CALVERT NEW WORLD FUND INC
DEF 14A, 1999-01-11
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21

                            SCHEDULE 14A INFORMATION

  PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF
                                      1934


Filed by the Registrant                          [X]

Filed by a Party other than the Registrant       [  ]

Check the appropriate box:

[  ] Preliminary Proxy Statement
[  ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[X]  Definitive Proxy Statement
[  ] Definitive Additional Materials
[  ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12

                          Calvert New World Fund, Inc.
                (Name of Registrant as Specified in Its Charter)

                           William M. Tartikoff, Esq.
                                   Secretary
      (Name of Person Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X]  No fee required.
[  ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
     (1) Title of each class of securities to which transaction applies:
     (2) Aggregate number of securities to which transaction applies:
     (3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
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[  ] Fee paid previously with preliminary materials.
[  ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a) (2) and identify the filing for which the offsetting fee was paid
previously. Identify previous filing by statement number, or the Form or
Schedule and the date its filing.
     (1) Amount Previously Paid:
     (2) Form, Schedule or Registration Statement No.:
     (3) Filing Party:
     (4) Date Filed:

<PAGE>

                                                              December 31, 1998

Dear Shareholder:

I am writing to inform you of the upcoming special meeting for shareholders of
the Calvert New Africa Fund, a series of Calvert New World Fund, Inc.

A summary of the proposals and the formal Notice of Meeting appears on the
next few pages, followed by the detailed proxy statement. Please take a few
minutes to read the enclosed material and vote on these important issues. The
Board of Directors, including myself, believes these changes are in your best
interest and that of your Fund.

Regardless of the number of shares you own, it is important that you take the
time to read the enclosed proxy materials, and vote on the issues as soon as
you can. You may vote by mail, by telephone, through the internet, by
facsimile machine, or in person. If you do not cast your vote, you may be
contacted by our proxy solicitation service, Shareholder Communications
Corporation, or by a Calvert employee. All shareholders benefit from the
speedy return of proxy votes.

I appreciate the time you will take to review this important matter. If we may
be of any assistance or if you have any questions about the proxy issues,
please call us at (800) 368-2748. Our hearing-impaired shareholders may call
(800) 541-1524 for a TDD connection.

                          Sincerely,



                          Barbara J. Krumsiek
                          President and Chief Executive Officer
                          Calvert Group, Ltd.

<PAGE>

                          Calvert New World Fund, Inc.
                            Calvert New Africa Fund

Quick Overview

 ................................................................................
Proposal 1
To elect the Board of Directors.

Reason for the Proposal
Recently, some new members have been added to the Board; thus, it is
appropriate for the shareholders to vote on the complete slate.

 ................................................................................
Proposal 2
To approve a new investment advisory agreement with the investment advisor,
Calvert-Sloan Advisers, L.L.C. ("Calvert-Sloan").

Reason for the Proposal
Calvert-Sloan is 50% owned by Calvert Group, Ltd., which is owned by Acacia
Mutual Life Insurance Company ("Acacia"). Acacia plans to merge with another
insurance company, Ameritas Insurance Holding Company. The other 50% of
Calvert-Sloan is owned by Sloan Financial Group, Inc., which is partially
owned by American Express. Sloan Financial Group plans to buy back that
portion owned by American Express; therefore, the Calvert-Sloan investment
advisory contract must be submitted for shareholder approval. Calvert-Sloan is
also proposing the elimination of fees based on the performance of the Fund
compared to a particular index.

 ................................................................................
Proposal 3
To approve a new investment subadvisory agreement with the investment
subadvisor, New Africa Advisers, Inc. ("NAA").

Reason for the Proposal
As above, due to the ownership changes and proposed elimination of the fees
based on the performance of the Calvert New Africa Fund (the "Fund") compared
to a particular index, the shareholders must vote on the subadvisory agreement.

 ................................................................................
Proposal 4
To approve a new investment subadvisory agreement with the investment
subadvisor, Calvert Asset Management Company, Inc. ("CAMCO").

Reason for the Proposal
As above, due to the ownership changes, the investment subadvisory contract is
being submitted for approval by shareholders.

 ................................................................................
Proposal 5
To authorize CNWF and/or Calvert-Sloan to enter into a new and/or materially
amending an existing investment subadvisory agreement in the future without
having to first obtain shareholder approval.

Reason for the Proposal
Under current Federal law, as discussed above, investment subadvisor contracts
must be submitted for shareholder approval. Calvert Group has received an
exemption from this law so that it can enter into new contracts, provided it
then informs shareholders. This exemption will only go into effect if
shareholders approve it first.

 ................................................................................
Proposal 5
To change the fundamental investment restriction concerning diversification.

Reason for the Proposal
The Fund is classified as a nondiversified Fund; meaning that it can invest
significant amounts in one particular security. One of the fundamental
investment restrictions, however, restricts the Fund to 5% in one issuer.
Because the investment restriction is written as fundamental, a shareholder
vote is required to change it. Management proposes to replace the current
restriction with a recitation of its nondiversification policy.

 ................................................................................
Proposal 6
To ratify the Board's selection of auditors, PricewaterhouseCoopers, L.L.P.

Reason for the Proposal
Periodically, shareholders will be asked to approve independent auditors for
Calvert Funds. The auditors review reports, documents filed with federal and
state governments, and help to ensure that the Funds are complying with
generally accepted accounting principles.


 ................................................................................

                          Calvert New World Fund, Inc.

                            Calvert New Africa Fund


                   NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
                        To be held on February 24, 1999

NOTICE IS HEREBY GIVEN that the Special Meeting of Shareholders of the Calvert
New Africa Fund series (the "Fund") of Calvert New World Fund, Inc. ("CNWF")
will be held in the Tenth Floor Conference Room of Calvert Group, Ltd., Air
Rights North Tower, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland at
11:00 a.m. on Wednesday, February 24, 1999 for the following purposes:

   I.     To elect the Board of Directors.
   II.    To approve a new investment advisory agreement with the investment
         advisor, Calvert-Sloan Advisers, L.L.C. ("Calvert-Sloan").
   III.   To approve a new investment subadvisory agreement with the
         investment subadvisor, New Africa Advisers, Inc. ("NAA").
   IV.    To approve a new investment subadvisory agreement with the
         investment subadvisor, Calvert Asset Management Company, Inc.
         ("CAMCO").
   V.     To authorize CNWF and/or Calvert-Sloan to enter into a new and/or
         materially amending an existing investment subadvisory agreement in
         the future without having to first obtain shareholder approval.
   VI.    To change the fundamental investment restriction concerning
         diversification.
   VII.   To ratify the Board's selection of auditors, PricewaterhouseCoopers,
         L.L.P.
   VIII.  To transact any other business that may properly come before the
         Special Meeting or any adjournment or adjournments thereof.

                           By Order of the Directors,



                           William M. Tartikoff, Esq.
                           Vice President

<PAGE>
                          Calvert New World Fund, Inc.

                            Calvert New Africa Fund


                      4550 Montgomery Avenue, Suite 1000N
                            Bethesda, Maryland 20814

                                PROXY STATEMENT

                               December 31, 1998

We are sending this proxy statement to you to ask you to approve several
important changes. You may vote by mail, by telephone, by facsimile, through a
secure internet website, or in person. Your vote is important. Please call
800-368-2748 if you have questions about this proxy.

This statement is furnished in connection with the solicitation of proxies by
the Board of Directors of the Calvert New World Fund, Inc. (the "Board") to be
used at the Special Meeting of Shareholders. The Special Meeting will be held
in the Tenth Floor Conference Room of Calvert Group, Ltd., Air Rights North
Tower, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland at 11:00 a.m.
on Wednesday, February 24, 1999, or at such later time or date made necessary
by adjournment for the purpose set forth in the Notice of Meeting.

The approximate date on which this proxy statement and form of proxy are first
being mailed to shareholders is December 31, 1998.

Calvert New World Fund, Inc. is an open-end management investment company that
was incorporated in Maryland in 1995. It has one series, Calvert New Africa
Fund.


                                   PROPOSALS

- --------------------------------------------------------------------------------
Proposal 1
To elect the Board of Directors.
- --------------------------------------------------------------------------------

Discussion
The purpose of this proposal is to elect the currently serving members of the
Board of Directors ("Directors"). All of the nominees listed below have served
as Directors continuously since originally elected or appointed. Each of the
nominees elected will serve as a Director until the next meeting called for
the purpose of electing a Board of Directors and until a successor is elected
and qualified, or until death, retirement, resignation or removal.

Name, Date of Birth,                Principal Occupation During
& Year Elected or Appointed         Last Five Years
                                    and Other Directorships


{NOTE:  the typesetter will place this in tabular form}


Elias Belayneh
DOB: 05/18/55
1995

 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.


<PAGE>

Name, Date of Birth,                Principal Occupation During
& Year Elected or Appointed         Last Five Years
                                    and Other Directorships

Robert S. Browne
DOB: 8/17/24
1995

 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.

Bertie Howard
DOB: 11/8/47
1997

 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.

*Barbara J. Krumsiek
DOB: 8/9/52
1997

 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 Fund Distributors, Inc.

*Reno J. Martini
DOB: 1/13/50
1995

 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.

Madala Mthembu
DOB: 4/22/64
1995

 Presently, Mr. Mthembu is the Senior Advisor to the Premier of the Northern
 Cape Province of South Africa. He was previously a consultant with the
 Uniworld Group, Inc., and a graduate student at Georgetown Law School. 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 and a Partner of
 Poho-pedi Livestock Holdings, a farming and food processing company.

Donald R. Norland
DOB: 6/14/24
1995

 Mr. Norland is a foreign affairs specialist, a 29-year career diplomat, and
 Ambassador, retired. He presently is the President of Worldspace Foundation
 and was formerly a Senior Policy Advisor at Worldspace, Management, Inc. Mr.
 Norland was a member of the American Foreign Service Association ("AFSA"),
 Governing Board from 1991 to 1993, and subsequently was the Vice President
 (elected). He was the U.S. Ambassador to Chad from 1979 - 1981, and the
 Ambassador to Botswana from 1976 - 1979.


<PAGE>

Name, Date of Birth,                Principal Occupation During
& Year Elected or Appointed         Last Five Years
                                    and Other Directorships

*Maceo K. Sloan
DOB: 10/18/49
1995
 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.

Tim Smith
DOB: 9/15/43
1995

 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.


Executive officers of the Fund not mentioned above include Justin Beckett, age
35, President, William Tartikoff, Esq. age 51, Vice President and Secretary,
Ronald Wolfsheimer, age 51, Treasurer and Controller, and Clifford Mpare, age
40, Vice President. Each has been an executive officer since the Fund's
inception in 1995.

Directors marked with an *, above, are "interested persons" of the Funds,
under the Investment Company Act of 1940, because of their affiliation with
the Funds, the investment advisor, or the parent company. As a group, the
Directors and officers own less than 1% of each Fund's outstanding shares.

The Board meets four (4) times per year. All Trustees attended at least 75% of
the meetings held, except for Madala Mthembu, who attended 50% of the
meetings. Directors of the Fund not affiliated with the Advisor presently
receive an annual fee of $1,000 for service, and a fee of $1,000 for each
regular Board or Committee meeting attended.

Directors of the Fund who are 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 (shown as "Pension or Retirement Benefits Accrued as part of
Fund Expenses," below). Deferral of the fees is designed to maintain the
parties in the same position as if the fees were paid on a current basis.

                          Directors Compensation Table

Fiscal Year 1998      Aggregate         Pension or        Total Compensation
                      Compensation      Retirement        from Benefits
(unaudited numbers)   from Registrant   Accrued as        Registrant and Fund
                      for Service       part of           Complex paid to
                      as Director       of Registrant     Director **
                                        Expenses*
Name of Director

Elias Belayneh        $6,000            $0                $6,000
Robert Browne         $5,000            $0                $5,000
Bertie Howard         $3,500            $0                $3,500
Madala Mthembu        $4,000            $0                $4,000
Donald Norland        $6,000            $1,250            $6,000
Tim Smith             $4,000            $0                $4,000

*Mr. Norland has chosen to defer a portion of his compensation. As of March
31, 1998, Mr. Norland's total deferred compensation, including dividends and
capital appreciation, was $1,359.67.
**As of March 31, 1998. The Fund Complex consists of nine (9) registered
investment companies.

Recommendation
The Board recommends that you vote FOR each of the Directors listed above.

- --------------------------------------------------------------------------------
Proposal 2
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
To approve a new investment advisory agreement with the investment advisor,
Calvert-Sloan Advisers, L.L.C.
- --------------------------------------------------------------------------------

Discussion
The following circumstances affect the terms of the current investment
advisory agreement (the "Current Advisory Agreement"); therefore, Management
proposes that a new advisory agreement be executed:

      Calvert-Sloan Advisers, L.L.C. ("Calvert-Sloan") is 50% owned by Calvert
     Group, Ltd., which is an indirectly wholly-owned subsidiary of Acacia
     Mutual Life Insurance Company ("Acacia"). Acacia, subject to certain
     conditions, plans to merge with Ameritas Insurance Holding Company
     ("Ameritas") (the planned transaction is hereafter referred to as the
     "Merger"). The surviving company will be named Ameritas Acacia Mutual
     Holding Company.

      Calvert-Sloan is also 50% owned by Sloan Financial Group, Inc. ("Sloan
     Financial"). As discussed further below, pursuant to ongoing
     negotiations, the ownership interests in Sloan Financial are expected to
     be redistributed (the "Transaction"). Under Federal law, this constitutes
     a change of control of the company, and will cause a termination of the
     Current Advisory Agreement. Therefore, the Board has approved, and
     recommends that shareholders approve, a new investment advisory agreement
     between CNWF and Calvert-Sloan (the "New Advisory Agreement"). This
     change in control also affects the investment subadvisor, NAA, and is
     discussed below.

      Management proposes to eliminate the performance fee adjustment so that
     compensation is based on a flat fee arrangement, as discussed below.

Despite the importance of the proposed changes, Calvert-Sloan anticipates
there will be no effect on the actual investment management operations with
respect to CNWF.

The Current Advisory Agreement
Under the Current Advisory Agreement, Calvert-Sloan provides a continuous
investment program for CNWF, subject to the control of the Board. The Current
Advisory Agreement was approved by shareholders in 1995 at the inception of
CNWF. Since then, the Contract has been approved by the Directors on an annual
basis, in accordance with the requirements of the Investment Company Act of
1940.

The terms of the Current Advisory Agreement between Calvert-Sloan and CNWF
include the services to be provided, general obligations of Calvert-Sloan,
expenses of CNWF, liability issues, and fees. The Current Advisory Agreement
provides for automatic termination unless its continuance is approved at least
annually by (i) a majority of the Board, including those who are not parties
to the Agreement or interested persons, within the meaning of the Investment
Company Act of 1940 (the "1940 Act"), of any such party ("Independent
Directors"), and (ii) the holders of a majority of the outstanding shares of
CNWF. The Current Advisory Agreement terminates automatically upon its
assignment and is terminable at any time, without penalty, by the Board,
Calvert-Sloan, or the holders of a majority of the outstanding shares of CNWF,
upon 60 days' prior written notice.

The New Advisory Agreement
The terms and conditions of the New Advisory Agreement are identical to the
terms and conditions of the Current Advisory Agreement, except as to effective
and termination dates, and the elimination of the performance fees. If
approved by shareholders, the New Advisory Agreement will continue until
January 1, 2000 unless terminated earlier, and provided that at least annually
thereafter its continuance is approved in the same manner as prescribed in the
Current Advisory Agreement.

Calvert-Sloan Advisers, L.L.C.
Reno J. Martini, President of Calvert-Sloan, has primary responsibility for
rendering investment advisory services to CNWF. Mr. Martini oversees the
investment management of all Calvert Funds. It is anticipated that each of the
directors and officers of Calvert-Sloan will hold the same position with
Calvert-Sloan after the Merger and the Transaction. The address of the
directors and officers is 4550 Montgomery Avenue, Suite 1000N, Bethesda,
Maryland, 20814, unless otherwise noted. The directors and executive officers
of Calvert-Sloan are listed below:

      *Justin Beckett, Director and Vice President, 103 W. Main Street,
     Durham, North Carolina 27701.
      Mary Ford, Director, Vice President and Assistant Secretary, 103 W. Main
     Street, Durham, North Carolina 27701.
      *Barbara J. Krumsiek, Director. President, Chief Executive Officer and
     Vice Chairman of Calvert Group, Ltd.
      *Reno J. Martini, Director and President.
      Steven Rakes, Vice President, 103 W. Main Street, Durham, North Carolina
     27701.
      *Maceo K. Sloan, Director, 103 W. Main Street, Durham, North Carolina
     27701.
      *William M. Tartikoff, Vice President and Secretary.
      *Ronald M. Wolfsheimer, Senior Vice President and Chief Financial
     Officer.

Persons marked with a *, above, are also Directors and/or officers of CNWF.

A.    The Merger
As noted above, Calvert-Sloan is 50% owned by Calvert Group, Ltd., which is an
indirect, wholly-owned subsidiary of Acacia. On September 14, 1998, seeking a
strategic affiliation to create a stronger, more diversified insurance and
financial services enterprise, Acacia and Ameritas entered into an agreement
of merger which provides for the merger of their respective mutual holding
companies.

Acacia and its related subsidiaries offer traditional life insurance and
annuity products, as well as variable products, special banking products and
services, and a variety of mutual funds, and operate a full service financial
planning broker dealer, while Ameritas and its subsidiaries specialize in
variable life, fixed and variable annuities, group dental, low-load insurance
products and 401(k) and other investment products. This strategic affiliation
is expected to create a stronger, more diversified insurance and financial
services enterprise, with almost $11 billion in assets under management,
insurance assets of $6 billion, $21 billion life insurance in-force, over $750
million in revenues and approximately $750 million in equity/capital.

The Merger is subject to the approval of the members of both Acacia and
Ameritas and is further conditioned upon approval by the appropriate federal
and state regulatory authorities.

Calvert-Sloan will not be directly affected by the Merger and will remain 50%
owned by Calvert Group, Ltd. As a result of the Merger, however, Calvert-Sloan
will become, at least partially, an indirect subsidiary of Ameritas Acacia
Mutual Holding Company.

Acacia's current address is 7315 Wisconsin Avenue, Bethesda, Maryland 20814.
After consummation of the Merger, Ameritas Acacia Mutual Holding Company's
principal place of business will be 5900 "O" Street, Lincoln, Nebraska
68501-1889.

B.    The Transaction
As noted above, Sloan Financial owns 50% of Calvert-Sloan. In 1991, American
Express Asset Management Group Inc. (formerly, IDS Advisory Group) ("American
Express") purchased a 40% interest in Sloan Financial. At present, the equity
distribution profile of Sloan Financial is 43% owned by Mr. Sloan, 40% owned
by American Express, and 17% owned by Mr. Beckett.

Sloan Financial, headquartered in Durham, North Carolina, is the nation's
largest minority-owned financial services firm. Presently, Sloan Financial
contains two investment management subsidiaries, NCM Capital and NAA. Within
its family of companies, Sloan Financial has managed assets of approximately
$3 billion, and the firm's client base includes many of the nation's largest
employee benefit, foundation, and endowment plans.

Pursuant to ongoing negotiations, Messrs. Sloan and Beckett plan to purchase
American Express's 40% interest in Sloan Financial in a transaction that will
be implemented in two separate phases. Phase I will consist of a 14.9%
assignment of American Express's interest to Messrs. Sloan and Beckett. This
assignment will adjust the equity distribution profile of Sloan Financial so
that Mr. Sloan will hold a 53.7% interest, American Express will hold a 25.1%
interest and Mr. Beckett will hold a 21.2% interest.

In Phase I, the assignment preserves American Express's position as a
controlling person of Sloan Financial. Phase I is expected to be completed
prior to year-end 1998. In Phase II, American Express will sell its remaining
25.1% interest to Messrs. Sloan and Beckett so that Mr. Sloan will hold a 72%
interest and Mr. Beckett will hold 28% in Sloan Financial. Phase II is
expected to be completed immediately following shareholder approval of the New
Subadvisory Agreement.

Since American Express will no longer have a controlling interest in Sloan
Financial at the completion of Phase II, shareholder approval ratifying the
Transaction is required before it is finalized.

C.    Elimination of Performance Fees
After review, Management has found that the performance fee structure does not
effectively serve its intended goals. The performance fee does not improve the
capacity to manage the investment process nor does it serve as an effective
incentive tool for investment management. In fact, there is a low level of
current demand for this feature from investment professionals. Thus,
Management recommends the elimination of the performance fee and adoption of a
flat fee for compensating investment advisors and subadvisors.

For the fiscal year ended March 31, 1998, no performance fees were paid by
CNWF. As proposed, the new advisory fee will be a base rate of 1.50% of CNWF's
average daily net assets. Calvert-Sloan would have received the same fees had
the proposed fee been in effect for that time period.

Recommendation
Based on its evaluation of the information presented, the Board has determined
that the changes reflected in the proposed New Advisory Agreement are in the
best interests of the shareholders of CNWF. The Board based this determination
primarily upon the following, giving equal weights to each factor:
(a)   After a review of all materials related to the Merger, the Boards
     determined that they were satisfied that Calvert-Sloan's services to CNWF
     would not be affected by the Merger and that such Merger would not impose
     an unfair burden on CNWF;
(b)   Based on evaluation of the materials presented, the Board determined
     that they were satisfied that services to CNWF would not be adversely
     affected by the proposed Transaction and that the Transaction would not
     impose an unfair burden on CNWF; and
(c)   In recommending the elimination of the performance adjustment structure,
     the Directors considered the nature and quality of the advisory services
     rendered, giving due consideration to the negligible impact of the
     performance adjustment on portfolio performance.

Thus, the Board, including a majority of the Independent Directors, approved
the New Advisory Agreement (subject to approval by shareholders) and
authorized submission of the New Advisory Agreement to shareholders for
approval. Accordingly, the Board recommends that shareholders vote FOR the
proposed New Advisory Agreement.

- --------------------------------------------------------------------------------
Proposal 3
- --------------------------------------------------------------------------------
To approve a new investment subadvisory agreement between Calvert-Sloan and
the investment subadvisor, New Africa Advisers, Inc.

Discussion
NAA has served as an investment subadvisor for CNWF pursuant to an Investment
Subadvisory Agreement with Calvert-Sloan.

NAA is wholly-owned by Sloan Financial. As discussed above, pursuant to
ongoing negotiations, the ownership interests in Sloan Financial are expected
to be redistributed.

The Board of Directors has been advised that the contemplated Transaction is
anticipated to have no effect on NAA's investment management operations. For
purposes of the 1940 Act, the Transaction would cause a change of control in
NAA that would constitute an assignment of the current subadvisory agreement
(the "Current Subadvisory Agreement"), causing its automatic termination.
Thus, the Board has approved, and recommends that the shareholders of CNWF
approve, a new investment subadvisory agreement between Calvert-Sloan and NAA
that eliminates the performance fee adjustment as discussed below (the "New
Subadvisory Agreement").

The Current Subadvisory Agreement
Under the Current Subadvisory Agreement, NAA provides a continuous investment
program for CNWF, pursuant to the directions of the Advisor, which is subject
to the control of the Board.

As compensation for NAA's services under the Current Subadvisory Agreement,
the Advisor pays NAA a subadvisory fee consisting of a base fee of 0.755% of
CNWF's average daily net assets plus or minus a performance adjustment of up
to 0.10%. The performance adjustment is added to or subtracted from the base
fee based on the extent to which performance exceeded or trailed the Morgan
Stanley South Africa Index.

The Current Subadvisory Agreement provides that absent willful misfeasance,
bad faith, gross negligence, or reckless disregard, the Subadvisor shall not
be subject to liability to the Advisor, CNWF or to any shareholder of CNWF for
any act or omission in the course of performing its duties thereunder. The
Current Subadvisory Agreement provides for automatic termination unless at
least annually, its continuance is approved by (i) a majority of the Board who
are not parties to the Agreement or interested persons, within the meaning of
the 1940 Act, of any such party ("Independent Directors"), and (ii) the
holders of a majority of the outstanding shares of CNWF. The Current
Subadvisory Agreement terminates automatically upon its assignment and is
terminable at any time, without penalty, by the Board or the holders of a
majority of the outstanding shares of CNWF upon not less than 60 days' written
notice. The Current Subadvisory Agreement may also be terminated without
penalty upon not less than 60 days' written notice by Calvert-Sloan or upon
not less than 90 days' written notice by NAA.

The Current Subadvisory Agreement was executed on April 12, 1995 pursuant to
shareholder approval. The Board, including a majority of the Independent
Directors, recently approved the continuance of the Current Subadvisory
Agreement as part of its annual contract review.

The New Subadvisory Agreement
The terms and conditions of the New Subadvisory Agreement are identical to the
terms and conditions of the Current Subadvisory Agreement, except as to
effective and termination dates and the elimination of the performance fee
adjustment as discussed below. If approved by shareholders, the New
Subadvisory Agreement will continue until January 1, 2001 unless terminated
earlier by either party, and at least annually thereafter, its continuance is
approved in the same manner as prescribed in the Current Subadvisory Agreement.

New Africa Advisers, Inc.
NAA was founded in 1992 to provide investors with access to African-related
investment opportunities. As mentioned above, NAA is a wholly-owned subsidiary
of Sloan Financial. NAA has its principal business office located in the U.S.
in Durham, North Carolina but it also has offices in New York City and
Johannesburg, South Africa.

It is anticipated that each of the directors and officers of NAA will hold the
same position after consummation of the Transaction. The address of the
directors and officers is 103 West Main Street, Fourth Floor, Durham, North
Carolina 27701. The directors and executive officers of NAA are listed below:

      *Maceo K. Sloan, CFA, Chairman.
      *Justin Beckett, President and Chief Executive Officer.
      *Clifford D. Mpare, Director.
      *Jamilah Sabir-Calloway, Corporate Secretary.

Persons marked with a *, above, are also Directors and/or officers of CNWF.

Elimination of Performance Fees
After review, Management has found that the performance fee structure does not
effectively serve its intended goals. The performance fee does not improve the
capacity to manage the investment process nor does it serve as an effective
incentive tool for investment management. In fact, there is a low level of
current demand for this feature from investment professionals. Thus,
Management recommends the elimination of the performance fee and adoption of a
flat fee for compensating investment advisors and subadvisors.

For the fiscal year ended March 31, 1998, $76,076 in fees (without any
performance adjustment) were paid to NAA. As proposed, the new subadvisory fee
will be a base rate of 0.755% of CNWF's average daily net assets. NAA would
have received the same fees had the proposed fee been in effect for that time
period.

Recommendation
Based on evaluation of the materials presented, the Board determined that they
were satisfied that services to CNWF would not be adversely affected by the
proposed Transaction and that the Transaction would not impose an unfair
burden on CNWF. The Board also considered the nature and quality of the
subadvisory services rendered, giving due consideration to the negligible
impact of the performance adjustment on Fund performance, and determining that
the proposed elimination of the performance fee is in the best interest of
CNWF and its shareholders.

Thus, the Board, including a majority of the Independent Directors, approved
the New Subadvisory Agreement (subject to approval by CNWF shareholders) and
authorized the submittal of the New Subadvisory Agreement to shareholders for
approval. Accordingly, the Board recommends that shareholders vote FOR the
proposed New Subadvisory Agreement.

- --------------------------------------------------------------------------------
Proposal 4
- --------------------------------------------------------------------------------
To approve a new investment subadvisory agreement between Calvert-Sloan and
the investment subadvisor, Calvert Asset Management Company, Inc. ("CAMCO")

Discussion
CAMCO is the investment subadvisor for the fixed-income portion of the Fund.
CAMCO is owned by Calvert Group, Ltd., which, as explained in Proposal 1, is
an indirectly wholly-owned subsidiary of Acacia. Acacia, subject to certain
conditions, plans to merge with Ameritas, as noted above in Proposal 1.
Although the Merger could be considered a change in control of CAMCO,
terminating the current subadvisory agreement ("Current Subadvisory
Agreement"), the Board has received assurances that it does not cause such a
change. Nonetheless, in order to remove any possible doubt as to the status of
this agreement, the Board has approved, and recommends that shareholders
approve, a new investment subadvisory agreement ("New Subadvisory Agreement")
between the Fund and CAMCO.

The Current Subadvisory Agreement
Under the Current Subadvisory Agreement, CAMCO provides a continuous
investment program for CNWF, pursuant to the directions of the Advisor, which
is subject to the control of the Board. As compensation for CAMCO's services
under the Current Subadvisory Agreement, the Advisor pays CAMCO a subadvisory
fee consisting of a base fee of 0.495% of CNWF's average daily net assets.

The Current Subadvisory Agreement provides that absent willful misfeasance,
bad faith, gross negligence, or reckless disregard, the Subadvisor shall not
be subject to liability to the Advisor, CNWF or to any shareholder of CNWF for
any act or omission in the course of performing its duties thereunder. The
Current Subadvisory Agreement provides for automatic termination unless at
least annually, its continuance is approved by (i) a majority of the Board who
are not parties to the Agreement or interested persons, within the meaning of
the 1940 Act, of any such party ("Independent Directors"), and (ii) the
holders of a majority of the outstanding shares of CNWF. The Current
Subadvisory Agreement terminates automatically upon its assignment and is
terminable at any time, without penalty, by the Board or the holders of a
majority of the outstanding shares of CNWF upon not less than 60 days' written
notice. The Current Subadvisory Agreement may also be terminated without
penalty upon not less than 60 days' written notice by Calvert-Sloan or upon
not less than 90 days' written notice by CAMCO.

The Current Subadvisory Agreement was executed on April 12, 1995 pursuant to
shareholder approval. The Board, including a majority of the Independent
Directors, has approved the continuance of the Current Subadvisory Agreement
on an annual basis as part of its annual contract review.

The New Subadvisory Agreement
The terms and conditions of the New Subadvisory Agreement are identical to the
terms and conditions of the Current Subadvisory Agreement, except as to
effective and termination dates. If approved by shareholders, the New
Subadvisory Agreement will continue until January 1, 2000 unless terminated
earlier, and at least annually thereafter, its continuance is approved in the
same manner as prescribed in the Current Subadvisory Agreement.

Recommendation
Based on its evaluation of the information presented, the Board has determined
that the changes reflected in the proposed New Advisory Agreement are in the
best interests of the shareholders of CNWF. The Board based this determination
primarily upon a review of all materials related to the Merger. The Board
concluded that they were satisfied that CAMCO's services to CNWF would not be
affected by the Merger and that such Merger would not impose an unfair burden
on CNWF.

Thus, the Board, including a majority of the Independent Directors, approved
the New Subadvisory Agreement (subject to approval by shareholders) and
authorized submission of the New Subadvisory Agreement to shareholders for
approval. Accordingly, the Board recommends that shareholders vote FOR the
proposed New Subadvisory Agreement.

- --------------------------------------------------------------------------------
Proposal 5
- --------------------------------------------------------------------------------
To authorize CNWF and/or Calvert-Sloan to enter into a new and/or materially
amending an existing investment subadvisory agreement in the future without
having to first obtain shareholder approval.

Discussion
The SEC has issued an Order to CNWF and Calvert-Sloan, permitting them to
enter into a new and/or to materially amend an investment subadvisory
agreement without shareholder approval. Management believes that
Calvert-Sloan's continuous supervision of the subadvisor will permit the
proportion of shareholders' assets subject to particular subadvisor styles to
be reallocated (or a new subadvisor introduced) in response to changing market
conditions or subadvisor performance, in an attempt to improve performance.

Management believes that your interests as a shareholder are adequately
protected by your voting rights with respect to the advisory agreement and the
responsibilities assumed by Calvert-Sloan and the Board. It has found that
requiring shareholder approval of a subadvisor and the subadvisory agreement
imposes costs on the Fund without advancing shareholder interests. Further,
there is the concern that requiring shareholder approval of changes to the
existing subadvisory arrangements would prevent the Fund from promptly and
timely employing the subadvisor best suited to its needs. Therefore,
Management is seeking to streamline the process so that the Fund can more
efficiently continue toward achieving its investment objective with a
subadvisor recommended by Calvert-Sloan and approved by the Board.

If Calvert-Sloan and/or CNWF are authorized to make changes to the existing
subadvisory arrangements outside of the proxy solicitation process,
shareholders will continue to benefit by knowing that Calvert-Sloan has
applied the same safeguards and criteria in making its selection while
continuing to fulfill its same duties to shareholders and to CNWF. Although
Management would be authorized to make a subadvisory change without a
shareholder vote, as shareholders, you are entitled to and would continue to
receive the same disclosure and details about the selection process and the
background of the newly selected manager as you have received in this
solicitation, except that it would be in the form of an information statement
instead of a proxy statement. This information would be delivered to you
within 90 days of the subadvisory change.

Recommendation
The Board has approved Management's recommendation to implement the Order and
seek the authority to enter into a new and/or to materially amend an existing
investment subadvisory agreement without shareholder approval and recommends
that shareholders vote FOR the Proposal.

- --------------------------------------------------------------------------------
Proposal 6
- --------------------------------------------------------------------------------
To change the fundamental investment restriction concerning diversification.

Discussion
The Fund is classified as a nondiversified Fund; meaning that it can invest
significant amounts in one particular security. One of the fundamental
investment restrictions, however, restricts the Fund to 5% in one company or
issuer. Because the investment restriction is written as fundamental, a
shareholder vote is required to change it. This would bring the restriction in
line with the original intended investment strategies.

 ...............................................................................
Current Fundamental Restriction
1.       The Fund may not, with respect to 50% of its assets, purchase
securities of any issuer (other than obligations of, or guaranteed by, the
United States Government, its agencies or instrumentalities) if, as a result,
more than 5% of the value of its total assets would be invested in securities
of that issuer. (The remaining 50% of its total assets may be invested without
restriction except to the extent other investment restrictions may be
applicable, although, with respect to 50% of the Fund's assets, the Fund does
not currently anticipate investing more than 25% in the securities of a single
issuer in the coming year).

Recommended Change
Management recommends that the above investment restriction be replaced with a
standard recitation concerning the Fund's nondiversification policy. The
investment restriction would be revised as shown immediately below.

Proposed Fundamental Investment Restriction
The Fund may not make any investment inconsistent with its classifications as
a nondiversified investment company under the 1940 Act.

Recommendation
After reviewing the above investment restriction and the Prospectus and
Statement of Additional Information for the Fund, and noting that the Fund is
indeed nondiversified, the Board concluded that replacing the current
diversification restriction with a standard recitation of the Fund's
nondiversification policy is in the best interests of the Fund. The Board
voted to standardize the diversification investment restriction, subject to
shareholder approval. The Board recommends that CNWF shareholders vote FOR the
proposed restriction.

- --------------------------------------------------------------------------------
Proposal 7
- --------------------------------------------------------------------------------
To ratify the Board's selection of auditors, PricewaterhouseCoopers, L.L.P.

Discussion
Shareholders are requested to ratify the action of the Board in selecting the
firm of PricewaterhouseCoopers, L.L.P. as the independent auditors for CNWF
during the current fiscal year. The Board believe that the firm is well
qualified, and has accordingly selected PricewaterhouseCoopers to act as
independent auditors, subject to ratification by shareholders.

Coopers & Lybrand, L.L.P. has experience in accounting and auditing and has
served as independent auditors for CNWF since its inception in 1995. On July
1, 1998, Coopers & Lybrand merged with Price Waterhouse, L.L.P. to form
PricewaterhouseCoopers, L.L.P.

Neither PricewaterhouseCoopers nor any of its partners has any direct or
indirect connection (other than as independent auditors) with CNWF or any of
its affiliates. No representative of PricewaterhouseCoopers will be present at
the Special Meeting, but a representative will be available via telephone to
respond to appropriate questions from shareholders.

Recommendation
The Board recommends a vote FOR ratification of the selection of
PricewaterhouseCoopers, L.L.P. as independent auditors for CNWF.

- --------------------------------------------------------------------------------
                                 OTHER BUSINESS
- --------------------------------------------------------------------------------

The Board does not intend to present any other business at the meeting. If,
however, any other matters are properly brought before the meeting, William M.
Tartikoff, Esq., and Barbara J. Krumsiek will vote on the matters in
accordance with their judgment.

- --------------------------------------------------------------------------------
                                 ANNUAL REPORT
- --------------------------------------------------------------------------------

The audited Annual Report to Shareholders of CNWF is incorporated by reference
into this proxy statement. Copies of the most recent Annual Report may be
obtained without charge if you:
      write to
     CNWF
     4550 Montgomery Avenue, Suite 1000N
     Bethesda, Maryland 20814
      call (800) 368-2745
      visit Calvert's website at www.calvertgroup.com

- --------------------------------------------------------------------------------
                             SHAREHOLDER PROPOSALS
- --------------------------------------------------------------------------------

CNWF is not required to hold annual shareholder meetings. Shareholders who
would like to submit proposals for consideration at future shareholder
meetings should send written proposals to the Calvert Group Legal Department,
4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland, 20814.

- --------------------------------------------------------------------------------
                               VOTING INFORMATION
- --------------------------------------------------------------------------------

Proxies are solicited initially by mail. Additional solicitations may be made
by telephone, computer communications, facsimile or other such means, or by
personal contact by officers or employees of Calvert Group and its affiliates
or by Shareholder Communications Corporation, a proxy soliciting firm retained
for this purpose. CNWF may bear solicitation costs. By voting as soon as
possible, you can save the Fund the expense of follow-up mailings and calls.

A proxy may be revoked at any time before the meeting or during the meeting by
oral or written notice to William M. Tartikoff, Esq., 4550 Montgomery Avenue,
Suite 1000N, Bethesda, Maryland 20814. Unless revoked, all valid proxies will
be voted in accordance with the specification thereon or, in the absence of
specification, for approval of the proposals.

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

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

Shareholders of CNWF on record at the close of business on December 7, 1998
("record date") are entitled to notice of and to vote at the Special Meeting
or any adjournment thereof. Shareholders are entitled to one vote for each
share held on that date. As of December 7, 1998, as shown on the books of the
Fund, there were issued and outstanding 891,152.213 shares.

As of the record date, the officers and Trustees/Directors of CNWF as a group
beneficially owned less than 1% of the outstanding shares. The following
shareholders owned more than 5% of the Portfolio shown, as of December 7, 1998:

         Name and Address                          % of Ownership

         The Public School Retirement System       48.02%, Class A
         of the City of St. Louis
         St. Louis, MO 63101

         Florida A&M University Foundation         8.96%, Class A
         Tallahassee, FL 32307

         Dean Witter Reynolds                      8.27%, Class B
         FBO A. Baxter
         Albuquerque, NM 87106

         Chantal L. McDermott                      18.19%, Class C
         Mount Shasta, CA 96067

- --------------------------------------------------------------------------------
                                  ADJOURNMENT
- --------------------------------------------------------------------------------

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


Investment Advisor
Calvert-Sloan Advisers, L.L.C.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814

Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814

Administrator
Calvert Administrative Services Company, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814

<PAGE>
                          CALVERT NEW WORLD FUND, INC.
                            CALVERT NEW AFRICA FUND
                                   PROXY CARD

The undersigned, revoking previous proxies, hereby appoint(s) William M.
Tartikoff, Esq. and Barbara J. Krumsiek, attorneys, with full power of
substitution, to vote all shares that the undersigned is entitled to vote at
the Special Meeting of Shareholders to be held in the Tenth Floor Conference
Room of Calvert Group, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland
20814 on Wednesday, February 24, 1999, at 11:00 a.m. and at any adjournment
thereof. All powers may be exercised by a majority of the proxy holders or
substitutes voting or acting or, if only one votes and acts, then by that one.
This Proxy shall be voted on the proposals described in the Proxy Statement.
Receipt of the Notice of the Meeting and the accompanying Proxy Statement is
hereby acknowledged.

You may cast your vote using one of the following methods:
1. By internet (through a secure internet site): www.calvertgroup.com
2. By telephone (through a secure telephone system): call 1-800-368-2745
3. By facsimile: fax to ______________
4. By mail: postage-paid envelope enclosed
5. In person: Wednesday, February 24, 1999

NOTE: If you plan to vote by mail or by facsimile, please sign the proxy card
exactly as your name appears on the card. If you have a joint account, either
person may sign the proxy card. When signing in a fiduciary capacity, such as
executor, administrator, trustee, guardian, etc., please sign your name and
indicate your title. Corporate and partnership proxies should be signed by an
authorized person indicating the person's title.

Date: ________________________, 1999

__________________________________

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

IF NO SPECIFICATION IS MADE, THE PROXY SHALL BE VOTED FOR THE PROPOSALS.
As to any other matter, the attorneys shall vote in accordance with their best
judgment.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE FOLLOWING:

1.       To approve the Board of Trustees for CNWF:
                  1.   Elias Belayneh
                  2.   Robert Browne
                  3.   Bertie Howard
                  4.   Barbara J. Krumsiek
                  5.   Reno Martini
                  6.   Madala Mthembu
                  7.   Donald Norland
                  8.   Maceo K. Sloan
                  9.   Tim Smith

     For all    [ ]        Against all    [ ]        Abstain on all    [ ]

[ ]      To abstain from voting on or to vote against one or more of the
proposed Directors listed above, but
to approve the others, place an "x" in the box at left and indicate the
number(s) of the affected person on the
appropriate line: I vote against _____________. I abstain on _____________.

2.       To approve a new investment advisory agreement with the investment
advisor, Calvert-Sloan Advisers, L.L.C. ("Calvert-Sloan").

     For        [ ]        Against        [ ]        Abstain           [ ]

3.       To approve a new investment subadvisory agreement with the investment
subadvisor, New Africa Advisers, Inc.

     For        [ ]        Against        [ ]        Abstain           [ ]

4.       To approve a new investment subadvisory agreement with the investment
subadvisor, Calvert Asset Management Company, Inc.

     For        [ ]        Against        [ ]        Abstain           [ ]

5.       To authorize CNWF and/or Calvert-Sloan to enter into a new and/or
materially amending an existing investment subadvisory agreement in the future
without having to first obtain shareholder approval.

     For        [ ]        Against        [ ]        Abstain           [ ]

6.       To change the fundamental investment restriction concerning
diversification.

     For        [ ]        Against        [ ]        Abstain           [ ]


7.       To ratify the Board's selection of auditors, PricewaterhouseCoopers,
L.L.P.

     For        [ ]        Against        [ ]        Abstain           [ ]





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