANGED
BY  THE  BOARD  AT  ANY  TIME  WITHOUT  A  SHAREHOLDER  VOTE.                   

(1)  THE  FUND MAY NOT INVEST, IN THE AGGREGATE, MORE THAN 15% OF ITS NET ASSETS
IN  ILLIQUID  SECURITIES.  PURCHASES  OF  SECURITIES OUTSIDE THE US THAT ARE NOT
REGISTERED  WITH  THE  SEC  OR  MARKETABLE  IN THE U.S. ARE NOT PER SE ILLIQUID.
(2) THE FUND MAY NOT WRITE, PURCHASE OR SELL PUTS, CALLS OR COMBINATIONS THEREOF
EXCEPT  THAT  THE  FUND  MAY  (A)  WRITE EXCHANGE-TRADED COVERED CALL OPTIONS ON
PORTFOLIO  SECURITIES  AND ENTER INTO CLOSING PURCHASE TRANSACTIONS WITH RESPECT
TO  SUCH OPTIONS, AND THE FUND MAY WRITE EXCHANGE-TRADED COVERED CALL OPTIONS ON
FOREIGN  CURRENCIES AND SECURED PUT OPTIONS ON SECURITIES AND FOREIGN CURRENCIES
AND  WRITE  COVERED  CALL  AND  SECURED  PUT  OPTIONS  ON SECURITIES AND FOREIGN
CURRENCIES TRADED OVER THE COUNTER, AND ENTER INTO CLOSING PURCHASE TRANSACTIONS
WITH  RESPECT TO SUCH OPTIONS, (B) PURCHASE EXCHANGE-TRADED CALL OPTIONS AND PUT
OPTIONS AND PURCHASE CALL AND PUT OPTIONS TRADED OVER THE COUNTER, PROVIDED THAT
THE  PREMIUMS  ON  ALL  OUTSTANDING CALL AND PUT OPTIONS DO NOT EXCEED 5% OF ITS
TOTAL  ASSETS,  AND  ENTER  INTO  CLOSING  SALE TRANSACTION WITH RESPECT TO SUCH
OPTIONS,  AND  (C)  ENGAGE  IN  FINANCIAL  FUTURES CONTRACTS AND RELATED OPTIONS
TRANSACTIONS, PROVIDED THAT THE SUM OF THE INITIAL MARGIN DEPOSITS ON THE FUND'S
EXISTING FUTURES AND RELATED OPTIONS POSITIONS AND THE PREMIUMS PAID FOR RELATED
OPTIONS  WOULD  NOT  EXCEED  5%  OF  ITS  TOTAL  ASSETS.                        
(3)  THE  FUND MAY NOT MAKE SHORT SALES OF SECURITIES OR PURCHASE ANY SECURITIES
ON  MARGIN  EXCEPT  THAT  THE  FUND MAY OBTAIN SUCH SHORT-TERM CREDITS AS MAY BE
NECESSARY FOR THE CLEARANCE OF PURCHASES AND SALES OF SECURITIES. THE DEPOSIT OR
PAYMENT  BY  THE  FUND  OF  INITIAL  OR  MAINTENANCE  MARGIN  IN CONNECTION WITH
FINANCIAL  FUTURES  CONTRACTS  OR RELATED OPTIONS TRANSACTIONS IS NOT CONSIDERED
THE  PURCHASE  OF  A  SECURITY  ON  MARGIN.                                     
(4)  THE  FUND  MAY NOT, WITH RESPECT TO 75% OF THE FUND'S ASSETS, PURCHASE MORE
THAN  10%  OF  THE  OUTSTANDING  VOTING  SECURITIES  OF  ANY  ISSUER.           
(5)  THE  FUND  DOES NOT INTEND TO MAKE ANY PURCHASES OF SECURITIES IF BORROWING
EXCEEDS  5%  OF  THE  FUND'S  TOTAL  ASSETS.                                    

   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.                                                                      

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 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, RATHER
THAN  PASSING  THROUGH  ITS  INCOME  AND  GAINS  TO  SHAREHOLDERS.              
     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. AS OF
MARCH  31,  2000, THE FUND HAD TAX-LOSS CARRYFORWARDS OF $1,655,079 AND $807,392
WHICH  EXPIRE  IN  2007  AND  2008,  RESPECTIVELY.                              
     GENERALLY, DIVIDENDS (INCLUDING SHORT-TERM CAPITAL GAINS) AND DISTRIBUTIONS
ARE TAXABLE TO THE SHAREHOLDER IN THE YEAR THEY ARE PAID. HOWEVER, ANY DIVIDENDS
AND DISTRIBUTIONS PAID IN JANUARY BUT DECLARED DURING THE PRIOR THREE MONTHS ARE
TAXABLE  IN  THE  YEAR  DECLARED.                                               
     THE  FUND  IS  REQUIRED  TO  WITHHOLD  31%  OF ANY REPORTABLE DIVIDENDS AND
LONG-TERM  CAPITAL GAIN DISTRIBUTIONS PAID AND 31% OF EACH REPORTABLE REDEMPTION
TRANSACTION  OCCURRING IF: (A) THE SHAREHOLDER'S SOCIAL SECURITY NUMBER OR OTHER
TAXPAYER IDENTIFICATION NUMBER ("TIN") IS NOT PROVIDED OR AN OBVIOUSLY INCORRECT
TIN IS PROVIDED; (B) THE SHAREHOLDER DOES NOT CERTIFY UNDER PENALTIES OF PERJURY
THAT  THE TIN PROVIDED IS THE SHAREHOLDER'S CORRECT TIN AND THAT THE SHAREHOLDER
IS NOT SUBJECT TO BACKUP WITHHOLDING UNDER SECTION 3406(A)(1)(C) OF THE INTERNAL
REVENUE  CODE  BECAUSE  OF  UNDERREPORTING  (HOWEVER,  FAILURE  TO  PROVIDE     
CERTIFICATION AS TO THE APPLICATION OF SECTION 3406(A)(1)(C) WILL RESULT ONLY IN
BACKUP  WITHHOLDING  ON  DIVIDENDS,  NOT  ON  REDEMPTIONS);  OR  (C) THE FUND IS
NOTIFIED  BY  THE  INTERNAL  REVENUE  SERVICE  THAT  THE  TIN  PROVIDED  BY  THE
SHAREHOLDER  IS  INCORRECT  OR THAT THERE HAS BEEN UNDERREPORTING OF INTEREST OR
DIVIDENDS  BY  THE SHAREHOLDER. AFFECTED SHAREHOLDERS WILL RECEIVE STATEMENTS AT
LEAST  ANNUALLY  SPECIFYING  THE  AMOUNT  WITHHELD.                             
     IN ADDITION, THE FUND IS REQUIRED TO REPORT TO THE INTERNAL REVENUE SERVICE
THE  FOLLOWING INFORMATION WITH RESPECT TO EACH REDEMPTION TRANSACTION OCCURRING
IN  THE  FUND:  (A) THE SHAREHOLDER'S NAME, ADDRESS, ACCOUNT NUMBER AND TAXPAYER
IDENTIFICATION  NUMBER;  (B)  THE TOTAL DOLLAR VALUE OF THE REDEMPTIONS; AND (C)
THE  FUND'S  IDENTIFYING  CUSIP  NUMBER.                                        
     CERTAIN  SHAREHOLDERS  ARE, HOWEVER, EXEMPT FROM THE BACKUP WITHHOLDING AND
BROKER  REPORTING  REQUIREMENTS.  EXEMPT  SHAREHOLDERS  INCLUDE:  CORPORATIONS; 
FINANCIAL  INSTITUTIONS;  TAX-EXEMPT ORGANIZATIONS; INDIVIDUAL RETIREMENT PLANS;
THE  US,  A  STATE,  THE  DISTRICT  OF  COLUMBIA,  A  US  POSSESSION,  A FOREIGN
GOVERNMENT,  AN INTERNATIONAL ORGANIZATION, OR ANY POLITICAL SUBDIVISION, AGENCY
OR  INSTRUMENTALITY  OF  ANY  OF  THE  FOREGOING;  US  REGISTERED COMMODITIES OR
SECURITIES  DEALERS;  REAL  ESTATE  INVESTMENT  TRUSTS;  REGISTERED  INVESTMENT 
COMPANIES;  BANK  COMMON TRUST FUNDS; CERTAIN CHARITABLE TRUSTS; FOREIGN CENTRAL
BANKS  OF  ISSUE.  NON-RESIDENT ALIENS, CERTAIN FOREIGN PARTNERSHIPS AND FOREIGN
CORPORATIONS  ARE GENERALLY NOT SUBJECT TO EITHER REQUIREMENT BUT MAY INSTEAD BE
SUBJECT TO WITHHOLDING UNDER SECTIONS 1441 OR 1442 OF THE INTERNAL REVENUE CODE.
SHAREHOLDERS  CLAIMING  EXEMPTION  FROM  BACKUP WITHHOLDING AND BROKER REPORTING
SHOULD  CALL  OR  WRITE  THE  FUND  FOR  FURTHER  INFORMATION.                  
     MANY STATES DO NOT TAX THE PORTION OF THE FUND'S DIVIDENDS WHICH IS DERIVED
FROM  INTEREST  ON  US  GOVERNMENT  OBLIGATIONS.  STATE  LAW VARIES CONSIDERABLY
CONCERNING  THE  TAX STATUS OF DIVIDENDS DERIVED FROM US GOVERNMENT OBLIGATIONS.
ACCORDINGLY, SHAREHOLDERS SHOULD CONSULT THEIR TAX ADVISORS ABOUT THE TAX STATUS
OF  DIVIDENDS AND DISTRIBUTIONS FROM THE FUND IN THEIR RESPECTIVE JURISDICTIONS.
     DIVIDENDS  PAID  BY  THE  FUND  MAY  BE ELIGIBLE FOR THE DIVIDENDS RECEIVED
DEDUCTION  AVAILABLE  TO  CORPORATE  TAXPAYERS.  INFORMATION  CONCERNING THE TAX
STATUS  OF  DIVIDENDS AND DISTRIBUTIONS AND THE AMOUNT OF DIVIDENDS WITHHELD, IF
ANY,  IS  MAILED  ANNUALLY  TO  FUND  SHAREHOLDERS.                             

 NET ASSET VALUE
 ---------------

     THE  PUBLIC  OFFERING PRICE OF THE SHARES OF THE FUND IS THE RESPECTIVE NET
ASSET  VALUE  PER SHARE (PLUS, FOR CLASS A SHARES, THE APPLICABLE SALES CHARGE).
THE  NET  ASSET  VALUE  FLUCTUATES  BASED  ON  THE  MARKET  VALUE  OF THE FUND'S
INVESTMENTS.  THE  NET  ASSET VALUE PER SHARE FOR EACH CLASS IS DETERMINED EVERY
BUSINESS  DAY  AS  OF  THE  CLOSE  OF  THE REGULAR SESSION OF THE NEW YORK STOCK
EXCHANGE  (NORMALLY  4:00  P.M.  EASTERN  TIME). THE FUND DOES NOT DETERMINE NET
ASSET  VALUE  ON  CERTAIN  NATIONAL HOLIDAYS OR OTHER DAYS ON WHICH THE NEW YORK
STOCK  EXCHANGE  IS  CLOSED: NEW YEAR'S DAY, MARTIN LUTHER KING DAY, PRESIDENTS'
DAY,  GOOD  FRIDAY, MEMORIAL DAY, INDEPENDENCE DAY, LABOR DAY, THANKSGIVING DAY,
AND  CHRISTMAS  DAY.  THE  FUND'S  NET  ASSET  VALUE  PER SHARE IS DETERMINED BY
DIVIDING TOTAL NET ASSETS (THE VALUE OF ITS ASSETS NET OF LIABILITIES, INCLUDING
ACCRUED  EXPENSES  AND FEES) BY THE NUMBER OF SHARES OUTSTANDING FOR THAT CLASS.
     THE  ASSETS  OF  THE  FUND  ARE VALUED AS FOLLOWS: (A) SECURITIES FOR WHICH
MARKET  QUOTATIONS  ARE  READILY AVAILABLE ARE VALUED AT THE MOST RECENT CLOSING
PRICE,  MEAN  BETWEEN  BID AND ASKED PRICE, OR YIELD EQUIVALENT AS OBTAINED FROM
ONE OR MORE MARKET MAKERS FOR SUCH SECURITIES; (B) SECURITIES MATURING WITHIN 60
DAYS  MAY  BE  VALUED  AT COST, PLUS OR MINUS ANY AMORTIZED DISCOUNT OR PREMIUM,
UNLESS THE BOARD OF DIRECTORS DETERMINES SUCH METHOD NOT TO BE APPROPRIATE UNDER
THE  CIRCUMSTANCES;  AND  (C)  ALL  OTHER SECURITIES AND ASSETS FOR WHICH MARKET
QUOTATIONS  ARE  NOT  READILY  AVAILABLE WILL BE FAIRLY VALUED BY THE ADVISOR IN
GOOD FAITH UNDER THE SUPERVISION OF THE BOARD OF DIRECTORS. SECURITIES PRIMARILY
TRADED  ON  FOREIGN  SECURITIES  EXCHANGES ARE GENERALLY VALUED AT THE PRECEDING
CLOSING  VALUES  ON  THEIR  RESPECTIVE  EXCHANGES WHERE PRIMARILY TRADED. EQUITY
OPTIONS  ARE VALUED AT THE LAST SALE PRICE UNLESS THE BID PRICE IS HIGHER OR THE
ASK  PRICE  IS  LOWER,  IN  WHICH  EVENT SUCH BID OR ASK PRICE IS USED. EXCHANGE
TRADED FIXED INCOME OPTIONS ARE VALUED AT THE LAST SALE PRICE UNLESS THERE IS NO
SALE  PRICE,  IN  WHICH EVENT CURRENT PRICES PROVIDED BY MARKET MAKERS ARE USED.
OVER-THE-COUNTER  FIXED  INCOME  OPTIONS  ARE  VALUED  BASED UPON CURRENT PRICES
PROVIDED  BY MARKET MAKERS. FINANCIAL FUTURES ARE VALUED AT THE SETTLEMENT PRICE
ESTABLISHED EACH DAY BY THE BOARD OF TRADE OR EXCHANGE ON WHICH THEY ARE TRADED.
BECAUSE  OF  THE  NEED  TO  OBTAIN  PRICES AS OF THE CLOSE OF TRADING ON VARIOUS
EXCHANGES  THROUGHOUT  THE  WORLD, THE CALCULATION OF THE FUND'S NET ASSET VALUE
DOES  NOT  TAKE  PLACE CONTEMPORANEOUSLY WITH THE DETERMINATION OF THE PRICES OF
U.S.  PORTFOLIO SECURITIES. FOR PURPOSES OF DETERMINING THE NET ASSET VALUE, ALL
ASSETS  AND  LIABILITIES  INITIALLY EXPRESSED IN FOREIGN CURRENCY VALUES WILL BE
CONVERTED  INTO  UNITED  STATES  DOLLAR  VALUES  AT THE MEAN BETWEEN THE BID AND
OFFERED  QUOTATIONS  OF  SUCH  CURRENCIES  AGAINST UNITED STATES DOLLARS AS LAST
QUOTED BY ANY RECOGNIZED DEALER. IF AN EVENT WERE TO OCCUR AFTER THE VALUE OF AN
INVESTMENT  WAS  SO  ESTABLISHED  BUT  BEFORE  THE NET ASSET VALUE PER SHARE WAS
DETERMINED  WHICH  COULD  MATERIALLY  CHANGE  THE  NET  ASSET  VALUE,  THEN  THE
INSTRUMENT  WOULD  BE  VALUED USING FAIR VALUE CONSIDERATION BY THE DIRECTORS OR
THEIR  DELEGATES.                                                               

NET ASSET VALUE AND OFFERING PRICE PER SHARE, AS OF 3/31/00                     
NET  ASSET  VALUE  PER  SHARE                                                   
($4,980,860/721,127  SHARES)                          $6.91                     
MAXIMUM  SALES  CHARGE,  CLASS  A                                               
(4.75%  OF  OFFERING  PRICE)                          __.34                     
OFFERING  PRICE  PER  SHARE,  CLASS  A                $7.25                     

CLASS B NET ASSET VALUE AND OFFERING PRICE PER SHARE                            
($83,114/12,174  SHARES)                              $6.83                     

CLASS C NET ASSET VALUE AND OFFERING PRICE PER SHARE                            
($30,086/4,330  SHARES)                               $6.95                     

 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. TOTAL RETURNS FOR THE FUND'S
SHARES  FOR  THE  PERIODS  INDICATED  ARE  AS  FOLLOWS:                         

PERIODS ENDED        CLASS A               CLASS B               CLASS C        
MARCH 31, 2000     TOTAL RETURN          TOTAL RETURN          TOTAL RETURN     
       WITH/WITHOUT MAXIMUM LOAD     WITH/WITHOUT CDSC     WITH/WITHOUT CDSC
NEW  AFRICA                                                                     

ONE YEAR     (32.78%)   (29.42%)         (33.45%) (29.95%)   (29.43%) (28.72%)  
FROM DATE OF INCEPTION                                                          
           (11.16%)   (10.29%)         (31.50%) (29.96%)   (29.29%) (29.29%)

(APRIL 12, 1995, FOR CLASS A)                                                   
(JUNE 1, 1998, FOR CLASS B)                                                     
(JUNE 1, 1998, FOR CLASS C)                                                     

     TOTAL  RETURN,  LIKE  NET  ASSET VALUE PER SHARE, FLUCTUATES IN RESPONSE TO
CHANGES  IN  MARKET  CONDITIONS.  IT  SHOULD  NOT BE CONSIDERED AN INDICATION OF
FUTURE  RETURN.                                                                 

 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, 1999). CALVERT GROUP WAS ALSO THE
FIRST  TO  OFFER  A  FAMILY  OF  SOCIALLY  RESPONSIBLE  MUTUAL  FUND PORTFOLIOS.

 PURCHASE AND REDEMPTION OF SHARES
 ---------------------------------

     INVESTMENTS  IN  THE  FUND  MADE  BY  MAIL,  BANK  WIRE OR ELECTRONIC FUNDS
TRANSFER,  OR  THROUGH THE FUND'S BRANCH OFFICES, CALVERT DISTRIBUTORS, INC., OR
OTHER  BROKERS PARTICIPATING IN THE DISTRIBUTION OF FUND SHARES, ARE CREDITED TO
A  SHAREHOLDER'S  ACCOUNT  AT  THE  PUBLIC OFFERING PRICE WHICH IS THE NET ASSET
VALUE  NEXT DETERMINED AFTER RECEIPT BY THE FUND, CALVERT DISTRIBUTORS, INC., OR
THE  FUND'S CUSTODIAN BANK OR LOCKBOX FACILITY, PLUS THE APPLICABLE SALES CHARGE
AS  SET  FORTH  IN  THE  FUND'S  PROSPECTUS.                                    
     ALL  PURCHASES  OF  THE  FUND  SHARES  WILL  BE  CONFIRMED  AND CREDITED TO
SHAREHOLDER  ACCOUNTS  IN  FULL  AND  FRACTIONAL  SHARES (ROUNDED TO THE NEAREST
1/1000TH  OF A SHARE). SHARE CERTIFICATES WILL NOT BE ISSUED UNLESS REQUESTED IN
WRITING  BY  THE  INVESTOR.                                                     
     THE  FUND  RESERVES THE RIGHT TO MODIFY THE TELEPHONE REDEMPTION PRIVILEGE.
     AMOUNTS REDEEMED BY TELEPHONE MAY BE MAILED BY CHECK TO THE INVESTOR TO THE
ADDRESS  OF  RECORD.  AMOUNTS  OF  MORE  THAN  $50 AND LESS THAN $300,000 MAY BE
TRANSFERRED  ELECTRONICALLY  AT  NO CHARGE TO THE INVESTOR. AMOUNTS OF $1,000 OR
MORE  WILL  BE  TRANSMITTED  BY  WIRE BY THE FUND TO THE INVESTOR'S ACCOUNT AT A
DOMESTIC  BANK  OR  SAVINGS  ASSOCIATION THAT IS A MEMBER OF THE FEDERAL RESERVE
SYSTEM  OR  TO A CORRESPONDENT BANK. A CHARGE OF $5 IS IMPOSED ON WIRE TRANSFERS
OF  LESS THAN $1,000. IF THE INSTITUTION IS NOT A FEDERAL RESERVE SYSTEM MEMBER,
FAILURE  OF IMMEDIATE NOTIFICATION TO THAT INSTITUTION BY THE CORRESPONDENT BANK
COULD  RESULT IN A DELAY IN CREDITING THE FUNDS TO THE INVESTOR'S ACCOUNT AT THE
INSTITUTION.                                                                    

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.                                     
     ELIAS  BELAYNEH,  DIRECTOR.  MR. BELAYNEH IS THE PRESIDENT OF U.S. - AFRICA
CHAMBER OF COMMERCE, WASHINGTON, D.C., WHICH SERVES AS A COLLECTIVE ORGANIZATION
FOCUSING  ON THE PROMOTION OF TRADE AND INVESTMENT BETWEEN AFRICA AND THE UNITED
STATES.  MR.  BELAYNEH IS A DIRECTOR OF AFRICA NEWS SERVICE ONLINE. DOB: MAY 18,
1955.  ADDRESS:  1899  L  STREET,  N.W.,  5TH  FLOOR,  WASHINGTON,  D.C.  20036.
     ROBERT  S.  BROWNE,  DIRECTOR.  MR. BROWNE PRESENTLY SERVES ON THE ADVISORY
COUNCIL TO CALVERT SOCIAL INVESTMENT FUND. HE IS THE FOUNDER OF THE TWENTY-FIRST
CENTURY  FOUNDATION,  A SMALL AFRICAN-AMERICAN FOUNDATION. MR. BROWNE WAS SENIOR
RESEARCH FELLOW IN HOWARD UNIVERSITY'S AFRICAN STUDIES AND RESEARCH PROGRAM, AND
FROM  1986-1991  HE  SERVED  AS  STAFF DIRECTOR OF THE HOUSE BANKING COMMITTEE'S
SUBCOMMITTEE  ON  INTERNATIONAL DEVELOPMENT, FINANCE, TRADE AND MONETARY POLICY.
DOB:  AUGUST  17,  1924.  ADDRESS:  214  TRYON  AVENUE,  TEANECK,  NJ  07666.   
     BERTIE  HOWARD,  DIRECTOR.  MS.  HOWARD IS THE EXECUTIVE DIRECTOR OF AFRICA
NEWS  SERVICE,  INC., WHICH IS A NONPROFIT, EDUCATIONAL NEWS AGENCY DEDICATED TO
ENCOURAGING  AND  PROMOTING  AN ACCURATE UNDERSTANDING OF AFRICA AND ITS PEOPLE,
THROUGH  NEWS  AND  INFORMATION. MS. HOWARD ALSO SERVES AS EXECUTIVE DIRECTOR OF
THE  DUKE  UNIVERSITY'S AFRICA AND MEDIA CENTER. DOB: NOVEMBER 8, 1947. ADDRESS:
0-16,  COLONY  APARTMENTS  CHAPEL  HILL,  NC  27514.                            
     *BARBARA  J.  KRUMSIEK,  PRESIDENT  AND  DIRECTOR.  MS.  KRUMSIEK SERVES AS
PRESIDENT,  CHIEF EXECUTIVE OFFICER AND VICE CHAIRMAN OF CALVERT GROUP, LTD. AND
AS  AN  OFFICER  AND  DIRECTOR  OF  EACH  OF  ITS AFFILIATED COMPANIES. SHE IS A
DIRECTOR  OF  CALVERT-SLOAN  ADVISERS, L.L.C., AND A TRUSTEE/DIRECTOR OF EACH OF
THE INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS. PRIOR TO JOINING CALVERT
GROUP,  MS.  KRUMSIEK  SERVED  AS  A  MANAGING DIRECTOR OF ALLIANCE CAPITAL FUND
DISTRIBUTORS,  INC.  DOB:  AUGUST  9,  1952.                                    
     *RENO  J.  MARTINI,  DIRECTOR AND VICE PRESIDENT. MR. MARTINI IS A DIRECTOR
AND  SENIOR VICE PRESIDENT OF CALVERT GROUP, LTD., AND SENIOR VICE PRESIDENT AND
CHIEF  INVESTMENT  OFFICER  OF  CALVERT  ASSET MANAGEMENT COMPANY, INC. HE IS AN
OFFICER  OF  EACH OF THE INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS, AND
IS  VICE  PRESIDENT  OF  CALVERT  NEW  WORLD  FUND,  INC. DOB: JANUARY 13, 1950.
     MADALA  MTHEMBU,  DIRECTOR. PRESENTLY, MR. MTHEMBU IS AN EXECUTIVE DIRECTOR
OF WORLDWIDE AFRICAN LOGISTICS AND TRADING, A FIRM IN THE BUSINESS OF INTEGRATED
LOGISTICS  MANAGEMENT  (SHIPPING, PORT OPERATIONS, ETC) AND COMMODITIES TRADING.
HE  WAS FORMERLY THE SENIOR ADVISOR TO THE PREMIER OF THE NORTHERN CAPE PROVINCE
OF SOUTH AFRICA AND A CONSULTANT WITH THE UNIWORLD GROUP, INC., HE IS THE FORMER
ASSISTANT  CHIEF  U.S.  REPRESENTATIVE  FOR  THE  AFRICAN NATIONAL CONGRESS. MR.
MTHEMBU  RECEIVED  HIS  DEGREE IN LAW FROM NATIONAL UNIVERSITY OF LESOTHO. HE IS
CHAIRMAN  OF  BHANOYI  INVESTMENT HOLDINGS, AN INDUSTRIAL FIRM, AND A PARTNER OF
POHO-PEDI  LIVESTOCK HOLDINGS, A FARMING AND FOOD PROCESSING COMPANY. DOB: APRIL
22,  1964. ADDRESS: THEBE HOUSE, 160 JAN SMUTS AVENUE, ROSEBANK 2196, SUITE 157,
PRIVATE  BAG  X09,  WELTEVREDEN  PARK  1715,  GAUTENG, REPUBLIC OF SOUTH AFRICA.
     *MACEO  K.  SLOAN,  DIRECTOR.  MR.  SLOAN IS CHAIRMAN, PRESIDENT, AND CHIEF
EXECUTIVE  OFFICER  OF  SLOAN  FINANCIAL GROUP AND NCM CAPITAL MANAGEMENT GROUP,
INC.,  CHAIRMAN  OF  NEW  AFRICA  ADVISERS, INC., AND CHAIRMAN AND A DIRECTOR OF
CONXUS  COMMUNICATIONS, AS WELL AS CO-CHAIR OF CALVERT-SLOAN ADVISERS, L.L.C. IN
ADDITION,  MR.  SLOAN  IS  A  DIRECTOR OF THE NATIONAL ASSOCIATION OF SECURITIES
PROFESSIONALS, A CHARTERED FINANCIAL ANALYST AND A FELLOW OF THE LIFE MANAGEMENT
INSTITUTE.  HE  IS  A  DIRECTOR OF THE MECHANICS & FARMERS BANK IN DURHAM, NORTH
CAROLINA.  DOB:  OCTOBER  18, 1949. ADDRESS: NEW AFRICA ADVISERS, INC., 103 WEST
MAIN  STREET,  DURHAM,  NORTH  CAROLINA  27701.                                 
     TIM  SMITH, DIRECTOR. MR. SMITH IS THE EXECUTIVE DIRECTOR OF THE INTERFAITH
CENTER  ON CORPORATE RESPONSIBILITY BASED IN NEW YORK CITY. HE IS ALSO THE CHAIR
OF  THE  ADVISORY  COUNCIL OF THE CALVERT SOCIAL INVESTMENT FUND. MR. SMITH IS A
DIRECTOR  OF  THE  DOMINI  SOCIAL EQUITY FUND. DOB: SEPTEMBER 15, 1943. ADDRESS:
INTERFAITH  CENTER  ON  CORPORATE  RESPONSIBILITY,  475 RIVERSIDE, ROOM 566, NEW
YORK,  N.Y.  10115.                                                             
     JUSTIN  F.  BECKETT,  PRESIDENT.  MR.  BECKETT  IS PRESIDENT AND CEO OF NEW
AFRICA  ADVISERS,  INC.  HE  IS A DIRECTOR AND EXECUTIVE VICE PRESIDENT OF SLOAN
FINANCIAL  GROUP,  INC.  AND  NCM CAPITAL MANAGEMENT GROUP, INC., EXECUTIVE VICE
PRESIDENT  OF SLOAN HOLDINGS, INC., AND A DIRECTOR OF SLOAN COMMUNICATIONS, INC.
AND  PCS  DEVELOPMENT  CORPORATION.  DOB:  APRIL  5,  1963.  ADDRESS: NEW AFRICA
ADVISERS,  INC.,  103  WEST  MAIN  STREET,  DURHAM,  NORTH  CAROLINA  27701.    
     CLIFFORD  MPARE,  VICE PRESIDENT. MR. MPARE IS THE CHIEF INVESTMENT OFFICER
OF  NAA. PRIOR TO JOINING NAA'S PARENT COMPANY, SLOAN FINANCIAL GROUP, MR. MPARE
WAS  A SENIOR ANALYST WITH FIRST UNION CORP'S PRIVATE EQUITY DEPARTMENT. HE IS A
CHARTERED FINANCIAL ANALYST AND A CERTIFIED MANAGEMENT ACCOUNTANT. DOB: NOVEMBER
21,  1957.  ADDRESS:  NEW  AFRICA  ADVISERS, INC., 103 WEST MAIN STREET, DURHAM,
NORTH  CAROLINA  27701.                                                         
          JAMILAH SABIR-CALLOWAY, ASSISTANT SECRETARY. MS. SABIR-CALLOWAY IS THE
VICE PRESIDENT AND CORPORATE SECRETARY OF NAA. PRIOR TO THAT, MS. SABIR-CALLOWAY
WAS  THE ASSISTANT TO THE CORPORATE SECRETARY OF THE SLOAN FINANCIAL GROUP. DOB:
APRIL  19,  1949.  ADDRESS:  NEW  AFRICA  ADVISERS,  INC., 103 WEST MAIN STREET,
DURHAM,  NORTH  CAROLINA  27701.                                                
     WILLIAM  M. TARTIKOFF, ESQ., VICE PRESIDENT AND SECRETARY. MR. TARTIKOFF IS
AN  OFFICER  OF  EACH OF THE INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS,
AND  IS  SENIOR VICE PRESIDENT, SECRETARY, AND GENERAL COUNSEL OF CALVERT GROUP,
LTD.,  AND  EACH  OF  ITS SUBSIDIARIES. MR. TARTIKOFF IS ALSO VICE PRESIDENT AND
SECRETARY OF CALVERT-SLOAN ADVISERS, L.L.C., A DIRECTOR OF CALVERT DISTRIBUTORS,
INC.,  AND  IS AN OFFICER OF ACACIA NATIONAL LIFE INSURANCE COMPANY. DOB: AUGUST
12,  1947.                                                                      
     RONALD  M.  WOLFSHEIMER,  CPA,  TREASURER.  MR.  WOLFSHEIMER IS SENIOR VICE
PRESIDENT  AND  CHIEF  FINANCIAL  OFFICER  OF  CALVERT  GROUP,  LTD.  AND  ITS  
SUBSIDIARIES  AND  AN  OFFICER  OF EACH OF THE OTHER INVESTMENT COMPANIES IN THE
CALVERT  GROUP  OF  FUNDS.  MR.  WOLFSHEIMER  IS VICE PRESIDENT AND TREASURER OF
CALVERT-SLOAN  ADVISERS,  L.L.C.,  AND  A DIRECTOR OF CALVERT DISTRIBUTORS, INC.
DOB:  JULY  24,  1947.                                                          
     MICHAEL V.YUHAS JR., CPA, CONTROLLER OF FUNDS. MR. YUHAS IS THE DIRECTOR OF
FUND  ADMINISTRATION OF CALVERT GROUP, LTD., AND AN OFFICER OF EACH OF THE OTHER
INVESTMENT  COMPANIES  IN  THE  CALVERT  GROUP  OF  FUNDS.  DOB:  08/04/61.     
     SUSAN  WALKER  BENDER,  ESQ.,  ASSISTANT SECRETARY. MS. BENDER IS ASSOCIATE
GENERAL  COUNSEL  OF  CALVERT  GROUP,  LTD.  AND  AN  OFFICER  OF  EACH  OF  ITS
SUBSIDIARIES  AND  CALVERT-SLOAN ADVISERS, L.L.C. SHE IS ALSO AN OFFICER OF EACH
OF  THE  OTHER  INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS. DOB: JANUARY
29,  1959.                                                                      
     IVY  WAFFORD DUKE, ESQ., ASSISTANT SECRETARY. MS. DUKE IS ASSOCIATE GENERAL
COUNSEL  OF  CALVERT  GROUP  AND  AN  OFFICER  OF  EACH  OF ITS SUBSIDIARIES AND
CALVERT-SLOAN  ADVISERS,  L.L.C.  SHE  IS  ALSO  AN OFFICER OF EACH OF THE OTHER
INVESTMENT  COMPANIES  IN  THE CALVERT GROUP OF FUNDS AND SECRETARY AND PROVIDES
COUNSEL TO THE CALVERT SOCIAL INVESTMENT FOUNDATION. PRIOR TO WORKING AT CALVERT
GROUP,  MS.  DUKE  WAS  AN  ASSOCIATE  IN THE INVESTMENT MANAGEMENT GROUP OF THE
BUSINESS  AND  FINANCE  DEPARTMENT  AT DRINKER BIDDLE & REATH. DOB: SEPTEMBER 7,
1968.                                                                           
     VICTOR  FRYE, ESQ., ASSISTANT SECRETARY AND COMPLIANCE OFFICER. MR. FRYE IS
COUNSEL  AND  COMPLIANCE  OFFICER OF CALVERT GROUP AND AN OFFICER OF EACH OF ITS
SUBSIDIARIES AND CALVERT-SLOAN ADVISERS, L.L.C. HE IS ALSO AN OFFICER OF EACH OF
THE  OTHER  INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS. PRIOR TO WORKING
AT  CALVERT GROUP, MR. FRYE WAS COUNSEL AND MANAGER OF THE COMPLIANCE DEPARTMENT
AT  THE  ADVISORS  GROUP.  DOB:  OCTOBER  15,  1958.                            
          JENNIFER  P.  STREAKS,  ESQ.,  ASSISTANT  SECRETARY.  MS.  STREAKS  IS
ASSISTANT  GENERAL  COUNSEL  OF  CALVERT  GROUP  AND  AN  OFFICER OF EACH OF ITS
SUBSIDIARIES  AND  CALVERT-SLOAN ADVISERS, L.L.C. SHE IS ALSO AN OFFICER OF EACH
OF  THE OTHER INVESTMENT COMPANIES IN THE CALVERT GROUP OF FUNDS. DOB: AUGUST 2,
1971.                                                                           

     THE  ADDRESS  OF  DIRECTORS  AND  OFFICERS, UNLESS OTHERWISE NOTED, IS 4550
MONTGOMERY AVENUE, SUITE 1000N, BETHESDA, MARYLAND 20814. DIRECTORS AND OFFICERS
OF  THE  FUND AS A GROUP OWN LESS THAN 1% OF ANY CLASS OF THE FUND'S OUTSTANDING
SHARES. DIRECTORS MARKED WITH AN *, ABOVE, ARE "INTERESTED PERSONS" OF THE FUND,
UNDER  THE  INVESTMENT  COMPANY  ACT  OF  1940.                                 
     DIRECTORS  OF THE FUND NOT AFFILIATED WITH THE ADVISOR CURRENTLY RECEIVE AN
ANNUAL FEE OF $1000 FOR SERVICE AS A MEMBER OF THE BOARD OF DIRECTORS PLUS $1000
FOR  EACH  BOARD  AND  COMMITTEE  MEETING  ATTENDED.  DURING  FISCAL  YEAR 2000,
DIRECTORS  OF  THE FUND NOT AFFILIATED WITH THE FUND'S ADVISOR RECEIVED FEES AND
EXPENSES  OF  $32,252.                                                          
     DIRECTORS  OF  THE FUND NOT AFFILIATED WITH THE FUND'S ADVISOR 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  TRUSTEES/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,
AND  NET  ASSETS.                                                               

 DIRECTOR COMPENSATION TABLE

FISCAL YEAR AGGREGATE COMPENSATION PENSION OR RETIREMENT TOTAL COMPENSATION FROM
   2000     FROM REGISTRANT FOR    BENEFITS ACCRUED AS PART  REGISTRANT AND FUND
(UNAUDITED NUMBERS) SERVICE AS DIRECTOR  OF REGISTRANT EXPENSES* COMPLEX PAID TO
                                                             DIRECTORS**
NAME OF DIRECTORS                                                               
ELIAS  BELAYNEH   $6,000           $0                          $6,000           
ROBERT  BROWNE    $5,500           $0                          $5,500           
BERTIE  HOWARD    $4,000           $0                          $4,000           
MADALA  MTHEMBU   $3,500           $0                          $3,500           
DONALD NORLAND*** $2,500           $2,500                      $2,500           
TIM  SMITH        $4,500           $0                          $4,500           

*MR.  NORLAND HAS CHOSEN TO DEFER A PORTION OF HIS COMPENSATION. AS OF MARCH 31,
2000, MR. NORLAND'S TOTAL DEFERRED COMPENSATION, INCLUDING DIVIDENDS AND CAPITAL
APPRECIATION  OR  DEPRECIATION,  WAS  $9,189.21.                                
**THE  FUND  COMPLEX CONSISTED OF NINE (9) REGISTERED INVESTMENT COMPANIES AS OF
MARCH  31,  2000.                                                               
***RESIGNED  IN  1999.                                                          

INVESTMENT ADVISOR AND SUBADVISORS
----------------------------------

     THE  FUND'S  INVESTMENT  ADVISOR  IS  CALVERT-SLOAN  ADVISERS, L.L.C., 4550
MONTGOMERY  AVENUE,  1000N, BETHESDA, MARYLAND 20814, A JOINTLY-OWNED SUBSIDIARY
OF  CALVERT  GROUP,  LTD.  AND  SLOAN  HOLDINGS,  INC.  CALVERT  GROUP LTD. IS A
SUBSIDIARY  OF  ACACIA  MUTUAL  LIFE  INSURANCE  COMPANY  OF  WASHINGTON,  D.C. 
("ACACIA").  ACACIA  IS  A SUBSIDIARY OF AMERITAS ACACIA MUTUAL HOLDING COMPANY.
SLOAN  HOLDINGS,  INC.,  AN AFFILIATE OF SLOAN FINANCIAL GROUP, IS CONTROLLED BY
MESSRS.  MACEO  SLOAN AND JUSTIN BECKETT. ITS PRINCIPAL PLACE OF BUSINESS IS 103
W.  MAIN  STREET, DURHAM, NORTH CAROLINA 27701. 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 TRUSTEES, 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.                                           
FOR  ITS  SERVICES,  THE  ADVISOR RECEIVES AN ANNUAL FEE OF 1.50 % OF THE FUND'S
AVERAGE  DAILY  NET ASSETS. THE ADVISOR MAY VOLUNTARILY WAIVE ITS FEES OR ASSUME
EXPENSES  OF  THE  FUND.  INVESTMENT  ADVISORY FEES ARE ALLOCATED AS A PORTFOLIO
LEVEL  EXPENSED  BASED  ON  NET  ASSETS.                                        

SUBADVISORS                                                                     

     THE FUND'S SUBADVISORS ARE NEW AFRICA ADVISERS, INC. ("NAA"), CONTROLLED BY
SLOAN  FINANCIAL  GROUP,  INC.,  CONTROLLED  BY  MESSRS.  MACEO SLOAN AND JUSTIN
BECKETT,  AND  CALVERT  ASSET  MANAGEMENT  COMPANY, INC., CONTROLLED BY AMERITAS
ACACIA  MUTUAL  HOLDING COMPANY. PURSUANT TO INVESTMENT ADVISORY AGREEMENTS WITH
THE  ADVISOR,  THE SUBADVISORS DETERMINE INVESTMENT SELECTIONS FOR THE FUND. FOR
ITS  SERVICES,  NAA  RECEIVES  AN  ANNUAL  FEE FROM THE ADVISOR OF 0.755% OF THE
FUND'S  AVERAGE  DAILY  NET  ASSETS  UNDER  MANAGEMENT. CALVERT ASSET MANAGEMENT
COMPANY  (CAMCO) RECEIVES AN ANNUAL FEE OF 0.495%. IN ADDITION, THE ADVISOR PAYS
A  CONSULTING  FEE  OF  0.10%  TO  SLOAN  HOLDINGS,  INC.                       

     THE  FUND  HAS RECEIVED AN EXEMPTIVE ORDER FROM THE SECURITIES AND EXCHANGE
COMMISSION TO PERMIT THE FUND AND THE ADVISOR TO ENTER INTO AND MATERIALLY AMEND
THE  INVESTMENT  SUBADVISORY  AGREEMENT  WITHOUT SHAREHOLDER APPROVAL. WITHIN 90
DAYS  OF  THE  HIRING  OF  ANY  SUBADVISOR OR THE IMPLEMENTATION OF ANY PROPOSED
MATERIAL  CHANGE  IN THE INVESTMENT SUBADVISORY AGREEMENT, THE FUND WILL FURNISH
ITS  SHAREHOLDERS INFORMATION ABOUT THE NEW SUBADVISOR OR INVESTMENT SUBADVISORY
AGREEMENT. SUCH INFORMATION WILL INCLUDE ANY CHANGE IN SUCH DISCLOSURE CAUSED BY
THE  ADDITION  OF  A  NEW  SUBADVISOR  OR  ANY  PROPOSED  MATERIAL CHANGE IN THE
INVESTMENT  SUBADVISORY AGREEMENT OF THE FUND. THE FUND WILL MEET THIS CONDITION
BY  PROVIDING  SHAREHOLDERS,  WITHIN  90 DAYS OF THE HIRING OF THE SUBADVISOR OR
IMPLEMENTATION  OF ANY MATERIAL CHANGE TO THE TERMS OF AN INVESTMENT SUBADVISORY
AGREEMENT,  WITH  AN  INFORMATION  STATEMENT  TO  THIS  EFFECT.                 
     THE  ADVISORY  FEES  PAID  TO  THE ADVISOR BY THE FUND FOR THE FISCAL YEARS
ENDED  MARCH  31,  1998,  1999  AND  2000  WERE  $152,500, $151,986 AND $96,961,
RESPECTIVELY. FOR THESE SAME PERIODS, THE ADVISOR REIMBURSED EXPENSES, OR WAIVED
FEES  OF  $90,766,  $73,037 AND $100,829, RESPECTIVELY. INVESTMENT ADVISORY FEES
ARE  ALLOCATED  AS  A  PORTFOLIO-LEVEL  EXPENSE  BASED  ON  NET  ASSETS.        

 ADMINISTRATIVE SERVICES
 -----------------------

     CALVERT  ADMINISTRATIVE  SERVICES  COMPANY,  INC.,  ("CASC") A WHOLLY-OWNED
SUBSIDIARY  OF  CALVERT  GROUP,  LTD.,  HAS BEEN RETAINED BY THE FUND TO PROVIDE
CERTAIN  ADMINISTRATIVE SERVICES NECESSARY TO THE CONDUCT OF THE FUND'S AFFAIRS.
SUCH  SERVICES  INCLUDE  THE PREPARATION OF CORPORATE AND REGULATORY REPORTS AND
FILINGS,  THE  OVERSIGHT  OF THE FUND ACCOUNTING, AND THE DAILY DETERMINATION OF
NET  INVESTMENT INCOME AND NET ASSET VALUE PER SHARE CASC IS ENTITLED TO RECEIVE
AN  ANNUAL  FEE  OF  0.25%  OF  THE FUND'S AVERAGE NET ASSETS FOR PROVIDING SUCH
SERVICES.  ADMINISTRATIVE  SERVICE  FEES ARE ALLOCATED AS A CLASS-LEVEL EXPENSE,
BASED  ON  NET  ASSETS.  THE  FEES  PAID  BY  THE FUND TO CALVERT ADMINISTRATIVE
SERVICES  COMPANY,  INC.  FOR  FISCAL YEARS 1998, 1999 AND 2000 ARE SHOWN BELOW:

1998        1999             2000                           
$25,417     $24,995          $0                             

 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.,  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")  IS  THE  PRINCIPAL  UNDERWRITER  AND
DISTRIBUTOR  FOR  THE FUND. CDI IS AN AFFILIATE OF CAMCO. UNDER THE TERMS OF ITS
UNDERWRITING  AGREEMENT  WITH  THE FUNDS, CDI MARKETS AND DISTRIBUTES THE FUND'S
SHARES  AND  IS  RESPONSIBLE FOR PREPARING ADVERTISING AND SALES LITERATURE, AND
PRINTING  AND  MAILING  PROSPECTUSES  TO  PROSPECTIVE  INVESTORS.               
     PURSUANT  TO  RULE 12B-1 UNDER THE INVESTMENT COMPANY ACT OF 1940, THE FUND
HAS  ADOPTED  DISTRIBUTION  PLANS  (THE  "PLANS")  WHICH  PERMIT THE FUND TO PAY
CERTAIN  EXPENSES  ASSOCIATED WITH THE DISTRIBUTION AND SERVICING OF ITS SHARES.
SUCH  EXPENSES FOR CLASS SHARES MAY NOT EXCEED, ON AN ANNUAL BASIS, 0.25% OF THE
FUND'S  RESPECTIVE  AVERAGE  DAILY NET ASSETS. EXPENSES UNDER THE FUND'S CLASS B
AND  CLASS C PLANS MAY NOT EXCEED, ON AN ANNUAL BASIS, 1.00% OF THE FUND'S CLASS
B  AND  CLASS  C  AVERAGE  DAILY  NET  ASSETS,  RESPECTIVELY.                   
     THE  CLASS A DISTRIBUTION PLANS REIMBURSES CDI ONLY FOR EXPENSES IT INCURS,
WHILE  THE  CLASS  B  AND  C  DISTRIBUTION  PLANS  COMPENSATE  CDI AT A SET RATE
REGARDLESS  OF  CDI'S  EXPENSES.                                                
     THE  FUND'S  DISTRIBUTION  PLANS  WERE  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 PLANS OR IN ANY AGREEMENTS
RELATED  TO THE PLANS. 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 PLANS, THE DIRECTORS CONSIDERED
VARIOUS FACTORS INCLUDING THE AMOUNT OF THE DISTRIBUTION EXPENSES. THE DIRECTORS
DETERMINED THAT THERE IS A REASONABLE LIKELIHOOD THAT THE PLANS 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  PLANS  MAY  BE  TERMINATED BY VOTE OF A MAJORITY OF THE NON-INTERESTED
DIRECTORS  WHO HAVE NO DIRECT OR INDIRECT FINANCIAL INTEREST IN THE PLANS, OR BY
VOTE  OF A MAJORITY OF THE OUTSTANDING SHARES OF THE AFFECTED CLASS OF THE FUND.
IF  THE  FUND  SHOULD  EVER  SWITCH  TO  A  NEW  PRINCIPAL  UNDERWRITER  WITHOUT
TERMINATING  THE CLASS B PLAN, THE FEE WOULD BE PRORATED BETWEEN CDI AND THE NEW
PRINCIPAL  UNDERWRITER.  ANY  CHANGE IN THE PLANS THAT WOULD MATERIALLY INCREASE
THE  DISTRIBUTION  COST TO THE FUND REQUIRES APPROVAL OF THE SHAREHOLDERS OF THE
AFFECTED  CLASS; OTHERWISE, THE PLANS MAY BE AMENDED BY THE DIRECTORS, INCLUDING
A  MAJORITY  OF  THE NON-INTERESTED DIRECTORS AS DESCRIBED ABOVE. THE PLANS 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 PLANS OR INTERESTED PERSONS OF ANY SUCH PARTY AND WHO HAVE NO
DIRECT  OR  INDIRECT  FINANCIAL  INTEREST  IN  THE PLANS, AND (II) THE VOTE OF A
MAJORITY  OF  THE  ENTIRE  BOARD  OF  DIRECTORS.                                
     APART  FROM THE PLANS, THE ADVISOR AND CDI, AT THEIR OWN EXPENSE, MAY INCUR
COSTS  AND  PAY EXPENSES ASSOCIATED WITH THE DISTRIBUTION OF SHARES OF THE FUND.
THE  ADVISOR  AND/OR  CDI  HAS AGREED TO PAY CERTAIN FIRMS COMPENSATION BASED ON
SALES  OF  FUND  SHARES  OR  ON  ASSETS  HELD IN THOSE FIRM'S ACCOUNTS FOR THEIR
MARKETING AND DISTRIBUTION OF THE FUND SHARES, ABOVE THE USUAL SALES CHARGES AND
SERVICES  FEES.  THIS LIST MAY BE CHANGED FROM TIME TO TIME. AS OF MAY 31, 2000,
THE  ADVISOR  AND/OR  CDI  HAS  SPECIAL  ARRANGEMENTS  WITH THE FOLLOWING FIRMS:
PRUDENTIAL  SECURITIES,  SALOMON  SMITH  BARNEY,  AMERICAN  EXPRESS  FINANCIAL  
ADVISORS,  MERRILL  LYNCH,  AND  PAINEWEBBER,  INC.                             
     CDI,  MAKES  A  CONTINUOUS  OFFERING  OF  THE  FUND'S SECURITIES ON A "BEST
EFFORTS"  BASIS.  UNDER  THE TERMS OF THE AGREEMENT, CDI IS ENTITLED TO RECEIVE,
PURSUANT  TO  THE  DISTRIBUTION PLANS, A DISTRIBUTION FEE AND A SERVICE FEE FROM
THE  FUND BASED ON THE AVERAGE DAILY NET ASSETS OF EACH OF THE FUND'S RESPECTIVE
CLASSES.  THESE FEES ARE PAID PURSUANT TO THE FUND'S DISTRIBUTION PLAN.  FOR THE
LAST  FISCAL  YEAR,  THE  FUND'S  DISTRIBUTION PLAN EXPENSES FOR EACH CLASS WERE
SPENT  FOR  THE  FOLLOWING  PURPOSES:                                           

                                 CLASS A          CLASS B        CLASS C
COMPENSATION TO BROKER-DEALERS       $11,500          $800              $200    
COMPENSATION TO SALES PERSONNEL          300             -                 -    
ADVERTISING                            1,400             -                 -    
PRINTING AND MAILING OF PROSPECTUSES                                            
TO OTHER THAN CURRENT SHAREHOLDERS  2,700             -                 - 
COMPENSATION TO UNDERWRITERS               -             -                 -    
INTEREST, FINANCING CHARGES                -             -                 -    
OTHER                                      -             -                 -    

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%               

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CDI RECEIVES ANY FRONT-END SALES CHARGE OR CDSC PAID. A PORTION OF THE FRONT-END
SALES  CHARGE MAY BE REALLOWED TO DEALERS. THE AGGREGATE AMOUNT OF SALES CHARGES
(GROSS  UNDERWRITING  COMMISSIONS) AND FOR CLASS A ONLY, THE NET AMOUNT RETAINED
BY  CDI  (I.E.,  NOT  REALLOWED TO DEALERS) FOR THE LAST THREE FISCAL YEARS ARE:

FISCAL  YEAR      1998                   1999                      2000         
CLASS A     GROSS     NET           GROSS     NET             GROSS      NET    
         $22,930     ($28,032)     $22,435   $8,982         $10,203     $4,603

FISCAL  YEAR      1998                   1999                      2000         
CLASS  B                                                                        
          N/A                  $2,856                   $8,555

FISCAL  YEAR      1998                   1999                      2000         
CLASS  C                                                                        
         N/A                    N/A                       $0

     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  TRANSACTIONS ON BEHALF OF THE FUND ARE  
SELECTED ON THE BASIS OF THEIR EXECUTION CAPABILITY AND TRADING EXPERTISE       
CONSIDERING, AMONG OTHER  FACTORS, THE OVERALL REASONABLENESS OF THE BROKERAGE  
COMMISSIONS, CURRENT MARKET  CONDITIONS,  SIZE  AND TIMING OF THE ORDER,        
DIFFICULTY OF EXECUTION, PER SHARE  PRICE,  MARKET  FAMILIARITY,  RELIABILITY,  
INTEGRITY,  AND  FINANCIAL CONDITION,  SUBJECT TO THE ADVISOR/SUBADVISOR        
OBLIGATION TO SEEK BEST EXECUTION. THE  ADVISOR OR SUBADVISOR MAY ALSO CONSIDER 
SALES OF FUND SHARES AS A FACTOR IN THE  SELECTION  OF  BROKERS.                
     FOR  THE  LAST  THREE FISCAL YEARS, TOTAL BROKERAGE COMMISSIONS PAID ARE AS
FOLLOWS:                                                                        

1998          1999          2000                            
$132,611     $52,855       $103,024                         

THE  FUND DID NOT PAY ANY BROKERAGE COMMISSIONS TO AFFILIATED PERSONS 
DURING THE LAST  THREE  FISCAL  YEARS.                                          
     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.            

FOR  THE  FISCAL YEAR ENDED MARCH 31, 2000, THE FUND, THROUGH ITS ADVISOR AND/OR
SUBADVISOR,  DIRECTED  BROKERAGE FOR RESEARCH SERVICES IN THE FOLLOWING AMOUNTS:
                                           RELATED
     AMOUNT  OF  TRANSACTIONS          COMMISSIONS

 $15,410,093                       $19,177

     THE  PORTFOLIO TURNOVER RATES FOR THE LAST TWO FISCAL YEARS ARE AS FOLLOWS:
1999          2000                      
60%           133%                      

PERSONAL SECURITIES TRANSACTIONS
--------------------------------

     THE  FUND,  ITS  ADVISORS, AND PRINCIPAL UNDERWRITER HAVE ADOPTED A CODE OF
ETHICS  PURSUANT  TO RULE 17J-1 OF THE INVESTMENT COMPANY ACT OF 1940.  THE CODE
OF ETHICS IS DEIGNED TO PROTECT THE PUBLIC FROM ABUSIVE TRADING PRACTICES AND TO
MAINTAIN  ETHICAL  STANDARDS  FOR  ACCESS  PERSONS  AS  DEFINED IN THE RULE WHEN
DEALING  WITH  THE  PUBLIC.  THE  CODE  OF  ETHICS PERMITS THE FUND'S INVESTMENT
PERSONNEL TO INVEST IN SECURITIES THAT MAYBE PURCHASED OR HELD BY THE FUND.  THE
CODE OF ETHICS CONTAINS CERTAIN CONDITIONS SUCH AS PRECLEARANCE AND RESTRICTIONS
ON  USE  OF  MATERIAL  INFORMATION.                                             

INDEPENDENT ACCOUNTANTS AND CUSTODIANS
--------------------------------------

     PRICEWATERHOUSECOOPERS  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. 

 CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
 ---------------------------------------------------

     AS  OF  JULY 3, 2000, THE FOLLOWING SHAREHOLDERS OWNED OF RECORD 5% OR MORE
OF  THE  CLASS  SHOWN:                                                          

NAME  AND  ADDRESS                          %  OF  OWNERSHIP          

THE PUBLIC SCHOOL RETIREMENT SYSTEM         58.90%, CLASS A           
OF THE CITY OF ST. LOUIS                                              
ST. LOUIS, MO                                                         

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 GENERAL INFORMATION
 -------------------

     THE  FUND  IS  AN  OPEN-END  NON-DIVERSIFIED MANAGEMENT INVESTMENT COMPANY,
ORGANIZED  AS  A MARYLAND CORPORATION (CALVERT NEW WORLD FUND, INC.) ON DECEMBER
22,  1994. 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 OFFER THREE SEPARATE
CLASSES  OF  SHARES:  CLASS  A,  CLASS  B,  AND  CLASS  C. EACH CLASS REPRESENTS
INTERESTS  IN  THE  FUND  OF  INVESTMENTS  BUT,  AS  FURTHER  DESCRIBED  IN  THE
PROSPECTUS, EACH CLASS IS SUBJECT TO DIFFERING SALES CHARGES AND EXPENSES, WHICH
DIFFERENCES  WILL  RESULT  IN DIFFERING NET ASSET VALUES AND DISTRIBUTIONS. UPON
ANY  LIQUIDATION  OF  THE FUND, SHAREHOLDERS OF EACH CLASS 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.  UNDER  CERTAIN 
CIRCUMSTANCES,  SHAREHOLDERS MAY CALL A SPECIAL SHAREHOLDER MEETING. PURSUANT TO
SECTION  16(C)  OF  THE  INVESTMENT  COMPANY  ACT,  THE  FUND  WILL ASSIST THOSE
SHAREHOLDERS  IN THEIR COMMUNICATIONS WITH OTHER SHAREHOLDERS. AS A SHAREHOLDER,
YOU  RECEIVE  ONE  VOTE  FOR  EACH  SHARE YOU OWN, EXCEPT THAT MATTERS AFFECTING
CLASSES  DIFFERENTLY, SUCH AS DISTRIBUTION PLANS, WILL BE VOTED ON SEPARATELY BY
THE  AFFECTED  CLASS(ES).                                                       

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APPENDIX
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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.                                

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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)   

485BPOS
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PART  C.  OTHER  INFORMATION                                                    

ITEM  23.  EXHIBITS                                                             

    99.B1      ARTICLES  OF  INCORPORATION,  INCORPORATED  BY  REFERENCE  TO
                REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE  1,
 1999,  ACCESSION  NUMBER  0000934700-99-000004.

99.B2      BY-LAWS,  INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S  
                 POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE 1, 1999, ACCESSION
NUMBER  0000934700-99-000004.                 

      99.B5.     INVESTMENT  ADVISORY  CONTRACT,  INCORPORATED  BY  REFERENCE TO
                REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE  1,
 1999,  ACCESSION  NUMBER  0000934700-99-000004.

  99.B5.A.   INVESTMENT  SUB-ADVISORY  CONTRACT  (NEW  AFRICA  ADVISERS,
       INC.),  INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S
                 POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE 1, 1999, ACCESSION
NUMBER  0000934700-99-000004.                 

      99.B5.B.   INVESTMENT  SUB-ADVISORY  CONTRACT  (CALVERT  ASSET  MANAGEMENT
                 COMPANY,  INC.),  INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S
                 POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE 1, 1999, ACCESSION
NUMBER  0000934700-99-000004.                 

99.B6      UNDERWRITING  AGREEMENT,  INCORPORATED  BY  REFERENCE  TO
                REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  4,  FILED  MAY  28,
 1998,  ACCESSION  NUMBER  0000934700-98-000005.

      99.B7      DIRECTORS'  DEFERRED  COMPENSATION  AGREEMENT,  INCORPORATED BY
              REFERENCE  TO  REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,
                 FILED  JUNE  1,  1999,  ACCESSION NUMBER  0000934700-99-000004.

99.B8      CUSTODIAL  CONTRACT,  FILED HEREWITH                     

      99.B9A     TRANSFER  AGENCY  CONTRACT  AND SHAREHOLDER SERVICING CONTRACT,
               INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S  POST-EFFECTIVE
                 FILING  NO.  4,  MAY  28,  1998,  ACCESSION  NUMBER 0000934700-
98-000005.                                    

      99.B9B     ADMINISTRATIVE  SERVICES  AGREEMENT,  INCORPORATED BY REFERENCE
                TO  REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE
     1,  1999,  ACCESSION  NUMBER  0000934700-99-000004.

      99.B10     OPINION  AND  CONSENT  OF  COUNSEL  AS  TO  LEGALITY  OF SHARES
BEING  REGISTERED,  FILED  HEREWITH.          

99.B11     INDEPENDENT  AUDITORS'  CONSENT,  FILED  HEREWITH.       

      99.B13     LETTER  REGARDING  INITIAL  CAPITAL,  INCORPORATED BY REFERENCE
                TO  REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE
     1,  1999,  ACCESSION  NUMBER  0000934700-99-000004.

      99.B15     PLAN  OF  DISTRIBUTION,  FOR  CLASS A, B AND C, INCORPORATED BY
              REFERENCE  TO  REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  5,
                 FILED  JUNE  1,  1999,  ACCESSION NUMBER  0000934700-99-000004.

99.B16     SCHEDULE  FOR  COMPUTATION  OF  PERFORMANCE  QUOTATION,  
               INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S  POST-EFFECTIVE
             FILING  NO.  3,  FILED  JULY  25,  1997,  ACCESSION  NUMBER
0000934700-97-000007.                         

      99.B17A    18F-3  MULTIPLE  CLASS PLAN DOCUMENT, INCORPORATED BY REFERENCE
                 TO  REGISTRANT'S  POST-EFFECTIVE  FILING  NO.  4, MAY 28, 1998,
ACCESSION  NUMBER  0000934700-98-000005.      

      99.B17B    EXHIBIT  24  - POWER OF ATTORNEY FORMS SIGNED BY EACH DIRECTOR,
INCORPORATED  BY  REFERENCE  TO  REGISTRANT'S 
                 POST-EFFECTIVE  FILING  NO.  5,  FILED  JUNE 1, 1999, ACCESSION
NUMBER  0000934700-99-000004.                 

99.B18     CODE  OF  ETHICS  FILED  HEREWITH.                       

ITEM  24.  PERSONS  CONTROLLED  BY  OR  UNDER  COMMON  CONTROL  WITH  REGISTRANT

NOT  APPLICABLE.                                              

ITEM  25.  INDEMNIFICATION                                                      

         REGISTRANT'S  DECLARATION  OF  TRUST, WHICH DECLARATION IS EXHIBIT 1 OF
THIS  REGISTRATION  STATEMENT,  PROVIDES,  IN  SUMMARY, THAT OFFICERS, TRUSTEES,
EMPLOYEES,  AND  AGENTS  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 TRUSTEES 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'S  DECLARATION  OF  TRUST  ALSO PROVIDES THAT 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  MAINTAINS  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  26.  BUSINESS  AND  OTHER  CONNECTIONS  OF  INVESTMENT  ADVISER           

   NAME  OF  COMPANY,  PRINCIPAL
NAME                       BUSINESS  AND  ADDRESS                   CAPACITY    

BARBARA  J.  KRUMSIEK      CALVERT  VARIABLE  SERIES,  INC.          OFFICER    
                    CALVERT  MUNICIPAL  FUND,  INC.            AND
                        CALVERT  WORLD  VALUES  FUND,  INC.       DIRECTOR

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       FIRST  VARIABLE  RATE  FUND  FOR          OFFICER
                      GOVERNMENT  INCOME                         AND
                       CALVERT  TAX-FREE  RESERVES               TRUSTEE
       CALVERT  SOCIAL  INVESTMENT  FUND
CALVERT  CASH  RESERVES   
THE  CALVERT  FUND        

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
                  INVESTMENT  ADVISOR                      AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT  GROUP,  LTD.                    OFFICER
                  HOLDING  COMPANY                         AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
                  TRANSFER  AGENT                          AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
                 SERVICE  COMPANY                        AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
---------------           
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
                 BROKER-DEALER                           AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT-SLOAN  ADVISERS,  LLC            DIRECTOR
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                         CALVERT  NEW  WORLD  FUND,  INC.           DIRECTOR
INVESTMENT  COMPANY       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
--------------            
                           ALLIANCE  CAPITAL  MGMT. L.P.      SR. VICE PRESIDENT
                       MUTUAL  FUND  DIVISION                   DIRECTOR
     1345  AVENUE  OF  THE  AMERICAS
NEW  YORK,  NY  10105     
--------------            

RONALD  M.  WOLFSHEIMER      FIRST  VARIABLE  RATE  FUND               OFFICER  
FOR  GOVERNMENT  INCOME 
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
--------------            
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                      CALVERT  GROUP,  LTD.                    OFFICER
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
                  SERVICE  COMPANY                         AND
                       4550  MONTGOMERY  AVENUE                 DIRECTOR
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  DISTRIBUTORS,  INC.             DIRECTOR
                 BROKER-DEALER                           AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           
                      CALVERT-SLOAN  ADVISERS,  LLC            OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           

RENO  J.  MARTINI            CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER 
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  GROUP,  LTD.                    DIRECTOR
                 HOLDING  COMPANY                        AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           
                       FIRST  VARIABLE  RATE  FUND               OFFICER
FOR  GOVERNMENT  INCOME 
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                         CALVERT  NEW  WORLD  FUND,  INC.           DIRECTOR
                  INVESTMENT  COMPANY                      AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT-SLOAN  ADVISERS,  LLC            DIRECTOR
                  INVESTMENT  ADVISOR                      AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           

MACEO  K.  SLOAN             SLOAN  FINANCIAL  GROUP,  INC.            FOUNDER, 
                       HOLDING  COMPANY                        CHAIRMAN,
                           103  WEST  MAIN  STREET,  4TH  FLOOR        PRESIDENT
                        DURHAM,  NORTH  CAROLINA  27701           AND  CEO
------------------        
                       SLOAN  HOLDINGS,  INC.                   CHAIRMAN
HOLDING  COMPANY          
          103  WEST  MAIN  STREET,  4TH  FLOOR
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                        NEW  AFRICA  ADVISERS,  INC.              CHAIRMAN
INVESTMENT  ADVISER       
          103  WEST  MAIN  STREET,  4TH  FLOOR
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                         NCM  CAPITAL  MANAGEMENT  GROUP,  INC.     FOUNDER,
                       INVESTMENT  ADVISER                     CHAIRMAN,
                           103  WEST  MAIN  STREET,  4TH  FLOOR        PRESIDENT
                        DURHAM,  NORTH  CAROLINA  27701           AND  CEO
------------------        
                       SLOAN  COMMUNICATIONS,  INC.             CHAIRMAN
     TELECOMMUNICATIONS  CORPORATION
          103  WEST  MAIN  STREET,  4TH  FLOOR
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                       PCS  DEVELOPMENT  CORPORATION            CHAIRMAN
     TELECOMMUNICATIONS  CORPORATION
P.O.  BOX  272            
     24  VARDRY  STREET,  SUITE  401
         GREENVILLE,  SOUTH  CAROLINA  29602
------------------        
                       CALVERT-SLOAN  ADVISERS,  L.L.C.         DIRECTOR
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
         CREF  COLLEGE  RETIREMENT  EQUITIES
                    FUND                                   TRUSTEE
EQUITY  PENSION  FUND     
1730  THIRD  AVENUE       
  NEW  YORK,  NEW  YORK  10017
------------------        
                        MECHANICS  AND  FARMERS  BANK             DIRECTOR
116  WEST  PARRISH  STREET
     DURHAM,  NORTH  CAROLINA  27702
------------------        
                        NATIONAL  ASSOCIATION  OF  SECURITIES     DIRECTOR
PROFESSIONALS             
                    C/O  PRYOR,  MCCLENDON,  COUNTS  &  CO.,  INC.
           1100  PEACHTREE  STREET,  SUITE  1660
ATLANTA,  GEORGIA  30309  
------------------        
                        NEWS  AND  OBSERVER  PUBLISHING           DIRECTOR
COMPANY                   
             NEWSPAPER/MAGAZINE  PUBLISHING  COMPANY
P.O.  BOX  191            
  215  SOUTH  MCDOWELL  STREET
      RALEIGH,  NORTH  CAROLINA  27601
------------------        
                      NATIONAL  INVESTMENT  MANAGERS           FOUNDER
ASSOCIATION               
          PROFESSIONAL  ORGANIZATION  CHAIRMAN
         1899  L  STREET,  N.W.,  5TH  FLOOR
WASHINGTON,  D.C.  20036  
------------------        
                         CALVERT  NEW  WORLD  FUND,  INC.           DIRECTOR
INVESTMENT  COMPANY       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
--------------            

JUSTIN  F.  BECKETT          SLOAN  FINANCIAL  GROUP,  INC.            DIRECTOR,
                       HOLDING  COMPANY                        EXECUTIVE
                           103  WEST  MAIN  STREET,                  VICE  PRES.
4TH  FLOOR                
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                        SLOAN  HOLDINGS,  INC.                   EXECUTIVE
                         HOLDING  COMPANY                        VICE  PRES.
          103  WEST  MAIN  STREET,  4TH  FLOOR
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                        NEW  AFRICA  ADVISERS,  INC.              FOUNDER,
                        INVESTMENT  ADVISER                     PRESIDENT,
                    103  WEST  MAIN  STREET,  4TH  FLOOR  AND  CEO
     DURHAM,  NORTH  CAROLINA  27701
------------------        
            NCM  CAPITAL  MANAGEMENT  GROUP,  INC.
                       INVESTMENT  ADVISE                      EXECUTIVE
                           103  WEST  MAIN  STREET,                  VICE  PRES.
4TH  FLOOR                
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                       SLOAN  COMMUNICATIONS,  INC.             DIRECTOR
     TELECOMMUNICATIONS  CORPORATION
          103  WEST  MAIN  STREET,  4TH  FLOOR
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                       PCS  DEVELOPMENT  CORPORATION            DIRECTOR
     TELECOMMUNICATIONS  CORPORATION
P.O.  BOX  272            
     24  VARDRY  STREET,  SUITE  401
         GREENVILLE,  SOUTH  CAROLINA  29602
------------------        
                       CALVERT-SLOAN  ADVISERS,  L.L.C.         DIRECTOR
                 INVESTMENT  ADVISOR                     AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  NEW  WORLD  FUND,  INC.           OFFICER
INVESTMENT  COMPANY       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
--------------            

VICTORIA  TREADWELL         NCM  CAPITAL  MANAGEMENT                 OFFICER    
INVESTMENT  ADVISOR       
103  WEST  MAIN  STREET   
     DURHAM,  NORTH  CAROLINA  27701
------------------        
                       CALVERT-SLOAN  ADVISERS,  L.L.C.         DIRECTOR
                 INVESTMENT  ADVISOR                     AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
---------------           

WILLIAM  M.  TARTIKOFF       ACACIA  NATIONAL  LIFE  INSURANCE         OFFICER  
INSURANCE  COMPANY        
7315  WISCONSIN  AVENUE   
BETHESDA,  MARYLAND  20814
----------------          
                        FIRST  VARIABLE  RATE  FUND  FOR           OFFICER
GOVERNMENT  INCOME      
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                      CALVERT  GROUP,  LTD.                    OFFICER
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                     CALVERT  ADMINISTRATIVE                 OFFICER
SERVICES  COMPANY         
SERVICE  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  ASSET  MANAGEMENT  CO.  INC.      OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  DISTRIBUTORS,  INC.             DIRECTOR
                 BROKER-DEALER                           AND
                      4550  MONTGOMERY  AVENUE                 OFFICER
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT-SLOAN  ADVISERS,  LLC            OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          

CRAIG  CLOYED               CALVERT-SLOAN  ADVISERS,  L.L.C.         DIRECTOR   
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
BROKER-DEALER             
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814

SUSAN  WALKER  BENDER        CALVERT  GROUP,  LTD.                    OFFICER   
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
SERVICE  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
BROKER-DEALER             
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT-SLOAN  ADVISERS,  LLC            OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                        FIRST  VARIABLE  RATE  FUND  FOR           OFFICER
GOVERNMENT  INCOME      
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           

IVY  WAFFORD  DUKE           CALVERT  GROUP,  LTD.                    OFFICER   
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
SERVICE  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
BROKER-DEALER             
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT-SLOAN  ADVISERS,  LLC            OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                        FIRST  VARIABLE  RATE  FUND  FOR           OFFICER
GOVERNMENT  INCOME      
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           

JENNIFER  STREAKS           CALVERT  GROUP,  LTD.                    OFFICER    
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
SERVICE  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
BROKER-DEALER             
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                    CALVERT-SLOAN  ADVISERS,  LLC          OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                     FIRST  VARIABLE  RATE  FUND  FOR        OFFICER
GOVERNMENT  INCOME      
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           

VICTOR  FRYE                CALVERT  GROUP,  LTD.                    OFFICER    
HOLDING  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                       CALVERT  ADMINISTRATIVE  SERVICES  CO.    OFFICER
SERVICE  COMPANY          
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           
                        CALVERT  ASSET  MANAGEMENT  CO.,  INC.     OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                       CALVERT  SHAREHOLDER  SERVICES,  INC.     OFFICER
TRANSFER  AGENT           
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT  DISTRIBUTORS,  INC.             OFFICER
BROKER-DEALER             
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      CALVERT-SLOAN  ADVISERS,  LLC            OFFICER
INVESTMENT  ADVISOR       
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
----------------          
                      FIRST  VARIABLE  RATE  FUND  FOR         OFFICER
GOVERNMENT  INCOME      
 CALVERT  TAX-FREE  RESERVES
CALVERT  CASH  RESERVES   
       CALVERT  SOCIAL  INVESTMENT  FUND
THE  CALVERT  FUND        
      CALVERT  VARIABLE  SERIES,  INC.
     CALVERT  MUNICIPAL  FUND,  INC.
         CALVERT  WORLD  VALUES  FUND,  INC.
      CALVERT  NEW  WORLD  FUND,  INC.

INVESTMENT  COMPANIES     
4550  MONTGOMERY  AVENUE  
BETHESDA,  MARYLAND  20814
---------------           

ITEM  27.  PRINCIPAL  UNDERWRITERS                                              

  (A)      REGISTRANT'S  PRINCIPAL  UNDERWRITER  ALSO  UNDERWRITES
SHARES  OF  FIRST  VARIABLE  RATE  FUND  FOR  GOVERNMENT  INCOME,  CALVERT      
TAX-FREE  RESERVES,  CALVERT  SOCIAL  INVESTMENT  FUND,  CALVERT  CASH RESERVES,
THE  CALVERT  FUND,  CALVERT  MUNICIPAL  FUND,  INC.,  CALVERT  WORLD  VALUES   
FUND,  INC.,  AND  CALVERT  VARIABLE  SERIES,  INC.                             

 (B)      POSITIONS  OF  UNDERWRITER'S  OFFICERS  AND  DIRECTORS

NAME  AND  PRINCIPAL         POSITION(S)  WITH             POSITION(S)  WITH    
BUSINESS  ADDRESS            UNDERWRITER                   REGISTRANT           

BARBARA  J. KRUMSIEK         DIRECTOR AND PRESIDENT        PRESIDENT AND TRUSTEE

RONALD  M.  WOLFSHEIMER      DIRECTOR,  SENIOR  VICE         TREASURER          
               PRESIDENT  AND  CHIEF  FINANCIAL  OFFICER

WILLIAM  M.  TARTIKOFF       DIRECTOR,  SENIOR  VICE          VICE PRESIDENT AND
                PRESIDENT  AND  SECRETARY        SECRETARY

CRAIG  CLOYED               SENIOR  VICE  PRESIDENT            NONE             

KAREN  BECKER               VICE  PRESIDENT,  OPERATIONS       NONE             

MATTHEW  GELFAND            VICE  PRESIDENT                    NONE             

GEOFFREY  ASHTON            REGIONAL  VICE  PRESIDENT          NONE             

MARTIN  BROWN               REGIONAL  VICE  PRESIDENT          NONE             

BILL  HAIRGROVE             REGIONAL  VICE  PRESIDENT          NONE             

ANTHONY  EAMES              REGIONAL  VICE  PRESIDENT          NONE             

STEVE  HIMBER               REGIONAL  VICE  PRESIDENT          NONE             

TANYA  WILLIAMS             REGIONAL  VICE  PRESIDENT          NONE             

BEN  OGBOGU                 REGIONAL  VICE  PRESIDENT          NONE             

TOM  STANTON                REGIONAL  VICE  PRESIDENT          NONE             

CHRISTINE  TESKE            REGIONAL  VICE  PRESIDENT          NONE             

JENNIFER  STREAKS           ASSISTANT  SECRETARY               NONE             

SUSAN  WALKER  BENDER       ASSISTANT  SECRETARY            ASSISTANT SECRETARY 

IVY  WAFFORD  DUKE          ASSISTANT  SECRETARY            ASSISTANT SECRETARY 

VICTOR  FRYE                ASSISTANT  SECRETARY               NONE             
AND  COMPLIANCE  OFFICER  

(C)      INAPPLICABLE.                                        

ITEM  28.  LOCATION  OF  ACCOUNTS  AND  RECORDS                                 

RONALD  M.  WOLFSHEIMER,  TREASURER                           
AND                                                           
WILLIAM  M.  TARTIKOFF,  SECRETARY                            

4550  MONTGOMERY  AVENUE,  SUITE  1000N                       
BETHESDA,  MARYLAND  20814                                    

ITEM  29.  MANAGEMENT  SERVICES                                                 

NOT  APPLICABLE                                               

ITEM  30.  UNDERTAKINGS                                                         

NOT  APPLICABLE                                               

SIGNATURES                                                                      

PURSUANT  TO  THE  REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND THE INVESTMENT
COMPANY  ACT  OF  1940,  THE  REGISTRANT  CERTIFIES  THAT  IT  MEETS  ALL OF THE
REQUIREMENTS  FOR  EFFECTIVENESS OF THIS REGISTRATION STATEMENT PURSUANT TO RULE
485(B)  UNDER  THE  SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS REGISTRATION
STATEMENT  TO  BE  SIGNED  ON  ITS  BEHALF  BY  THE  UNDERSIGNED,  THERETO  DULY
AUTHORIZED  IN  THE  CITY OF BETHESDA, AND STATE OF MARYLAND, ON THE 27TH DAY OF
JULY,  2000.                                                                    

CALVERT  NEW  WORLD  FUND,  INC.                                                

BY:  _____________**______________                                              
BARBARA  J.  KRUMSIEK                                         
DIRECTOR                                                      

SIGNATURES                                                                      

PURSUANT  TO  THE  REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS REGISTRATION
STATEMENT  HAS  BEEN  SIGNED  BELOW  BY  THE FOLLOWING PERSONS IN THE CAPACITIES
INDICATED  ON  July 27, 2000.                                                   

SIGNATURE                           TITLE              DATE                     

__________**____________            DIRECTOR           7/27/2000                
BARBARA  J.  KRUMSIEK                 (PRINCIPAL  EXECUTIVE  OFFICER)           

__________**____________            TREASURER          7/27/2000                
RONALD  M.  WOLFSHEIMER               (PRINCIPAL  ACCOUNTING  OFFICER)          

__________**____________            DIRECTOR           7/27/2000                
ELIAS  BELAYNEH                                                                 

__________**____________            DIRECTOR           7/27/2000                
ROBERT  S.  BROWNE                                                              

__________**____________            DIRECTOR           7/27/2000                
RENO  MARTINI                                                                   

__________**____________            DIRECTOR           7/27/2000                

MADALA  MTHEMBU                                                                 

__________**____________            DIRECTOR           7/27/2000                
MACEO  K.  SLOAN                                                                

__________**____________            DIRECTOR           7/27/2000                
TIM  SMITH                                                                      

**BY  SUSAN  WALKER  BENDER  AS  ATTORNEY-IN-FACT.  SEE  EXHIBIT  24.           

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘485BPOS’ Filing		Date		First		Last			Other Filings
		7/31/10		8
		7/31/08		8
		7/31/01		8
		7/31/00		1		37
Filed on / Effective on:		7/27/00		44
		7/3/00		40
		5/31/00		39
		3/31/00		8		40			24F-2NT,  N-30D,  NSAR-B
		12/31/99		16		39
		6/1/99		44					485APOS
		3/31/99		39					24F-2NT,  N-30D,  NSAR-B
		6/1/98		31		39
		5/28/98		44					485BPOS
		3/31/98		39					24F-2NT,  N-30D,  NSAR-B
		7/25/97		44					485BPOS
		4/12/95		31		39
		12/22/94		41
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