September 30, 1998
Semi-Annual
Report
Calvert
New Africa Fund
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Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Web Site
http://www.calvertgroup.com
Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by a prospectus.
Calvert Group's
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New Africa Fund
printed on recycled paper
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TABLE OF CONTENTS
President's Letter 1
Portfolio Manager Remarks 2
Report of Independent Accountants 4
Statements of Operations 6
Statements of Changes in net Assets 8
Notes to Financial Statements 10
Financial Highlights 13
Dear Shareholders:
I'd like to take a minute to share with you our views on the current
investment environment and offer some information you can use to put recent
financial market events in perspective.
Today's investment climate reflects an unprecedented confluence of factors:
1. Global economic turmoil. The financial crisis touched off in Asia has
spread, by way of Russia, to emerging markets in Latin America, Africa and
elsewhere. Weakened economies abroad affect the profit outlook for U.S.
companies.
2. Low interest rates in the U.S.. The shakeup of world economies and markets
caused investors to seek shelter in the safest securities, especially U.S.
Treasuries. Increased demand for fixed-income securities has pushed yields to
historic lows.
3. A high level of volatility. The Standard & Poor's 500 Stock Index posted 17
consecutive quarters of positive returns before surprising investors with
negative returns for the third quarter of 1998. Since the end of that quarter,
the S&P 500 has rallied back and, as of this writing, is in positive territory
again for the year.
No one can assure you there won't be further jolts. However, we believe the
underpinnings of the market are solid. Our forecast calls for slower growth in
the U.S., but not a recession, and continued low interest rates. We are also
encouraged by recent progress to implement solutions that should help to take
the pressure off world markets.
You should know that Calvert Group fund managers are working to capitalize on
opportunities, within appropriate levels of risk for each portfolio. This
challenging environment underscores the value of professional money
management, and we certainly appreciate your trust.
Sincerely,
Barbara J. Krumsiek
President and CEO
October 20, 1998
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Investment Performance
6 Months 12 Months
ended ended
9/30/98 9/30/98
New Africa Fund,
Class A (21.36%) (15.55%)
MSCI South
Africa Index GD (40.86%) (42.64%)
Lipper Emerging
Markets Funds
Average (38.69%) (46.46%)
Ten Largest Stock Holdings
% of Net Assets
Arabian International Construction 8.1%
Umbono Investment Corp. 5.9%
Sechaba Brewery 5.7%
Malope Foods 4.9%
Real Africa Duroli 4.8%
ONA 4.4%
Industrial & Engineering Enterprise 4.4%
Egyptian Finance & Industrial 4.3%
Social Security Bank 4.2%
Banque Marocaine De Comm. 3.8%
Total 50.5%
Asset Allocation
Stocks 82%
Bonds -
Cash & Cash Equivalents 18%
Total 100%
Investment performance does not reflect the deduction of any front-end or
deferred sales charge.
Sources: Lipper Analytical Services, Inc. and Bloomberg
Portfolio Statistics
September 30, 1998
Average Annual Total Returns
Class A shares
As of 9/30/98
One year (19.58%)
Since inception (4.81%)
(4/12/95)
Class B shares
As of 9/30/98
Since inception (24.25%)
(6/1/98)
Class C shares
As of 9/30/98
Since inception (21.13%)
(6/1/98)
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper
Analytical Services, Inc.)
Line graph here 5/1/95 - 9/30/98
Calvert New Africa Fund (Class A) -$8,425
Lipper Emerging Market Fund Index - $6,495
MSCI South Africa IC GD - $5,847
Top Five Economic Sectors
% of Market Value
Multi-Industry 51.88%
Banks 17.64%
Raw Materials 8.20%
Financial Services 6.80%
Consumer Non-durables 6.48%
Total returns assume reinvestment of dividends and reflect the deduction of
the Fund's maximum front-end or deferred sales charge. No sales charge has
been applied to the index used for comparison. Past performance is no
guarantee of future results.
Clifford Mpare
of
New Africa Advisers
How have events in Asia and Russia affected the Fund?
Investors have become increasingly nervous about the prospects for emerging
markets. Two major trends have occurred as a result: 1) there's been a rapid
decline in global commodity prices and 2) we've seen a reduction in market
liquidity and currency speculation. Currency speculation had been a thorn in
the side of many developing markets.
Southern African countries are net importers of oil and have benefited from
lower oil prices. But commodities and mineral resources, for which demand and
prices have fallen significantly, dominate their exports. In addition, these
countries have been hurt by the devaluation of the South African rand and the
huge increase in South African interest rates needed to support the currency.
These factors have caused a significant slowdown in GDP growth and a greater
than 50% probability of a recession. South Africa has a major impact on
Southern Africa. Zimbabwe, which is experiencing major economic infrastructure
problems, is the weakest country in the region. Botswana will continue to have
the strongest growth in the region.
The West African countries are also net importers of oil and their economies
are more agricultural-based relative to the rest of Africa. Prices of tropical
agricultural products, particularly cocoa, coffee and tea, remain relatively
robust and have provided the momentum for increased economic activity in many
countries. Egypt has had strong economic growth over the last few years,
irrespective of lower oil prices and lower tourist receipts, and it is
expected to slow down to a reasonable GDP growth level of 5% for 1998. Morocco
and Tunisia will benefit from lower oil prices and the end of the drought this
season. Overall, Northern and Western African markets have been relatively
unscathed by the emerging market flu. These markets should continue to provide
some stability over the next year.
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What was your investment strategy for the Fund?
During the past six months, we've placed greater emphasis on finding relative
valuable franchises in Western and Northern Africa, particularly Ghana, Egypt
and Tunisia. Valuations are favorable and the correlation to the weakness in
other developing markets has been low. In addition, cash is king during
periods of declining asset valuations, and we are patiently waiting for better
buying opportunities to surface. On a global basis, we believe the markets
have a significant probability for downside risk before things stabilize. So,
we may continue in Southern Africa and possibly in other regions to sell into
short-term rallies or at least reduce risk whenever possible.
How did the Fund perform relative to its benchmark?
For the last six months, the Fund returned (21.36%) and our benchmark, the
Morgan Stanley Capital International South Africa Index, fell further with
return of (40.86%).
Where do you see African markets and economies heading in the future?
Over the near term, we expect the African markets, particularly those in
Southern Africa, to remain volatile. The downward trend in global commodity
prices results in reduced revenues for African countries that export raw
materials. In addition, the recent strength of the dollar against many African
currencies makes imports more expensive. Africa should recover from this
double squeeze once there is real progress toward improving the wrecked
economies and markets of Asia, Russia and Latin America.
October 14, 1998
<PAGE>
Schedule of investments
SEPTEMBER 30, 1998
Equity Securities - 82.4% Shares Value
Botswana - 6.7%
Sechaba Brewery 422,200 $533,144
Sefalana Holdings Co. 105,300 94,138
627,282
Egypt - 20.1%
Arabian International Construction* 18,100 756,378
Commercial International 1,950 18,173
Egyptian Finance & Industrial * 22,800 401,173
Egyptian Starch & Glucose Manufacturing Co. 4,550 49,370
Industrial and Engineering Enterprise 25,065 411,625
Middle West of Delta Grinding 3,205 38,582
Olympic Group Financial Investments Co.* 43,500 200,916
1,876,217
Ghana - 11.0%
Aluworks 272,630 328,329
Ashanti Goldfields LTD (GDR) 1 9
Guiness Ghana 790,000 305,807
Social Security Bank* 450,000 387,097
1,021,242
Kenya - 3.3%
Kenya Power & Lighting Co., LTD * 42,156 129,278
Uchumi Supermarkets * 252,792 180,114
309,392
Mauritius - 1.7%
Mauritius Commercial Bank * 12,000 55,156
New Mauritius Hotels * 2,700 5,766
State Bank of Mauritius * 88,750 60,647
Sun Resorts * 17,700 38,877
160,446
Morocco - 10.1%
Banque Marocaine De Comm. 4,542 350,965
ONA 3,100 412,653
Wafabank 1,300 171,641
935,259
South Africa - 29.5%
Adock Ingram (N Shares) 2 6
Boe, LTD 166,000 114,945
Chariot Holdings * 116,220 29,659
City Lodge Hotels 1 1
Dimension Data Holdings, LTD * 78,520 319,811
Engen 60,000 211,305
First South Africa Corp. 4 4
Investec Group, LTD * 6,362 189,200
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Equity Securities (Cont'd) Shares Value
South Africa (Cont'd)
Liberty Life Association of Africa 6,922 $105,401
Mossie Holdings ^ 25 171,834
Malope Foods 452,650 454,364
New Africa Investments, LTD * 178,694 109,446
Privest Group 5,700 3,782
Real Africa Durolink * 325,628 451,511
Umbono Investment Corp. * 1,306,000 555,485
Westin Area Gold Mining 11,800 34,972
2,751,726
Total Equity Securities (Cost $7,072,501) 7,681,564
TOTAL INVESTMENTS (Cost $7,072,501) - 82.4% 7,681,564
Other assets in excess of liabilities - 17.6%
1,639,149
Net Assets - 100% $9,320,713
* Non-income producing.
^ This security was valued by the Board of Directors, See note A.
See notes to financial statements.
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Statement of Assets and Liabilities
September 30, 1998
Assets
Investments in securities, at value $7,681,564
Cash 1,683,766
Receivable for securities sold 17,491
Interest and dividends receivable 7,407
Receivable for shares sold 11,785
Deferred organization expenses 20,894
Other assets 26,569
Total assets 9,449,476
Liabilities
Payable for securities purchased 31,053
Payable for Shares redeemed 13,063
Payable to Calvert - Sloan Advisors, L.L.C. 23,156
Payable to Calvert Administrative Service Corp., Inc. 1,910
Payable to Calvert Shareholder Services, Inc. 623
Payable to Calvert Distributors, Inc. 1,918
Accrued expenses and other liabilities 57,040
Total liabilities 128,763
Net Assets $9,320,713
Net Assets Consist of:
Paid-in capital applicable to the following shares of
common stock,
with 250,000,000 shares of $0.01
par value share authorized for
Class A, B, and C combined:
Class A: 887,217 shares outstanding 10,449,558
Class B: 1,099 shares outstanding 13,887
Class C: 95 shares outstanding 1,218
Undistributed net investment income (loss) (113,151)
Accumulated net realized gain (loss) on investments
and foreign currencies (1,667,885)
Net unrealized appreciation (depreciation) on investments
and assets and liabilities in foreign currencies 637,086
Net Assets $9,320,713
Net Asset Value per Share
Class A: (based on net assets of $9,308,213) $10.49
Class B: (based on net assets of $11,505) $10.47
Class C: (based on net assets of $995) $10.47
See notes to financial statements.
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Statement of Operations
Six Months Ended September 30 1998
Net Investment Income
Investment Income
Dividend income (net of foreign taxes of $8,438) $126,744
Interest income 3,204
Total investment income 129,948
Expenses
Investment advisory fee 84,819
Transfer agency fees and expenses 18,320
Distribution Plan expenses
Class A 23,843
Class B 25
Class C 4
Directors' fees and expenses 24,339
Administrative fees 13,800
Custodian fees 30,022
Registration fees 17,890
Reports to shareholders 856
Professional fees 9,973
Organizational expenses 6,826
Miscellaneous 81
Reimbursement from Advisor (46,946)
Total expenses 183,852
Fees paid indirectly (6,767)
Net expenses 177,085
Net Investment Income (Loss) (47,137)
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments (701,406)
Foreign currencies (175,806)
(877,212)
Change in unrealized appreciation or (depreciation) on:
Investments and foreign securities (1,613,788)
Assets and liabilities in foreign currencies (400)
(1,614,188)
Net Realized and Unrealized Gain
(Loss) on Investments (2,491,400)
Increase (Decrease) in Net Assets
Resulting From Operations ($2,538,537)
See notes to financial statements.
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Statements of Changes in Net Assets
Six Months Ended Year Ended
September 30, March 31,
Increase (Decrease) in Net Assets 1998 1998
Operations
Net investment income (loss) ($47,137) ($61,150)
Net realized gain (loss) (877,212) (534,598)
Change in unrealized
appreciation or (depreciation) (1,614,188) 1,313,989
Increase (Decrease) in Net Assets
Resulting From Operations (2,538,537) 718,241
Distributions to shareholders
In excess of net realized
gain - (114,461)
Total distributions - (114,461)
Capital share transactions
Shares sold
Class A 617,796 2,510,992
Class B 13,887 -
Class C 1,218 -
Reinvestment of
distributions
Class A - 110,992
Redemption fees
Class A 1,576 8,250
Shares redeemed
Class A (390,617) (825,900)
Total capital share transactions 245,860 1,803,534
Total Increase (Decrease)
in Net Assets (2,292,667) 2,407,314
Net Assets
Beginning of period 11,613,390 9,206,076
End of period (including
undistributed net investment
income (loss) of
($113,151)
and ($66,014), respectively) $9,320,713 $11,613,390
Capital Share Activity
Shares sold
Class A 48,923 200,578
Class B 1,099 -
Class C 95 -
Reinvestment of distributions
Class A - 9,874
Shares redeemed
Class A (32,120) (67,667)
Total capital share activity 17,997 142,785
See notes to financial statements.
<PAGE>
Notes to Financial Statements
Note A - Significant Accounting Policies
General: The Calvert New Africa Fund (the "Fund"), the sole series of Calvert
New World Fund, Inc., is registered under the Investment Company Act of 1940
as a non-diversified, open-end management investment company. The Fund was
organized as a Maryland corporation on December 22, 1994 and began operations
on April 12, 1995. Effective June 1, 1998, the Fund began to offer three
classes of shares, each with different expense levels and sales charges. Class
A shares of capital stock are sold with a maximum front-end sales charge of
4.75%. This is a change from the former charge of 2.5%. In addition, the
redemption fee charge of 2% for shares held less than two years was
eliminated. Class B shares of capital stock are sold without a front-end sales
charge. With certain exceptions, the Fund will impose a deferred sales charge
on Class B shares at the time of redemption, depending on how long you have
owned the shares. Class C shares of capital stock are sold without a front-end
sales charge. With certain exceptions, the Fund will impose a deferred sales
charge on Class C shares sold within one year. Class B and C shares have
higher expenses than Class A shares, including higher Distribution Plan
expenses. Effective June 1, 1998, the Distribution Plan for Class A was
changed from .75% to .25%, based on the classes average daily net assets.
Class B and C Distribution Plans are 1.00%.
Security Valuation: Securities listed or traded on a national securities
exchange are valued at the last reported sale price. Unlisted securities and
listed securities for which the last sale price is not available are valued at
the most recent bid price or based on a yield equivalent obtained from the
securities' market maker. Foreign security prices, furnished by quotation
services in the security's local currency, are translated using the current U.
S. dollar exchange rate. Other securities and assets for which market
quotations are not available or deemed inappropriate are valued in good faith
under the direction of the Board of Directors.
In determining fair value, the Board considers all relevant qualitative and
quantitative information available. These factors are subject to change over
time and are reviewed periodically. The values assigned to fair value
investments are based on available information and do not necessarily
represent amounts that might ultimately be realized, since such amounts depend
on future developments inherent in long-term investments. Further, because of
the inherent uncertainty of valuation, those estimated values may differ
significantly from the values that would have been used had a ready market of
the investments existed, and the differences could be material.
At September 30, 1998, $171,834 or 1.8% of net assets, were valued by the
Board of Directors.
Security Transactions and Investment Income: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. Dividend income is recorded on the ex-dividend date or,
in the case of dividends on certain foreign securities, as soon as the Fund is
informed of the ex-dividend date.
Foreign Currency Transactions: The Fund's accounting records are maintained
in U. S. dollars. For valuation of assets and liabilities on each date of net
asset value determination, foreign denominations are translated into U.S.
dollars using the current exchange rate. Security transactions, income and
expenses are translated at the prevailing rate of exchange on the date of the
event. The effect of changes in foreign exchange rates on securities is
included in the net realized and unrealized gain or loss on securities.
Distributions to Shareholders: Distributions to shareholders are recorded by
the Fund on ex-dividend date. Dividends from net investment income and
distributions from net realized capital gains, if any, are paid at least
annually. Distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles;
accordingly, periodic reclassification's are made within the Fund's capital
accounts to reflect income and gains available for distribution under income
tax regulations.
Estimates: The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reported
period. Actual results could differ from those estimates.
Redemption Fees: Charges to shareholders for redemption of shares held for
less than two years are used to defray the Fund's cost of shares redeemed.
The redemption fee charge was eliminated effective June 1, 1998.
Expense Offset Arrangements: The Fund has an arrangement with its custodian
bank whereby the custodian's and transfer agent's fees may be paid indirectly
by credits earned on the Fund's cash on deposit with the bank. Such a deposit
arrangement is an alternative to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is
required since the Fund intends to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
earnings.
Organization Expenses: Expenses incurred in the organization of the Fund are
capitalized and amortized over a five year period.
Note B - Related Party Transactions
Calvert-Sloan Advisers, L.L.C. (the "Advisor") is jointly owned by Calvert
Group, Ltd. (which is indirectly wholly-owned by Acacia Mutual Life Insurance
Company) and Sloan Holdings, Inc. The Advisor provides investment advisory
services and pays the salaries and fees of officers and affiliated Directors
of the Fund. For its services, the Advisor receives a monthly fee based on an
annual rate of 1.50% of the Fund's average daily net assets. Effective June
1998, the Fund began paying monthly performance fee of plus or minus up to
.10%, on an annual basis, of average daily net assets of the performance
period depending on the Fund's performance compared to the Morgan Stanley
Capital International South Africa U.S. Dollar Index. For the period ended
September 30, 1998, the performance fee adjustment increased management fees
by $2,061.
The Advisor voluntarily reimbursed the Fund for advisory fees, administrative
fees and other operating expenses of $46,946.
<PAGE>
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor
and principal underwriter for the Fund. A Distribution Plan, adopted by the
shareholders, allows the Fund to pay the distributor for expenses and services
associated with distribution of shares. The expenses paid may not exceed .25%,
1.00% and 1.00% annually of average daily net assets of each Class A, Class B
and Class C, respectively.
The Distributor paid $6,167 in addition to the commissions charged on sales of
Fund's shares.
Calvert Shareholder Services, Inc., is the shareholder servicing agent for the
Fund. National Financial Data Services, Inc., is the transfer and dividend
disbursing agent.
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of
.25% of the average daily net assets of the Fund.
Each Director who is not affiliated with the Advisor receives an annual fee of
$1,000 plus $1,000 for each Board and Committee meeting attended.
Note C - Investment Activity
During the period, purchases and sales of investments, other than short-term
securities, were $2,860,264 and $3,512,523, respectively.
The cost of investments owned at September 30, 1998 was substantially the same
for federal income tax and financial reporting purposes. Net unrealized
appreciation aggregated $609,063, of which $1,661,995 related to appreciated
securities and $1,052,932 related to depreciated securities.
Note D - Line of Credit
A financing agreement is in place with all Calvert Group Funds and State
Street Bank and Trust Company ("the Bank"). Under the agreement, the Bank is
providing an unsecured line of credit facility, in the aggregate amount of $50
million ($25 million committed and $25 million uncommitted), to be accessed by
the Funds for temporary or emergency purposes only. Borrowings under this
facility bear interest at the overnight Federal Funds Rate plus .50% per
annum. A commitment fee of .10% per annum will be incurred on the unused
portion of the committed facility which will be allocated to all participating
funds. This fee is paid quarterly in arrears. The Fund had no loans
outstanding pursuant to this line of credit as of September 30, 1998.
<PAGE>
Financial Highlights
Periods Ended
September 30, March 31,
Class A Shares 1998 1998
Net asset value, beginning $13.34 $12.65
Income from investment operations
Net investment income (.05) (.07)
Net realized and unrealized gain (loss) (2.80) .89
Total from investment operations (2.85) .82
Distributions from
In excess of net realized gain - (.13)
Total distributions - (.13)
Total increase (decrease) in net asset value (2.85) .69
Net asset value, ending $10.49 $13.34
Total return* (21.36%) 6.72%
Ratios to average net assets:
Net investment income (loss) (.85%)(a) (.60%)
Total expenses+ 3.33%(a) 3.76%
Net expenses 3.21%(a) 3.25%
Expenses reimbursed .71%(a) .89%
Portfolio turnover 30% 74%
Net assets, ending (in thousands) $9,308 $11,613
Number of shares outstanding,
ending (in thousands) 887 870
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 -
Distributions from
In excess of net realized gain - -
Total distributions - -
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+ 3.54% 3.75%(a)
Net expenses 3.25% 3.24%(a)
Expenses reimbursed 1.33% 1.24%(a)
Portfolio turnover 23% 6%
Net assets, ending (in thousands) $9,206 $7,974
Number of shares outstanding,
ending (in thousands) 728 664
<PAGE>
Financial Highlights
Period Ended
September,
Class B Shares 1998^^
Net asset value, beginning $13.13
Income from investment operations
Net investment income (.04)
Net realized and unrealized gain (loss) (2.62)
Total from investment operations (2.66)
Total increase (decrease) in net asset value (2.66)
Net asset value, ending $10.47
Total return* (20.26%)
Ratios to average net assets:
Net investment income (loss) (1.93%)(a)
Total expenses+ 4.26%(a)
Net expenses 4.00%(a)
Expenses reimbursed 159.6%(a)
Portfolio turnover 30%
Net assets, ending (in thousands) $11
Number of shares outstanding,
ending (in thousands) 1
(a) Annualized
* Total return does not reflect deduction of any front-end or deferred sales
charge.
+ Ratio reflects total expenses before reduction for fees paid indirectly;
such reductions are included in the ratio of net expenses.
^ From April 12, 1995 inception
^^ From June 1, 1998 inception
<PAGE>
Period Ended
September,
Class C Shares 1998^^
Net asset value, beginning $13.13
Income from investment operations
Net investment income (.04)
Net realized and unrealized gain (loss) (2.62)
Total from investment operations (2.66)
Total increase (decrease) in net asset value (2.66)
Net asset value, ending $10.47
Total return* (20.26%)
Ratios to average net assets:
Net investment income (loss) (1.17%)(a)
Total expenses+ 4.40%(a)
Net expenses 4.00%(a)
Expenses reimbursed 1,163.9%(a)
Portfolio turnover 30%
Net assets, ending (in thousands) $1
Number of shares outstanding,
ending (in thousands) .1
(a) Annualized
* Total return does not reflect deduction of any front-end or deferred
sales charge.
+ Ratio reflects total expenses before reduction for fees paid
indirectly; such reductions are included in the ratio of net expenses.
^ From April 12, 1995 inception.
^^ From June 1, 1998 inception.
Portfolio Statistics
September 30, 1998
Calvert
New Africa Fund
