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Calvert New World Fund Inc – ‘485BPOS’ on 7/23/96

As of:  Tuesday, 7/23/96   ·   Effective:  7/23/96   ·   Accession #:  934700-96-8   ·   File #s:  33-87744, 811-08924

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  As Of                Filer                Filing    For·On·As Docs:Size

 7/23/96  Calvert New World Fund Inc        485BPOS     7/23/96    5:234K

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Cnwfpea                                               85±   355K 
 2: EX-23       Consent of Experts or Counsel                          1      6K 
 3: EX-23       Consent of Experts or Counsel                          1      6K 
 4: EX-24       Power of Attorney                                     11     30K 
 5: EX-27       Financial Data Schedule (Pre-XBRL)                     2±     8K 


485BPOS   —   Cnwfpea
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
3Investment Objective and Policies
"Direct Investment Philosophy
"Risk Factors
"Risk Diversification and Controls for the Fund's Direct Investments
"Investment Techniques and Related Risks
"Total Return
"Management of the Fund
"Class A Distribution Plan
"How to Buy Shares
"Telephone Transactions
"How to Sell Your Shares
"Through Your Broker
"Exhibit A
"Letter of Intent
"Table of Contents
4Foreign Currency Transactions
"Investment Restrictions
"Nondiversified Status
"Purchase and Redemption of Shares
"Reduced Sales Charges
5Item 24. Financial Statements and Exhibits
"Item 25. Persons Controlled By or Under Common Control With Registrant
"Item 26. Number of Holders of Securities
"Item 27. Indemnification
"Item 28. Business and Other Connections of Investment Advisor
"Item 28. Business and Other Connections of Investment Adviser
"Item 29. Principal Underwriters
"Item 29. Principal Underwriter (continued)
"Item 30. Location of Accounts and Records
"Item 31. Management Services
"Item 32. Undertakings
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Page 1 of _____ SEC Registration Nos. 811-8924 and 33-87744 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Post-Effective Amendment No. 2 XX and/or REGISTRATION STATEMENT UNDER THE INVESTMENT ACT OF 1940 Amendment No. 5 XX Calvert New World Fund, Inc. (Exact Name of Registrant as Specified in Charter) 4550 Montgomery Avenue Suite 1000N Bethesda, Maryland 20814 (Address of Principal Executive Offices) Registrant's Telephone Number: (301) 951-4881 William M. Tartikoff, Esq. 4550 Montgomery Avenue Suite 1000N Bethesda, Maryland 20814 (Name and Address of Agent for Service) It is proposed that this filing will become effective Immediately upon filing XX on July 31, 1996 pursuant to paragraph (b) pursuant to paragraph (b) 60 days after filing on(date) pursuant to paragraph (a) pursuant to paragraph (a) of Rule 485. Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of 1940, an indefinite number of shares of beneficial interest is being registered by this Registration Statement. On May 31, 1996, Registrant filed a Rule 24f-2 Notice for its fiscal year ended March 31, 1996.
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Calvert New World Fund, Inc. Form N-1A Cross Reference Sheet Item number Prospectus Caption 1. Cover Page 2. Fund Expenses 3. Financial Highlights* Total Return 4. Investment Objective and Policies Management of the Fund 5. Management of the Fund 6. Alternative Sales Options Management of the Fund Dividends, Capital Gains and Taxes 7. How to Buy Shares Net Asset Value Reduced Sales Charges When Your Account Will Be Credited Exchanges 8. Alternative Sales Options How to Sell Your Shares 9. * Statement of Additional Information Caption 10. Cover Page 11. Table of Contents 12. General Information 13. Investment Objective and Policies Loans of Portfolio Securities Repurchase Agreements Investment Restrictions 14. Directors and Officers 15. * 16. Investment Advisor and Investment Manager Transfer and Shareholder Servicing Agent Independent Accountants and Custodians 17. Portfolio Transactions 18. * 19. Valuation of Shares Purchase and Redemption of Shares Reduced Sales Charges 20. Dividends, Distributions, and Taxes 21. Method of Distribution 22. Calculation of Total Return 23. Financial Statements * Inapplicable or negative answer
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PROSPECTUS July 31, 1996 CALVERT NEW WORLD FUND, INC. CALVERT NEW AFRICA FUND 4550 Montgomery Avenue, Bethesda, Maryland 20814 INVESTMENT OBJECTIVE The investment objective of Calvert New World Fund, Inc., Calvert New Africa Fund (the "Fund") is to achieve capital appreciation over time. The Fund seeks capital appreciation aggressively by focusing the Fund's investments mostly in the emerging market of equity and equity-linked securities and fixed-income securities of African and African-related companies. WHETHER THIS FUND IS FOR YOU The Fund is designed for aggressive investors who are willing to accept above-average risk in order to seek a higher rate of return on investment over time. Investments in African and African-related issuers involve risk factors and special considerations not normally associated with investments in United States ("U.S.") issuers. These include risks associated with the political and economic uncertainty caused by political transitions, the comparatively small and potentially illiquid nature of the African securities markets and corresponding price volatility, as well as interest rate movements, exchange controls, and the possibility of significant currency fluctuation. In addition, the identification of and realization of attractive investment opportunities involves a high degree of uncertainty. Thus, share prices may experience substantial fluctuations so that your shares may be worth less than when you originally purchased them. There can be no assurance that the objectives of the Fund will be achieved. See "Investment Objective and Policies" and "Risk Factors." The Fund is designed for long-term investors and does not attempt to maintain a balanced portfolio. Accordingly, the Fund should not be used to meet short-term financial needs. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK, AND ARE NOT FEDERALLY INSURED BY THE FDIC, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY. WHEN INVESTORS SELL SHARES OF THE FUND, THE VALUE MAY BE HIGHER OR LOWER THAN THE AMOUNT ORIGINALLY PAID. PURCHASE INFORMATION The Fund offers one class of shares, Class A shares, with a sales charge imposed at the time you purchase the shares ("front-end sales charge"). See "How to Buy Shares" for further details. ADVISORS Calvert-Sloan Advisers, L.L.C. is the Fund's Advisor, responsible for overall management and supervision of the Fund's investment and day-to-day management. New Africa Advisers, Inc. ("NAA") and Calvert Asset Management Company, Inc. ("CAMCO") are the Fund's Sub-Advisors, responsible for asset allocation and selection of the specific investments for the Fund. See "Management of the Fund." TO OPEN AN ACCOUNT Call your broker, or complete and return the enclosed Account Application. Minimum initial investment is $2,000 (may be lower for certain retirement plans). ABOUT THIS PROSPECTUS Please read this Prospectus before investing. It is designed to provide you with information you ought to know before investing and to help you decide if the Fund's goals match your own. Keep this document for future reference. A Statement of Additional Information (dated July 31, 1996) for the Fund has been filed with the Securities and Exchange Commission and is incorporated by reference. This free Statement is available upon request from the Fund: 800-368-2748. FUND EXPENSES A. Shareholder Transaction Costs Class A Maximum Front-End Sales Charge on 2.50% Purchases (as a percentage of offering price) Maximum Front-End Sales Charge on None Reinvested Dividends (as a percentage of offering price) Contingent Deferred Sales Charge None Redemption Fees (as a percentage of 2.00% amount redeemed)<F1> Exchange Fees<F2> None B. Annual Fund Operating Expenses (As a percentage of average net assets) Management Fees 1.75% Rule 12b-1 Service and Distribution Fees 0.75% Other Expenses 1.27% Total Fund Operating Expenses 3.77% <F1> The redemption fee will be charged only for redemptions (including exchanges) of assets held in the Fund for 2 years or less. See "How to Sell Your Shares." If you request a wire redemption of less than $1,000, you will be charged a $5 wire fee. <F2> See footnote 1. C. Example of Expenses. The example, which is hypothetical, should not be considered a representation of past or future expenses. Actual expenses and return may be higher or lower than those shown. Example: You would pay the following expenses on a $1,000 investment, assuming (1) 5% annual return and (2) redemption at the end of each time period, and (3) assumes payment of maximum initial sales charge at time of purchase. 1 Year 3 Years 5 Years 10 Years Class A $82 $137 $215 $416 You would pay the following expenses on the same investment, assuming no redemption (assumes payment of maximum initial sales charge at time of purchase): 1 Year 3 Years 5 Years 10 Years Class A $62 $137 $215 $416 Explanation of Table: The purpose of the table is to assist you in understanding the various costs and expenses that an investor in the Fund would bear directly (shareholder transaction costs) or indirectly (annual fund operating expenses). A. Shareholder Transaction Costs are charges you pay when you buy or sell shares of the Fund. See "Reduced Sales Charges" at Exhibit A and "Calculation of Contingent Deferred Sales Charges" to see if you qualify for possible reductions in the sales charge. A redemption fee of 2.00% will be charged on any redemptions (including exchanges) made with assets that have been held in the Fund for less than two (2) years. See "How to Sell Your Shares." B. Annual Fund Operating Expenses. Management Fees are paid by the Fund to Calvert-Sloan Advisers, L.L.C. ("Investment Advisor") for managing the Fund's investments and business affairs. Management fees include the Sub-Advisory fees paid by the Investment Advisor to New Africa Advisers, Inc. and Calvert Asset Management Company, Inc. ("Sub-Advisors") and the Administrative Service fee paid by the Fund to Calvert Administrative Services Company. The Fund incurs Other Expenses for maintaining shareholder records, furnishing shareholder statements and reports, and other services. Management Fees and Other Expenses have already been reflected in the Fund's daily share price and are not charged directly to individual shareholder accounts. Please refer to "Management of the Fund" for further information. All expense ratios have been restated to reflect expenses anticipated for fiscal year 1997. The Advisor may voluntarily defer fees or assume expenses of the Fund. If the Advisor had not done so for fiscal year 1996, Other Expenses would have been 2.51%. Total Fund Operating Expenses would have been 4.99%. The Fund's Rule 12b-1 fees include an asset-based sales charge. Thus, it is possible that long-term shareholders in the Fund may pay more in total sales charges than the economic equivalent of the maximum front-end sales charge permitted by rules of the National Association of Securities Dealers, Inc. FINANCIAL HIGHLIGHTS The following table provides information about the financial history of the Fund's shares. It expresses the information in terms of a single share outstanding for the Fund. The table has been audited by Coopers & Lybrand L.L.P., independent accountants, whose report is included in the Annual Report to Shareholders of the Fund. The table should be read in conjunction with the financial statements and their related notes. The current Annual Report to Shareholders is incorporated by reference into the Statement of Additional Information. April 12, 1995 (inception) to March 31,1996 Net asset value, beginning of period $12.00 Income from investment operations Net investment income (.04) Net realized and unrealized gain on investments .04 Total from investment operations -- Total increase (decrease) in net asset value -- Net asset value, end of period $12.00 Total return<F3> 0.00% Ratio to average net assets: Net investment income (loss) (.54%)(a) Total Expense<F4> 3.75%(a) Net Expenses 3.24%(a) Expenses reimbursed and/or waived 1.24%(a) Portfolio turnover 6% Net assets, end of period (in thousands) $7,974 Number of shares outstanding at end of period (in thousands) 664 (a) Annualized <F3> Total return is not annualized and does not reflect deduction of the front-end sales charge. <F4> This ratio reflects total expenses before reduction for fees paid indirectly; such reductions are included in the ratio of net expenses. INVESTMENT OBJECTIVE AND POLICIES Investment Objective The investment objective of the Fund is to achieve capital appreciation over time. The Fund seeks capital appreciation aggressively by focusing its investments mostly in the emerging market of equity and equity-linked securities and fixed-income securities of African and African-related companies. The Fund is nondiversified, which means that the percentage of its assets that may be invested in a single issuer is not limited. See "Investment Restrictions" and "Nondiversified Status" in the Statement of Additional Information. The Fund's investment objective is not fundamental and may be changed without shareholder approval. The Fund will give written notice to shareholders 30 days in advance of a change in the investment objective of the Fund so that shareholders may determine whether the Fund's goals continue to meet their own. Under normal circumstances, the Fund will invest at least 65% of its assets in equity securities of African and African-related companies The Fund will invest primarily in equity and equity-linked securities of African and African-related companies, defined as entities that are organized under the laws of an African country; companies which derive at least 50% of their revenues from goods produced or sold, investments made, or services performed in Africa or which have at least 50% of their assets situated in Africa; or entities which issue equity or debt securities which are traded principally on a stock exchange in Africa. The Fund may also invest directly in African and African-related companies, as described in "Direct Investment Philosophy," below. Exclusive of the 65%, the Fund may invest in the equities of multinational companies which do business in African countries. The term "equity and equity-linked securities" includes common stock, preferred stock, rights or warrants to purchase common or preferred stock, debt securities convertible into common or preferred stock and structured debt obligations (debt issued by issuers in connection with identified projects which pay interest under what the Fund considers to be an equity participation formula structured to reflect the status of the project). Generally, the Fund will not trade in securities for short-term profits, but, when circumstances warrant, securities may be sold without regard to the length of time held. The Fund may invest up to 20% of its assets in fixed-income securities, including junk bonds Fixed income securities include non-convertible debt obligations excluding such structured debt obligations as noted above. The Fund may invest in African sovereign debt and debt of African countries when such investments offer opportunities for long-term capital appreciation. The Fund focuses on its analysis of political, economic, exchange control and other macro-economic factors, such as interest rates and inflation in the Fund's fixed-income security selection process. See "Risk Factors" on page 8. The Fund may use various investment techniques, including financial futures contracts and related options. See "Investment Techniques and Related Risks" on page 16. Social Philosophy - Calvert's Vision and Journey The Calvert New Africa Fund is the first open-ended mutual fund to invest primarily in Africa. The Fund's investment objective supports basic economic development by investing in and assisting the growth of African companies, by providing capital and creating jobs. As a member of the Calvert family of socially responsible mutual funds, Calvert New Africa Fund's capital investments in Africa are directed to specific economic development goals. The Fund views positively companies that are making progress towards black economic empowerment and positive employee relations in Africa. As investors, the Fund will also encourage companies in which it invests to demonstrate positive leadership in areas like the environment and treatment of employees. The Fund's investments, both through direct investment opportunities (see below) and through the ownership of publicly traded securities, seek to catalyze economic empowerment and improve the quality of life for the people of Africa. Direct Investment Philosophy Initially, the primary focus of the Direct Investments will be in South Africa, and on six industries: consumer products, telecommunications, health care, light manufacturing, services, and tourism. Direct Investments may take the form of (1) management buyouts of established businesses, (2) investments in closely-held listed companies that are undervalued relative to their market value, (3) investments in certain advanced-stage venture capital situations that are poised for sustained growth, and (4) certain special investment situations, such as investing in privatizations (a government-owned or state-controlled entity that is sold to the private sector; e.g., in 1994, the Government of Ghana sold 25% of Ashanti Goldfields, one of the world's largest and richest gold mines, to the private sector). Direct Investment acquisitions made by the Fund are expected to result in a moderate degree of leverage to the acquired company, given that the Fund wants to control risk and generate equity gains through growth and operational improvements rather than through restructured financial statements. In each investment, the Fund will seek to ally itself with strong management (as determined by New Africa Advisers ("NAA") either already in place or recruited for that particular situation. In order to assure an identity of interest with the Fund, the management of each portfolio company will be expected to make a meaningful investment in its respective portfolio company, to the extent possible. By sitting on the board of directors of each portfolio company, under the supervision of the Board of Directors and to the extent allowed by law, and by offering general business and management advice to the management of the portfolio company, the Fund will aim to enhance the financial performance and value of portfolio companies over a five to seven year holding period. NAA expects to use a number of strategies to obtain liquidity and potentially realize capital gains for the Fund. These include: 1) the complete or partial sale of the business to an outside third party or joint venture partners, 2) the complete or partial sale of the business to the public securities market, either in the form of an initial public offering or the sale of debt, 3) the complete or partial sale of the business to management, and 4) the refinancing of the investment's capital structure, using the proceeds to pay a dividend to all investors. In all cases, NAA will work with the appropriate financial advisors, underwriters, or merchant bankers in the respective local markets to determine the most effective way to realize capital gains. The Fund may invest up to 15% of its net assets in Direct Investments, which are considered illiquid securities. See also "Risk Factors, Marketability of Fund Investments," on page 11 and "Risk Diversification and Controls for the Fund's Direct Investments" on page 16. Sourcing Direct Investment Opportunities NAA and its affiliates have an extensive network of contacts in the U.S., Europe, and Africa. The portfolio of Direct Investments will be constructed by tapping into three areas: (1) companies entering or re-entering the African market in need of equity partners with capital and local business experience, (2) South African conglomerates desiring to divest, or "unbundle," specific operations or assets in response to the changes in the political environment in South Africa and the economic impact of greater worldwide competition in South Africa; and (3) currently successful or emerging private African companies needing growth capital. The actual universe of potential Direct Investments is quite large, including established companies, established entrepreneurs, emerging entrepreneurs, new ventures, and companies in need of capital to make a business turnaround. NAA anticipates the majority of the Direct Investments will be invested with established companies, established entrepreneurs, and new ventures. Some of the characteristics of the Direct Investment opportunity universe, using South Africa as an example, are: (1) no source of private equity capital, which has caused a tremendous pent-up demand for capital; (2) solid company performance with the potential for significant growth; (3) with the lifting of sanctions, many small and medium sized companies are poised for international growth; and (4) rising black living standards due to job creation programs, home building and electrification projects, and free education and medical care. RISK FACTORS An investment in the Fund is subject to various risks. The net asset value will fluctuate in response to changes in market conditions and the value of the Fund's portfolio investments. The Fund's use of certain investment techniques, such as foreign currency options, involve special risks. See "Investment Techniques and Related Risks" on page ___. African economies See page 12 for more economic information about specific African countries The economies of individual African countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, structural unemployment, and balance of payments position. The economies of African countries may also be affected to a greater extent than in other countries by price fluctuations of a single commodity or by one type of commodity, such as gold or other minerals. Severe cyclical climatic conditions, particularly drought, may also affect the economies of African countries. Business entities in some African countries do not have a significant history of operating in market-oriented economies, and the ultimate impact of some African countries' attempts to move toward more market-oriented economies is currently unclear. Botswana, Egypt, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Nigeria, Namibia, South Africa, Swaziland, Tunisia, Zambia and Zimbabwe have market-oriented economies in various stages of development, with the South African economy being substantially more developed than the others. Therefore, the Fund may have more than 25% of its assets invested in any one country in Africa, and initially anticipates that approximately 85% of Fund assets will be invested in South Africa. Thus, the Fund's performance may be significantly affected by the economic, social, and political developments in South Africa. As with investment in countries outside the U.S. generally, nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability and diplomatic developments could adversely affect the economy of any African country or the Fund's investments in that country. In the event of expropriation, nationalization, or other confiscation, the Fund could lose its entire investment in the country involved. African Securities Markets The securities markets of African countries are comparatively small, with the majority of market capitalization and trading volume concentrated in a small number of companies. In many African countries, including South Africa and Zimbabwe, a small number of institutional investors, directly or through related companies, hold positions in publicly-held companies in that particular country representing a substantial portion of the total market capitalization of listed securities. This factor, together with significant exchange control limitations on the ability of such investors to invest outside their home countries and the increased investment in certain African issuers by foreign investors, will limit the securities available for purchase by the Fund. The foregoing factors and changes therein may cause the Fund's investment portfolio to experience greater price volatility and lower liquidity than a portfolio invested only in securities of a U.S. company. Trading volume in African securities is substantially less than that in the United States. However, during periods of price volatility and lower liquidity in the markets, securities settlements and clearance may be subject to delays and related administrative uncertainties, such as share registration and delivery delays. This could result in temporary periods when Fund assets are not invested and no return is earned. Commissions for trading on African stock exchanges are often higher than commissions on U.S. exchanges, although the Fund will endeavor to achieve the most favorable net results on its portfolio transactions. Most of the African stock exchanges have fixed commissions, scaled according to volume, ranging from 0.2% to 3% or more, depending on taxes or additional exchange fees. The higher the purchase, the lower the percentage of the commission, generally. The commission scale in South Africa ranges from 1.2% for a purchase of up to 5,000 Rand to 7,127.50 Rand plus 0.20% on the excess over 1,500,000 Rand for a purchase of over 1,500,000 Rand. African Sovereign Debt The types of foreign government obligations in which the Fund will primarily invest will be debt securities issued and backed by the respective government bodies. In terms of their government backing, these securities will structurally resemble U.S. Government and U.S. Government agency issues. In many instances the debt issues of African sovereignties represent low quality securities and may be comparable to securities rated below investment grade by Standard & Poor ("S&P") or Moody's (i.e., rated C and D by S&P and Moody's, respectively). Because of their speculative characteristics, they trade at substantial discounts from face value, but offer substantial long-term capital appreciation. Noninvestment-grade (High Yield/High Risk - or Junk Bond) Debt Securities The Fund may invest up to 20% of its assets in lower quality debt securities (generally those rated BB or lower by S&P or Ba or lower by Moody's, including those rated C and D). These securities have moderate to poor protection of principal and interest payments and have speculative characteristics. Securities rated D are in default of payment of interest and/or principal. These securities involve greater risk of default or price declines due to changes in the issuer's creditworthiness than investment-grade debt securities. Because the market for lower-rated securities may be thinner and less active than for higher-rated securities, there may be market price volatility for these securities and limited liquidity in the resale market. Market prices for these securities may decline significantly in periods of general economic difficulty or rising interest rates. Unrated debt securities may fall into the lower quality category. Unrated securities usually are not attractive to as many buyers as are rated securities, which may make them less marketable. The quality limitation is determined immediately after the Fund's acquisition of a security. If an obligation held by the Fund is later downgraded, the Fund's Advisor, under the supervision of the Fund's Board of Directors, will consider whether it is in the best interest of the Fund's shareholders to hold or to dispose of the obligation. Among the criteria that may be considered by the Advisor and the Board are the probability that the obligations will be able to make scheduled interest and principal payments in the future, the extent to which any devaluation of the obligation has already been reflected in the Fund's net asset value, and the total percentage, if any, of obligations currently rated below investment grade held by the Fund. When purchasing high-yielding securities, rated or unrated, NAA prepares its own careful credit analysis to attempt to identify those issuers whose financial condition is adequate to meet future obligations or is expected to be adequate in the future. Through portfolio diversification and credit analysis, investment risk can be reduced, although there can be no assurance that losses will not occur. Likewise, when purchasing convertible debt securities and structured debt obligations, NAA will prepare a quality and credit analysis, including a study of any existing debt, capital structure and current financial condition, ability to service debts and to pay dividends, sensitivity to changes in economic conditions, and the current trend of earnings, revenues, expenses, cash flow, and other factors, under the supervision of the Advisor and the Board of Directors. Currency Risks Foreign securities involve currency risks. The U.S. dollar value of a foreign security tends to decrease when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar falls against such currency. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing the security. Dividend and interest payments may be returned to the country of origin, based on the exchange rate at the time of disbursement, and restrictions on capital flows may be imposed. Losses and other expenses may be incurred in converting between various currencies in connections with purchases and sales of foreign securities. General Foreign Security Risks There are substantial and different risks involved in investing in foreign securities. You should consider these risks carefully. For example, there is generally less publicly available information about foreign companies than is available about companies in the U.S. Foreign companies are not subject to uniform audit and financial reporting standards, practices and requirements comparable to those in the U.S. Foreign stock markets are generally not as developed or efficient as those in the U.S. In most foreign markets, volume and liquidity are less than in the U.S. and, at times, volatility of price can be greater than that in the U.S. Fixed commissions on foreign stock exchanges are generally higher than the negotiated commissions on U.S. exchanges. There is generally less government supervision and regulation of foreign stock exchanges, brokers and companies than in the U.S. There is also the possibility of adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of Funds or other assets, political or social instability, or diplomatic developments which could adversely affect investments, assets or securities transactions of the Fund in some foreign countries. The Fund is not aware of any investment or exchange control regulations which might substantially impair the operations of the Fund as described, although this could change at any time. For many foreign securities, there are U.S. dollar-denominated American Depository Receipts ("ADRs"), which are traded in the U.S. on exchanges or over the counter. ADRs are receipts typically issued by a U.S. bank or trust company which evidence ownership of underlying securities of a foreign corporation. Foreign securities may involve additional risks, including currency fluctuations, risks relating to political or economic conditions, and the potentially less stringent investor protection and disclosure standards of foreign markets. These factors could make foreign investments, especially those in developing countries, less liquid and more volatile. By investing in ADRs rather than directly in foreign issuers' stock, the Fund may avoid currency and some liquidity risks, since the information available for ADRs is subject to the more uniform and more exacting accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded. In general, there is a large, liquid market in the U.S. for many ADRs. The Fund may also invest in European Depository Receipts ("EDRs'), which are receipts evidencing an arrangement with a European bank similar to that for ADRs and are designed for use in the European securities markets. EDRs are not necessarily denominated in the currency of the underlying security. The dividends and interest payable on certain of the Fund's foreign securities may be subject to foreign withholding taxes, thus reducing the net amount available for distribution to the Fund's shareholders. You should understand that the expense ratio of the Fund can be expected to be higher than those of investment companies investing only in domestic securities since the costs of operations are higher. Risks of Nondiversification There may be risks associated with the Fund being nondiversified. Specifically, since a relatively high percentage of the assets of the Fund may be invested in the obligations of a limited number of issuers, the value of the shares of the Fund may be more susceptible to any single economic, political or regulatory event than the shares of a diversified Fund would be. Marketability of Fund Investments The marketability and liquidity of the Fund's investments cannot be assured. The Fund's ability to acquire and dispose of investments in private debt and equity securities will be dependent on factors outside its control, including the health of the market for private debt and equity securities and the financial condition of a security's issuer, as well as general economic conditions. The Fund may invest up to 15% of its net assets in illiquid securities, which may include up to 5% in unlisted securities. Generally, the Fund will need to obtain permission from regulatory authorities in South Africa and other African countries to invest in unlisted securities. Temporary defensive positions For temporary defensive purposes -- which may include a lack of adequate purchase candidates or an unfavorable market environment -- the Fund may invest up to 100% of its assets in cash or cash equivalents. Cash equivalents include instruments such as, but not limited to, U.S. government and agency obligations, certificates of deposit, bankers' acceptances, time deposits, commercial paper, short-term corporate debt securities and repurchase agreements. BACKGROUND AND ECONOMIC INFORMATION The background and economic information in this section is a partial listing of some of the African countries in which the Fund is considering investment opportunities. The following sections are not intended to be a complete description of the countries involved, their respective economies, or securities markets. South Africa After almost ten years of sanctions, South Africa is truly an emerging society. The first fully democratic election in South Africa's history took place in April, 1994, and resulted in a Government of National Unity led by the African National Congress, which inherited both the country's economic problems and its inherent strength. As the country emerged from a lengthy period of international isolation, the economy began to grow again as it did during the 1960s and 1970s. The turnaround started in 1993, when the Gross Domestic Product ("GDP") increased by 1.2%, the first increase in four years. Growth continued in 1994 at the rate of 2.5%, and, 3.1% in 1995. The GDP is projected to rise by 4.0% in 1996, according to Standard Bank Investment Corporation, Johannesburg, estimates. Gross Domestic Expenditure rose to an annualized rate of 7.1% in the fourth quarter of 1994, and gross domestic fixed investment by 17.1%. Inflation dropped to levels not experienced in South Africa since the late 1970s. The Government of South Africa forecasts an inflation rate of 6% for 1996. The growth in the economy has allowed the government to make a start on its Reconstruction and Development Program ("RDP"). The RDP is a blueprint for economic change. Its major thrust is to provide the basic amenities of housing, water, electricity and sewerage for the disadvantaged population. The RDP envisages the construction of one million houses, each with water and sanitation reticulation, and the electrification of 2.5 million houses before the year 2000. This splurge of house building will require schools, clinics, hospitals, libraries, and civic and shopping centers, which will cause the demand for building materials and furnishings of all kinds to increase significantly. Thus, the opportunities for investment in consumer products will be limitless as well. The RDP is also advocating more investment in health care. South Africa has significant investment opportunities available in the telecommunications and tourism industries, and considerable expertise and comparative advantages in several other areas as well, such as the production of stainless steel and aluminum. In addition, the financial sector is well-developed and efficient, with the Johannesburg Stock Exchange providing easy access to most of the major companies in the country. Prior to mid-March, 1995, South Africa had a two-tier currency structure utilizing the financial rand and the commercial rand. Effective March 13, 1995, the South African Government began the phaseout of the financial rand. For foreign investors, this represented a step in the present government's attempts to create a desirable investment climate, another step away from an underdeveloped economy towards a recognized developing economy, and a sign of growing maturity on the part of the Government of National Unity, according to NAA. In 1995 (est.), South Africa's population was 45 million, with an annual growth rate of 2.6%, and an adult literacy rate of approximately 50%. The Gross National Product ("GNP") in 1994 was $125 billion. Morocco Morocco has adopted a structural adjustment program suggested by the International Monetary Fund ("IMF"), and is now one of the most prosperous of the francophone African countries. Morocco enjoys a reputation for political stability and sound economic policies, which, along with geographic proximity to Europe and considerable natural resources, have served as major attractions for investors. Morocco's chief exports are phosphates, food and beverages, and semiprocessed and consumer goods. After more than a decade of growth, 1993 was a "watershed" for the country, according to the IMF. With the support of the IMF and other organizations, the Moroccan government has tried to restrain its spending, reduce constraints on foreign trade and private activities, and keep inflation under control. In coordination with the IMF, the reform program has reduced trade restrictions and tariffs, liberalized foreign exchange controls, privatized state companies, and improved the climate for foreign investors. The Government must still deal with high unemployment (16% estimated in 1994) and servicing its debt. In 1994, GDP increased by about 8.0%, in part due to abundant rainfall, which helped to boost agricultural production by 40%. 1994 inflation was 5.4%. The Moroccan stock exchange is one of Africa's largest, second only in size to the Johannesburg Stock Exchange. The market capitalization of the companies is approximately $3.5 billion. There is no limitation on foreign investment. In 1994, Morocco's population was 26.5 million, and its GNP was $30,330 million. Kenya Kenya is the leading economy in East Africa. It was badly affected by the oil price increases of the 1970s and has struggled with an almost continual balance of payments crisis since then. There were several attempts by the IMF and the World Bank to impose structural adjustment programs, adopted in late 1992. Since the mid-1993 reform package agreement between the Kenyan Government and the World Bank, the economy has been on an upward track. In 1993, the Kenyan government instituted some economic reform, taking specific measures, such as the removal of price controls; the liberalization of agricultural marketing; control of credit and money supplies; a gradual reduction of government expenditures; a gradual dismantling of exchange controls; and fiscal and monetary incentives aimed at the promotion of exports. Attempts at privatization are also being made, with 150 companies privatized in 1994. The Government's current economic program seeks to reduce inflation, stabilize the exchange rate, and lower the external current account deficit. Agricultural products account for almost 90% of Kenyan exports, as the majority of the population is engaged in agriculture. As the hub of East Africa, Kenya is well placed to provide manufactured goods to the whole area. In order to achieve a growth in manufacturing of 6% per annum, three export processing zones have been created and led to emerging manufacturers. Tourism is also a major industry, although fighting in nearby Rwanda has affected the industry a certain amount. The Kenyan stock exchange is located in Nairobi, with over 50 listed companies and 20 member brokers. The market capitalization of the companies is approximately $1.9 billion, the fourth largest in Africa. Foreign investors were not previously allowed to invest in the Stock Exchange, although this restriction was partially lifted as of January, 1995. There is no restriction on foreign direct investment in unlisted companies. The 1994 GDP growth rate was an estimated 3%, and the currency has stabilized after a long period of depreciation. Inflation rose to about 30% in 1994 (est.). Kenya, which has a population of nearly 29 million people (July 1995 est.), has also experienced an important breakthrough in controlling population growth, reducing the total fertility rate 20% between 1989 and 1993, the most precipitous drop in birth rate ever recorded anywhere in the world. Population growth has declined from 4.1% in 1984 to 2.7% in 1994, and 0.99% in 1995 (est.). Zimbabwe Zimbabwe achieved independence in 1980 and now represents a model of political and economic stability. After independence, the government focused on providing education and health care for the majority black population, although this required an increase in government spending, resulting in a budget deficit of approximately 10%. The government turned to IMF in the late 1980s, and put in place a structural adjustment program to bring growth to the private productive sector and to reduce the resources used by the public sector. Severe drought caused the GDP to drop 8% in 1992, with 2% growth in 1993, followed by 3.5% in 1994. The structural adjustment program remains in place despite the lingering effects of the drought on economic and other social conditions. Unemployment is high at 45%, as is inflation at 22% (1994 est.). Interest rates are currently high and monetary policy is tight, due to the IMF, but this is helping to create a more viable economy and provide a suitable climate for attracting foreign investment. Exports include textiles, tobacco, and products from the mining and energy complex. Zimbabwe is in the process of upgrading its telecommunication systems, using fiber optics and digitalization. The stock exchange is in Harare, with a market capitalization of approximately $2 billion and over 60 listed companies. There are limitations on foreign investment, in that only 5% of the shares of any company may be held by a single foreign investor, and no more than a total of 25% of a company may be held by foreign investors. The opening of the stock exchange to foreign investors in June 1993 was followed by a high surge in trading. In 1994, Zimbabwe's population was 11 million, and the GNP was $5,424 million. Tunisia Tunisia is a growing African economy, due to the diligence with which its structural adjustment program was implemented. With a mixed economy based on agriculture, tourism, manufacturing, and petroleum, Tunisia has established a track record for steady growth, averaging 4.7% since 1987. The country's structural adjustment program, launched in 1987, prioritizes export-led growth, as well as price and import liberalization, financial sector reform, and privatization. Some 50 firms owned by the government have been sold, and the government has promised to speed up the process. Part of the structural adjustment program has been directed towards attracting foreign investment. A unified investment code has been adopted, which offers tax advantages to investors in export-oriented projects, regional development projects, or in projects which promote young entrepreneurs and small and medium-sized businesses. Tunisia exports crude oil, minerals, clothing, and agricultural products, including its renowned olive oil. The 1994 GNP was $15,873 million, with a 4.7% inflation rate. The Tunisian Stock Exchange, established in 1969, is small, with a market capitalization of approximately $2.5 billion and over 20 listed companies. In August 1995, Tunisia simplified the foreign purchase of shares in Tunisian companies. Foreigners can buy up to 10% of a listed company, and up to 30% of an unlisted company, without central bank approval. In 1994, Tunisia's population was 8.8 million. Egypt Egypt has a large population, a cosmopolitan outlook, and a strategic position between the East and West. Its major export is oil, although it also exports cotton and earns large amounts of foreign exchange through its ownership of the Suez canal, and from tourism. In 1994, Egypt experienced a 2.0% increase in the GDP (up from 1.3% in 1993 and 0.4% in 1992) and a decline in the rate of inflation to about 6.0% from nearly 16.0% in 1992. The economy was boosted from a $550 million IMF standby credit which runs to mid-1996 and a $300 million World Bank loan, as well as an annual U.S. aid package that totals about $800 million. But per capita income for the country's large population of about 57.5 million has remained fairly steady at $630, with unemployment at about 10%. The government's economic reforms include reductions in subsidies and import controls and the elimination of most foreign exchange controls, budget deficit cuts, new banking laws, the introduction of a sales tax, and an extensive privatization program. The stock exchange was founded in 1910, and has a market capitalization of approximately $7 billion, with over 20 listed companies. During 1994, trading volume rose dramatically and two state companies were oversubscribed when their stock was offered to investors. Ghana Ghana began an ambitious structural and economic reform program in the early 1980s. The political situation is stable, and the economy is being revitalized. In the last ten years, inflation and the public sector budget deficit have been significantly reduced. Declining world commodity prices for Ghana's agricultural exports may continue to put the Government under economic pressure. Cocoa is the main cash crop of Ghana's agricultural economy. Other crops include rice, peanuts, cassava, coffee, corn, and shea nuts. As with any agricultural economy, Ghana is vulnerable to the weather, particularly drought. Even with production and marketing inefficiencies, the agricultural sectors of cocoa production, forestry, and fishing account for 45% of the country's GDP and about 55% of employment. Other contributors to GDP include tourism and manufacturing. Ghana ranks among the world's top gold producers and exporters and also exports timber, tuna, bauxite, and aluminum. In 1994, the Ghanaian government completed its sale of about 25% of the Ashanti Goldfields company, listed on the Ghana Stock Exchange and the London International Stock Exchange. Because of this dominant listing, the Ghanaian stock Exchange is ranked sixth largest in Africa. The stock exchange is in Accra, with a market capitalization of approximately $2 billion and 18 listed companies. Nonresidents of Ghana may participate in the market, although aggregate holdings of all nonresident investors cannot exceed 74% of the total outstanding shares of a security, or 10% on an individual level. In 1994, Ghana's population was 16.9 million, with an annual growth rate of 3.1%. Its GNP was $7.311 million. The rate of inflation was about 10%. RISK DIVERSIFICATION AND CONTROLS FOR THE FUND'S DIRECT INVESTMENTS The Fund can invest up to 15% of its net assets in Direct Investments, which will consist primarily of investments in companies that by U.S. standards are small to medium sized. While Direct Investments in such companies offer the opportunity for significant capital gains, such investments involve a degree of business and financial risks that can result in losses, and the liquidity cannot be assured. Among these are the risks associated with investing in companies with new management, companies operating with substantial variations in operating results from period to period, and companies with the need for substantial additional capital to support expansion or to achieve or maintain a competitive position. Such businesses may face intense competition from rivals with greater financial resources, more extensive research and development, manufacturing, marketing, and services capabilities, and a larger number of qualified managerial and technical personnel. The Fund's Direct Investment philosophy is to help ensure that you have a reasonable level of risk related to your Fund investment. The risks involved in investment in private debt and equity situations are managed in several ways. For example, the Sub-Advisor consistently receives up-to-date information about the South African market and economy; evaluates potential opportunities using a multi-step procedure which includes a tour of facilities and discussions with management; explores innovative financing techniques; capitalizes portfolio companies with 30%-50% equity to mitigate financial risk; and may directly monitor a company by sitting on its board of directors. The Fund will not invest in a situation which does not present reasonable exit opportunities. A number of exit strategies to obtain liquidity and realize capital gains will be used, including: (1) the complete or partial sale of the business to an outside third party or joint venture partners, (2) the complete or partial sale of the business to the public securities market, either in the form of an initial public offering or the sale of debt, (3) the complete or partial sale of the business to management, and (4) the refinancing of the investment's capital structure and using the proceeds to pay a dividend to investors. The holding period for a Direct Investment is anticipated to range from five to seven years. INVESTMENT TECHNIQUES and RELATED RISKS Financial Futures, Options, and Other Investment Techniques The Fund can use various techniques to increase or decrease its exposure to changing security prices, interest rates, or other factors that affect security values. These techniques may involve derivative transactions such as buying and selling options and futures contracts and leveraged notes, entering into swap agreements, and purchasing indexed securities. The Fund can use these practices either as substitution for an allowable security or as protection against an adverse move in the Fund's portfolio to adjust the risk and return characteristics of the Fund's portfolio. The Fund may engage in transactions in financial futures contracts and related options as explained below. It may also write covered call options and secured put options, purchase call and put options on securities and security indices, and may enter into option transactions on foreign currency. The Fund may also invest in repurchase agreements. If the Advisor judges market conditions incorrectly or employs a strategy that does not correlate well with the Fund's investments, or if the counterparty to the transaction does not perform as promised, these techniques could result in a loss. These techniques may increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risk assumed. The Fund reserves the right to invest in the above investment techniques, but, with the exception of financial futures contracts and related options, currently anticipates such investment in each technique to be less than 5% of the Fund's net assets in the coming year. Therefore, those investment techniques and the related risks are described in detail in the Statement of Additional Information. Financial Futures and Related Options The Fund may enter into financial futures contracts and related options as a hedge against anticipated changes in the market value of their portfolio securities or securities which they intend to purchase or in the exchange rate of foreign currencies. Hedging is the initiation of an offsetting position in the futures market which is intended to minimize the risk associated with a position's underlying securities in the cash market. Investment techniques related to financial futures and options are summarized below and are described more fully in the Statement of Additional Information. Financial futures contracts consist of interest rate futures contracts, foreign currency futures contracts and securities index futures contracts. An interest rate futures contract obligates the seller of the contract to deliver, and the purchaser to take delivery of, the interest rate securities called for in the contract at a specified future time and at a specified price. A foreign currency futures contract obligates the seller of the contract to deliver, and the purchaser to take delivery of, the foreign currency called for in the contract at a specified future time and at a specified price. (See "Foreign Currency Transactions" in the Statement of Additional Information.) A securities index assigns relative values to the securities included in the index, and the index fluctuates with changes in the market values of the securities so included. A securities index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of the last trading day of the contract and the price at which the futures contract is originally struck. An option on a financial futures contract gives the purchaser the right to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option. The Fund may purchase and sell financial futures contracts which are traded on a recognized exchange or board of trade and may purchase exchange or board-traded put and call options on financial futures contracts. It will engage in transactions in financial futures contracts and related options only for hedging purposes and not for speculation. In addition, the Fund will not purchase or sell any financial futures contract or related option if, immediately thereafter, the sum of the cash or U.S. Treasury bills committed with respect to its existing futures and related options positions and the premiums paid for related options would exceed 5% of the market value of its total assets. At the time of purchase of a futures contract or a call option on a futures contract, an amount of cash, U.S. Government securities or other appropriate high-grade debt obligations equal to the market value of the futures contract minus the Fund's initial margin deposit with respect thereto, will be deposited in a segregated account with the Fund's custodian bank to collateralize fully the position and thereby ensure that it is not leveraged. The extent to which the Fund may enter into financial futures contracts and related options may also be limited by requirements of the Internal Revenue Code of 1986 for qualification as a regulated investment company. Engaging in transactions in financial futures contracts involves certain risks, such as the possibility of an imperfect correlation between futures market prices and cash market prices and the possibility that the NAA could be incorrect in its expectations as to the direction or extent of various interest rate movements or foreign currency exchange rates, in which case the Fund's return might have been greater had hedging not taken place. There is also the risk that a liquid secondary market may not exist. The risk in purchasing an option on a financial futures contract is that the Fund will lose the premium it paid. Also, there may be circumstances when the purchase of an option on a financial futures contract would result in a loss to the Fund while the purchase or sale of the contract would not have resulted in a loss. Lending portfolio securities The Fund may lend its portfolio securities to member firms of the New York Stock Exchange and commercial banks with assets of one billion dollars or more, provided the value of the securities loaned from the Fund will not exceed one-third of the Fund's assets. Any such loans must be secured continuously in the form of cash or cash equivalents such as U.S. Treasury bills; the amount of the collateral must on a current basis equal or exceed the market value of the loaned securities, and the Fund must be able to terminate such loans upon notice at any time. The Fund will exercise its right to terminate a securities loan in order to preserve its right to vote upon matters of importance affecting holders of the securities. The advantage of such loans is that the Fund continues to receive the equivalent of the interest earned or dividends paid by the issuers on the loaned securities while at the same time earning interest on the cash or equivalent collateral which may be invested in accordance with the Fund's investment objective, policies and restrictions. Securities loans are usually made to broker-dealers and other financial institutions to facilitate their delivery of such securities. As with any extension of credit, there may be risks of delay in recovery and possibly loss of rights in the loaned securities should the borrower of the loaned securities fail financially. However, the Fund will make loans of its portfolio securities only to those firms the Advisor or Sub-Advisor deems creditworthy and only on such terms the Advisor or Sub-Advisor believes should compensate for such risk. On termination of the loan the borrower is obligated to return the securities to the Fund. The Fund will realize any gain or loss in the market value of the securities during the loan period. The Fund may pay reasonable custodial fees in connection with the loan. The Fund's policies set forth as fundamental investment restrictions may not be changed without shareholder approval. The Fund's Statement of Additional Information describes these and additional policies and restrictions concerning the portfolio investments of the Fund. TOTAL RETURN The Fund may advertise total return. Total return is based on historical results and is not intended to indicate future performance Total return includes not only the effect of income dividends but also any change in net asset value, or principal amount, during the stated period. The total return shows overall change in value, including changes in share price and assuming all of the dividends and capital gain distributions are reinvested. A cumulative total return reflects the performance over a stated period of time. An average annual total return reflects the hypothetical annual compounded return that would have produced the same cumulative total return if the performance had been constant over the entire period. Because average annual returns tend to smooth out variations in the returns, you should recognize that they are not the same as actual year-by-year results. Both types of total return usually will include the effect of paying the front-end sales charge. Of course, total returns will be higher if sales charges are not taken into account. Quotations of "overall return" do not reflect deduction of the sales charge. You should consider overall return figures only if you qualify for a reduced sales charge, or for purposes of comparison with comparable figures which also do not reflect sales charge, such as mutual fund averages compiled by Lipper Analytical Services, Inc. ("Lipper"). Further information about the Fund's performance is contained in its Annual Report to Shareholders, which may be obtained without charge. MANAGEMENT OF THE FUND The Fund's Board of Directors supervises the Fund's activities and reviews its contracts with companies that provide it with services The Fund is a series of Calvert New World Fund, Inc., an open-end management investment company organized as a Maryland corporation on December 22, 1994. The Fund is neither required nor intends to hold annual shareholder meetings, but special meetings may be called for purposes such as electing or removing Directors, changing fundamental policies, or approving a management contract. As a shareholder, you receive one vote for each share of the Fund you own. Board of Directors Elias Belayneh President of US-Africa Chamber of Commerce Robert Browne President of Twenty-First Century Foundation Reno Martini Director and Senior Vice President of Calvert Group, Ltd. Senior Vice President and Chief Investment Officer of Calvert Asset Management Company, Inc. Dorika Mambaleo Harvard Business School student Madala Mthembu Senior Advisor of Premier of the Northern Cape Province of South Africa Donald Norland Senior Policy Advisor of WorldSpace, Inc. Maceo K. Sloan Chairman, President and CEO of Sloan Financial Group and NCM Capital Management Group, Inc. Tim Smith Executive Director of Interfaith Center on Corporate Responsiblity Chairman of the Advisory Council of the Calvert Social Investment Fund Clifton S. Sorrell, Jr. President, Chief Executive Officer and Vice Chairman of Calvert Group, Ltd. and its subsidiaries Pamela Van Arsdale Community activist Calvert-Sloan Advisers, L.L.C. serves as Advisor to the Fund Calvert-Sloan Advisers, L.L.C. (the "Advisor") is the Fund's investment advisor. It is located at 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. It is jointly owned by Calvert Group, Ltd., and Sloan Holdings, Inc., and was organized in the State of Maryland on March 3, 1995. Although the Advisor is a new venture, the individuals involved in its management are experienced employees of Calvert Group, Ltd. and its subsidiary, Calvert Asset Management Company, Inc. (a Sub-Advisor to the Fund), and New Africa Advisers, Inc. (also a Sub-Advisor to the Fund), a subsidiary of Sloan Financial Group (see below). The Advisor provides the Fund with investment supervision and management, administrative services and office space; furnishes executive and other personnel to the Fund; and pays the salaries and fees of all Directors who are affiliated persons of the Advisor. The Advisor may also assume and pay certain advertising and promotional expenses of the Fund and reserves the right to compensate broker-dealers in return for their promotional or administrative services. The Fund pays all other operating expenses as noted in the Statement of Additional Information. The Fund's organizational expenses were advanced to the Fund by Calvert-Sloan Advisers, L.L.C. These expenses will be amortized over a sixty-month period which will commence with the inception of the Fund. In the event that the Fund liquidates before the deferred organization expenses are fully amortized, Calvert-Sloan Advisers, L.L.C. shall bear such unamortized deferred organization expenses. The Public School Retirement System of the City of St. Louis, located at #1 Mercantile Center, St. Louis, Missouri 63101, currently controls 59% of the Fund. New Africa Advisers, Inc., is one of the Fund's Sub-Advisors New Africa Advisers, Inc., is one of the Sub-Advisors to the Fund. NAA's principal business office in the U.S. is 103 West Main Street, Fourth Floor, Durham, North Carolina 27701. It also has offices in New York City and Johannesburg, South Africa. NAA is a registered investment advisor and is wholly owned by Sloan Financial Group, Inc. ("SFG"). NAA was founded in 1992 to provide investors with access to African-related investment opportunities. Combining African emerging markets and global portfolio management expertise, New Africa Advisers is uniquely qualified in this era of post-apartheid African investments. Along with investment research and statistical information, NAA provides investment advisory assistance and the day-to-day management of the Fund's investments and re-investments. The Sloan Financial Group, NAA's parent company, headquartered in Durham, North Carolina, is the nation's largest minority-owned financial services firm. Founded in 1986 by Maceo K. Sloan, (Chairman, President, and Chief Executive Officer), the company's roots date back to 1898 when Sloan's ancestors founded North Carolina Mutual Life Insurance Company, the nation's largest minority-owned insurance firm. Presently, Sloan Financial Group contains two investment management subsidiaries, NCM Capital Management Group, Inc., and New Africa Advisers. Within its family of companies, SFG currently manages assets of approximately $3 billion, and the firm's client base includes many of the nation's largest employee benefit, foundation, and endowment plans. CAMCO is one of the Fund's Sub-Advisors CAMCO is one of the Sub-Advisors to the Fund. CAMCO's principal business office is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. CAMCO manages the U.S. dollar portion of the Fund's cash reserves. CAMCO is a subsidiary of Calvert Group, Ltd., and currently serves as investment advisor to First Variable Rate Fund for Government Income, Calvert Tax-Free Reserves, Calvert Social Investment Fund, Calvert Cash Reserves (d/b/a Money Management Plus), The Calvert Fund, Calvert Municipal Fund, Inc., Calvert World Values Fund, Inc., and Acacia Capital Corporation. Portfolio Managers - Investment selections for the Fund are made by a team Investment selections for the Fund are made by a team, led by Maceo K. Sloan, Chairman of New Africa Advisers, Inc. Mr. Sloan's 25-year career in the investment management industry began at North Carolina Mutual Life Insurance Company where he held positions including Investment Analyst, Treasurer, Vice President, and Chief Investment Officer. Presently, he serves as Chairman, President, and Chief Executive Officer of Sloan Financial Group and NCM Capital Management Group, Inc. Mr. Sloan is a Director of the National Association of Securities Professionals, a Chartered Financial Analyst and a Fellow of the Life Management Institute. He is a regular panelist on the PBS program Wall Street Week in Review and has been a panelist and chaired several conferences concerning investment opportunities in South Africa, such as the RCB International Seminar and the Pensions 2000 on South Africa. Justin F. Beckett is President and CEO of New Africa Advisers, Inc. He has ten years' experience in the investment field. Mr. Beckett began researching Africa's capital markets in 1990 and the experiences and information that Mr. Beckett has amassed since then represent the foundation of NAA's investment philosophy. Mr. Beckett was one of the first U.S. professionals to establish a dialogue with South Africa's post-apartheid investment community, and now resides in Johannesburg. As a recognized expert on investments in South Africa, Mr. Beckett has been quoted in numerous periodicals (Pensions & Investments, The Wall Street Journal, The New York Times, The Washington Post), and has chaired and spoken on several conference panels relative to investments in South Africa. Mr. Beckett has also appeared on The Color of Money, Reflections, PBS Morning News, and Prime Time Sunday. Clifford D. Mpare, Chief Investment Officer of NAA, is a native of Ghana, in West Africa. He has over ten years of investment experience, hands-on knowledge of African capital markets, and experience in the U.S. and Canadian markets. Prior to joining NAA's parent company, SFG, Mr. Mpare, who is a Chartered Financial Analyst and a Certified Management Accountant, was a Senior Analyst with First Union Corp's private equity department, where he specialized in the valuation of unlisted securities. He serves on the review board of the Association of Investment Management and Research, and is a member of the North Carolina Society of Financial Analysts, the Institute of Chartered Financial Analysts, the Institute of Management Accountants, and the Society of Management Accountants of Canada. CAMCO manages the U.S. dollar portion of the Fund's cash reserves The U.S. dollar portion of the Fund's cash reserves is invested by Calvert Asset Management Company, Inc., headed by Reno Martini, Senior Vice President and Chief Investment Officer. Mr. Martini, a Director of Calvert Group, Ltd., and Senior Vice President and Chief Investment Officer of Calvert Asset Management Company, Inc., oversees management of all Calvert Group portfolios. He has extensive experience in evaluating and purchasing municipal securities. Calvert Group is one of the largest investment management firms in the Washington, D.C. area Calvert Group, Ltd., parent of the Fund's transfer agent, distributor, and CAMCO, is a subsidiary of Acacia Mutual Life Insurance Company of Washington, D.C. Calvert Group is one of the largest investment management firms in the Washington, D.C. area. Calvert Group, Ltd. and its subsidiaries are located at 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. As of December 31, 1995, Calvert Group managed and administered assets in excess of $4.8 billion and more than 200,000 shareholder and depositor accounts. The Advisor receives a fee based on a percentage of the Fund's assets and the performance of the Fund. From this, it pays the Sub-Advisors a fee The Investment Advisory Agreement between the Fund and the Advisor provides that the Advisor is entitled to a base annual fee, payable monthly, of 1.50% of the Portfolio's average daily net assets. From this, the Advisor pays a base annual fee of 0.755% to NAA, 0.495% to CAMCO, and a fee of 0.10% to Sloan Holdings, Inc., for consulting services. Commencing on July 1, 1998, the Advisor will receive a "Performance Fee," applied prospectively, based on the investment performance of the Fund over a "Performance Period" in relation to the investment record of the Morgan Stanley South Africa Index. The Performance Fee will be adjusted up or downward to the extent to which performance of the Fund exceeds or trails the Morgan Stanley South Africa Index: Performance versus the Performance Fee Morgan Stanley Adjustment South Africa Index 30% to less than 60% 0.05% 60% to less than 90% 0.07% 90% or more 0.10% The Advisor will pay NAA a performance fee equal to the Performance Fee the Advisor receives from the Fund. The Advisor may in its discretion defer its fees or assume the Fund's operating expenses. The Investment Advisory Agreement provides that the Advisor may later, to the extent permitted by law, recapture any fees it deferred, or expenses it assumed during the two prior years. Calvert Administrative Services Company provides administrative services for the Fund Calvert Administrative Services Company ("CASC"), an affiliate of the Advisor, has been retained by the Fund to provide certain administrative services necessary to the conduct of its affairs, including the preparation of regulatory filings and shareholder reports, the daily determination of its net asset value per share and dividends, and the maintenance of its portfolio and general accounting records. For providing such services, CASC receives an annual fee, payable monthly, from the Fund of 0.25% of the Fund's average daily net assets. Calvert Distributors, Inc. serves as underwriter to market the Fund's shares Calvert Distributors, Inc. ("CDI") is the Fund's principal underwriter and distributor. Under the terms of its underwriting agreement with the Fund, CDI markets and distributes the Fund's shares and is responsible for payment of commissions and service fees to broker-dealers, banks, and financial services firms, preparation of advertising and sales literature, and printing and mailing of prospectuses to prospective investors. The transfer agent keeps your account records Calvert Shareholder Services, Inc. is the Fund's transfer, dividend disbursing and shareholder servicing agent. SHAREHOLDER GUIDE Opening An Account You can buy shares of the Fund in several ways An account application should accompany this prospectus. A completed and signed application is required for each new account you open, regardless of the method you choose for making your initial investment. Additional forms may be required from corporations, associations, and certain fiduciaries. If you have any questions or need extra applications, call your broker, or Calvert Group at 800-368-2748. To invest in any of Calvert's tax-deferred retirement plans, please call Calvert Group at 800-368-2748 to receive information and the required separate application. Class A Shares - Front End Load Class A shares are sold with a front-end sales charge at the time of purchase. Class A shares are not subject to a sales charge when they are redeemed. The Fund bears some of the costs of selling its shares under a Distribution Plan adopted with respect to its shares pursuant to Rule 12b-1 under the 1940 Act. Payments under the Class A Distribution Plan are limited to 0.75% annually of the average daily net asset value of Class A shares. Class A Shares Class A shares are offered at net asset value plus a front-end sales charge as follows: Concession to As a % of As a % of Dealers as a % Offering Net Amount of Amount Price Invested Invested Amount of Investment Less than $50,000 2.50% 2.56% 2.00% $50,000 but less than $100,000 2.00% 2.04% 1.50% $100,000 but less than $250,000 1.50% 1.52% 1.10% $250,000 but less than $500,000 1.25% 1.27% 0.95% $500,000 but less than $1,000,000 1.00% 1.01% 0.85% $1,000,000 and over 0.00% 0.00% 0.75%* *For new investments (new purchases but not exchanges) of $1 million or more, CDI may pay a broker-dealer, on a quarterly basis for 12 months, an annual rate of 0.75%. Payments will be made quarterly at the rate of 0.0625% of the amount of the investment, less redemptions. Sales charges on Class A shares may be reduced or eliminated in certain cases. See Exhibit A to this prospectus. The sales charge is paid to CDI, which in turn normally reallows a portion to your broker-dealer. Upon written notice to dealers with whom it has dealer agreements, CDI may reallow up to the full applicable sales charge. Dealers to whom 90% or more of the entire sales charge is reallowed may be deemed to be underwriters under the Securities Act of 1933. In addition to any sales charge reallowance or finder's fee, your broker-dealer, or other financial service firm through which your account is held, currently will be paid periodic service fees at an annual rate of up to 0.25% of the average daily net asset value of Class A shares held in accounts maintained by that firm. Class A Distribution Plan The Fund has adopted a Distribution Plan with respect to its Class A shares (the "Class A Distribution Plan"), which provides for payments at a maximum annual rate of 0.75% of the average daily net asset value of Class A shares, to pay expenses associated with the distribution and servicing of Class A shares. Fees paid by the Fund to CDI under the Class A Distribution Plan are used to pay to dealers and others, including CDI salespersons who service accounts, quarterly compensation at an annual rate of up to 0.50%, plus service fees at an annual rate of up to 0.25% of the average daily net asset value of Class A shares, beginning the thirteenth month after the shares are purchased. The distribution fees also are used to pay CDI for its marketing and distribution expenses, including, but not limited to, preparation of advertising and sales literature and the printing and mailing of prospectuses to prospective investors. Arrangements with Broker-Dealers and Others CDI may also pay additional concessions, including non-cash promotional incentives, such as merchandise or trips, to dealers employing registered representatives who have sold or are expected to sell a minimum dollar amount of shares of the Fund and/or shares of other Funds underwritten by CDI. CDI may make expense reimbursements for special training of a dealer's registered representatives, advertising or equipment, or to defray the expenses of sales contests. Eligible marketing and distribution expenses may be paid pursuant to the Fund's Rule 12b-1 Distribution Plan. Dealers or others may receive different levels of compensation depending on which class of shares they sell. Payments pursuant to a Distribution Plan are included in the operating expenses of the class. HOW TO BUY SHARES Method Initial investment Additional Investments By Mail $2,000 minimum $250 minimum Please make your check Please make your check payable payable to the Fund and to the Fund and mail it with mail it with your your investment slip to: application Calvert Group Calvert Group P.O. Box 419544 P.O. Box 419739 Kansas City, MO 64141-6544 Kansas City, MO 64141-6739 By Registered, Certified, or Overnight Mail: Calvert Group Calvert Group c/o NFDS, 6th Floor c/o NFDS, 6th Floor 1004 Baltimore 1004 Baltimore Kansas City, MO 64105-1807 Kansas City, MO 64105-1807 Through Your Broker $2,000 minimum $250 minimum At the Calvert Visit the Calvert Branch Office to Branch Office make investments by check. See the back cover page for the address. FOR ALL OPTIONS BELOW, PLEASE CALL YOUR BROKER OR CALVERT GROUP AT 800-368-2745 By Bank Wire $2,000 minimum $250 minimum By Calvert Money Not Available $50 minimum Controller* *Please allow sufficient time for Calvert Group to process your initial request for this service, normally 10 business days. The maximum transaction amount is $300,000, and your purchase request must be received by 4:00 p.m. Eastern time. NET ASSET VALUE Net asset value, or "NAV," refers to the worth of one share. NAV is computed by adding the value of all portfolio holdings, plus other assets, deducting liabilities and then dividing the result by the number of shares outstanding. This value is calculated at the close of the Fund's business day, which coincides with the closing of the regular session of the New York Stock Exchange (normally 4:00 p.m. Eastern time). The Fund is open for business each day the New York Stock Exchange is open. All purchases of Fund shares will be confirmed and credited to your account in full and fractional shares (rounded to the nearest 1/1000th of a share). Fund securities and other assets are valued based on market quotations, except that securities maturing within 60 days are valued at amortized cost. If quotations are not available, securities are valued by a method that the Board of Directors believes accurately reflects fair value. Securities which are primarily traded on foreign securities exchanges are generally valued at the preceding closing values of such securities on their respective exchanges (See the Statement of Additional Information -- "Determination of Net Asset Value") relating to the valuation of foreign securities. Financial futures are valued at the settlement price established each day by the board of trade or exchange on which they are traded. All assets and liabilities initially expressed in foreign currency values will be converted into United States dollars as last quoted by any recognized dealer. WHEN YOUR ACCOUNT WILL BE CREDITED Before you buy shares, please read the following information to make sure your investment is accepted and credited properly Your purchase will be processed at the next offering price based on the next net asset value calculated after your order is received and accepted. If your purchase is made by federal funds wire, check, or exchange, and is received by 4:00 p.m. (Eastern time), your account will be credited on the day of receipt. If your purchase is received after 4:00 p.m. Eastern time, it will be credited the next business day. All your purchases must be made in U.S. dollars and checks must be drawn on U.S. banks. No cash will be accepted. The Fund reserves the right to suspend the offering of shares for a period of time or to reject any specific purchase order. If your check does not clear, your purchase will be canceled and you will be charged a $10 fee plus costs incurred by the Fund. When you purchase by check or with Calvert Money Controller, the Fund can hold payment on redemptions until it is reasonably satisfied that the investment is collected (normally 10 business days from purchase date). To avoid this collection period, you can wire federal funds from your bank, which may charge you a fee. Check purchases received at the branch location will be credited the next business day. Any check purchase received without an investment slip may cause delayed crediting. Certain financial institutions or broker-dealers which have entered into a sales agreement with the Distributor may enter confirmed purchase orders on behalf of customers by phone, with payment to follow within a number of days of the order as specified by the program. If payment is not received in the time specified, the financial institution could be held liable for resulting fees or losses. OTHER CALVERT GROUP SERVICES Calvert Information Network 24 hour performance and prices Calvert Group has a round-the-clock telephone service that lets existing customers use a push button phone with tone capabilities to obtain prices, performance information, account balances, and authorize certain transactions. Calvert Money Controller Calvert Money Controller eliminates the delay of mailing a check or the expense of wiring funds. You can request this free service on your application This service allows you to authorize electronic transfers of money to purchase or sell shares. You use Calvert Money Controller like an "electronic check" to move money ($50 to $300,000) between your bank account and your account in the Fund with one phone call. Allow two business days after the call for the transfer to take place from your bank to Calvert; for redemptions, allow five to seven days after the call for the redemption proceeds to be sent to your bank. All Calvert Money Controller transaction requests must be received by 4:00 p.m. Eastern time. You may also arrange systematic monthly or quarterly investments (minimum $50) into your Calvert Group account. After you give us proper authorization, your bank account will be debited to purchase Fund shares. You will receive a confirmation from us for these transactions, and a debit entry will appear on your bank statement. Share purchases made through Calvert Money Controller will be subject to the applicable sales charge. If you would like to make arrangements for systematic monthly or quarterly redemptions from your Calvert account, call us for a Money Controller Application. Telephone Transactions Calvert may record all telephone calls You may purchase, redeem, or exchange shares, wire funds and use Calvert Money Controller by telephone if you have pre-authorized service instructions. You automatically have telephone privileges unless you elect otherwise. The Fund, the transfer agent and their affiliates are not liable for acting in good faith on telephone instructions relating to your account, so long as they follow reasonable procedures to determine that the telephone instructions are genuine, and if they do not, they may be liable for any losses due to unauthorized or fraudulent telephone transactions. Such procedures may include recording the telephone calls and requiring some form of personal identification. You should verify the accuracy of telephone transactions immediately upon receipt of your confirmation statement. Optional Services Complete the "Option" sections of the application for the easiest way to establish services The easiest way to establish optional services on your Calvert Group account is to select the options you desire when you complete your account application. If you wish to add other options later, you may have to provide us with additional information and a signature guarantee. Please call your broker or Calvert Investor Relations at 800-368-2745 for further assistance. For our mutual protection, we may require a signature guarantee on certain written transaction requests. A signature guarantee verifies the authenticity of your signature, and may be obtained from any bank, savings and loan association, credit union, trust company, broker-dealer firm or member of a domestic stock exchange. A signature guarantee cannot be provided by a notary public. Householding of General Mailings Housholding reduces Fund expenses and saves paper and trees for the environment If you have multiple accounts with Calvert, you may receive combined mailings of some shareholder information, such as semi-annual and annual reports. Please contact Calvert Investor Relations at 800-368-2745 to receive additional copies of information. Special Services and Charges The Fund pays for shareholder services but not for special services that are required by a few shareholders, such as a request for a historical transcript of an account. You may be required to pay a research fee for these special services. If you are purchasing shares of the Fund through a program of services offered by a broker-dealer or financial institution, you should read the program materials in conjunction with this Prospectus. Certain features of the Fund may be modified in these programs, and administrative charges may be imposed for the services rendered. Tax-Saving Retirement Plans Contact Calvert Group for complete information kits discussing the plans, and their benefits, provisions and fees Calvert Group can set up your new account in the Fund under one of several tax-deferred plans. These plans let you invest for retirement and shelter your investment income from current taxes. Minimums may differ from those listed in the chart on page 25. Also, reduced sales charges may apply. See "Exhibit A - Reduced Sales Charges." Individual retirement accounts (IRAs): available to anyone who has earned income. You may also be able to make investments in the name of your spouse, if your spouse has no earned income. Qualified Profit-Sharing and Money-Purchase Plans (including 401(k) Plans): available to self-employed people and their partners, or to corporations and their employees. Simplified Employee Pension Plan (SEP-IRA): available to self-employed people and their partners, or to corporations. Salary reduction pension plans (SAR-SEP IRAs) are also available to employers with 25 or fewer employees. 403(b)(7) Custodial Accounts: available to employees of most non-profit organizations and public schools and universities. HOW TO SELL YOUR SHARES You may redeem all or a portion of your shares on any business day. Because the securities held by the Fund may be far less liquid than securities that are issued in mature markets, and to allow for the orderly redemption of shares, your shares will be redeemed at the net asset value next calculated after your redemption request is received and accepted, but the redemption proceeds may be mailed, wired, or sent by electronic transfer up to five business days later. At the Fund's sole discretion, you may receive securities in lieu of cash. See "Purchase and Redemption of Shares" in the Statement of Additional Information. If you redeem shares of the Fund (including exchanges) after holding them less than two years, the Fund will deduct a redemption fee equal to 2.0% of the net asset value of the shares redeemed. The fee will be retained by the Fund and used to offset transaction costs that short-term trading imposes on the Fund and its shareholders. If shares you are redeeming were not all held for the same length of time, those shares you held longest will be redeemed first for purposes of determining whether this fee applies. Below are specific requirements necessary to make sure your redemption request is accepted. Remember that the Fund may hold payment on the redemption of your shares until it is reasonably satisfied that investments made by check or by Calvert Money Controller have been collected (normally up to 10 business days). Redemption Requirements To Remember To ensure acceptance of your redemption request, please follow the procedures described here and below Once your shares are redeemed, the proceeds will normally be sent to you by mail, electronic transfer, or wire between the fifth and seventh day. Calvert Money Controller redemptions generally will be credited to your bank account between the fifth and seventh business day after your phone call. When the New York Stock Exchange is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closings, or under any emergency circumstances as determined by the Securities and Exchange Commission, redemptions may be suspended or payment dates postponed. Minimum account balance is $1,000 per Fund Please maintain a balance in your account of at least $1,000 per Fund. If, due to redemptions, it falls below $1,000, your account may be closed and the proceeds mailed to you at the address of record. You will be given notice that your account will be closed after 30 days unless you make an additional investment to increase your account balance to the $1,000 minimum. By Mail To: Calvert Group P.O. Box 419544 Kansas City, MO 64141-6544 You may redeem available funds from your account at any time by sending a letter of instruction, including your name, account and Fund number, the number of shares or dollar amount, and where you want the money to be sent. Additional requirements, below, may apply to your account. The letter of instruction must be signed by all required authorized signers. If you want the money to be wired to a bank not previously authorized, then a voided bank check must be enclosed with your letter. If you do not have a voided check or if you would like funds sent to a different address or another person, your letter must be signature guaranteed. Type of Registration Requirements Corporations, Associations Letter of instruction and corporate resolution, signed by person(s) authorized to act on the account, accompanied by signature guarantee(s). Trusts Letter of instruction signed by the Trustee(s) (as Trustees), with a signature guarantee. (If the Trustee's name is not registered on your account, provide a copy of the trust document, certified within the last 60 days.) By Telephone Please call 800-368-2745. You may redeem shares from your account by telephone and have your money mailed to your address of record or wired to an address or bank you have previously authorized. A charge of $5 is imposed on wire transfers of less than $1,000. See "Telephone Transactions." If for any reason you are unable to reach the Fund by telephone, whether due to mechanical difficulties, heavy market volume, or otherwise, you may send a written redemption request to the Fund by overnight mail, or, if your account is held through a broker, see "Through Your Broker" below. Calvert Money Controller Please allow sufficient time for Calvert Group to process your initial request for this service (normally 10 business days). Your request for a redemption by this service must be received by 4:00 p.m. Eastern time. Accounts cannot be closed by this service. Exchange to Another Calvert Group Fund You must meet the minimum investment requirement of the other Calvert Group Fund. You can only exchange between accounts with identical names, addresses and taxpayer identification number, unless previously authorized with a signature-guaranteed letter. See "Exchanges." Systematic Check Redemptions If you maintain an account with a balance of $10,000 or more, you may have up to two (2) redemption checks for $100 or more sent to you on the 15th of each month, simply by sending a letter with all the information, including your account number, and the dollar amount ($100 minimum). If you would like a regular check mailed to another person or place, your letter must be signature guaranteed. Through your Broker If your account is held in your broker's name ("street name"), you should contact your broker directly to transfer, exchange or redeem shares. DIVIDENDS AND TAXES Each year, the Fund distributes substantially all of its net investment income and capital gains to shareholders Dividends from the Fund's net investment income are declared and paid annually. Net investment income consists of the interest income, net short-term capital gains, if any, and dividends declared and paid on investments, less expenses. Distributions of net long-term capital gains, if any, are normally declared and paid by the Fund once a year; however, the Fund does not anticipate making any such distributions unless available capital loss carryovers have been used or have expired. Dividend Payment Options Dividends and distributions are automatically reinvested in additional shares, unless on the account application you request to have them paid to you in cash (by check or by Calvert Money Controller). You may also request to have your dividends and distributions from the Fund invested at net asset value ("NAV") in shares of any other Calvert Group Fund. If you choose to have them reinvested in the same Fund, the new shares will be purchased at the NAV (no sales charge) on the reinvest date, which is generally 1 to 3 days prior to the payment date. You must be a shareholder on the record date to receive dividends. You must notify the Fund in writing prior to the record date if you want to change your payment options. If you elect to have dividends and/or distributions paid in cash, and the U.S. Postal Service cannot deliver the check, or if it remains uncashed for six months, it, as well as future dividends and distributions, will be reinvested in additional shares. "Buying a Dividend" At the time of purchase, the share price of the Fund may reflect undistributed income, capital gains or unrealized appreciation of securities. Any income or capital gains from these amounts which are later distributed to you are fully taxable as dividends or capital gains distributions. On the record date for a distribution, the Fund's per share value is reduced by the amount of the distribution. If you buy shares just before the record date ("buying a dividend") you will pay the full price for the shares and then receive a portion of the price back as a taxable distribution. Federal Taxes The Fund normally distributes all net income and capital gain to shareholders. These distributions are taxable to you regardless of whether they are taken in cash or reinvested. Distributions of dividends and net realized short-term capital gains are taxable as ordinary income; capital gains distributions are taxable as long-term capital gains regardless of how long you have held the shares. Dividends and distributions declared in December and paid in January are taxable in the year they are declared. The Fund will mail you Form 1099-DIV in January indicating the federal tax status of your dividends. Distributions resulting from the sale of certain foreign currencies and debt securities are taxed as ordinary income gain or loss. If these transactions result in reducing the Fund's net income, a portion of the dividends may be classified as a return of capital (which lowers your tax base). If the Fund pays taxes to foreign governments during the year, the taxes will reduce the Fund's dividends but will still be included in your taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for your portion of foreign taxes paid by the Fund. You may realize a capital gain or loss when you sell or exchange shares If you sell or exchange your Fund shares you will have a short or long-term capital gain or loss, depending on how long you owned the shares which were sold. In January, the Fund will mail you Form 1099-B indicating the proceeds from all sales, including exchanges. You should keep your annual year-end account statements to determine the cost (basis) of the shares to report on your tax returns. Taxpayer Identification Number, Back-up Withholding If we do not have your correct Social Security or Taxpayer Identification Number ("TIN") and a signed certified application or Form W-9, federal law requires the Fund to withhold 31% of your dividends, capital gain distributions, and redemptions. In addition, you may be subject to a fine. You will also be prohibited from opening another account by exchange. If this TIN information is not received within 60 days after your account is established, your account may be redeemed at the current NAV on the date of redemption. The Fund reserves the right to reject any new account or any purchase order for failure to supply a certified TIN. EXHIBIT A REDUCED SALES CHARGES (CLASS A ONLY) You may qualify for a reduced sales charge through several purchase plans available. You must notify the Fund at the time of purchase to take advantage of the reduced sales charge Right of Accumulation. The sales charge is calculated by taking into account not only the dollar amount of a new purchase of shares, but also the higher of cost or current value of shares previously purchased in Calvert Group Funds that impose sales charges. This automatically applies to your account for each new purchase. Letter of Intent. If you plan to purchase $50,000 or more of Fund shares over the next 13 months, your sales charge may be reduced through a "Letter of Intent." You pay the lower sales charge applicable to the total amount you plan to invest over the 13-month period, excluding any money market fund purchases. Part of your shares will be held in escrow, so that if you do not invest the amount indicated, you will have to pay the sales charge applicable to the smaller investment actually made. For more information, see the Statement of Additional Information. Group Purchases. If you are a member of a qualified group, you may purchase shares of the Fund at the reduced sales charge applicable to the group taken as a whole. The sales charge is calculated by taking into account not only the dollar amount of the shares you purchase, but also the higher of cost or current value of shares previously purchased and currently held by other members of your group. A "qualified group" is one which (i) has been in existence for more than six months, (ii) has a purpose other than acquiring Fund shares at a discount, and (iii) satisfies uniform criteria which enable CDI and dealers offering Fund shares to realize economies of scale in distributing such shares. A qualified group must have more than 10 members, must be available to arrange for group meetings between representatives of CDI or dealers distributing the Fund's shares, must agree to include sales and other materials related to the Fund in its publications and mailings to members at reduced or no cost to CDI or dealers, and must seek to arrange for payroll deduction or other bulk transmission of investments to the Fund. Pension plans may not qualify participants for group purchases; however, such plans may qualify for reduced sales charges under a separate provision (see below). Members of a group are not eligible for a Letter of Intent. Retirement Plans Under Section 457, Section 403(b)(7), or Section 401(k). There is no sales charge on shares purchased for the benefit of a retirement plan under Section 457 of the Internal Revenue Code of 1986, as amended ("Code"), or for a plan qualifying under Section 403(b)(7) of the Code if, at the time of purchase, Calvert Group has been notified in writing that the 403(b)(7) plan has at least 200 eligible employees. Furthermore, there is no sales charge on shares purchased for the benefit of a retirement plan qualifying under Section 401(k) of the Code if, at the time of such purchase, the 401(k) plan administrator has notified Calvert Group in writing that a) its 401(k) plan has at least 200 eligible employees; or b) the cost or current value of shares the plan has in Calvert Group of Funds (except money market funds) is at least $1 million. Neither the Fund, nor CDI, nor any affiliate thereof will reimburse a plan or participant for any sales charges paid prior to receipt of such written communication and confirmation by Calvert Group. Plan administrators should send requests for the waiver of sales charges based on the above conditions to: Calvert Group Retirement Plans, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Other Circumstances. There is no sales charge on shares of any fund (portfolio or series) of the Calvert Group of Funds sold to: (1) current and retired members of the Board of Trustees/Directors of the Calvert Group of Funds, (and the Advisory Council of the Calvert Social Investment Fund); (2) directors, officers and employees of the Advisor, Distributor, and their affiliated companies; (3) directors, officers and registered representatives of brokers distributing the Fund's shares; and immediate family members of persons listed in (1), (2), or (3) above; (4) dealers, brokers, or registered investment advisors that have entered into an agreement with CDI providing specifically for the use of shares of the Fund (Portfolio or Series) in particular investment programs or products (where such program or product already has a fee charged therein) made available to the clients of such dealer, broker, or registered investment advisor; (5) trust departments of banks or savings institutions for trust clients of such bank or savings institution; and (6) purchases placed through a broker maintaining an omnibus account with the Fund (Portfolio or Series) and the purchases are made by (a) investment advisors or financial planners placing trades for their own accounts (or the accounts of their clients) and who charge a management, consulting, or other fee for their services; or (b) clients of such investment advisors or financial planners who place trades for their own accounts if such accounts are linked to the master account of such investment advisor or financial planner on the books and records of the broker or agent; or (c) retirement and deferred compensation plans and trusts, including, but not limited to, those defined in Section 401(a) or Section 403(b) of the I.R.C., and "rabbi trusts." Dividends and Capital Gain Distributions from other Calvert Group Funds. You may prearrange to have your dividends and capital gain distributions from another Calvert Group Fund with a sales charge automatically invested in another account with no additional sales charge. Purchases made at net asset value ("NAV"). Except for money market funds, if you make a purchase at NAV, you may exchange that amount to another fund at no additional sales charge. Reinstatement Privilege. If you redeem Fund shares and then within 30 days decide to reinvest in the same Fund, you may do so at the net asset value next computed after the reinvestment order is received, without a sales charge. You may use the reinstatement privilege only once. The Fund reserves the right to modify or eliminate this privilege. To Open an Account: 800-368-2748 Prospectus July 31, 1996 CALVERT NEW WORLD FUND, INC. Calvert New Africa Fund Performance and Prices: Calvert Information Network 24 hours, 7 days a week 800-368-2745 Service for Existing Account: Shareholders 800-368-2745 Brokers 800-368-2746 TDD for Hearing Impaired: 800-541-1524 Branch Office: 4550 Montgomery Avenue Suite 1000N Bethesda, Maryland 20814 Registered, Certified or Overnight Mail: Calvert Group c/o NFDS, 6th Floor 1004 Baltimore Kansas City, MO 64105 Calvert Group Web-Site Address: http://www.calvertgroup.com PRINCIPAL UNDERWRITER Calvert Distributors, Inc. 4550 Montgomery Avenue Suite 1000N Bethesda, Maryland 20814 Table of Contents Fund Expenses Investment Objective and Policies Risk Factors Risk Diversification and Controls Economic Information Investment Techniques and Related Risks Total Return Management of the Fund SHAREHOLDER GUIDE: How to Buy Shares Net Asset Value When Your Account Will Be Credited Other Calvert Group Services How to Sell Your Shares Dividends and Taxes Exhibit A - Reduced Sales Charges
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Calvert New World Fund, Inc. Calvert New Africa Fund Statement of Additional Information July 31, 1996 INVESTMENT ADVISOR TRANSFER AGENT Calvert-Sloan Advisers, L.L.C. Calvert Shareholder Services, Inc. 4550 Montgomery Avenue 4550 Montgomery Avenue Suite 1000N Suite 1000N Bethesda, Maryland 20814 Bethesda, Maryland 20814 INDEPENDENT AUDITORS PRINCIPAL UNDERWRITER Coopers & Lybrand, L.L.P. Calvert Distributors, Inc. 217 Redwood Street 4550 Montgomery Avenue Suite 1000N Baltimore, Maryland 21202-3316 Bethesda, Marylamd 20814 TABLE OF CONTENTS Investment Objective and Policies 1 Investment Restrictions 6 Investment Selection Process 7 Dividends, Distributions and Taxes 7 Net Asset Value 8 Calculation of Total Return 9 Advertising 9 Purchase and Redemption of Shares 10 Reduced Sales Charges (Class A) 10 Directors and Officers 10 Investment Advisor and Sub-Advisors 12 Method of Distribution 13 Transfer and Shareholder Servicing Agent 13 Fund Transactions 13 Independent Accountants and Custodians 14 General Information 14 Financial Statements 14 Appendix 14 STATEMENT OF ADDITIONAL INFORMATION-July 31, 1996 CALVERT NEW WORLD FUND, INC. CALVERT NEW AFRICA FUND 4550 Montgomery Avenue, Bethesda, Maryland 20814 New Account (800) 368-2748 Shareholder (800) 368-2745 Information: (301) 951-4820 Services: (301) 951-4810 Broker (800) 368-2746 TDD for the Hearing-Impaired:(800) 541-1524 Services: (301) 951-4850 This Statement of Additional Information is not a prospectus. Investors should read the Statement of Additional Information in conjunction with the Fund's Prospectus dated July 31, 1996, which may be obtained free of charge by writing the Fund at the above address or calling the Fund. INVESTMENT OBJECTIVE AND POLICIES The investment objective and policies of Calvert New World Fund, Inc., Calvert New Africa Fund (the "Fund") is to achieve capital appreciation over time. The Fund seeks capital appreciation aggressively by focusing the Fund's investments mostly in the emerging market of equity and equity-linked securities and fixed-income securities of African and African-related companies. The following discussion supplements the discussion in the Prospectus. Unless otherwise specified, the investment objective, programs and restrictions of the Fund are not fundamental policies. The operating policies of the Fund are subject to change by its Board of Directors without shareholder approval. Shareholders will be notified of a material change in the investment objective, a non-fundamental or operating policy. Foreign Securities Additional costs may be incurred which are related to any international investment, since foreign brokerage commissions and the custodial costs associated with maintaining foreign portfolio securities are generally higher than in the United States. Fee expense may also be incurred on currency exchanges when the Fund changes investments from one country to another or converts foreign securities holdings into U.S. dollars. United States Government policies have at times, in the past, through imposition of interest equalization taxes and other restrictions, discouraged United States investors from making certain investments abroad. While such taxes or restrictions are not presently in effect, they may be reinstituted from time to time as a means of fostering a favorable United States balance of payments. In addition, foreign countries may impose withholding and taxes on dividends and interest. See "Risk Factors" in the Prospectus. Options and Futures Contracts The Fund may purchase put and call options and engage in the writing of covered call options and secured put options on securities and employ a variety of other investment techniques. Specifically, the Fund may engage in the purchase and sale of stock index future contracts, foreign currency futures contracts, interest rate futures contracts, and options on such futures, as described more fully below. Such investment policies and techniques may involve a greater degree of risk than those inherent in more conservative investment approaches. The Fund will engage in such transactions only to hedge existing positions. It will not engage in such transactions for the purposes of speculation or leverage. The Fund may write call and put options in order to obtain a return on its investments from the premiums received and will retain the premiums whether or not the options are exercised. Any decline in the market value of portfolio securities or foreign currencies will be offset to the extent of the premiums received (net of transaction costs). If an option is exercised, the premium received on the option will effectively increase the exercise price or reduce the difference between the exercise price and market value. The Fund will not engage in such options or futures transactions unless it receives any necessary regulatory approvals permitting it to engage in such transactions. The Fund may write "covered options" on securities in standard contracts traded on national or foreign securities exchanges, or in individually negotiated contracts traded over-the-counter. It may write such options in order to receive the premiums from options that expire and to seek net gains from closing purchase transactions with respect to such options. To preserve the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue Code, it is the Fund's operating policy to limit any gains on put or call options and other securities held less than three months to less than 30% of the Fund's annual gross income. Risks Related to Options Transactions. The Fund can close out its respective positions in exchange-traded options only on an exchange which provides a secondary market in such options. Although it intends to acquire and write only such exchange-traded options for which an active secondary market appears to exist, there can be no assurance that such a market will exist for any particular option contract at any particular time. This might prevent the Fund from closing an options position, which could impair its ability to hedge effectively. The inability to close out a call position may have an adverse effect on liquidity because the Fund may be required to hold the securities underlying the option until the option expires or is exercised. Writing (Selling) Call and Put Options The Fund may write covered options on equity and debt securities and indices. This means that, in the case of call options, so long as the Fund is obligated as the writer of a call option, it will own the underlying security subject to the option and, in the case of put options, it will, through its custodian, deposit and maintain either cash or securities with a market value equal to or greater than the exercise price of the option. When the Fund writes a covered call option, it gives the purchaser the right to purchase the security at the call option price at any time during the life of the option. As the writer of the option, it receives a premium, less a commission, and in exchange foregoes the opportunity to profit from any increase in the market value of the security exceeding the call option price. The premium serves to mitigate the effect of any depreciation in the market value of the security. Writing covered call options can increase the income of the Fund and thus reduce declines in the net asset value per share of the Fund if securities covered by such options decline in value. Exercise of a call option by the purchaser, however, will cause the Fund to forego future appreciation of the securities covered by the option. Upon exercise by the purchaser, the writer of a call option on an individual security or foreign currency has the obligation to sell the underlying security or currency at the exercise price. A call option on a securities index is similar to a call option on an individual security, except that the value of the option depends on the weighted value of the group of securities comprising the index and all settlements are to be made in cash. A call option may be terminated by the writer (seller) by entering into a closing purchase transaction in which it purchases an option of the same series as the option previously written. The Fund may purchase securities which may be covered with call options solely on the basis of considerations consistent with the investment objectives and policies of the Fund. The Fund's turnover may increase through the exercise of a call option; this will generally occur if the market value of a "covered" security increases and the Fund has not entered into a closing purchase transaction. The Fund may write exchange-traded call options on its securities. Call options may be written on portfolio securities, securities indices, or foreign currencies. With respect to securities and foreign currencies, the Fund may write call and put options on an exchange or over-the-counter. Call options on portfolio securities will be covered since the Fund will own the underlying securities. Call options on securities indices will be written only to hedge in an economically appropriate way portfolio securities which are not otherwise hedged with options or financial futures contracts and will be "covered" by identifying the specific portfolio securities being hedged. Options on foreign currencies will be covered by securities denominated in that currency. Options on securities indices will be covered by securities that substantially replicate the movement of the index. The Fund may not write options on more than 50% of its total assets. The Fund presently intends to cease writing options if and as long as 25% of such total assets are subject to outstanding options contracts or if required under state regulations. During the option period, the writer of a call option gives up the opportunity for appreciation in the market value of the underlying security or currency above the exercise price. It retains the risk of loss should the price of the underlying security or foreign currency decline. Writing call options also involves risks relating to the Fund's ability to close out options it has written. A put option on a security, security index, or foreign currency gives the purchaser of the option, in return for the premium paid to the writer (seller), the right to sell the underlying security, index, or foreign currency at the exercise price at any time during the option period. When the Fund writes a secured put option, it will gain a profit in the amount of the premium, less a commission, so long as the price of the underlying security remains above the exercise price. However, the Fund remains obligated to purchase the underlying security from the buyer of the put option (usually in the event the price of the security funds below the exercise price) at any time during the option period. If the price of the underlying security falls below the exercise price, the Fund may realize a loss in the amount of the difference between the exercise price and the sale price of the security, less the premium received. Upon exercise by the purchaser, the writer of a put option has the obligation to purchase the underlying security or foreign currency at the exercise price. A put option on a securities index is similar to a put option on an individual security, except that the value of the option depends on the weighted value of the group of securities comprising the index and all settlements are made in cash. During the option period, the writer of a put option has assumed the risk that the price of the underlying security or foreign currency will decline below the exercise price. However, the writer of the put option has retained the opportunity for an appreciation above the exercise price should the market price of the underlying security or foreign currency increase. Writing put options also involves risks relating to the Fund's ability to close out options it has written. Purchasing Call and Put Options, Warrants and Stock Rights The Fund may invest up to an aggregate of 5% of its total assets in exchange-traded or over-the-counter call and put options on securities and securities indices and foreign currencies. Purchases of such options may be made for the purpose of hedging against changes in the market value of the underlying securities or foreign currencies. The Fund may invest in call and put options whenever, in the opinion of the Sub-Advisor, a hedging transaction is consistent with its investment objectives. Such transactions may be entered into in order to limit the risk of a substantial increase in the market price of the security which the Fund intends to purchase. The Fund may sell a call option or a put option which it has previously purchased prior to the purchase (in the case of a call) or the sale (in the case of a put) of the underlying security or foreign currency. Any such sale would result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the call or put which is sold. Purchasing a call or put option involves the risk that the Fund may lose the premium it paid plus transaction costs. Warrants and stock rights are almost identical to call options in their nature, use and effect except that they are issued by the issuer of the underlying security rather than an option writer, and they generally have longer expiration dates than call options. The Fund may invest up to 5% of its net assets in warrants and stock rights, but no more than 2% of its net assets in warrants and stock rights not listed on the New York Stock Exchange or the American Stock Exchange. Over-the-Counter ("OTC") Options OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and there is a risk of non-performance by the dealer. However, the premium is paid in advance by the dealer. OTC options are available for a greater variety of securities and foreign currencies, and in a wider range of expiration dates and exercise prices than exchange-traded options. Since there is no exchange, pricing is normally done by reference to information from a market maker, which information is carefully monitored or caused to be monitored by the Advisor and verified in appropriate cases. A writer or purchaser of a put or call option can terminate it voluntarily only by entering into a closing transaction. In the case of OTC options, there can be no assurance that a continuous liquid secondary market will exist for any particular option at any specific time. Consequently, the Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. Similarly, when the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer to which it originally wrote the option. If a covered call option writer cannot effect a closing transaction, it cannot sell the underlying security or foreign currency until the option expires or the option is exercised. Therefore, the writer of a covered OTC call option may not be able to sell an underlying security even though it might otherwise be advantageous to do so. Likewise, the writer of a secured OTC put option may be unable to sell the securities pledged to secure the put for other investment purposes while it is obligated as a put writer. Similarly, a purchaser of an OTC put or call option might also find it difficult to terminate its position on a timely basis in the absence of a secondary market. The Fund understands the position of the staff of the Securities and Exchange Commission (the "SEC") to be that purchased OTC options and the assets used as "cover" for written OTC options are illiquid securities. The Fund will adopt procedures for engaging in OTC options transactions for the purpose of reducing any potential adverse effect of such transactions upon the liquidity of the Fund. Futures Transactions The Fund may purchase and sell futures contracts ("futures contracts") but only when, in the judgment of the Advisor or Sub-Advisor, such a position acts as a hedge against market changes which would adversely affect the securities held by the Fund. These futures contracts may include, but are not limited to, market index futures contracts and futures contracts based on U.S. Government obligations. A futures contract is an agreement between two parties to buy and sell a security on a future date which has the effect of establishing the current price for the security. Although futures contracts by their terms require actual delivery and acceptance of securities, in most cases the contracts are closed out before the settlement date without the making or taking of delivery of securities. Upon buying or selling a futures contract, the Fund deposits initial margin with its custodian, and thereafter daily payments of maintenance margin are made to and from the executing broker. Payments of maintenance margin reflect changes in the value of the futures contract, with the Fund being obligated to make such payments if its futures position becomes less valuable and entitled to receive such payments if its positions become more valuable. The Fund may only invest in futures contracts to hedge its existing investment positions and not for income enhancement, speculation or leverage purposes. Although some of the securities underlying the futures contract may not necessarily meet the Fund's social criteria, any such hedge position taken by the Fund will not constitute a direct ownership interest in the underlying securities. Futures contracts have been designed by boards of trade which have been designated "contracts markets" by the Commodity Futures Trading Commission ("CFTC"). As a registered investment company, the Fund is eligible for exclusion from the CFTC's definition of "commodity pool operator," meaning that it may invest in futures contracts under specified conditions without registering with the CFTC. Among these conditions are requirements that to the extent that the Fund enters into future contracts and options on futures positions that are not for bonafide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums on these positions (excluding the amount by which options are "in-the-money") may not exceed 5% of the Fund's net assets. Options on Futures Contracts. The Fund may purchase and write put or call options and sell call options on futures contracts in which it could otherwise invest and which are traded on a U.S. exchange or board of trade. It may also enter into closing transactions with respect to such options to terminate an existing position; that is, to sell a put option already owned and to buy a call option to close a position where the Fund has already sold a corresponding call option. The Fund may only invest in options on futures contracts to hedge its existing investment positions and not for income enhancement, speculation or leverage purposes. Although some of the securities underlying the futures contract underlying the option may not necessarily meet the Fund's social criteria, any such hedge position taken by the Fund will not constitute a direct ownership interest in the underlying securities. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract-a long position if the option is a call and a short position if the option is a put-at a specified exercise price at any time during the period of the option. The Fund will pay a premium for such options purchased or sold. In connection with such options bought or sold, the Fund will make initial margin deposits and make or receive maintenance margin payments which reflect changes in the market value of such options. This arrangement is similar to the margin arrangements applicable to futures contracts described above. Put Options on Futures Contracts. The purchase of put options on futures contracts is analogous to the sale of futures contracts and is used to protect the portfolio against the risk of declining prices. The Fund may purchase put options and sell put options on futures contracts it already owns. The Fund will only engage in the purchase of put options and the sale of covered put options on market index futures for hedging purposes. Call Options on Futures Contracts. The sale of call options on futures contracts is analogous to the sale of futures contracts and is used to protect the portfolio against the risk of declining prices. The purchase of call options on futures contracts is analogous to the purchase of a futures contract. The Fund may only buy call options to close an existing position where the Fund has already sold a corresponding call option, or for a cash hedge. The Fund will only engage in the sale of call options and the purchase of call options to cover for hedging purposes. Writing Call Options on Futures Contracts. The writing of call options on futures contracts constitutes a partial hedge against declining prices of the securities deliverable upon exercise of the futures contract. If the futures contract price at expiration is below the exercise price, the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred in the Fund's securities holdings. Risks of Options and Futures Contracts. If the Fund has sold futures or takes options positions to hedge its portfolio against decline in the market and the market later advances, it may suffer a loss on the futures contracts or options which it would not have experienced if it had not hedged. Correlation is also imperfect between movements in the prices of futures contracts and movements in prices of the securities which are the subject of the hedge. Thus the price of the futures contract or option may move more than or less than the price of the securities being hedged. Where the Fund has sold futures or taken options positions to hedge against decline in the market, the market may advance and the value of the securities held in the Fund may decline. If this were to occur, the Fund might lose money on the futures contracts or options and also experience a decline in the value of its portfolio securities. However, although this might occur for a brief period or to a slight degree, the value of a diversified portfolio will tend to move in the direction of the market generally. The Fund can close out futures positions only on an exchange or board of trade which provides a secondary market in such futures. Although the Fund intends to purchase or sell only such futures for which an active secondary market appears to exist, there can be no assurance that such a market will exist for any particular futures contract at any particular time. This might prevent the Fund from closing a futures position, which could require the Fund to make daily cash payments with respect to its position in the event of adverse price movements. Options on futures transactions bear several risks apart from those inherent in options transactions generally. The Fund's ability to close out its options positions in futures contracts will depend upon whether an active secondary market for such options develops and is in existence at the time the Fund seeks to close its positions. There can be no assurance that such a market will develop or exist. Therefore, the Fund might be required to exercise the options to realize any profit. Foreign Currency Transactions The value of the Fund's assets as measured in United States dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and the Fund may incur costs in connection with conversions between various currencies. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through forward contracts to purchase or sell foreign currencies. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders (usually large commercial banks) and their customers. The Fund will not enter into such forward contracts or maintain a net exposure in such contracts where it would be obligated to deliver an amount of foreign currency in excess of the value of its portfolio securities and other assets denominated in that currency. The Advisor believes that it is important to have the flexibility to enter into such forward contracts when it determines that to do so is in the Fund's best interests. When the Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, it may want to establish the United States dollar cost or proceeds, as the case may be. By entering into a forward contract in United States dollars for the purchase or sale of the amount of foreign currency involved in the underlying security transaction, the Fund is able to protect itself against a possible loss between trade and settlement dates resulting from an adverse change in the relationship between the United States dollar and such foreign currency. However, this tends to limit potential gains which might result from a positive change in such currency relationships. The Fund may also hedge its foreign currency exchange rate risk by engaging in currency financial futures and options transactions. When the Sub-Advisor believes that the currency of a particular foreign country may suffer a substantial decline against the United States dollar, it may enter into a forward contract to sell an amount of foreign currency approximating the value of some or all of the Fund's portfolio securities denominated in such foreign currency. The forecasting of short-term currency market movement is extremely difficult and whether such a short-term hedging strategy will be successful is highly uncertain. It is impossible to forecast with precision the market values of portfolio securities at the expiration of a contract. Accordingly, it may be necessary for the Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Fund is obligated to deliver when a decision is made to sell the security and make delivery of the foreign currency in settlement of a forward contract. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security if its market value exceeds the amount of foreign currency the Fund is obligated to deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, it will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, it would realize gains to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund would suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. Although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also tend to limit any potential gain which might result should the value of such currency increase. The Fund may have to convert its holdings of foreign currencies into United States dollars from time to time. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies. Foreign Currency Options. A foreign currency option provides the option buyer with the right to buy or sell a stated amount of foreign currency at the exercise price at a specified date or during the option period. A call option gives its owner the right, but not the obligation, to buy the currency, while a put option gives its owner the right, but not the obligation, to sell the currency. The option seller (writer) is obligated to fulfill the terms of the option sold if it is exercised. However, either seller or buyer may close its position during the option period for such options any time prior to expiration. A call rises in value if the underlying currency appreciates. Conversely, a put rises in value if the underlying currency depreciates. While purchasing a foreign currency option can protect the Fund against an adverse movement in the value of a foreign currency, it does not limit the gain which might result from a favorable movement in the value of such currency. For example, if the Fund was holding securities denominated in an appreciating foreign currency and had purchased a foreign currency put to hedge against a decline in the value of the currency, it would not have to exercise its put. Similarly, if the Fund entered into a contract to purchase a security denominated in a foreign currency and purchased a foreign currency call to hedge against a rise in the value of the currency but instead the currency depreciated in value between the date of purchase and the settlement date, it would not have to exercise its call but could acquire in the spot market the amount of foreign currency needed for settlement. Foreign Currency Futures Transactions. The Fund may use foreign currency futures contracts and options on such futures contracts. Through the purchase or sale of such contracts, it may be able to achieve many of the same objectives attainable through the use of foreign currency forward contracts, but more effectively and possibly at a lower cost. Unlike forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currency futures contracts are standardized as to amount and delivery period and are traded on boards of trade and commodities exchanges. It is anticipated that such contracts may provide greater liquidity and lower cost than forward foreign currency exchange contracts. Repurchase agreements Repurchase agreements are arrangements under which the Fund buys securities and the seller simultaneously agrees to repurchase the securities at a specified time and price. The Fund may engage in repurchase agreements to earn a higher rate of return than it could earn simply by investing in the obligation which is the subject of the repurchase agreement. Repurchase agreements are not, however, without risk. In the event of the bankruptcy of a seller during the term of a repurchase agreement, a legal question exists as to whether the Fund would be deemed the owner of the underlying security or would be deemed only to have a security interest in and lien upon such security. The Fund will only engage in repurchase agreements with recognized securities dealers and banks determined to present minimal credit risk by the Sub-Advisor under the direction and supervision of the Fund's Board of Directors. In addition, the Fund will only engage in repurchase agreements reasonably designed to secure fully during the term of the agreement the seller's obligation to repurchase the underlying security and will monitor the market value of the underlying security during the term of the agreement. If the value of the underlying security declines and is not at least equal to the repurchase price due the Fund pursuant to the agreement, the Fund will require the seller to pledge additional securities or cash to secure the seller's obligations pursuant to the agreement. If the seller defaults on its obligation to repurchase and the value of the underlying security declines, the Fund may incur a loss and may incur expenses in selling the underlying security. Repurchase agreements are always for periods of less than one year, and are considered illiquid if not terminable within seven days. INVESTMENT RESTRICTIONS Fundamental Investment Restrictions The Fund has adopted the following investment restrictions which cannot be changed without the approval of the holders of a majority of the outstanding shares of the Fund. As defined in the Investment Company Act of 1940, this means the lesser of the vote of (a) 67% of the shares of the Fund at a meeting where more than 50% of the outstanding shares are present in person or by proxy or (b) more than 50% of the outstanding shares of the Fund. The Fund may not: 1. With respect to 50% of its assets, purchase securities of any issuer (other than obligations of, or guaranteed by, the United States Government, its agencies or instrumentalities) if, as a result, more than 5% of the value of its total assets would be invested in securities of that issuer. (The remaining 50% of its total assets may be invested without restriction except to the extent other investment restrictions may be applicable, although, with respect to 50% of the Fund's assets, the Fund does not currently anticipate investing more than 25% in the securities of a single issuer in the coming year). 2. Concentrate 25% or more of the value of its total assets in any one industry; provided, however, that there is no limitation with respect to investments in obligations issued or guaranteed by the United States Government or its agencies and instrumentalities, and repurchase agreements secured thereby. 3. Make loans of more than one-third of the assets of the Fund, other than through the purchase of money market instruments and repurchase agreements or by the purchase of bonds, debentures or other debt securities, or the lending of portfolio securities as detailed in the Prospectus, or as permitted by law. The purchase by the Fund of all or a portion of an issue of publicly or privately distributed debt obligations in accordance with its investment objective, policies and restrictions, shall not constitute the making of a loan. 4. Issue senior securities or underwrite the securities of other issuers, except as permitted by the Board of Directors within applicable law, and except to the extent that in connection with the disposition of its portfolio securities, the Fund may be deemed to be an underwriter. 5. Except as required in connection with permissible options, futures and commodity activities of the Fund, invest in commodities, commodity futures contracts, or real estate, although it may invest in securities which are secured by real estate or real estate mortgages and securities of issuers which invest or deal in commodities, commodity futures, real estate or real estate mortgages and provided that it may purchase or sell stock index futures, foreign currency futures, interest rate futures and options thereon. 6. Borrow money, except from banks for temporary or emergency purposes, and then only in an amount not to exceed one-third of the Fund's total assets, or as permitted by law. The Fund will not make purchases while its borrowings exceed 5% of total assets. In order to secure any permitted borrowings under this section, the Fund may pledge, mortgage or hypothecate its assets. Nonfundamental Investment Restrictions The Fund has adopted the following operating (i.e., non-fundamental) investment policies and restrictions which may be changed by the Board of Directors without shareholder approval. The Fund may not: 7. Invest, in the aggregate, more than 15% of its net assets in illiquid securities. Purchases of securities outside the U.S. that are not registered with the SEC or marketable in the U.S. are not per se illiquid. 8. Invest, in the aggregate, more than 5% of its net assets in the securities of issuers restricted from selling to the public without registration under the Securities Act of 1933, excluding restricted securities eligible for resale pursuant to Rule 144A under that statute. Purchases of securities outside the U.S. that are not registered with the SEC or marketable in the U.S. are not per se restricted. 9. Write, purchase or sell puts, calls or combinations thereof except that the Fund may (a) write exchange-traded covered call options on portfolio securities and enter into closing purchase transactions with respect to such options, and the Fund may write exchange-traded covered call options on foreign currencies and secured put options on securities and foreign currencies and write covered call and secured put options on securities and foreign currencies traded over the counter, and enter into closing purchase transactions with respect to such options, (b) purchase exchange-traded call options and put options and purchase call and put options traded over the counter, provided that the premiums on all outstanding call and put options do not exceed 5% of its total assets, and enter into closing sale transaction with respect to such options, and (c) engage in financial futures contracts and related options transactions, provided that the sum of the initial margin deposits on the Fund's existing futures and related options positions and the premiums paid for related options would not exceed 5% of its total assets. 10. Purchase from or sell to any of the Fund's officers or directors, or companies of which any of them are directors, officers or employees, any securities (other than shares of beneficial interest of the Fund), but such persons or firms may act as brokers for the Fund for customary commissions. 11. Invest in the shares of other investment companies, except as permitted by the 1940 Act or other applicable law, or pursuant to Calvert's nonqualified deferred compensation plan adopted by the Board of Directors in an amount not to exceed 10% or as permitted by law and will ensure that there is no duplication of advisory fees. 12. Make short sales of securities or purchase any securities on margin except that the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities. The depositor payment by the Fund of initial or maintenance margin in connection with financial futures contracts or related options transactions is not considered the purchase of a security on margin. 13. Purchase or retain securities of any issuer if the officers, Directors of the Fund or its Advisors, owning beneficially more than 1/2 of 1% of the securities of such issuer, together own beneficially more than 5% of such issuer's securities. 14. Invest in warrants if more than 5% of the value of the Fund's net assets would be invested in such securities. 15. Invest in interests in oil, gas, or other mineral exploration or development programs or leases although it may invest in securities of issuers which invest in or sponsor such programs. 16. Purchase the securities of any issuer with less than three years' continuous operation if, as a result, more than 5% of the value of its total assets would be invested in securities of such issuers. 17. With respect to 75% of the Fund's assets, purchase more than 10% of the outstanding voting securities of any issuer. Any investment restriction which involves a maximum percentage of securities or assets (except for fundamental investment restriction six) shall not be considered to be violated unless an excess over the applicable percentage occurs immediately after an acquisition of securities or utilization of assets and results therefrom. INVESTMENT SELECTION PROCESS Investments by the Fund are selected on the basis of their ability help achieve the objective of the Fund. The Sub-Advisor uses its best efforts to select investments for the Fund that satisfy the Fund's investment criteria to the greatest practical extent. New Africa Advisers, Inc., one of the Fund's Sub-Advisors, has developed a number of techniques for evaluating the performance of issuers in each of these areas, as explained in the Prospectus. DIVIDENDS, DISTRIBUTIONS, AND TAXES The Fund declares and pays dividends from net investment income on an annual basis. Distributions of realized net capital gains, if any, are normally paid once a year; however, the Fund does not intend to make any such distributions unless available capital loss carryovers, if any, have been used or have expired. Dividends and distributions paid may differ among the classes. Generally, dividends (including short-term capital gains) and distributions are taxable to the shareholder in the year they are paid. However, any dividends and distributions paid in January but declared during the prior three months are taxable in the year declared. Investors should note that the Internal Revenue Code ("Code") may require investors to exclude the initial sales charge, if any, paid on the purchase of Fund shares from the tax basis of those shares if the shares are exchanged for shares of another Calvert Group Fund within 90 days of purchase. This requirement applies only to the extent that the payment of the original sales charge on the shares of the Fund causes a reduction in the sales charge otherwise payable on the shares of the Calvert Group Fund acquired in the exchange, and investors may treat sales charges excluded from the basis of the original shares as incurred to acquire the new shares. The Fund is required to withhold 31% of any long-term capital gain dividends and 31% of each redemption transaction occurring in the Fund if: (a) the shareholder's social security number or other taxpayer identification number ("TIN") is not provided, or an obviously incorrect TIN is provided; (b) the shareholder does not certify under penalties of perjury that the TIN provided is the shareholder's correct TIN and that the shareholder is not subject to backup withholding under section 3406(a)(1)(C) of the Code because of underreporting (however, failure to provide certification as to the application of section 3406(a)(1)(C) will result only in backup withholding on capital gain dividends, not on redemptions); or (c) the Fund is notified by the Internal Revenue Service that the TIN provided by the shareholder is incorrect or that there has been underreporting of interest or dividends by the shareholder. Affected shareholders will receive statements at least annually specifying the amount withheld. The Fund is required to report to the Internal Revenue Service the following information with respect to each redemption transaction: (a) the shareholder's name, address, account number and taxpayer identification number; (b) the total dollar value of the redemptions; and (c) the Fund's identifying CUSIP number. Certain shareholders are exempt from the backup withholding and broker reporting requirements. Exempt shareholders include: corporations; financial institutions; tax-exempt organizations; individual retirement plans; the U.S., a State, the District of Columbia, a U.S. possession, a foreign government, an international organization, or any political subdivision, agency or instrumentality of any of the foregoing; U.S. registered commodities or securities dealers; real estate investment trusts; registered investment companies; bank common trust funds; certain charitable trusts; foreign central banks of issue. Non-resident aliens, certain foreign partnerships and foreign corporations are generally not subject to either requirement but may instead be subject to withholding under Sections 1441 or 1442 of the Internal Revenue Code. Shareholders claiming exemption from backup withholding and broker reporting should call or write the Fund for further information. Nondiversified Status The Fund is a "nondiversified" investment company under the Investment Act of 1940 (the "Act"), which means the Fund is not limited by the Act in the proportion of its assets that may be invested in the securities of a single issuer. A nondiversified fund may invest in a smaller number of issuers than a diversified fund. Thus, an investment in Calvert New Africa Fund may, under certain circumstances, present greater risk of loss to an investor than an investment in a diversified fund. However, Calvert New Africa Fund intends to conduct its operations so as to qualify to be taxed as a "regulated investment company" for purposes of the Code, which will relieve the Fund of any liability for federal income tax to the extent its earnings are distributed to shareholders. To qualify for this Subchapter M tax treatment, the Fund will limit its investments to satisfy the Code diversification requirements so that, at the close of each quarter of the taxable year, (i) not more than 25% of the fund's assets will be invested in the securities of a single issuer or of two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses, and (ii) with respect to 50% of its assets, not more than 5% of its assets will be invested in the securities of a single issuer and the Fund will not own more than 10% of the outstanding voting securities of a single issuer. Investments in United States Government securities are not subject to these limitations; while securities issued or guaranteed by foreign governments are subject to the above tests in the same manner as the securities of non-governmental issuers. The Fund intends to comply with the SEC staff position that securities issued or guaranteed as to principal and interest by any single foreign government are considered to be securities of issuers in the same industry. NET ASSET VALUE The public offering price of the shares of the Fund is the respective net asset value per share plus the applicable sales charge. The net asset values fluctuates based on the respective market value of the Fund's investments. The net asset value per share is determined every business day at the close of the regular session of the New York Stock Exchange (normally 4:00 p.m. Eastern time) and at such other times as may be necessary or appropriate. The Fund does not determine net asset value on certain national holidays or other days on which the New York Stock Exchange is closed: New Year's Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. The Fund's net asset value per share is determined by dividing total net assets (the value of its assets net of liabilities, including accrued expenses and fees) by the number of shares outstanding. The assets of the Fund are valued as follows: (a) securities for which market quotations are readily available are valued at the most recent closing price; (b) for debt or equity securities traded over-the-counter where closing prices are not readily available, at the mean of the bid and asked price, or yield equivalent as obtained from one or more market makers for such securities; (c) securities maturing within 60 days may be valued at cost, plus or minus any amortized discount or premium, unless the Board of Directors determines such method not to represent fair value; and (d) all other securities and assets for which market quotations are not readily available will be fairly valued by the Advisor in good faith under the supervision of the Board of Directors. Securities primarily traded on foreign securities exchanges are generally valued at the preceding closing values on their respective exchanges where primarily traded. Equity options are valued at the last sale price unless the bid price is higher or the asked price is lower, in which event such bid or asked price is used. Exchange traded fixed income options are valued at the last sale price unless there is no sale price, in which event current prices provided by market makers are used. Over-the-counter fixed income options are valued based upon current prices provided by market makers. Financial futures are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Because of the need to obtain prices as of the close of trading on various exchanges throughout the world, the calculation of the Fund's net asset value does not take place contemporaneously with the determination of the prices of U.S. portfolio securities. For purposes of determining the net asset value all assets and liabilities initially expressed in foreign currency, values will be converted into United States dollar values at the mean between the bid and offered quotations of such currencies against United States dollars as last quoted by any recognized dealer. If an event were to occur after the value of an investment was so established but before the net asset value per share was determined which was likely to materially change the net asset value, then the instrument would be valued using fair value consideration by the Directors or their delegates. Net Asset Value and Offering Price Per Share Net asset value per share ($7,960,143/664,474 shares) $12.00 Maximum sales charge (2.50% of offering price) 0.30 Offering price per share $12.30 CALCULATION OF TOTAL RETURN The Fund may advertise "total return." Total return is computed by taking the total number of shares purchased by a hypothetical $1,000 investment after deducting any applicable front-end sales charge, adding all additional shares purchased within the period with reinvested dividends and distributions, calculating the value of those shares at the end of the period and dividing the result by the initial $1,000 investment. Note: "Total Return" when quoted in the Financial Highlights section of the Fund's Prospectus and the Annual Report to Shareholders, however, per SEC instructions, does not reflect deduction of the sales charge, and corresponds to "return without maximum load" return as referred to herein. For periods of more than one year, the cumulative total return is then adjusted for the number of years, taking compounding into account, to calculate average annual total return during that period. Total return is computed according to the following formula: P(1 + T)n = ERV where P = a hypothetical initial payment of $1,000; T = total return; n = number of years; and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period. All total return quotations ("return with maximum load") reflect the deduction of the maximum sales charge, except quotations of "return without maximum load" which do not reflect deduction of the sales charge. Return without maximum load, which will be higher than total return, should be considered only by investors, such as participants in certain pension plans, to whom the sales charge does not apply, or for purposes of comparison only with comparable figures which also do not reflect sales charges, such as Lipper averages. Thus, in the above formula, for return without maximum load, P = the entire $1,000 hypothetical initial investment and does not reflect deduction of any sales charge. Return without maximum load may be advertised for other periods, such as by quarter, or cumulatively for more than one year. Total return, like net asset value per share, fluctuates in response to changes in market conditions. Performance for any particular time period is historical in nature and should not be considered an indication of future return. For the period since inception, April 12, 1995, to March 31, 1996, returns for the Fund's shares are as follows: Period Ended March 31, 1996 Shares W/O Max Load Shares W/Max Load 0.00% -2.52% ADVERTISING The Fund or its affiliates may provide information such as, but not limited to, the economy, investment climate, investment principles and rationale, sociological conditions and political ambiance. Discussion may include hypothetical scenarios or lists of relevant factors designed to aid the investor in determining whether the Fund is compatible with the investor's goals. The Fund may list portfolio holdings or give examples or securities that may have been considered for inclusion in the Portfolio, whether held or not. The Fund or its affiliates may supply comparative performance data and rankings from independent sources such as Donoghue's Money Fund Report, Bank Rate Monitor, Money, Forbes, Lipper Analytical Services, Inc., CDA Investment Technologies, Inc., Wiesenberger Investment Companies Service, Russell 2000/Small Stock Index, Mutual Fund Values Morningstar Ratings, Mutual Fund Forecaster, Barron's, The Wall Street Journal, and Schabacker Investment Management, Inc. Such averages generally do not reflect any front- or back-end sales charges that may be charged by Funds in that grouping. The Fund may also cite to any source, whether in print or on-line, such as Bloomberg, in order to acknowledge origin of information. The Fund may compare itself or its portfolio holdings to other investments, whether or not issued or regulated by the securities industry, including, but not limited to, certificates of deposit and Treasury notes. The Fund, its Advisor, and its affiliates reserve the right to update performance rankings as new rankings become available. Calvert Group is the nation's leading family of socially responsible mutual funds, both in terms of socially responsible mutual fund assets under management, and number of socially responsible mutual fund portfolios offered (source: Social Investment Forum, December 31, 1994). Calvert Group was also the first to offer a family of socially responsible mutual fund portfolios. PURCHASE AND REDEMPTION OF SHARES Investments in the Fund made by mail, bank wire or electronic funds transfer, through the Fund's branch office, Calvert Distributors, Inc. or other brokers participating in the distribution of Fund shares, are credited to a shareholder's account at the public offering price which is the net asset value next determined after receipt by the Fund, Calvert Distributors, Inc., or the Fund's custodian bank or lock box facility, plus the applicable sales charge as set forth in the Fund's Prospectus. Share certificates will not be issued unless requested in writing by the investor. No charge will be made for share certificate requests. No certificates will be issued for fractional shares. A service fee of $10.00, plus any costs incurred by the Fund, will be charged investors whose purchase checks are returned for insufficient funds. The right of redemption may be suspended or the date of payment postponed for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings), when trading on the New York Stock Exchange is restricted, or an emergency exists, as determined by the Commission, or if the Commission has ordered such a suspension for the protection of shareholders. If you redeem shares of the Fund after holding them less than two years, the Fund will deduct a redemption fee equal to 2.0% of the net asset value of the shares redeemed. Redemption proceeds are normally paid in cash. However, at the sole discretion of the Fund, the Fund has the right to redeem shares in assets other than cash for redemption amounts exceeding, in any 90-day period, $250,000 or 1.0% of the net asset value of the Fund, whichever is less, or as allowed by law. Shareholder objections to redemptions in kind will be handled on a case-by-case basis, under the guidance of the Board of Directors. To change redemption instructions already given, shareholders must send a notice to Calvert Group, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814, with a voided copy of a check for the bank wiring instructions to be added. If a voided check does not accompany the request, then the request must be signature guaranteed by a commercial bank, trust company, savings association or member firm of any national securities exchange. Other documentation may be required from corporations, fiduciaries and institutional investors. The Fund reserves the right to modify the telephone redemption privilege. REDUCED SALES CHARGES The Fund imposes reduced sales charges for its shares in certain situations in which the Principal Underwriter and the dealers selling Fund shares may expect to realize significant economies of scale with respect to such sales. Generally, sales costs do not increase in proportion to the dollar amount of the shares sold; the per-dollar transaction cost for a sale to an investor of shares worth, say, $5,000 is generally much higher than the per-dollar cost for a sale of shares worth $1,000,000. Thus, the applicable sales charge declines as a percentage of the dollar amount of shares sold as the dollar amount increases. When a shareholder agrees to make purchases of shares over a period of time totaling a certain dollar amount pursuant to a Letter of Intent, the Underwriter and selling dealers can expect to realize the economies of scale applicable to that stated goal amount. Thus the Portfolio imposes the sales charge applicable to the goal amount. Similarly, the Underwriter and selling dealers also experience cost savings when dealing with existing Fund shareholders, enabling the Fund to afford existing shareholders the Right of Accumulation. The Underwriter and selling dealers can also expect to realize economies of scale when making sales to the members of certain qualified groups which agree to facilitate distribution of Portfolio shares to their members. For shareholders who intend to invest at least $50,000, a Letter of Intent is included in the Appendix to this Statement of Additional Information. See "Exhibit A - Reduced Sales Charges" in the Prospectus. DIRECTORS AND OFFICERS ELIAS BELAYNEH, Director. Mr. Belayneh is the President of U.S. - Africa Chamber of Commerce, Washington, D.C., which serves as a collective organization focusing on the promotion of trade and investment between Africa and the United States. Date of birth: May 18, 1955. Address: 1899 L Street, N.W., 5th Floor, Washington, D.C. 20036. ROBERT S. BROWNE, Director. Mr. Browne is the President of the Twenty-First Century Foundation, which makes grants in the areas of education and community service and was formerly a research fellow at Howard University. Mr. Browne also serves on the Advisory Council to Calvert Social Investment Fund. In 1992 and 1993, Mr. Browne was a Ford Foundation Research Fellow. He served as Staff Director to the Sub-Committee on International Development, Finance, Trade, and Monetary Policy from 1986-1991. Date of birth: August 17, 1924. Address: 907 6th Street, S.W., Apt. 510, Washington, D.C. 20036. DORIKA MAMBOLEO, Director. Ms. Mamboleo is currently a Harvard Business School student. Prior to attending Harvard Business School, Ms. Mamboleo worked in South Africa for the Cambridge, Massachusetts Monitor Consultant Group, and attended Harvard University as an undergraduate student. Date of birth: May 14, 1968. Address: 15 Harbor Point Blvd., #303, Boston, Massachusetts 02125. <F1> RENO J. MARTINI, Director and Vice President. Mr. Martini is a Director and Senior Vice President of Calvert Group, Ltd., and Senior Vice President and Chief Investment Officer of Calvert Asset Management Company, Inc. He is an officer of each of the investment companies in the Calvert Group of Funds. Date of birth: January 13, 1950. MADALA MTHEMBU, Director. Presently, Mr. Mthembu is the Senior Advisor to the Premier of the Northern Cape Province of South Africa. He was previously a consultant with the Uniworld Group, Inc., and a graduate student at Georgetown Law School. He is the former Assistant Chief U.S. Representative for the African National Congress. Mr. Mthembu received his degree in law from National University of Lesotho. Date of birth: April 22, 1964. Address: c/o U.S. - South Africa Trade Association, 2016 O Street, N.W., Washington, D.C. 20036. DONALD R. NORLAND, Director. Mr. Norland is a foreign affairs specialist, a 29-year career diplomat, and Ambassador, retired. He is a Senior Policy Advisor at WORLDSPACE, Inc. Mr. Norland was a member of the American Foreign Service Association ("AFSA"), Governing Board from 1991 to 1993, and subsequently was the Vice President (elected). He was the U.S. Ambassador to Chad from 1979 - 1981, and the Ambassador to Botswana from 1976 - 1979. Date of birth: June 14, 1924. Address: 11 Dupont Circle, N.W., Washington, D.C. 20036. <F1> MACEO K. SLOAN, Director. Mr. Sloan is Chairman, President, and Chief Executive Officer of Sloan Financial Group and NCM Capital Management Group, Inc., Chairman of New Africa Advisers, Inc., Sloan Communications, Inc., and PCS Development Corporation. In addition, Mr. Sloan is a Director of the National Association of Securities Professionals, a Chartered Financial Analyst and a Fellow of the Life Management Institute. Date of birth: October 18, 1949. Address: New Africa Advisers, Inc., 103 West Main Street, Durham, North Carolina 27701. <F1> CLIFTON S. SORRELL, JR., Director. Mr. Sorrell serves as President, Chief Executive Officer and Vice Chairman of Calvert Group, Ltd. and as an officer and director of each of its affiliated companies. He is a trustee/director of each of the other investment companies in the Calvert Group of Funds. Date of birth: June 26, 1941. TIM SMITH, Director. Mr. Smith is the Executive Director of the Interfaith Center on Corporate Responsibility based in New York City. He is also the Chair of the Advisory Council of the Calvert Social Investment Fund. Date of birth: September 15, 1943. Address: Interfaith Center on Corporate Responsibility, 475 Riverside, Room 566, New York, N.Y. 10115. PAMELA D. VAN ARSDALE, Director. Ms. Van Arsdale is currently a community activist. Prior to her retirement in 1983, she was employed by Calvert Group. Date of birth: May 6, 1954. Address: 23 Church Road, Bedford, New Hampshire 03110. <F1> JUSTIN F. BECKETT, President. Mr. Beckett is President and CEO of New Africa Advisers, Inc. He is a Director and Executive Vice President of Sloan Financial Group, Inc. and NCM Capital Management Group, Inc., Executive Vice President of Sloan Holdings, Inc., and a Director of Sloan Communications, Inc. and PCS Development Corporation. Date of birth: April 5, 1963. Address: New Africa Advisers, Inc., 103 West Main Street, Durham, North Carolina 27701. 1 WILLIAM M. TARTIKOFF, Esq., Vice President and Secretary. Mr. Tartikoff is an officer of each of the investment companies in the Calvert Group of Funds, and is Senior Vice President and General Counsel of Calvert Group, Ltd., and each of its subsidiaries, except for Calvert Distributors, Inc., of which he is a Director, President, and Secretary. Date of birth: August 12, 1947. <F1> RONALD M. WOLFSHEIMER, CPA, Vice President, Treasurer, and Controller. Mr. Wolfsheimer is an officer of each of the other investment companies in the Calvert Group of Funds. He is Senior Vice President and Controller of Calvert Group, Ltd. and its subsidiaries, except for Calvert Distributors, Inc., of which he is a Director and Treasurer. Date of birth: July 24, 1952. <F1> CLIFFORD MPARE, Vice President. Mr. Mpare is the Chief Investment Officer of NAA. Prior to joining NAA's parent company, Sloan Financial Group, Mr. Mpare was a Senior Analyst with First Union Corp's private equity department. He is a Chartered Financial Analyst and a Certified Management Accountant. Date of birth: November 21, 1957. Address: New Africa Advisers, Inc., 103 West Main Street, Durham, North Carolina 27701. <F1> SUSAN WALKER BENDER, Esq., Assistant Secretary. Ms. Bender is Assistant Secretary of Calvert Group, Ltd. and each of its subsidiaries and each of the other investment companies in the Calvert Group of Funds. Date of birth: January 29, 1959. 1 KATHERINE STONER, Esq., Assistant Secretary. Ms. Stoner is Assistant Secretary of Calvert-Sloan Advisers, L.L.C., and Calvert Group, Ltd. and each of its subsidiaries. Date of birth: October 21, 1956. <F1> JAMILAH SABIR-CALLOWAY, Assistant Secretary. Ms. Sabir-Calloway is the Corporate Secretary of NAA. Prior to that, Ms. Sabir-Calloway was the Assistant to the Corporate Secretary of the Sloan Financial Group. Date of birth: April 19, 1949. Address: New Africa Advisers, Inc., 103 West Main Street, Durham, North Carolina 27701. <F1> "Interested persons" of the Fund under the Investment Company Act of 1940. The address of directors and officers, unless otherwise noted, is 4550 Montgomery Avenue, Bethesda, Maryland 20814. Directors and officers as a group own less than one percent of the total outstanding shares of the Fund. Directors of the Fund not affiliated with the Advisor currently receive an annual fee of $1,000 for service as a member of the Board of Directors plus a fee of $500 to $1000 for each Board and Committee meeting attended. For the period from inception (April 12, 1995) to March 31, 1996, Directors of the Fund not affiliated with the Fund's advisor received fees and expenses of $36,086. Directors of the Fund not affiliated with the Fund's Advisor may elect to defer receipt of all or a percentage of their fees and invest them in any fund in the Calvert Family of Funds through the Trustees/Directors Deferred Compensation Plan. Deferral of the fees is designed to maintain the parties in the same position as if the fees were paid on a current basis. Management believes this will have a negligible effect on the Fund's assets, liabilities, net assets, and net income per share, and will ensure that there is no duplication of advisory fees. Director Compensation Table Fiscal Year 1996 Aggregate Compensation from Pension or Retirement (unaudited numbers) Registrant for service as Benefits Accrued as part Director of Registrant Expenses Name of Director Elias Belayneh $5,000 $0 Robert Browne $5,000 $0 Dorika Mamboleo $5,000 $0 Madala Mthembu $4,000 $0 Donald Norland $5,000 $0 Tim Smith $5,000 $0 Pamela Van Arsdale $5,000 $0 Director Compensation Table Fiscal Year 1996 Total Compensation from (unaudited numbers) Registrant and Fund Complex paid to Directors<F2> Name of Director Elias Belayneh $5,000 Robert Browne $5,000 Dorika Mamboleo $5,000 Madala Mthembu $4,000 Donald Norland $5,000 Tim Smith $5,000 Pamela Van Arsdale $5,000 <F2> As of March 31, 1996. The Fund Complex consists of nine (9) registered investment companies. INVESTMENT ADVISOR AND SUB-ADVISORS The Fund's Investment Advisor is Calvert-Sloan Advisers, L.L.C., 4550 Montgomery Avenue, 1000N, Bethesda, Maryland 20814, a jointly-owned subsidiary of Calvert Group, Ltd. and Sloan Holdings, Inc. Calvert Group Ltd. is a subsidiary of Acacia Mutual Life Insurance Company of Washington, D.C. ("Acacia Mutual"). The Advisory Contract between the Fund and the Advisor was entered into on April 11, 1995, and will remain in effect indefinitely, provided continuance is approved at least annually by the vote of the holders of a majority of the outstanding shares of the Fund or by the Board of Directors of the Fund; and further provided that such continuance is also approved annually by the vote of a majority of the directors of the Fund who are not parties to the Contract or interested persons of parties to the Contract or interested persons of such parties, cast in person at a meeting called for the purpose of voting on such approval. The Contract may be terminated without penalty by either party upon 60 days' prior written notice; it automatically terminates in the event of its assignment. The Advisor provides the Fund with investment supervision and management, administrative services, office space, furnishes executive and other personnel to the Fund, and may pay Fund advertising and promotional expenses. The Advisor reserves the right to compensate broker-dealers in consideration of their promotional or administrative services. The Fund pays all other administrative and operating expenses, including: custodial, registrar, dividend disbursing and transfer agency fees; federal and state securities registration fees; salaries, fees and expenses of directors, executive officers and employees of the Fund, who are not ''affiliated persons" of the Advisor or the Advisor within the meaning of the Investment Company Act of 1940; insurance premiums; trade association dues; legal and audit fees; interest, taxes and other business fees; expenses of printing and mailing reports, notices, prospectuses, and proxy material to shareholders; annual shareholders' meeting expenses; and brokerage commissions and other costs associated with the purchase and sale of portfolio securities. The Advisor has agreed to reimburse the Fund for all expenses (excluding brokerage, taxes, interest, and all or a portion of distribution and certain other expenses, to the extent allowed or required by state or federal law or regulation, such as California Rule 260.140.84) exceeding the most restrictive expense limitation in those states where the Fund's shares are qualified for sale (currently 2.5% of the Fund's first $30 million of average net assets, 2% of the next $70 million, and 1.5% of the excess over $100 million). Under the Contract, the Advisor provides investment advice to the Fund and oversees its day-to-day operations, subject to direction and control by the Fund's Board of Directors. For its services, the Advisor receives a base annual fee of 1.50% of the Fund's average daily net assets. For the fiscal 1996 period (since inception, April 12, 1995, through March 31, 1996), the Fund paid advisory fees of $68,590. The Advisor may voluntarily defer its fees or assume expenses of the Fund, and did so during fiscal 1996. The Advisor may recapture from (charge to) the Fund for such expenses incurred from April 1, 1996 through March 31, 1998, provided that such recapture would not cause the Fund's aggregate expenses to exceed the most restrictive state limitation. The Advisor may recapture from (charge to) the Fund for any such expenses incurred during the fiscal 1996 period, provided that such recapture would not cause the Fund's aggregate expenses to exceed the most restrictive state limitation, and that such recapture shall be made to the Advisor only from the two-year period from April 1, 1996 through March 31, 1998. Each year's current advisory fees (incurred in that year) will be paid in full before any recapture for a prior year is applied. Recapture then will be applied beginning with the most recent year first. The Fund's Sub-Advisors are New Africa Advisers, Inc. ("NAA"), and Calvert Asset Management Company, Inc. Pursuant to Investment Advisory Agreements with the Advisor, the Sub-Advisors determine investment selections for the Fund. For its services, NAA receives a base annual fee from the Advisor of 0.755% of the Fund's average daily net assets under management. CAMCO receives a base annual fee of 0.495%. In addition, a consulting fee of 0.10% is paid to Sloan Holdings, Inc. See the Prospectus for an explanation of the Performance Fee. Calvert Administrative Services Company ("CASC", an affiliate of the Advisor, has been retained by the Fund to provide certain administrative services necessary to the conduct of its affairs, including the preparation of regulatory filings and shareholder reports, the daily determination of its net asset value per share and dividends, and the maintenance of its portfolio and general accounting records. For providing such services, CASC receives an annual fee from the Fund of 0.25% of the Fund's average daily net assets. For the fiscal 1996 period (since inception, April 12, 1995, through March 31, 1996), the Fund paid administrative services fees for of $11,432. CASC waived a portion of its fee during that period. METHOD OF DISTRIBUTION The Fund has entered into an agreement with Calvert Distributors, Inc. (CDI) whereby CDI, acting as principal underwriter for the Fund, makes a continuous offering of the Fund's securities on a "best efforts" basis. Under the terms of the agreement, CDI is entitled to receive reimbursement of distribution expenses pursuant to the Distribution Plan (see below). CDI also receives the portion of the sales charge in excess of the dealer reallowance. For the period since inception, April 12, 1995, through March 31, 1996, CDI received net sales charges of $17,193. Pursuant to Rule 12b-1 under the Investment Company Act of 1940, the Fund has adopted Distribution Plans (the "Plans") which permits the Fund to pay certain expenses associated with the distribution of its shares. Such expenses may not exceed, on an annual basis, 0.75% of the Fund's average daily net assets. For the fiscal 1996 period since inception, April 12, 1995, through March 31, 1996, the Fund paid Distribution Plan expenses of $33,955. Of the distribution expenses paid in fiscal 1996, $26,963 was used for the printing and mailing of prospectuses and sales materials to investors (other than current shareholders), and the remainder was used for advertising. The Fund's Distribution Plan was approved by the Board of Directors, including the Directors who are not "interested persons" of the Fund (as that term is defined in the Investment Company Act of 1940) and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan. The selection and nomination of the Directors who are not interested persons of the Fund is committed to the discretion of such disinterested Directors. In establishing the Plan, the Directors considered various factors including the amount of the distribution expenses. The Directors determined that there is a reasonable likelihood that the Plan will benefit the Fund and its shareholders. The Plan may be terminated by vote of a majority of the non-interested Directors who have no direct or indirect financial interest in the Plans, or by vote of a majority of the outstanding shares of the Fund. Any change in the Plan that would materially increase the distribution cost to the Fund requires approval of the shareholders of the affected class; otherwise, the Plan may be amended by the Directors, including a majority of the non-interested Directors as described above. The Plan will continue in effect for successive one-year terms provided that such continuance is specifically approved by (i) the vote of a majority of the Directors who are not parties to the Plan or interested persons of any such party and who have no direct or indirect financial interest in the Plan, and (ii) the vote of a majority of the entire Board of Directors. Apart from the Plan, the Advisor and CDI, at their own expense, may incur costs and pay expenses associated with the distribution of shares of the Fund. TRANSFER AND SHAREHOLDER SERVICING AGENT Calvert Shareholder Services, Inc., a subsidiary of Calvert Group, Ltd., and Acacia Mutual, has been retained by the Fund to act as transfer agent, dividend disbursing agent and shareholder servicing agent. These responsibilities include: responding to shareholder inquiries and instructions concerning their accounts; crediting and debiting shareholder accounts for purchases and redemptions of Fund shares and confirming such transactions; daily updating of shareholder accounts to reflect declaration and payment of dividends; and preparing and distributing semi-annual statements to shareholders regarding their accounts. The Fund will pay Calvert Shareholder Services, Inc. an annual fee of 0.25% of the Fund's average daily net assets. For the period since inception, April 12, 1995, through March 31, 1996, the Fund paid Calvert Shareholder Services, Inc. fees of $12,594. FUND TRANSACTIONS Fund transactions are undertaken on the basis of their desirability from an investment standpoint. Investment decisions and the choice of brokers and dealers are made by the Fund's Advisor and Advisor under the direction and supervision of the Fund's Board of Directors. Broker-dealers who execute portfolio transactions on behalf of the Fund are selected on the basis of their professional capability and the value and quality of their services. The Fund may pay brokerage commissions to broker-dealers who provide the Fund with statistical, research, or other information and services. Although any statistical research or other information and services provided by such broker-dealers may be useful to the Advisor and the Advisor, the dollar value of such information and services is generally indeterminable, and its availability or receipt does not serve to materially reduce the Advisor's or Advisor's normal research activities or expenses. For the period since inception, April 12, 1995, through March 31, 1996, no brokerage commissions were paid by the Fund to broker-dealers that provided the Fund's Advisor or Sub-Advisor with research or other services. No commissions were paid to any officers or directors of the Fund or any of its affiliates. The Advisor and Advisor may also execute portfolio transactions with or through broker-dealers who have sold shares of the Fund. However, such sales will not be a qualifying or disqualifying factor in a broker-dealer's selection nor will the selection of any broker-dealer be based on the volume of Fund shares sold. Depending upon market conditions, portfolio turnover, generally defined as the lesser of annual sales or purchases of portfolio securities divided by the average monthly value of the Fund's portfolio securities (excluding from both the numerator and the denominator all securities whose maturities or expiration dates as of the date of acquisition are one year or less), expressed as a percentage, is under normal circumstances expected not to exceed 100%. For the period since inception, April 12, 1995, through March 31, 1996, the portfolio turnover rate of the Fund was 6%. INDEPENDENT ACCOUNTANTS AND CUSTODIANS Coopers & Lybrand, L.L.P. has been selected by the Board of Directors to serve as independent accountants for fiscal year 1997. State Street Bank & Trust Company, N.A., 225 Franklin Street, Boston, MA 02110, serves as custodian of the Fund's investments. First National Bank of Maryland, 25 South Charles Street, Baltimore, Maryland 21203 also serves as custodian of certain of the Fund's cash assets. The custodians have no part in deciding the Fund's investment policies or the choice of securities that are to be purchased or sold for the Fund's Fund. GENERAL INFORMATION The Fund was organized as a Maryland Corporation, Calvert New World Fund, Inc., on December 22, 1994. Each share represents an equal proportionate interest with each other share and is entitled to such dividends and distributions out of the income belonging to such class as declared by the Board. The Fund offers one class of shares, Class A. Upon any liquidation of the Fund, shareholders are entitled to share pro rata in the net assets belonging to that series available for distribution. The Fund will send its shareholders confirmations of purchase and redemption transactions, as well as periodic transaction statements and unaudited semi-annual and audited annual financial statements of the Fund's investment securities, assets and liabilities, income and expenses, and changes in net assets. The Prospectus and this Statement of Additional Information do not contain all the information in the Fund's registration statement. The registration statement is on file with the Securities and Exchange Commission and is available to the public. FINANCIAL STATEMENTS The Fund's audited financial statements included in its Annual Report to Shareholders dated March 31, 1996, are expressly incorporated by reference and made a part of this Statement of Additional Information. A copy of the Annual Report may be obtained free of charge by writing or calling the Fund. APPENDIX CORPORATE BOND AND COMMERCIAL PAPER RATINGS Corporate Bonds: Description of Moody's Investors Service Inc.'s/Standard & Poor's bond ratings: Aaa/AAA: Best quality. These bonds carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. This rating indicates an extremely strong capacity to pay principal and interest. Aa/AA: Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong, and in the majority of instances they differ from AAA issues only in small degree. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities, fluctuation of protective elements may be of greater amplitude, or there may be other elements present which make long-term risks appear somewhat larger than in Aaa securities. A/A: Upper-medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which make the bond somewhat more susceptible to the adverse effects of circumstances and economic conditions. Baa/BBB: Medium grade obligations; adequate capacity to pay principal and interest. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay principal and interest for bonds in this category than for bonds in higher rated categories. Ba/BB, B/B, Caa/CCC, Ca/CC: Debt rated in these categories is regarded as predominantly speculative with respect to capacity to pay interest and repay principal. The higher the degree of speculation, the lower the rating. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposure to adverse conditions. C/C: This rating is only for income bonds on which no interest is being paid. D: Debt in default; payment of interest and/or principal is in arrears. Commercial Paper: MOODY'S INVESTORS SERVICE, INC.: The Prime rating is the highest commercial paper rating assigned by Moody's. Among the factors considered by Moody's in assigning ratings are the following: (1) evaluation of the management of the issuer; (2) economic evaluation of the issuer's industry or industries and an appraisal of speculative-type risks which may be inherent in certain areas; (3) evaluation of the issuer's products in relation to competition and customer acceptance; (4) liquidity; (5) amount and quality of long-term debt; (6) trend of earnings over a period of ten years; (7) financial strength of a parent company and the relationships which exist with the issuer; and (8) recognition by management of obligations which may be present or may arise as a result of public interest questions and preparations to meet such obligations. Issuers within this Prime category may be given ratings 1, 2, or 3, depending on the relative strengths of these factors. STANDARD & POOR'S CORPORATION: Commercial paper rated A by Standard & Poor's has the following characteristics: (i) liquidity ratios are adequate to meet cash requirements; (ii) long-term senior debt rating should be A or better, although in some cases BBB credits may be allowed if other factors outweigh the BBB; (iii) the issuer should have access to at least two additional channels of borrowing; (iv) basic earnings and cash flow should have an upward trend with allowances made for unusual circumstances; and (v) typically the issuer's industry should be well established and the issuer should have a strong position within its industry and the reliability and quality of management should be unquestioned. Issuers rated A are further referred to by use of numbers 1, 2 and 3 to denote the relative strength within this highest classification. LETTER OF INTENT Date Calvert Distributors, Inc. 4550 Montgomery Avenue Bethesda, MD 20814 Ladies and Gentlemen: By signing this Letter of Intent, or affirmatively marking the Letter of Intent option on my Fund Account Application Form, I agree to be bound by the terms and conditions applicable to Letters of Intent appearing in the Prospectus and the Statement of Additional Information for the Fund and the provisions described below as they may be amended from time to time by the Fund. Such amendments will apply automatically to existing Letters of Intent. I intend to invest in the shares of: (Fund or Portfolio name*) during the thirteen (13) month period from the date of my first purchase pursuant to this Letter (which cannot be more than ninety (90) days prior to the date of this Letter or my Fund Account Application Form, whichever is applicable), an aggregate amount (excluding any reinvestments of distributions) of at least fifty thousand dollars ($50,000) which, together with my current holdings of the Fund (at public offering price on date of this Letter or my Fund Account Application Form, whichever is applicable), will equal or exceed the amount checked below: __ $50,000 __ $100,000 __ $250,000 __ $500,000 __ $1,000,000 *"Fund" in this Letter of Intent shall refer to the Fund or Portfolio, as the case may be, here indicated. Subject to the conditions specified below, including the terms of escrow, to which I hereby agree, each purchase occurring after the date of this Letter will be made at the public offering price applicable to a single transaction of the dollar amount specified above, as described in the Fund's prospectus. No portion of the sales charge imposed on purchases made prior to the date of this Letter will be refunded. I am making no commitment to purchase shares, but if my purchases within thirteen months from the date of my first purchase do not aggregate the minimum amount specified above, I will pay the increased amount of sales charges prescribed in the terms of escrow described below. I understand that 4.75% of the minimum dollar amount specified above will be held in escrow in the form of shares (computed to the nearest full share). These shares will be held subject to the terms of escrow described below. From the initial purchase (or subsequent purchases if necessary), 4.75% of the dollar amount specified in this Letter shall be held in escrow in shares of the Fund by the Fund's transfer agent. For example, if the minimum amount specified under the Letter is $50,000, the escrow shall be shares valued in the amount of $2,375 (computed at the public offering price adjusted for a $50,000 purchase). All dividends and any capital gains distribution on the escrowed shares will be credited to my account. If the total minimum investment specified under the Letter is completed within a thirteen month period, escrowed shares will be promptly released to me. However, shares disposed of prior to completion of the purchase requirement under the Letter will be deducted from the amount required to complete the investment commitment. Upon expiration of this Letter, the total purchases pursuant to the Letter are less than the amount specified in the Letter as the intended aggregate purchases, Calvert Distributors, Inc. ("CDI") will bill me for an amount equal to the difference between the lower load I paid and the dollar amount of sales charges which I would have paid if the total amount purchased had been made at a single time. If not paid by the investor within 20 days, CDI will debit the difference from my account. Full shares, if any, remaining in escrow after the aforementioned adjustment will be released and, upon request, remitted to me. I irrevocably constitute and appoint CDI as my attorney-in-fact, with full power of substitution, to surrender for redemption any or all escrowed shares on the books of the Fund. This power of attorney is coupled with an interest. The commission allowed by Calvert Distributors, Inc. to the broker-dealer named herein shall be at the rate applicable to the minimum amount of my specified intended purchases. The Letter may be revised upward by me at any time during the thirteen-month period, and such a revision will be treated as a new Letter, except that the thirteen-month period during which the purchase must be made will remain unchanged and there will be no retroactive reduction of the sales charges paid on prior purchases. In determining the total amount of purchases made hereunder, shares disposed of prior to termination of this Letter will be deducted. My broker-dealer shall refer to this Letter of Intent in placing any future purchase orders for me while this Letter is in effect. Dealer Name of Investor(s) By Authorized Signer Address Date Signature of Investor(s) Date Signature of Investor(s)
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PART C. OTHER INFORMATION Item 24. Financial Statements and Exhibits (a) Financial statements Incorporated by reference to Registrant's audited Annual Report to Shareholders, dated March 31, 1996, and filed June 10, 1996. (b) Exhibits: 1. Articles of Incorporation, incorporated by reference to Registrant's Initial Filing, filed December 22, 1994. 2. By-Laws, incorporated by reference to Registran's Pre-Effective Filing No. 2, filed April 10, 1995. 4. Specimen Stock Certificate, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 5. Investment Advisory Contract, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 5.a. Investment Sub-Advisory Contract (New Africa Advisers, Inc.), incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 5.b. Investment Sub-Advisory Contract (Calvert Asset Management Company, Inc.), incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 6. Underwriting Agreement, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 7. Directors' Deferred Compensation Agreement, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 8. Custodial Contract, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 9.a. Transfer Agency Contract, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 9.b. Administrative Services Agreement, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 10. Opinion and Consent of Counsel as to Legality of Shares Being Registered filed herewith. 11. Consent of Independent Accountants to Use of Report filed herewith. 13. Letter regarding Initial Capital, incorporated by reference to Registrant's Post-Effective Filing No., 1, filed April 13, 1995. 14. Model Retirement Plans, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 15. Plan of Distribution, incorporated by reference to Registrant's Pre-Effective Filing No. 2, filed April 10, 1995. 16. Schedule for Computation of Performance Quotation [To be supplied when appropriate]. 17. (ii) Financial Data Schedule filed herewith. Exhibits 3 and 12 are omitted because they are inapplicable. Item 25. Persons Controlled By or Under Common Control With Registrant Registrant is controlled by its Board of Directors. In addition, members of Registrant's Board of Directors may serve on a combination Board with five registered investment companies: First Variable Rate Fund for Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves (doing business as Money Management Plus), The Calvert Fund, and Calvert Municipal Fund, Inc., while others may serve on the Boards of Calvert Social Investment Fund, Acacia Capital Corporation, and Calvert World Values Fund, Inc. Item 26. Number of Holders of Securities As of May 31, 1996, there were 690 holders of record of Registrant's shares. Item 27. Indemnification Registrant's ByLaws provide, in summary, that officers, directors, employees, and agents shall be indemnified by Registrant against liabilities and expenses incurred by such persons in connection with actions, suits, or proceedings arising out of their offices or duties of employment, except that no indemnification can be made to such a person if he has been adjudged liable of willful misfeasance, bad faith, gross negligence, or reckless disregard of his duties. In the absence of such an adjudication, the determination of eligibility for indemnification shall be made by independent counsel in a written opinion or by the vote of a majority of a quorum of directors who are neither "interested persons" of Registrant, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, nor parties to the proceeding. Registrant's Declaration of Trust also provides that Registrant may purchase and maintain liability insurance on behalf of any officer, trustee, employee or agent against any liabilities arising from such status. In this regard, Registrant maintains a Directors & Officers (Partners) Liability Insurance Policy with Chubb Group of Insurance Companies, 15 Mountain View Road, Warren, New Jersey 07061, providing Registrant with $5 million in directors and officers liability coverage, plus $3 million in excess directors and officers liability coverage for the independent directors only. Registrant also maintains a $8 million Investment Company Blanket Bond issued by ICI Mutual Insurance Company, P.O. Box 730, Burlington, Vermont, 05402. Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Clifton S. Sorrell, Jr. Calvert Asset Management Officer Company, Inc. and Investment Advisor Director 4550 Montgomery Avenue Bethesda, Maryland 20814 -------------- Calvert-Sloan Advisers, L.L.C. Director Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company and 4550 Montgomery Avenue Director Bethesda, Maryland 20814 --------------- Calvert Shareholder Officer Services, Inc. and Transfer Agent Director 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Administrative Officer Services Company and Service Company Director 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Distributors, Inc. Director Broker-Dealer 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- First Variable Rate Fund for Officer Government Income and Calvert Tax-Free Reserve Trustee Calvert Social Investment Fund Money Management Plus The Calvert Fund Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 28. Business and Other Connections of Investment Adviser Name Name of Company, Principal Business and Address Capacity Clifton S. Sorrell, Jr. Acacia Capital Corporation Officer continued Calvert Municipal Fund, Inc. and Calvert World Values Fund, Inc Director Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert New World Fund, Inc. Director Investment Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Ronald M. Wolfsheimer First Variable Rate Fund for Government Income Calvert Tax-Free Reserves Officer Money Management Plus Calvert Social Investment Fund The Calvert Fund Acacia Capital Corporation Calvert Municipal Fund, Inc. Calvert World Values Fund, Inc. Calvert New World Fund, Inc. Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 -------------- Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Ronald M. Wolfsheimer Calvert Administrative Officer continued Services Company and Service Company Director 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Shareholder Officer Services, Inc. Transfer Agent 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Distributors, Inc. Officer Broker-Dealer and 4550 Montgomery Avenue Director Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Reno J. Martini Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Director Investment Advisor and 4550 Montgomery Avenue Officer Bethesda, Maryland 20814 --------------- First Variable Rate Fund for Officer Government Income Calvert Tax-Free Reserves Money Management Plus Calvert Social Investment Fund The Calvert Fund Acacia Capital Corporation Calvert Municipal Fund, Inc. Calvert World Values Fund, Inc. Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 -------------- Calvert New World Fund, Inc. Director Investment Company and 4550 Montgomery Avenue Officer Bethesda, Maryland 20814 -------------- Evelyne Steward Calvert Group, Ltd. Officer Holding Company and 4550 Montgomery Avenue Director Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Director Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 28. Business and Other Connections of Investment Adviser Name of Company, Principal Name Business and Address Capacity Maceo K. Sloan Sloan Financial Group, Inc. Founder, Holding Company Chairman, 103 West Main Street, 4th Floor President Durham, North Carolina 27701 and CEO ------------------ Sloan Holdings, Inc. Chairman Holding Company 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ New Africa Advisers, Inc. Chairman Investment Adviser 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ NCM Capital Management Group, Inc. Founder, Investment Adviser Chairman, 103 West Main Street, 4th Floor President Durham, North Carolina 27701 and CEO ------------------ Sloan Communications, Inc.Chairman Telecommunications Corporation 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ PCS Development Corporation Chairman Telecommunications Corporation P.O. Box 272 24 Vardry Street, Suite 401 Greenville, South Carolina 29602 ------------------ Calvert-Sloan Advisers, L.L.C. Director Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- CREF College Retirement Equities Fund Trustee Equity Pension Fund I730 Third Avenue New York, New York 10017 ------------------ Item 28. Business and Other Connections of Investment Adviser Name of Company, Principal Name Business and Address Capacity Maceo K. Sloan Mechanics and Farmers Bank Director continued 116 West Parrish Street Durham, North Carolina 27702 ------------------ National Association of Securities Director Professionals c/o Pryor, McClendon, Counts & Co., Inc. 1100 Peachtree Street, Suite 1660 Atlanta, Georgia 30309 ------------------ News and Observer Publishing Director Company Newspaper/Magazine Publishing Company P.O. Box 191 215 South McDowell Street Raleigh, North Carolina 27601 ------------------ National Investment Managers Founder Association Professional Organization Chairman 1899 L Street, N.W., 5th Floor Washington, D.C. 20036 ------------------ Calvert New World Fund, Inc. Director Investment Company 4550 Montgomery Avenue Bethesda, Maryland 20814 -------------- Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Justin F. Beckett Sloan Financial Group, Inc. Director, Holding Company Executive 103 West Main Street, Vice President 4th Floor Durham, North Carolina 27701 ------------------ Sloan Holdings, Inc. Executive Holding Company Vice President 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ New Africa Advisers, Inc. Founder, Investment Adviser President, 103 West Main Street, 4th Floor and CEO Durham, North Carolina 27701 ------------------ NCM Capital Management Group, Inc. Investment Advise Executive 103 West Main Street, Vice President 4th Floor Durham, North Carolina 27701 ------------------ Sloan Communications, Inc. Director Telecommunications Corporation 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ PCS Development Corporation Director Telecommunications Corporation P.O. Box 272 24 Vardry Street, Suite 401 Greenville, South Carolina 29602 ------------------ Calvert-Sloan Advisers, L.L.C. Director Investment Advisor and 4550 Montgomery Avenue Officer Bethesda, Maryland 20814 --------------- Calvert New World Fund, Inc. Officer Investment Company 4550 Montgomery Avenue Bethesda, Maryland 20814 -------------- Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Mary Ford Sloan Financial Group, Inc. Officer Holding Company 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ Calvert-Sloan Advisers, L.L.C. Director Investment Advisor and 4550 Montgomery Avenue Officer Bethesda, Maryland 20814 --------------- NCM Capital Management Group, Officer Inc. Investment Adviser 1990-1995 103 West Main Street, 4th Floor Durham, North Carolina 27701 ------------------ Item 28. Business and Other Connections of Investment Adviser Name of Company, Principal Name Business and Address Capacity William M. Tartikoff First Variable Rate Fund for Officer Government Income Calvert Tax-Free Reserves Money Management Plus Calvert Social Investment Fund The Calvert Fund Acacia Capital Corporation Calvert Municipal Fund, Inc. Calvert World Values Fund, Inc. Calvert New World Fund, Inc. Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Administrative Officer Services Company Service Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 ---------------- Calvert Shareholder Officer Services, Inc. Transfer Agent 4550 Montgomery Avenue Bethesda, Maryland 20814 ---------------- Calvert Distributors, Inc. Officer Broker-Dealer and 4550 Montgomery Avenue Director Bethesda, Maryland 20814 ---------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Acacia National Life Insurance Officer Insurance Company 51 Louisiana Avenue, NW Washington, D.C. 20001 --------------- Item 28. Business and Other Connections of Investment Advisor Name of Company, Principal Name Business and Address Capacity Susan Walker Bender Calvert Group, Ltd Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Administrative Officer Services Company Service Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Shareholder Services, Inc.Officer Transfer Agent 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Distributors, Inc. Officer Broker-Dealer 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- First Variable Rate Fund for Officer Government Income Calvert Tax-Free Reserves Calvert Social Investment Fund Money Management Plus The Calvert Fund Acacia Capital Corporation Calvert Municipal Fund, Inc. Calvert World Values Fund, Inc. Calvert New World Fund, Inc. Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 28. Business and Other Connections of Investment Adviser Name of Company, Principal Name Business and Address Capacity Steven J. Schueth Calvert Distributors, Inc. Officer Broker-Dealer 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Social Investment Fund Officer Investment Companies 4550 Montgomery Avenue Bethesda, Maryland 20814 ------------------ Steve Rakes Sloan Financial Group, Inc. Officer Holding Company 103 West Main Street, 4th Floor Durham, North Carolina 27701 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Ernst & Young Staff 1992-1994 Accountant ------------------ Item 28. Business and Other Connections of Investment Adviser Name of Company, Principal Name Business and Address Capacity Katherine Stoner Calvert Shareholder Services, Officer Inc. Transfer Agent 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Distributors, Inc. Officer Broker-Dealer 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert New World Fund, Inc. Officer Investment Company 4550 Montgomery Avenue Bethesda, Maryland 20814 ------------------ Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Administrative Officer Services Company Service Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Lisa D. Crossley Calvert Shareholder Services, Officer Inc. Transfer Agent 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Distributors, Inc. Officer Broker-Dealer 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert-Sloan Advisers, L.L.C. Officer Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Asset Management Officer Company, Inc. Investment Advisor 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Group, Ltd. Officer Holding Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Calvert Administrative Officer Services Company Service Company 4550 Montgomery Avenue Bethesda, Maryland 20814 --------------- Item 29. Principal Underwriters (a) Registrant's principal underwriter also underwrites First Variable Rate Fund for Government Income, Calvert Tax-Free Reserves, Calvert Social Investment Fund, Calvert Cash Reserves (d/b/a Money Management Plus), The Calvert Fund, Calvert Municipal Fund, Inc., Calvert World Values Fund, Inc., and Acacia Capital Corporation's PRISM variable annuity product. (b) Positions of Underwriter's Officers and Directors Name and Principal Position(s) with Position(s) with Business Address Underwriter Registrant Clifton S. Sorrell, Jr. Director and Director Chairman Ronald M. Wolfsheimer Director, Senior Vice President Vice President, Treasurer and Controller William M. Tartikoff Director, Senior Vice President, Vice-President, Secretary Secretary, and General Counsel Steven J. Schueth President Vice President Steve Cohen Vice-President None Karen Becker Vice-President None Geoffrey Ashton Regional Vice-President None Lee Mahfouz Regional Vice-President None Susan Walker Bender Assistant Secretary Assistant Secretary Katherine Stoner Assistant Secretary Assistant Secretary Lisa Crossley Compliance Officer None The principal business address of the above individuals is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Item 29. Principal Underwriter (continued) (c) Inapplicable. Item 30. Location of Accounts and Records Ronald M. Wolfsheimer, Treasurer and William M. Tartikoff, Secretary 4550 Montgomery Avenue, Suite 1000N Bethesda, Maryland 20814 Item 31. Management Services Not Applicable Item 32. Undertakings 1) Not applicable. 3) The Registrant undertakes to furnish to each person to whom a Prospectus is delivered, a copy of the Registrant's Annual Report to Shareholders, upon request and without charge, when available. SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized in the City of Bethesda, and State of Maryland, on the 18th day of July, 1996. CALVERT NEW WORLD FUND, INC. By: _________________________________ Clifton S. Sorrell, Jr. Director SIGNATURES Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated. Signature Title Date __________**____________ Director 07/18/96 Clifton S. Sorrell, Jr. (Principal Executive Officer) __________**____________ Treasurer 07/18/96 Ronald M. Wolfsheimer (Principal Accounting Officer) __________**____________ Director 07/18/96 Elias Belayneh __________**____________ Director 07/18/96 Robert S. Browne __________**____________ Director 07/18/96 Dorika K. Mambaleo __________**____________ Director 07/18/96 Reno Martini __________**____________ Director 07/18/96 Madala Mthembu __________**____________ Director 07/18/96 Donald R. Norland __________**____________ Director 07/18/96 Maceo K. Sloan __________**____________ Director 07/18/96 Tim Smith __________**____________ Director 07/18/96 Pam Van Arsdale ** Signed by Katherine Stoner pursuant to power of attorney, attached hereto. /S/Katherine Stoner
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EXHIBIT INDEX Form N-1A Item No. Ex-23 24(b)(10) Form of Opinion and Consent of Counsel Ex-23 24(b)(11) Independent Auditors' Consent Ex-24 Power of Attorney Ex-27 24(17) Financial Data Schedules

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