Semi-annual
Report
Calvert
New africa fund
<PAGE>
Table
of
Contents
President's Letter
1
Portfolio
Manager Remarks
2
Statement of
Net Assets
5
Statement
of Operations
7
Statements
of Changes in
Net Assets
8
Notes to
Financial Statements
9
Financial Highlights
13
Dear Shareholders:
While near-term volatility in equity and bond markets has set a tone of
challenge for investors and fund managers this past year, caution and discipline
remain a keynote of our manager's investment strategies. We are confident that
these will bring their own reward in the long term.
The state of the US economy seems to indicate that we have reason to be
optimistic despite recently falling market indices. For the time being, the
specter of inflation appears to be nothing more than that, and the underlying
economic fundamentals are solid. Indeed, the Fed, which left rates unchanged at
its last meeting, believes that inflation remains under control. Somewhat slower
economic growth will continue to keep prices in check - and there have been
indications of cooling in most traditional sectors of the economy. Therefore,
economic growth is expected to slow in the coming months and year.
Growth in the US economy coupled with price stability will continue to influence
the price and yield of Government bonds. Rising oil prices, temporarily curbed
by the recent decision to release 30m barrels from our Strategic Petroleum
Reserve, would almost certainly push up bond yields.
Also, the decision made by the US, Europe, and Japan to shore up the Euro could
have domestic consequences. While a weaker dollar could mean stronger balance
sheets for multinational companies, the stream of money from Europe into the US
economy could be reversed, adversely affecting equity and corporate bond prices.
Time will tell how events will play out. For the reasonable investor, discipline
and the need to make informed decisions are as important as ever before. As
always, we encourage you to make decisions based on your financial obligations
and tolerance for risk. Your financial professional can suggest strategies that
can keep you on track to meet your objectives.
We appreciate your investment in Calvert Group funds and look forward to working
with you to achieve your financial goals.
Sincerely,
Barbara J. Krumsiek
President and CEO
October 30, 2000
<PAGE>
Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
New Africa Fund:
Class A (18.96%) (24.83%)
Class B (19.33%) (25.44%)
Class C (19.14%) (23.95%)
MSCI South
Africa Index GD (3.56%) 8.01%
Lipper Emerging
Markets Funds
Average (22.97%) 8.74%
Ten Largest Stock Holdings
% of Net Assets
Dimension Data Holdings, Ltd. 5.4%
Anglo American Platnum 5.4%
Nedcor, Ltd. 5.2%
Old Mutual, Plc. 5.0%
Sanlam, Ltd. 4.8%
De Beers Centenary 4.6%
Saso, Ltd. 4.3%
Anglo American Corp., Ltd. 4.2%
M Cell Warrants 4.2%
Standard Bank Investment 4.0%
Total 47.1%
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, 2000, the Calvert New Africa Fund
returned -18.96%, significantly underperforming the -3.56% return for the
Morgan Stanley South Africa Index ("the benchmark").
How did events affect your strategy during this period?
A number of factors explain the Fund's under-performance relative to the
benchmark:
- The Fund's allocation to Egypt, whose market returned -40.65% during the
period due to an unsustainable monetary policy and a dollar liquidity problem
resulting in high interest rates.
- The Fund's allocation to Ghana, whose market returned -31.10% during the
period, due primarily to the depreciation of the Ghanaian Cedi, which fell 39%
during the same six months.
- The Fund's allocation to technology, media and telecommunications stocks whose
prices corrected during the period in line with technology stocks globally
during April.
The best performing markets for the period were Botswana (0.29%), Tunisia
(-0.12%) and South Africa (-2.54%). The worst performing markets were Egypt,
Ghana, and Kenya. The six-month period was a difficult one for African markets
as only Botswana registered positive performance and only the Botswanan and
Tunisian markets outperformed the South African market.
During the period, the South African equity market exhibited extreme volatility
characterized by a continued depreciation of the Rand (9.81%) and renewed
inflationary pressures in the underlying economy the result of higher oil and
food prices. The associated investment strategy for this investment climate was
to acquire more shares of South African securities that the team believed would
add long-term value to the Fund and to continue to geographically diversify the
Fund's holdings.
We also decided to pursue investment opportunities in the banking sectors of
Botswana and Mauritius since their economies are projected to grow in excess of
6 percent until the year 2004. Barclays Bank of Botswana and Standard Chartered
of Botswana were added to the Fund. Also State Bank of Mauritius which has a 19
percent stake in Mauritius Telecom was also added to the Fund.
The team also thought that the potential diversification benefits to the Fund
from investing in Tunisia were good since capital flows to Tunisia's equity
market shows
Portfolio Statistics
September 30, 2000
Average Annual Total Returns
Class A shares
One year (28.39%)
Five year (14.69%)
Since inception (13.58%)
(4/12/95)
Class B shares
One year (29.17%)
Since inception (32.26%)
(6/1/98)
Class C shares
One year (24.71%)
Since inception (30.48%)
(6/1/98)
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper Analytical
Services, Inc.)
[INSERT LINE GRAPH HERE]
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. No sales charge has been
applied to the index used for comparison. The value of an investment in Class A
shares is plotted in the line graph. The value of an investment in another class
of shares would be different. Past performance is no guarantee of future
results.
<PAGE>
Portfolio Statistics
September 30, 2000
Top Five Economic Sectors
% of Market Value
Mining 15.77%
Banking 13.48%
Information Technologies 10.17%
Telecommunications 10.16%
Insurance 7.60%
Portfolio Characteristics
New Africa msci south
Fund africa index
Number of Stocks 41 44
Median Market
Capitalization ($bil) 4.80 N/A
(by portfolio weight)
Price/Earnings
Ratio 15.15 15.10
Yield 2.34% 2.57%
(return on capital investment)
Volatility Measure
New Africa msci south
Fund africa index
Beta 0.84 0.99
(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.
little or no correlation to the capital flows to other global markets. This is
the first time that the Fund has gained exposure to the Tunisian equity market
and the investment team is quite excited about the potential diversification
benefits to the Fund that both securities present.
At the beginning of the year, we believed that South Africa would become one of
the top emerging market investment destinations for the year 2000 -- a call
based on the expectation that world economic growth was showing upside
potential, that the market was undervalued relative to other emerging markets
with similar fundamentals, and that South Africa's fundamentals had improved
significantly. Our assumption was that the South African equity market would
outperform, with resources and financials leading the markets upwards. While
this did not materialize as we had hoped, the fact remains that the South
African market is the cheapest it has been in over three years and we believe
that the resource sector will continue to show strength through next year, with
even greater investment opportunities in the financial sector.
What is your outlook for the next six months?
The investment team will continue to actively manage the Fund. The team is
content with the Fund's allocation to Ghana, Kenya, Botswana and Morocco.
Therefore the current investment strategy will focus on the South African and
Egyptian markets. The foundation for the current investment strategy is the
following: Overweight the South African banking, and Egyptian telcom sectors,
and maintain exposure to the banking sector in the smaller African countries.
October 30, 2000
<PAGE>
Statement of Net assets
September 30, 2000
Equity Securities - 99.7% Shares Value
Botswana - 5.0%
Barclays Bank 30,800 $54,122
Sechaba Brewery 63,100 51,824
Standard Chartered 120,000 100,848
206,794
Egypt - 5.6%
Al-Ahram Beverages Co.* 2,300 32,430
Egyptian Company for Mobile Service (MobiNil)* 3,400 75,386
Egyptian Starch & Glucose Manufacturing Co. 125 696
Media Productions Co.* 2,015 12,730
Orascom Telecommunications* 8,400 112,220
233,462
Ghana - 4.1%
Ashanti Goldfields Ltd. (GDR)* 20,901 53,559
Guinness Ghana 339,900 46,804
Social Security Bank 218,700 70,435
170,798
Ivory Coast - 0.9%
Societe National des Telecommunication 1,400 39,357
Kenya - 1.6%
Uchumi Supermarkets 114,192 65,366
Mauritius - 1.0%
State Bank of Mauritius Ltd. 67,000 41,644
Morocco - 5.3%
Banque Marocaine du Commerce Exterieur 800 66,551
ONA (Omnium Nord Africain) 1,400 151,351
217,902
South Africa - 65.5%
African Church*^# 250,000 0
Anglo American Corp. Ltd. 3,300 174,719
Anglo American Platnum 5,800 223,479
City Lodge Hotels 1 1
De Beers Centenary 6,800 189,062
Dimension Data Holdings, Ltd. 24,279 224,787
Fusion Capital* 1,053,900 55,507
Imperial Holdings, Ltd. 198 1,545
Kroondal Platinum Mines Ltd.* 3,000 10,312
M Cell Warrants 43,200 173,638
Metro Cash and Carry, Ltd. 156,000 89,730
MIH Holdings Ltd.* 16,200 83,302
Mossie Holdings*^ 25 139,986
Naspers, Ltd. (N shares) 18,800 153,735
<PAGE>
Equity Securities - Cont'd Shares Value
South Africa - Cont'd
Nedcor Ltd. 10,000 $215,107
Prism Holdings, Ltd.* 40,300 39,099
Rebhold, Ltd. 56,300 124,461
Remgro Ltd.* 11,900 70,345
Sanlam, Ltd. 173,900 200,051
Sappi, Ltd. 21,200 157,200
Sasol Ltd. 22,800 180,125
Standard Bank Investment 42,800 164,615
Venfin Ltd. 11,900 41,646
2,712,452
Tunisia - 3.0%
Societe Frigorifique et Brasserie de Tunis SA 571 71,926
Sotetel 200 25,628
Sotetel Bonus Shares 200 25,628
123,182
United Kingdom- 6.7%
African Lakes Corporation, plc.* 127,141 71,451
Old Mutual, plc.* 85,900 205,374
276,825
Zimbabwe - 1.0%
Econet Wireless Holdings, Ltd. 135,700 43,646
TOTAL INVESTMENTS (Cost $5,186,009) - 99.7% 4,131,428
Other assets and liabilities, net - 0.3% 11,798
Net Assets - 100% $4,143,226
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: 712,506 shares outstanding $8,543,951
Class B: 23,456 shares outstanding 178,578
Class C: 3,713 shares outstanding 31,558
Undistributed net investment income (loss) (5,354)
Accumulated net realized gain (loss) on investments
and foreign currencies (3,551,863)
Net unrealized appreciation (depreciation) on investments
and assets and liabilities in foreign currencies (1,053,644)
Net Assets $4,143,226
Net Asset Value per Share
Class A: (based on net assets of $3,993,075) $5.60
Class B: (based on net assets of $129,285) $5.51
Class C: (based on net assets of $20,866) $5.62
* Non-income producing.
^ This security was valued by the Board of Directors. See Note A.
# See Note B.
See notes to financial statements.
<PAGE>
Statement of Operations
Six Months ended September 30, 2000
Net Investment Income
Investment Income:
Dividend income (net of foreign taxes withheld of $2,612) $77,189
Interest income 617
Total investment income 77,806
Expenses:
Investment advisory fee 32,203
Interest 1,264
Transfer agency fees and expenses 14,438
Distribution Plan expenses:
Class A 5,215
Class B 514
Class C 94
Directors' fees and expenses 10,859
Accounting fees 5,981
Custodian fees 26,088
Registration fees 14,540
Reports to shareholders 4,450
Professional fees 7,102
Miscellaneous 870
Total expenses 123,618
Reimbursement from Advisor:
Class A (29,637)
Class B (5,077)
Class C (4,869)
Fees paid indirectly (11,973)
Net expenses 72,062
Net Investment Income (Loss) 5,744
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (498,005)
Foreign currency transactions (68,923)
(566,928)
Change in unrealized appreciation or (depreciation) on:
Investments and foreign currencies (401,672)
Assets and liabilities denominated in foreign currencies 9,668
(392,004)
Net Realized and Unrealized Gain
(Loss) (958,932)
Increase (Decrease) in Net Assets
Resulting From Operations ($953,188)
See notes to financial statements.
<PAGE>
Statements of Changes in Net Assets
Six Months Ended Year Ended
September 30, March 31,
Increase (Decrease) in Net Assets 2000 2000
Operations:
Net investment income (loss) $5,744 ($51,698)
Net realized gain (loss) (566,928) (1,132,157)
Change in unrealized appreciation or (depreciation)
(392,004) (1,134,367)
Increase (Decrease) in Net Assets
Resulting From Operations (953,188) (2,318,222)
Capital share transactions:
Shares sold:
Class A 360,750 1,597,889
Class B 78,062 204,027
Class C 8,394 27,981
Shares redeemed:
Class A (416,342) (2,871,619)
Class B (15,244) (161,612)
Class C (13,266) (4,840)
Total capital share transactions 2,354 (1,208,174)
Total Increase (Decrease) in Net Assets (950,834) (3,526,396)
Net Assets
Beginning of period 5,094,060 8,620,456
End of period (including undistributed net investment
income (loss) of ($5,354) and ($11,098), respectively)
$4,143,226 $5,094,060
Capital Share Activity
Shares sold:
Class A 62,627 202,264
Class B 13,882 23,304
Class C 1,512 3,530
Shares redeemed:
Class A (71,248) (353,356)
Class B (2,601) (18,427)
Class C (2,129) (598)
Total capital share activity 2,043 (143,283)
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%. 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.
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 for the investments
existed, and the differences could be material.
At September 30, 2000, $139,986 or 3.4% 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. Investment income and 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.
<PAGE>
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.
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 taxable
earnings.
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, $13,915 was payable at period end.
The Advisor has contractually agreed to limit the total operating expenses of
each class of shares of the Fund. For the purpose of this guarantee, operating
expenses do not include distribution plan expenses, interest expenses,
brokerage, taxes, extraordinary expenses and capital items. For the period ended
September 30, 2000, the total of such expenses reimbursed by the Advisor was
$39,583.
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, $961 was payable at
period end.
<PAGE>
The Distributor paid $400 in addition to 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 $2,425 for the period ended
September 30, 2000. Under the terms of the agreement $343 was payable at period
end. 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 $1,969,566 and $2,066,704, respectively.
The cost of investments owned at September 30, 2000 was substantially the same
for federal income tax and financial reporting purposes. Net unrealized
depreciation aggregated $1,054,581, of which $340,895 related to appreciated
securities and $1,395,476 related to depreciated securities.
The table below presents the net capital loss carryforwards as of September 30,
2000 with expiration dates:
Capital Loss Carryforwards Expiration Dates
$1,655,079 3/31/07
807,392 3/31/08
Capital loss carryforwards may be utilized to offset current and future capital
gains until expiration.
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, CVS Ameritas Index 500 and Calvert
Social Index Fund) 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 $76,530 outstanding borrowings at an
interest rate of 7.25% at September 30, 2000.
<PAGE>
Change in Independent Auditor
In September 2000, PricewaterhouseCoopers LLP (PricewaterhouseCoopers) resigned
in the normal course of business as independent auditor for the Calvert Group
Funds. Arthur Andersen LLP (Arthur Andersen) was selected as the Fund's
independent auditor. The Funds' selection of Arthur Andersen as its independent
auditor was recommended by the Fund's audit committee and was approved by the
Fund's Board of Trustees.
The reports on the financial statements audited by PricewaterhouseCoopers for
the years ended March 31, 2000 and prior for the Funds did not contain an
adverse opinion or a disclaimer of opinion, and were not qualified or modified
as to uncertainty, audit scope or accounting principles. There were no
disagreements between the Funds and PricewaterhouseCoopers on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedures, which disagreements, if not resolved to the satisfaction of
PricewaterhouseCoopers would have caused it to make reference to the subject
matter of the disagreements in connection with its reports on the financial
statements of such years.
<PAGE>
Financial Highlights
Periods Ended
September 30, March 31, March 31,
Class A Shares 2000 2000 1999
Net asset value, beginning $6.91 $9.79 $13.34
Income from investment operations
Net investment income (loss) .01 (.08) (.10)
Net realized and unrealized gain (loss)
(1.32) (2.80) (3.45)
Total from investment operations (1.31) (2.88) (3.55)
Total increase (decrease) in net asset value
(1.31) (2.88) (3.55)
Net asset value, ending $5.60 $6.91 $9.79
Total return* (18.96%) (29.42%) (26.61%)
Ratios to average net assets:
Net investment income (loss) .29% (a) (.78%) (.84%)
Total expenses 5.30% (a) 6.39% 4.19%
Expenses before offsets 3.88% (a) 5.15% 3.65%
Net expenses 3.33% (a) 4.95% 3.36%
Portfolio turnover 46% 133% 60%
Net assets, ending (in thousands) $3,993 $4,981 $8,536
Periods Ended
March 31, March 31, March 31,
1998 1997 1996^
Net asset value, beginning $12.65 $12.00 $12.00
Income from investment operations
Net investment income (loss) (.07) (.05) (.04)
Net realized and unrealized gain (loss) .89 .70 .04
Total from investment operations .82 .65 -
Distributions from
In excess of net realized gain (.13) - --
Total distributions (.13) - --
Total increase (decrease) in net asset value
.69 .65 -
Net asset value, ending $13.34 $12.65 $12.00
Total return* 6.72% 5.42% 0.00%
Ratios to average net assets:
Net investment income (loss) (.60%) (.45%) (.54%) (a)
Total expenses 4.65% 4.87% 4.99% (a)
Expenses before offsets 3.76% 3.54% 3.75% (a)
Net expenses 3.25% 3.25% 3.24% (a)
Portfolio turnover 74% 23% 6%
Net assets, ending (in thousands) $11,613 $9,206 $7,974
<PAGE>
Financial Highlights
Periods Ended
September 30, March 31, March 31,
Class B Shares 2000 2000 1999^^
Net asset value, beginning $6.83 $9.75 $13.13
Income from investment operations
Net investment income (loss) (.02) (.16) (.06)
Net realized and unrealized gain (loss)
(1.30) (2.76) (3.32)
Total from investment operations (1.32) (2.92) (3.38)
Total increase (decrease) in net asset value
(1.32) (2.92) (3.38)
Net asset value, ending $5.51 $6.83 $9.75
Total return* (19.33%) (29.95%) (25.74%)
Ratios to average net assets:
Net investment income (loss) (.53%) (a) (1.91%) (1.48%)(a)
Total expenses 14.49% (a) 19.74% 37.54% (a)
Expenses before offsets 4.63% (a) 5.90% 4.68% (a)
Net expenses 4.08% (a) 5.70% 4.02% (a)
Portfolio turnover 46% 133% 60%
Net assets, ending (in thousands) $129 $83 $71
Periods Ended
September 30, March 31, March 31,
Class C Shares 2000 2000 1999^^
Net asset value, beginning $6.95 $9.75 $13.13
Income from investment operations
Net investment income (loss) .01 (.12) (.05)
Net realized and unrealized gain (loss)
(1.34) (2.68) (3.33)
Total from investment operations (1.33) (2.80) (3.38)
Total increase (decrease) in net asset value
(1.33) (2.80) (3.38)
Net asset value, ending $5.62 $6.95 $9.75
Total return* (19.14%) (28.72%) (25.74%)
Ratios to average net assets:
Net investment income (loss) (.14%) (a) (1.47%) (1.36%)(a)
Total expenses 56.13% (a) 72.04% 189.55% (a)
Expenses before offsets 4.64% (a) 5.90% 5.52% (a)
Net expenses 4.08% (a) 5.70% 4.02% (a)
Portfolio turnover 46% 133% 60%
Net assets, ending (in thousands) $21 $30 $14
(a) Annualized
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
^ From April 12, 1995 inception.
^^ From June 1, 1998 inception.
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Calvert
New Africa Fund
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800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
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
Tax-Exempt Money Market Funds
CTFR Money Market Portfolio
CTFR California Money Market Portfolio
Taxable Money Market Funds
First Government Money Market Fund
CSIF Money Market Portfolio
Balanced Fund
CSIF Balanced Portfolio
Municipal Funds
CTFR Limited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
CSIF Managed Index Portfolio
CSIF Equity Portfolio
CSIF Technology Portfolio
Calvert Large Cap Growth Fund
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
New Africa Fund
Calvert Social Index Fund
printed on recycled paper
using soy-based inks
