Calvert South Africa Fund Now Open to Investors

Apr 02, 2001, 01:00 ET from Calvert Group

    BETHESDA, Md., April 2 /PRNewswire/ -- Calvert, the nations' largest
 family of socially responsible mutual funds, today, announced the launch of
 the Calvert South Africa Fund.  The Fund invests in South African companies
 with above average growth aspects that pass a series of proactive social
 screens.
     The Calvert South Africa Fund comes as a result of a merger between the
 Calvert New Africa Fund and The RISA Fund which totals approximately $5
 million dollars, combined.  The Calvert South Africa Fund uses the
 Johannesburg Stock Exchange All Shares Index and the MSCI South Africa Index
 as benchmarks.
     The Advisor to the Fund is Calvert Asset Management Company, Inc. (CAMCO),
 Calvert's investment advisor. CAMCO has contracted two sub-advisers: RISA
 Investment Advisors, LLC, based in Philadelphia, Pennsylvania; and African
 Harvest Fund Managers (Pty.) Limited, located in Newlands, South Africa.
 African Harvest has approximately 8 billion rand under management ($1.5
 billion).  African Harvest will conduct the day-to-day management of the
 Fund's investments as well as employ the social screens.  The social screens
 are:
 
     * Avoid companies engaged in tobacco, alcohol, and weapons manufacturing
       (up to 10% allowable revenue threshold).
 
     * Avoid companies that are significantly engaged in a pattern of violating
       indigenous peoples' rights.
 
     * Create jobs through innovation and expansion plans.
 
     * Train of workers to enhance skills.
 
     * Empower workers economically and socially.
 
     * Achieve equity through affirmative action.
 
     * Provide good employment conditions.
 
     "Our partners at RISA and African Harvest have exceptional experience and
 proven results investing in South African capital markets," noted Barbara J.
 Krumsiek, President and CEO of Calvert.  "We are pleased to offer our
 investors the opportunity to invest in this dynamic part of the world."
     The Calvert South Africa Fund opens up an investment opportunity to
 aggressive, long-term investors who are willing to accept above average risk
 in order to seek a higher rate of return on investments over time.
 Investments in African and African related issuers involve risk factors and
 special considerations not normally associated with investments in the U.S.
     "Our fund is poised to benefit from a South African renaissance occurring
 in a sound and dynamic market with stable macroeconomic and political
 environments along with declining inflation and interest rates," says Sam
 Folin, Managing Director of RISA.  "We offer investors a way to participate in
 the opportunities created by South Africa's economic liberalization, trade
 reform and more favorable regulatory environment."
     Calvert has a long history as a leader in South African investment.  In
 1982, the firm was one of the first to screen out South African companies in
 protest of the apartheid regime.  In 1994, after the first-ever democratic
 election, Calvert was among the earliest to invest in South African stocks.
     Calvert is one of the largest mutual fund complexes in the Washington D.C.
 area with approximately $7.0 billion in assets under management. Best known
 for its family of socially responsible mutual funds, Calvert offers twenty-
 seven funds that allow individual and institutional investors to pursue a
 broad range of investment objectives within a single fund family. Most
 recently, Calvert launched the Calvert Social Index(TM), a benchmark for
 measuring the performance of large, U.S.-based socially responsible companies.
 Calvert also has an extensive lineup of tax-free and taxable fixed income
 investments.
 
     The Calvert South Africa Fund is for long-term investors who are willing
 to accept the risks associated with emerging markets in foreign countries and
 the risk of investing in a single-country fund.  Special risk considerations
 include currency fluctuations, lower liquidity, economic and political risks,
 and differences in accounting methods.
     For more complete information, including charges and expenses on Calvert
 mutual funds, call your financial advisor for a free prospectus or call
 Calvert at 800-368-2748. Read the prospectus carefully before you invest.
 Calvert mutual funds are underwritten and distributed by Calvert Distributors,
 Inc., member NASD, as subsidiary of Calvert Group, Ltd. #3298 (4/01)
 
 

SOURCE Calvert Group
    BETHESDA, Md., April 2 /PRNewswire/ -- Calvert, the nations' largest
 family of socially responsible mutual funds, today, announced the launch of
 the Calvert South Africa Fund.  The Fund invests in South African companies
 with above average growth aspects that pass a series of proactive social
 screens.
     The Calvert South Africa Fund comes as a result of a merger between the
 Calvert New Africa Fund and The RISA Fund which totals approximately $5
 million dollars, combined.  The Calvert South Africa Fund uses the
 Johannesburg Stock Exchange All Shares Index and the MSCI South Africa Index
 as benchmarks.
     The Advisor to the Fund is Calvert Asset Management Company, Inc. (CAMCO),
 Calvert's investment advisor. CAMCO has contracted two sub-advisers: RISA
 Investment Advisors, LLC, based in Philadelphia, Pennsylvania; and African
 Harvest Fund Managers (Pty.) Limited, located in Newlands, South Africa.
 African Harvest has approximately 8 billion rand under management ($1.5
 billion).  African Harvest will conduct the day-to-day management of the
 Fund's investments as well as employ the social screens.  The social screens
 are:
 
     * Avoid companies engaged in tobacco, alcohol, and weapons manufacturing
       (up to 10% allowable revenue threshold).
 
     * Avoid companies that are significantly engaged in a pattern of violating
       indigenous peoples' rights.
 
     * Create jobs through innovation and expansion plans.
 
     * Train of workers to enhance skills.
 
     * Empower workers economically and socially.
 
     * Achieve equity through affirmative action.
 
     * Provide good employment conditions.
 
     "Our partners at RISA and African Harvest have exceptional experience and
 proven results investing in South African capital markets," noted Barbara J.
 Krumsiek, President and CEO of Calvert.  "We are pleased to offer our
 investors the opportunity to invest in this dynamic part of the world."
     The Calvert South Africa Fund opens up an investment opportunity to
 aggressive, long-term investors who are willing to accept above average risk
 in order to seek a higher rate of return on investments over time.
 Investments in African and African related issuers involve risk factors and
 special considerations not normally associated with investments in the U.S.
     "Our fund is poised to benefit from a South African renaissance occurring
 in a sound and dynamic market with stable macroeconomic and political
 environments along with declining inflation and interest rates," says Sam
 Folin, Managing Director of RISA.  "We offer investors a way to participate in
 the opportunities created by South Africa's economic liberalization, trade
 reform and more favorable regulatory environment."
     Calvert has a long history as a leader in South African investment.  In
 1982, the firm was one of the first to screen out South African companies in
 protest of the apartheid regime.  In 1994, after the first-ever democratic
 election, Calvert was among the earliest to invest in South African stocks.
     Calvert is one of the largest mutual fund complexes in the Washington D.C.
 area with approximately $7.0 billion in assets under management. Best known
 for its family of socially responsible mutual funds, Calvert offers twenty-
 seven funds that allow individual and institutional investors to pursue a
 broad range of investment objectives within a single fund family. Most
 recently, Calvert launched the Calvert Social Index(TM), a benchmark for
 measuring the performance of large, U.S.-based socially responsible companies.
 Calvert also has an extensive lineup of tax-free and taxable fixed income
 investments.
 
     The Calvert South Africa Fund is for long-term investors who are willing
 to accept the risks associated with emerging markets in foreign countries and
 the risk of investing in a single-country fund.  Special risk considerations
 include currency fluctuations, lower liquidity, economic and political risks,
 and differences in accounting methods.
     For more complete information, including charges and expenses on Calvert
 mutual funds, call your financial advisor for a free prospectus or call
 Calvert at 800-368-2748. Read the prospectus carefully before you invest.
 Calvert mutual funds are underwritten and distributed by Calvert Distributors,
 Inc., member NASD, as subsidiary of Calvert Group, Ltd. #3298 (4/01)
 
 SOURCE  Calvert Group