<PAGE>
------------------------------------
MORGAN STANLEY
DEAN WITTER
AFRICA INVESTMENT
FUND, INC.
------------------------------------
FIRST QUARTER REPORT
MARCH 31, 2000
MORGAN STANLEY DEAN WITTER
INVESTMENT MANAGEMENT INC.
INVESTMENT ADVISER
MORGAN STANLEY DEAN WITTER
AFRICA INVESTMENT FUND, INC.
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DIRECTORS AND OFFICERS
Barton M. Biggs
CHAIRMAN OF THE BOARD
OF DIRECTORS
Harold J. Schaaff, Jr.
PRESIDENT AND DIRECTOR
Peter J. Chase
DIRECTOR
John W. Croghan
DIRECTOR
Graham E. Jones
DIRECTOR
John A. Levin
DIRECTOR
William G. Morton, Jr.
DIRECTOR
Stefanie V. Chang
VICE PRESIDENT
Joseph P. Stadler
VICE PRESIDENT
Mary E. Mullin
SECRETARY
Belinda A. Brady
TREASURER
Robin L. Conkey
ASSISTANT TREASURER
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INVESTMENT ADVISER
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
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ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
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CUSTODIAN
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
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SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
(800) 278-4353
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LEGAL COUNSEL
Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
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INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
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For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726 or visit our website at
www.msdw.com/institutional/investmentmanagement.
<PAGE>
LETTER TO SHAREHOLDERS
--------
For the three months ended March 31, 2000, the Morgan Stanley Dean Witter Africa
Investment Fund, Inc. (the "Fund") had a total return, based on net asset value
per share, of -8.41%. For the period from the Fund's commencement of operations
on February 14, 1994 through March 31, 2000, the Fund's total return, based on
net asset value per share, was 55.39%. On March 31, 2000, the closing price of
the Fund's shares on the New York Stock Exchange was $9 1/16, representing a
31.8% discount to the Fund's net asset value per share.
SOUTH AFRICA
The South African market declined by 12.3% in the first quarter, as measured by
the Johannesburg All-Share Index. The star performers were the
telecommunications, media and technology stocks, following the worldwide trend,
despite the volatility in the NASDAQ market. The broader market did poorly in
the face of consistent improvement in the fundamentals of the economy.
GDP growth is poised to pick up speed as the year progresses, benefiting from
the large 8% cut in interest rates in 1999. Our forecast for growth in 2000 is
4%, the highest number in four years. In addition, commodity prices, which still
comprise the lion's share of exports, have strongly rebounded, helping the
external accounts. Despite this support, the rand suffered a bout of weakness,
stumbling to 6.52 to the dollar from 6.15 at year-end 1999.
The budget for the next fiscal was announced in February, bringing some welcomed
pro-growth measures, including tax cuts for individuals and some fiscal spending
programs. Inflation targeting was finally introduced, with a target range of 3%
to 6% by 2002. Actual inflation has been sticking around the 8% level, propped
up by high oil prices, and has prompted the Reserve Bank policy to become more
cautious towards future rate cuts. Interest rates have remained static after a
1% cut in the prime rate in January. In a much anticipated move, exchange
controls were relaxed a bit further, prompting selling in the market as unit
trusts externalized a larger proportion of their assets. S&P upgraded the
country's rating to investment grade, but bonds were essentially unchanged for
the quarter, as investors anticipated the move and the improving macro picture.
While the performance of the market has been frustrating, we are constructive on
the country and market over the long term, as government continues to build on
its successes and institutionalizes the forward-looking reforms that have taken
place. In order to launch the country into a sustainable high growth path,
however, South Africa will need more aggressive privatization, a more flexible
labor market and, with time, an improvement in the skills level of its labor
force. The market opportunities will become more interesting as inflation and
interest rates fall to single digit figures over the next two to three years and
these structural changes begin to have an effect.
EGYPT
The EFG Index slipped by 7.8% in the first quarter of this year, as investors
remained worried about the effects of higher interest rates and the fate of the
currency peg. The Fund's investments outperformed due to its concentration in
the telecommunications sector.
The consolidation of the cement sector, which saw several competitive bids for
listed companies, was the headline event of the first quarter. The sale of these
companies endorsed the desire of multinationals to invest in the country, yet
also demonstrated the tendency of government to interfere too heavily in the
process.
Interbank rates (the only market-determined benchmark in the country) fluctuated
between 12% and 18%, emphasizing the inadequate liquidity in local currency.
Economic growth is likely to slow as a result, going to about 3.5%, a far cry
from the official estimate of 6%. The management of the exchange rate continues
to be inconsistent, though actual transactions have been taking place primarily
around the official level of 3.43 Egyptian pounds per U.S. dollar. Foreign
exchange reserves, which declined by over U.S. $4 billion last year amidst low
oil prices and a weak tourism season, are still more than adequate at over $15
billion. It appears that government is intentionally slowing the economy to ease
pressure on the pound though, in the absence of specific policy statements,
their true intentions are unclear. The peg mechanism is inconsistent with the
country's need for strong growth and will have to be adjusted in the short to
medium term.
We have taken some funds away from Egypt during this first quarter, as we wait
for these economic policy issues to be resolved. The stocks in the market,
however, still offer great value and the growth stories we have emphasized
should not be significantly impacted by the temporary slowdown.
MAURITIUS
The SEMDEX Index in Mauritius recorded a loss of 6.3% for the first quarter, as
technical selling offset brighter prospects for the economy. The inflation rate,
which had scared the Central Bank into a very tight stance during 1999, has
peaked, and is now recording manageable levels. This should result in rate cuts
throughout the year (we expect 200 basis points) and the migration of retail
funds away from T-bills (now yielding close to 12%) and into equities. The sugar
crop, which suffered severely from drought last year, is recovering nicely, and
the economic growth rate should pick up to the 5% to 6% level again in
2
<PAGE>
2000 and be even higher in 2001. Mauritius remains one of our favorite markets,
where we find a combination of inexpensive stocks with attractive growth
profiles in a stable, well-managed economy.
ZIMBABWE
The Zimbabwe Industrial Index gained 1.6% during the first quarter, showing
local investor preference for equities as inflation and currency hedges. The
gain, however, is calculated using the official exchange rate, at which it is no
longer possible to transact. During Februay 2000, the Fund began valuing the
currency based on actual bids, resulting in an implied devaluation of over 20%.
The social and political situation in the country has dramatically worsened this
year. At first, the lack of foreign exchange caused a fuel shortage (Zimbabwe
imports all of its fuel), which has hit industry and consumers alike. Partly as
a result, though the regime has been losing popularity over the last two years,
government suffered an embarrassing defeat when voters declined to accept a new
constitution in a referendum. Shortly thereafter, independence war veterans
invaded some farms owned by whites, allegedly protesting over the issue of land
redistribution, which President Mugabe has consistently used to stir up popular
sentiment. The government and security forces have refused to intervene,
creating a mood of lawlessness and uncertainty. With parliamentary elections on
the horizon, the stakes for ZANU-PF, Mugabe's political party, are extremely
high.
Inflation continues to run at extremely high levels, and interest rates still
fall short of offering a real return. Our position in Zimbabwe is predicated on
the premise that the value of the market will soar as dramatic changes in
government and economic policy occur. These changes, however, are not likely to
come smoothly nor quickly. For the moment, we believe owning equities is the
best way of preserving the value of the Fund's money invested in the country,
and we hope for an expedient resolution of the current social tensions.
GHANA
The Ghanaian market slipped by 11.8% in the first quarter, as measured by the
Databank Index. The majority of this slide was due to continued weakness in the
currency, which is ailing from low cocoa prices (the main export) and high oil
prices (the main import). The situation shows that the country was ill-prepared
for an external shock of this nature, having inadequate reserves and contingency
plans. We are surprised, however, that more decisive action has not been taken
by government or the IMF, who had helped orchestrate the taming of inflation
over the past several years.
The value in Ghanaian stocks is extremely compelling, with price-to-earnings
ratios in the low single digits (2.0x to 4.5x), yet they have been unable to
attract capital. We remain convinced that the market will generate adequate
returns over the longer term, as the sophistication and number of local
investors grows and new foreign players enter the market.
REST OF AFRICA
The Botswana market was flat for the first quarter, with the Domestic Companies
Index moving only 0.1%. There has been little news in the country over the first
quarter. The NSE Index in Kenya fell 6.7% in the first three months of the year,
as discussions with the IMF were inconclusive and the economy remained
lethargic.
On July 2, 1998, the Fund commenced a share repurchase program for purposes of
enhancing shareholder value and reducing the discount at which the Fund's shares
traded from their net asset value. For the three months ended March 31, 2000,
the Fund repurchased 200,000 shares of its Common Stock at an average price per
share of $9.56 and an average discount of 30.71% from net asset value per share.
The Fund expects to continue to repurchase its outstanding shares at such time
and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board.
Sincerely,
/s/ Harold J. Schaaff, Jr.*
Harold J. Schaaff, Jr.*
PRESIDENT AND DIRECTOR
April 2000
THE INFORMATION CONTAINED IN THIS OVERVIEW REGARDING SPECIFIC SECURITIES IS FOR
INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION TO
PURCHASE OR SELL THE SECURITIES MENTIONED.
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DAILY NET ASSET AND MARKET VALUES, AS WELL AS MONTHLY PORTFOLIO INFORMATION FOR
THE FUND, ARE AVAILABLE ON OUR WEBSITE AT
www.msdw.com/institutional/investmentmanagement.
* HAROLD J. SCHAAFF, JR. WAS ELECTED PRESIDENT AND DIRECTOR OF THE FUND ON
MARCH 20, 2000. MR. SCHAAFF JOINED MORGAN STANLEY DEAN WITTER IN 1989 AND IS A
MANAGING DIRECTOR OF MORGAN STANLEY & CO. INCORPORATED AND MORGAN STANLEY DEAN
WITTER INVESTMENT MANAGEMENT INC. HE FORMERLY SERVED AS GENERAL COUNSEL AND
SECRETARY OF MORGAN STANLEY DEAN WITTER INVESTMENT MANAGEMENT INC.
3
<PAGE>
Morgan Stanley Dean Witter Africa Investment Fund, Inc.
Investment Summary as of March 31, 2000 (Unaudited)
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<TABLE>
<CAPTION>
HISTORICAL
INFORMATION
TOTAL RETURN (%)
-------------------------------------------------
MARKET VALUE (1) NET ASSET VALUE (2)
------------------------ ---------------------
AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL
-------------- ------- ---------- -------
<S> <C> <C> <C> <C>
Fiscal Year to Date -12.65% -- -8.41% --
One Year -0.83 -0.83% 10.05 10.05%
Five Year 23.84 4.37 42.27 7.31
Since Inception* 5.96 0.95 55.39 7.46
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
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RETURNS AND PER SHARE INFORMATION
[GRAPH]
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, THREE MONTHS
ENDED
MARCH 31,
1994* 1995 1996 1997 1998 1999 2000
------ ------ ------ ------ ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value Per Share ..... $14.43 $17.05 $16.86 $14.45 $11.69 $14.51 $13.29
Market Value Per Share ........ $11.38 $12.88 $13.63 $11.50 $8.38 $10.38 $9.06
Premium/(Discount) ............ -21.1% -24.5% -19.2% -20.4% -28.3% -28.5% -31.8%
Income Dividends .............. $0.54 $0.96 $0.14 $0.30 $0.86 $0.30 --
Capital Gains Distributions ... -- $0.01 $1.23 $2.25 $0.00# -- --
Fund Total Return (2) ......... 7.34% 26.14% 8.64% 2.69% -11.82% 27.34% -8.41%
</TABLE>
(1) Assumes dividends and distributions, if any, were reinvested.
(2) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. These percentages are not an indication of the performance of a
shareholder's investment in the Fund based on market value due to
differences between the market price of the stock and the net asset value
per share of the Fund.
* The Fund commenced operations on February 14, 1994.
# Amount is less than U.S.$0.01 per share.
4
<PAGE>
Morgan Stanley Dean Witter Africa Investment Fund, Inc.
Portfolio Summary as of March 31, 2000 (Unaudited)
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DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<S> <C>
Equity Securities (97.9%)
Short-Term Investments (2.1%)
</TABLE>
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INDUSTRIES
[CHART]
<TABLE>
<S> <C>
Banks (17.5%)
Beverages (8.7%)
Commercial Services & Supplies (2.9%)
Communications Equipment (2.5%)
Diversified Financials (5.6%)
IT Consulting & Services (5.3%)
Media (7.1%)
Metals & Mining (8.8%)
Multi-industry (4.0%)
Wireless Telecommunication Services (16.3%)
Other (21.3%)
</TABLE>
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COUNTRY WEIGHTINGS
[CHART]
<TABLE>
<S> <C>
South Africa (45.0%)
Egypt (19.0%)
Mauritius (9.8%)
Ghana (7.1%)
Zimbabwe (6.4%)
Botswana (4.4%)
Kenya (1.6%)
Tunisia (1.6%)
Ivory Coast (1.2%)
Zambia (0.6%)
Other (3.3%)
</TABLE>
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TEN LARGEST HOLDINGS*
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. Egyptian Company for Mobile Services (Egypt) 12.3%
2. State Bank of Mauritius Ltd. (Mauritius) 6.0
3. Dimension Data Holdings Ltd. (South Africa) 5.3
4. Sechaba Breweries Ltd. (Botswana) 4.3
5. Nedcor Ltd. (South Africa) 3.3
6. Rembrandt Group Ltd. (South Africa) 3.2
7. Anglo American Platinum Corp. (South Africa) 3.2
8. M-Cell Ltd. (South Africa) 2.9
9. Nasionale Pers Beperk (South Africa) 2.9
10. Johnnies Industrial Corp. Ltd. (South Africa) 2.8
----
46.2%
----
----
</TABLE>
* Excludes short-term investments.
5
<PAGE>
FINANCIAL STATEMENTS
-------
STATEMENT OF NET ASSETS (Unaudited)
-------
MARCH 31, 2000
<TABLE>
<CAPTION>
VALUE
SHARES (000)
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<S> <C> <C>
COMMON STOCKS (97.6%)
(Unless otherwise noted)
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BOTSWANA (4.4%)
BEVERAGES
Sechaba Breweries Ltd. 7,877,940 U.S.$ 7,890
---------------
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EGYPT (19.0%)
BANKS
Commercial International Bank 108,414 1,288
Commercial International Bank GDR 60,000 696
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1,984
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BEVERAGES
Al-Ahram Beverages Co. GDR 230,850 4,190
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CONSTRUCTION MATERIALS
Suez Cement Co. 81,297 1,096
Suez Cement Co. GDR 48,960 623
---------------
1,719
---------------
ELECTRICAL EQUIPMENT
Egyptian Electro Cables 1,591 11
---------------
FOOD PRODUCTS
North Cairo Flour Mills 30 -- @
---------------
GAS UTILITIES
Egypt Gas Co. 45,000 1,638
---------------
TOBACCO
Eastern Tobacco 122,009 2,756
---------------
WIRELESS TELECOMMUNICATION SERVICES
Egyptian Company for Mobile
Services 460,709 22,289
---------------
34,587
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GHANA (7.1%)
BANKS
Ghana Commercial Bank 5,394,580 1,166
Social Security Bank Ltd. 6,938,100 3,388
Standard Chartered Bank of Ghana 913,400 4,349
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8,903
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BEVERAGES
Ghana Breweries Ltd. 504,001 179
Guinness Ghana Ltd. 3,050,979 727
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906
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DIVERSIFIED FINANCIALS
Home Finance Co. 2,814,840 529
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FOOD PRODUCTS
Unilever Ghana Ltd. 2,494,900 1,126
---------------
METALS & MINING
Aluworks Ghana Ltd. 1,070,000 649
Ghana Pioneer Aluminum Factory 1,043,400 75
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724
---------------
TOBACCO
British American Tobacco Co. 6,749,660 758
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12,946
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IVORY COAST (1.2%)
FOOD PRODUCTS
Nestle Cote D Ivoire 12,500 1,312
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INDUSTRIAL CONGLOMERATES
Filature Tissages Sacs 25,000 U.S.$ 546
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TEXTILES & APPAREL
SOC Ivoirienne de Coco Rappe 24,000 327
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2,185
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KENYA (1.6%)
AUTO COMPONENTS
Firestone East Africa Ltd. 4,756,950 801
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BANKS
Kenya Commercial Bank Ltd. 991,326 331
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BUILDING PRODUCTS
Athi River Mining Ltd. 3,262,500 275
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DIVERSIFIED FINANCIALS
National Industrial Credit Bank 389,438 141
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ELECTRIC UTILITIES
Kenya Power & Lighting Co., Ltd. 150,000 176
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FOOD & DRUG RETAILING
Uchumi Supermarket Ltd. 2,201,107 1,242
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2,966
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MALAWI (0.5%)
FOOD PRODUCTS
Sugar Corporation of Malawi 7,160,000 952
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MAURITIUS (9.8%)
BANKS
Mauritius Commercial Bank 782,036 2,690
State Bank of Mauritius Ltd. 16,617,836 10,847
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13,537
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HOTELS RESTAURANTS & LEISURE
New Mauritius Hotels 1,753,850 2,961
Rogers and Co., Ltd. 408,031 1,332
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4,293
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17,830
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MOZAMBIQUE (0.1%)
METALS & MINING
Kenmare Resources plc 890,000 217
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NIGERIA (0.0%)
BANKS
United Bank for Africa 550,000 65
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SOUTH AFRICA (45.0%)
BANKS
Nedcor Ltd. 290,090 5,909
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BEVERAGES
Amalgamated Beverages
Industries Ltd. 129,337 825
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COMMERCIAL SERVICES & SUPPLIES
Bidvest Group Ltd. 511,702 3,913
The Educor Investment Corp. Ltd. 2,298,680 1,336
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5,249
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COMMUNICATIONS EQUIPMENT
DataTec Ltd. 258,800 4,591
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6
<PAGE>
<CAPTION>
VALUE
SHARES (000)
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<S> <C> <C>
SOUTH AFRICA (CONTINUED)
CONSTRUCTION MATERIALS
Concor Ltd. 909,822 U.S.$ 1,068
---------------
DIVERSIFIED FINANCIALS
African Bank Investments Ltd. 808,565 1,713
AMB Holdings Ltd. 117 -- @
BOE Corp. Ltd. 'N' 1,075,000 899
BOE Corporation Ltd. 6,607,268 4,770
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7,382
---------------
INSURANCE
New Africa Investments Ltd.
(Preferred) 'N' 6,881,400 1,642
---------------
INTERNET SOFTWARE & SERVICES
Ixchange Technology Holdings 384,600 1,515
M-Web Holdings Limited 377,970 335
---------------
1,850
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IT CONSULTING & SERVICES
Dimensions Data Holdings Ltd. 1,041,098 9,585
---------------
MACHINERY
Howden Africa Holdings Ltd. 2,010,172 323
---------------
MEDIA
Johnnies Industrial Corp. Ltd. 334,100 5,110
MIH Ltd. 43,100 2,629
Nasionale Pers Beperk 'N' 425,100 5,194
---------------
12,933
---------------
METALS & MINING
Anglo American Platinum Corp. 218,100 5,804
De Beers 106,130 2,483
De Beers ADR 89,800 2,060
Impala Platinum Holdings Ltd. 78,200 2,715
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13,062
---------------
MULTI - INDUSTRY
Rembrandt Group Ltd. 658,090 5,837
---------------
OIL & GAS
Sasol Ltd. 593,200 3,701
---------------
SPECIALTY RETAIL
Ellerine Holdings Ltd. 618,700 2,602
---------------
WIRELESS TELECOMMUNICATION SERVICES
M-Cell Ltd. 951,100 5,237
---------------
81,796
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TUNISIA (1.6%)
BANKS
Banque de l'Habitat 97,500 1,070
---------------
DIVERSIFIED FINANCIALS
Tunsie Leasing SA 15,000 524
---------------
ELECTRIC COMPONENTS
Soc Industrielle D' Appareil 20,000 1,279
---------------
2,873
---------------
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UNITED KINGDOM (0.3%)
MULTI - INDUSTRY
African Lakes Corp. 301,297 542
---------------
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ZAMBIA (0.6%)
FOOD PRODUCTS
Zambia Sugar Co., Ltd. 151,371,609 U.S.$ 621
---------------
METALS & MINING
Zambia Consolidated Copper
Mines Ltd. 586,700 513
---------------
1,134
---------------
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ZIMBABWE (6.4%)
BEVERAGES
Delta Corp., Ltd. 11,965,293 2,092
---------------
DIVERSIFIED FINANCIALS
NMBZ Holdings Ltd. 1,368,000 1,641
---------------
FOOD PRODUCTS
Interfresh Ltd. 15,000,000 304
---------------
HOTELS RESTAURANTS & LEISURE
Zimbabwe Sun Ltd. 10,053,378 296
---------------
METALS & MINING
Bindura Nickel Corp., Ltd. 3,389,956 1,092
(a)Trans Zambesi Industries Ltd. ADR 2,560,000 127
Wankie Colliery Co., Ltd. 7,871,900 246
---------------
1,465
---------------
MULTI - INDUSTRY
TA Holdings Ltd. 11,432,100 652
Trans Zambezi Industries Ltd. 6,012,410 299
---------------
951
---------------
MULTILINE RETAIL
Meikles Africa Ltd. 3,809,880 2,244
---------------
TOBACCO
T.S.L., Ltd. 3,477,000 419
---------------
WIRELESS TELECOMMUNICATION SERVICES
Econet Wireless Holdings 7,693,000 2,195
---------------
11,607
---------------
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TOTAL COMMON STOCK
(Cost U.S.$194,365) 177,590
---------------
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NO. OF
WARRANTS
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WARRANTS (0.0%)
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SOUTH AFRICA (0.0%)
INDUSTRIAL COMPONENTS
First South Africa Corp.,
expiring 1/24/01
(Cost U.S.$--@) 5 -- @
---------------
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7
<PAGE>
<CAPTION>
FACE
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS (1.0%)
UNITED STATES (1.0%)
REPURCHASE AGREEMENT
Chase Securities, Inc. 5.90%,
dated 3/31/00, due 4/3/00,
to be repurchased at
U.S.$1,941, collateralized by
U.S. $1,980 United States
Federal Home Loan Bank
Note, 7.10%, due 3/21/02
(Cost U.S.$1,940) U.S.$ 1,940 U.S.$ 1,940
---------------
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FOREIGN CURRENCY ON DEPOSIT WITH
CUSTODIAN (1.0%)
British Pound GBP 414 658
Egyptian Pound EGP 6 2
Ghana Cedi GHC 127,569 31
Kenyan Shilling KES 13,217 177
South African Rand ZAR 6,272 959
---------------
(Cost U.S.$1,838) 1,827
---------------
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TOTAL INVESTMENTS (99.6%)
(Cost U.S.$198,143) 181,357
---------------
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OTHER ASSETS AND LIABILITIES (0.4%)
Other Assets U.S.$ 3,231
Liabilities (2,589) 642
------------- ---------------
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NET ASSETS (100%)
Applicable to 13,691,121 issued and
outstanding U.S.$0.01 par value shares
(100,000,000 shares authorized) U.S.$ 181,999
---------------
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NET ASSET VALUE PER SHARE U.S.$ 13.29
---------------
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</TABLE>
(a) -- 144A Security certain conditions for public sale may exist.
@ -- Value is less than U.S.$500.
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
8