September 30, 1999
semi-annual
report
Calvert
New africa fund
Calvert
New Africa Fund
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Calvert Group
c/o NFDS,
330 West 9th Street
Kansas City, MO 64105
Web Site
http://www.calvert.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
Family of Funds
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printed on recycled paper
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Table
of
Contents
President's Letter
1
Portfolio
Manager Remarks
2
Statement
of Net Assets
4
Statement
of Operations
6
Statements
of Changes in
Net Assets
7
Notes to
Financial Statements
8
Financial Highlights
11
Y2K Update
13
Dear Shareholders:
1999 may be characterized as a year of
changing fortunes. We have witnessed a
strong recovery in the markets of Asia and
the Far East, while European markets have
enjoyed mixed blessings. At home, top
performing stocks were again concentrated by
capitalization range and industry group,
with large-capitalization companies,
technology, and internet stocks fueling the
advance. Other categories, such as small cap
stocks and health care stocks, have lagged
these advances.
We have seen a watchful Federal Reserve
raise interest rates in response to
the lessening of global liquidity concerns
and rising price pressures -- the
latter being a downside to the benefit of
low unemployment.
On the whole, the current economic
environment is very positive, but in any
environment -- particularly one marked by
volatility such as today's -- investor
discipline is more important than ever. In
reviewing our recently redesigned Web site,
www.calvert.com, you will see that we now
offer more interactive information tools to
help you make the most informed decisions.
As always, we encourage you to make
decisions based on your financial objectives
and tolerance for risk. You should routinely
review your asset allocation to be sure you
are positioned at a comfortable risk level.
Your financial professional can suggest
strategies that keep you on track to meet
long-term financial objectives.
We appreciate your investment in Calvert
Group funds and look forward to helping you
meet your financial goals.
Sincerely,
Barbara J. Krumsiek
President and CEO
October 27, 1999
Portfolio Statistics
September 30, 1999
Investment Performance
6 Months12 Months
ended ended
9/30/999/30/99
New Africa Fund,
Class A (23.90%)
(28.98%)
MSCI South
Africa Index GD 11.59% 32.33%
Lipper Emerging
Markets Funds
Average 16.55%
42.73%
Ten Largest Stock Holdings
% of Net Assets
Illovo Sugar 8.2%
Sechaba Brewery 8.1%
Societe National Des
Telecommunication 7.7%
Commercial Int'l Bank 7.0%
Social Security Bank 5.9%
Standard Bank Investment 5.2%
Anglo Amer Platinum 5.0%
Orascom Construction 5.0%
Guiness Ghana 5.0%
Aluworks 4.5%
Total 61.6%
Investment performance does not reflect the
deduction of any front-end or deferred sales
charge.
Sources: Lipper Analytical Services, Inc.
and Bloomberg
Clifford Mpare
of
New Africa Advisers
How did the Fund perform relative to its
benchmark?
For the six months ended September 30, 1999,
the Calvert New Africa Fund, Class A ("the
Fund") had a return of (23.90%) compared to
11.59% for the Morgan Stanley South Africa
Index ("the benchmark").
How did current events effect your strategy
for the Fund?
The Fund's under-performance relative to the
benchmark was the result of the continued
underweight position in South Africa and an
overweight position in Kenya, Ghana, and
Egypt whose markets returned (27.95%),
(18.92%) and (6.90%) respectively for the
period. The lack of exposure to the resource
and non-resource mining sectors especially
gold, hurt the Fund's relative performance.
The Fund had no exposure in Zimbabwe,
Mauritius, or
Morocco.
While a majority of the Fund's South African
holdings are attractively-valued small
capitalization financial and industrial
stocks, they have not received the same
positive foreign investor sentiment and re-
rating that the South African resource
mining sector has experienced. We are
carefully trading out of some of the smaller
non-South African holdings to increase our
exposure in South Africa.
Where do you see African markets and
economies heading in the future?
The investment team continues to be bullish
on the South African economy and its market
- -- notwithstanding the risks of a global
economic slowdown
and Wall Street's demanding valuations. We
expect that the next surge in the market
will be commodity driven because of the
positive outlook for
global economic growth. U.S. and European
growth also bode well for
mining stock prices. Clearly the South
African market is undervalued relative to
other emerging markets with similar
fundamentals. Moreover, the repo and prime
rates continue to decline without triggering
pressure on the Rand.
We will continue to restructure the Fund
over the next six months as we gain exposure
to most of the sectors represented in the
benchmark. Over the next three months, the
investment team expects resource stocks to
continue to outperform because of the
positive outlook for global economic growth.
Therefore in order to increase the Fund's
exposure to the resource sector, exposure to
the small capitalization financial and
industrial stocks will be reduced but not
eliminated. By the end of next quarter we
will be raising the Fund's weights in large
capitalization financials and industrials at
the expense of resource stocks.
The investment team believes that this
strategy should allow the Fund to
participate in the expected upward trend in
South African market and it should reduce
the tracking error of the Fund relative to
the benchmark.
Given the performance of the Fund relative
to the benchmark over the past year, it is
quite understandable that clients would be
concerned about the Fund's short-term
performance. However, we believe that
emerging markets stand to outperform the
developed markets of the world, and that
South Africa will be a direct beneficiary of
this re-rating. We therefore urge clients to
stay the course.
October 27, 1999
Portfolio Statistics
September 30, 1999
Top Five Economic Sectors
% of Market Value
Banking
18.05%
Beverages 12.56%
Food 10.62%
Construction 8.05%
Communications 7.34%
Portfolio Characteristics
New Africamsci south
Fundafrica index
Number of Stocks 31 46
Median Market
Capitalization ($mil) 140 N/A
(by portfolio weight)
Price/Earnings
Ratio 7.67 14.02
Yield 5.85% 2.06%
(return on capital investment)
Volatility Measure
New Africamsci south
Fundafrica index
Beta 0.71 1.05
(Measure of volatility compared to the S&P
500 Stock Index (beta of 1). The higher the
beta, the higher the risk and potential
reward.)
Source: Vestek Systems, Inc.
Statement Of Net Assets
September 30, 1999
Equity Securities - 106.0% Shares
Value
Botswana - 10.4%
Sechaba Brewery 422,200 $452,546
Sefalana Holdings Company 105,300
125,537
578,083
Egypt - 16.3%
Arabian International Construction *
42,528 178,967 Commercial
International 40,850 390,705
Egyptian Starch & Glucose Manufacturing
Company
125 1,138
MISR Duty Free Shop Company 13,675
60,070 Orascom Construction * 22,000
280,899
911,779
Ghana - 15.4%
Aluworks 272,630
252,334 Ashanti Goldfields Limited (GDR) *
1 8 Guinness Ghana 790,000
277,963 Social Security Bank 450,000
330,000
860,305
Ivory Coast - 7.7%
Societe National Des Telecommunication
10,200 431,020
Kenya - 6.2%
Kenya Power & Lighting Company 154,434
193,917 Uchumi Supermarkets 257,492
154,995
348,912
South Africa - 50.0%
Absa Group 47,400
185,573 Adock Ingram (N Shares) *
2 5 African Church * ^ # 2,500
62,500 African Church (Convertible
Preferred) * ^ # 2,500 62,500Allied Techs
39,300 83,805 Anglo American
Platinum 10,600 281,136
Boe Limited 166,000 121,959
Brait SA 67,800
214,611 Chariot Holdings * 6,919
46 City Lodge Hotels 1 2
Education Investment 281,100 165,312
Illovo Sugar 397,700 457,165
Liberty Life Associates 18,600 145,639
Nu World Holdings * 117,500 210,433
Mossie Holdings * ^ 25 168,263
Malope Foods * 153,150 34,444
Standard Bank Investment 90,114 288,244
Theta Group Limited 90,100 144,851
Fusion Capital * 716,700 161,190
2,787,678
Equity Securities - (Cont'd) Shares
Value
United States - 0.0%
Leisureplanet Holding Limited 4
$16
Total Equity Securities (Cost $7,036,396)
5,917,793
TOTAL INVESTMENTS (Cost $7,036,396) - 106.0%
5,917,793 Other assets
and liabilities, net - (6.0%) (333,428)
Net Assets - 100% $5,584,365
Net Assets Consist Of :
Paid-in capital applicable to the following
outstanding shares of
common stock, $.01 par value with
250,000,000 shares authorized for Class A,
B and C combined:
Class A : 738,106 shares outstanding
$8,853,926 Class B : 10,063 shares
outstanding 101,466
Class C : 1,945 shares outstanding
18,768 Undistributed net investment income
(loss) (9,388)Accumulated net
realized gain (loss) on investments
and foreign currencies (2,249,935)
Net unrealized appreciation (depreciation)
on investments and assets and
liabilities in foreign currencies
(1,130,472)
Net Assets $5,584,365
Net Asset Value Per Share
Class A (based on net assets of $5,495,609)
$7.45
Class B (based on net assets of $74,390)
$7.39
Class C (based on net assets of $14,366)
$7.39
* Non-income producing.
^ This security was valued by the Board of
Directors. See Note A.
# See Note B.
See notes to financial statements.
Statement of Operations
six months Ended September 30, 1999
Net Investment Income
Investment Income
Dividend income (net of foreign taxes of
$11,659) $170,240
Interest income (32,386)
Total investment income
137,854
Expenses
Investment advisory fee
54,308
Transfer agency fees and expenses
23,264
Distribution Plan expenses:
Class A 8,936
Class B 391
Class C 70
Directors' fees and expenses
11,989
Accounting Fees 14,876
Custodian fees 32,080
Registration fees 20,671
Reports to shareholders
6,489
Professional fees 14,704
Organizational expenses
6,826
Miscellaneous 2,699
Total expenses 197,303
Reimbursement from Advisor:
Class A (39,957)
Class B (6,319)
Class C (6,042)
Fees paid indirectly
(25,887)
Net expenses 119,098
Net Investment Income (Loss)
18,756
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (314,492)
Foreign currency transactions
(31,814)
(346,306)
Change in unrealized appreciation or
(depreciation) on:
Investments and foreign currencies
(1,603,871)
Assets and liabilities denominated in
foreign currencies
672
(1,603,199)
Net Realized and Unrealized Gain
(Loss) (1,949,505)
Increase (Decrease) in Net Assets
Resulting From Operations
(1,930,749)
See notes to financial statements.
Statements of Changes in Net Assets
Six Months EndedY
ear Ended
September 30,March
31,
Increase (Decrease) in Net Assets
1999 1999
Operations
Net investment income (loss) $18,756
$(84,113) Net realized gain
(loss) (346,306)(1,307,045)
Change in unrealized appreciation or
(depreciation)
(1,603,199) (1,778,547)
Increase (Decrease) in Net Assets
Resulting From Operations (1,930,749)
(3,169,705)
Capital share transactions:
Shares sold:
Class A 910,716 954,326
Class B 179,922 77,900
Class C 5,702 14,509
Redemption fees:
Class A - 1,576
Shares redeemed:
Class A (2,046,696)(871,5
40)
Class B (153,986) ----
Class C (1,000) ----
Total capital share transactions
(1,105,342) 176,771
Total Increase (Decrease) in Net Assets
(3,036,091) (2,992,934)
Net Assets
Beginning of period 8,620,45611,613,390
End of period (including undistributed net
investment
income (loss) of ($9,388) and ($28,144),
respectively)
$5,584,365 $8,620,456
Capital Share Activity
Shares sold
Class A 112,769 82,112
Class B 20,171 7,297
Class C 650 1,398
Shares redeemed
Class A (246,882)(80,307)
Class B (17,405) ----
Class C (103) ----
Total capital share activity (130,800)
10,500
See notes to financial statements.
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, 1999, $293,263 or 5.25% 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. Realized and unrealized gains and
losses
are allocated to separate classes of shares
based upon the relative net assets of each
class. Expenses arising in connection with a
class are charged directly to
that class. Expenses common to the classes
are allocated to each class in proportion to
their relative net assets.
Foreign Currency Transactions: The Fund's
accounting records are maintained in U. S.
dollars. For valuation of assets and
liabilities on each date of net asset value
determination, foreign denominations are
converted into U.S. dollars using the
current exchange rate. Security
transactions, income and expenses are
translated at the prevailing rate of
exchange 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 Ameritas Acacia Mutual Holding
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. Under the terms of the
agreement, $15,873 was payable at period
end.
The Advisor contractually reimbursed the
Fund for expenses of $52,318.
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. Under the terms of the
agreement, $1,236 was payable at period end.
The Distributor received $1,466 as its
portion of commissions charged on
sales of the Fund's shares.
Calvert Shareholder Services, Inc.("CSSI"),
is the shareholder servicing agent for the
Fund. For its services, CSSI received $2,998
for the period ended September 30, 1999.
National Financial Data Services, Inc., is
the transfer
and dividend disbursing agent. Under the
terms of the agreement, $450 was payable at
year end.
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.
Africa Church, which is an affiliate because
the Fund owns over 5% of the voting
securities, was purchased at a cost of
$250,000 for 2,500 common shares and 2,500
convertible preferred shares.
Note C - Investment Activity
During the period, purchases and sales of
investments, other than short-term
securities, were $2,998,926 and $3,382,576,
respectively.
The cost of investments owned at September
30, 1999 was substantially the same for
federal income tax and financial reporting
purposes. Net unrealized depreciation
aggregated $1,118,603, of which $510,121
related to appreciated securities and
$1,628,724 related to depreciated
securities.
Note D - Line of Credit
A financing agreement is in place with all
Calvert Group Funds (except for
the Calvert Social Investment Fund Managed
Index Portfolio) 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. The Fund had no
loans outstanding pursuant to this line of
credit at September 30, 1999.
Financial Highlights
Periods Ended
September 30,March 31,March 31,
Class A Shares 1999 1999 1998
Net asset value, beginning $9.79 $13.34
$12.65
Income from investment operations
Net investment income.02 (.10) (.07)
Net realized and unrealized gain (loss)
(2.36) (3.45) .89
Total from investment operations (2.34)
(3.55) .82
Distributions from
In excess of net realized gain -
- ---- (.13)
Total distributions- ---- (.13)
Total increase (decrease) in net asset value
(2.34) (3.55) .69
Net asset value, ending$7.45$9.79 $13.34
Total return* (23.90%) (26.61%)
6.72%
Ratios to average net assets:
Net investment income (loss).53% (a)(.84%)
(.60%)
Total expenses5.11% (a) 4.19% 4.65%
Expenses before offsets3.99% (a) 3.65%
3.76%
Net expenses 3.28% (a) 3.36% 3.25%
Portfolio turnover 45% 60% 74%
Net assets, ending (in thousands) $5,496
$8,536 $11,613
Number of shares outstanding,
ending (in thousands)738 872 870
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 4.87% 4.99% (a)
Expenses before offsets 3.54%
3.75% (a)
Net expenses 3.25% 3.24% (a)
Portfolio turnover 23% 6%
Net assets, ending (in thousands)
$9,206 $7,974
Number of shares outstanding,
ending (in thousands) 728 664
Financial Highlights
Period Ended
September 30,March
31,
Class B Shares 1999 1999^^
Net asset value, beginning $9.75
$13.13
Income from investment operations
Net investment income (.03) (.06)
Net realized and unrealized gain (loss)(2.
33) (3.32)
Total from investment operations
(2.36) (3.38)
Total increase (decrease) in net asset value
(2.36) (3.38)
Net asset value, ending $7.39 $9.75
Total return* (24.21%)
(25.74%)
Ratios to average net assets:
Net investment income (loss) (.35%) (a)
(1.48%) (a)
Total expenses 21.11% (a)37.54%
(a)
Expenses before offsets 4.94% (a)
4.68% (a)
Net expenses 4.03% (a)4.02% (a)
Portfolio turnover 45% 60%
Net assets, ending (in thousands)
$74 $71
Number of shares outstanding,
ending (in thousands) 10 7
Period Ended
September 30,March
31,
Class C Shares 1999 1999^^
Net asset value, beginning $9.75
$13.13
Income from investment operations
Net investment income (.03) (.05)
Net realized and unrealized gain (loss)
(2.33) (3.33)
Total from investment operations
(2.36) (3.38)
Total increase (decrease) in net asset value
(2.36) (3.38)
Net asset value, ending $7.39 $9.75
Total return* (24.96%)
(25.74%)
Ratios to average net assets:
Net investment income (loss) (.03%) (a)
(1.36%) (a)
Total expenses 91.77% (a)189.55%
(a)
Expenses before offsets 5.56% (a)
5.52% (a)
Net expenses 4.03% (a)4.02% (a)
Portfolio turnover 45% 60%
Net assets, ending (in thousands)
$14 $14
Number of shares outstanding,
ending (in thousands) 2 1
(a) Annualized
* Total return is not annualized for periods
less than one year and does not reflect
deduction of any front-end or deferred sales
charge.
^ From April 12, 1995 inception.
^^ From June 1, 1998 inception.
Calvert Group and the Year 2000
Three years ago, Calvert Group recruited a
task force to address the Y2K compliance
problem. Headed by our Vice President of
Information Technology, the task force
developed a comprehensive Year 2000
Initiative that addressed all software and
hardware systems that could possibly be
susceptible to year-2000 problems.
Today we can report that we have completed
100 percent of our year-2000 Initiative and
are currently monitoring our systems to
ensure that they will remain compliant.
These are just some of the steps Calvert
Group has taken over the past 36 months:
Inventory. To safeguard our inventory
systems we documented all hardware and sof
tware systems used by Calvert Group.
Assessment. Our system engineers made
an extensive
evaluation of the readiness of each system
and its susceptibility to year-2000
problems.
Remediation. We have modified
software codes, upgraded hardware, improved
data interfaces and applied upgrades.
Testing. We have deployed year-2000
test environments and executed test plans
with dates from 1999 through 2000 and
beyond.
Implementation. We have released our
modified software, deployed upgraded
hardware and coordinated with business
partners where data interfaces have changed.
Vendor Compliance. All significant
third-party vendors, including subadvisors,
have been contacted and reported Y2K
compliance.
Finally, Calvert Group will re-test
continuously through the remainder of
1999 and into 2000 to ensure that operating
platforms, third-party software, and
interfaces to other` systems remain stable
throughout the rollover to the year 2000.
If you have any questions regarding the Year
2000 issue, please send e-mail
to [email protected] or call
1.800.368.2748.
Calvert Group's Web site, www.calvert.com
and our Voice Response Unit (800-368-
2745) will be operational Saturday, January
1, 2000 and completely updated to include
all account activity through year-end 1999.
We encourage you to use either system to
verify the status of your account.
A customer service representative will be
available to assist you Monday, January 3,
2000.
