<PAGE> 1
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
November 3, 1995
Dear Fellow Shareholder:
For the third quarter ending September 30, 1995 Clemente Global Growth
Fund's net asset value rose 4.1% to $10.85 per share. The Fund was helped by its
investments in the United States, Austria, the Philippines, Japan, and South
Africa, where our holdings significantly outperformed their respective markets.
Good performance in these holdings were tempered by less than stellar
performance from some of our holdings in France, Canada, South Korea, and
Malaysia. In the second and third quarters of this year (i.e. the last six
months) the Fund has climbed nicely, rising 7.9%, more than erasing the decline
suffered in the first quarter. For the year to date period the NAV is up 1.3%.
THE PAST QUARTER
The third quarter of 1995 produced generally positive but volatile results
in global equity markets. A sharp rally in the US, particularly in technology
stocks, gave support to other markets in July. The dollar's rebound, with the
accompanying inflows into US capital markets, contributed significantly to the
rally, as did the first easing of US monetary policy in more than two years.
August produced some significant corrections: in the US, because the short-term
direction of monetary policy became uncertain; in Asia, in response to liquidity
tightening; and in Europe, as markets felt the sting of currency weakness born
of budget woes and political uncertainty.
Japan led the Asian markets in the third quarter, buoyed by dollar strength
and the prospects for stimulative packages at home. Outside Japan, positive
returns were turned in by Australia and New Zealand (slower growth, mild
inflation, but no recession), Hong Kong and China, and South Korea (surge in
growth, hopes for further market opening). Other markets struggled during the
quarter: overheating economies and tightening liquidity plagued Indonesia,
Malaysia, Philippines, Singapore, and Thailand.
European markets were volatile in the third quarter, but were generally up
in the face of a reduction of the currency pressures caused by a weaker dollar.
The best performers were Sweden and Finland, both beneficiaries of earlier
currency devaluations. Austria and France, both plagued by political
uncertainty, were the region's worst performers. Most markets had local returns
of 3-6%, with US dollar returns that were generally only half as large. Markets
were helped by merger and acquisition activity (U.K.), search for safety
(Switzerland), the easing of political tensions (Italy), and, overall, by an
export and investment-led economic recovery.
The US market was buoyed by the start of Federal Reserve easing, as well as
by the recovery of the US dollar and the growing signs that the economic
expansion could be sustained at a rate consistent with subdued inflation.
Credible austerity programs drew some foreign investors back to Argentina and
Mexico, ongoing reforms and a pick-up in growth boosted Brazil, while Chile's
upward momentum was arrested by some weakness in copper prices.
1
<PAGE> 2
PORTFOLIO ACTIVITY
The emerging markets portion of the Fund decreased slightly to 17.5% as we
reduced our weighting in the Philippines and Colombia, and added an investment
in Malaysia. In the developed markets, meanwhile, we beefed up our weightings in
the United States and Japan, while establishing new positions in Australia,
Italy, and Spain. Our biggest increase was in the United States where we nearly
doubled our exposure from 6.7% to 12.6%. Reductions were made in Ireland and
Sweden.
LOOKING AHEAD
World economic growth will continue to slow down modestly as policy-makers
respond to warning signs of overheating, but there is little or no risk of
recessions in 1996, and trade volumes will grow by 7% worldwide. The world's
three largest economies all have question marks concerning near-term growth. In
the US, growth in the third quarter came in at 4.2%, slightly ahead of last
year's third quarter growth of 4.0%. One suspects that the third quarter is
borrowing growth from the fourth quarter, but nonetheless, the risks of a
recession in 1995-96 are very small. Germany's expansion, held back by the
ongoing fiscal burden of unification, faces added adverse effects in the form of
a sharply strengthened D-mark. Monetary easing has contributed to the reversal
of this currency appreciation, and has largely eliminated the risks of a
recession prior to 1997. The economy in Japan won't come back to normal for some
time to come, although aggressive monetary and fiscal reflation can help mend
some of the damage wrought by asset deflation, financial market fragility,
political uncertainty, unprecedented social and economic change, and a strong
yen.
In Europe, the transition from export and investment-led growth to a
consumption-led expansion has been made difficult by weak labor markets and by
small gains in real income. Growth will decelerate modestly in 1996 from the
2.5-3.0% gains that will be turned in this year. The D-mark bloc, enjoying some
of the benefits of Bundesbank discipline, will have inflation rates around 2%
this year and 2-2.5% in 1996. The pick-up in inflation expected in 1996 will be
moderate, with further easing of price pressures likely in the higher inflation
countries.
Asia's Pacific Rim will experience a modest deceleration of growth as a
result of policy responses to overheating, and the slowing of the industrial
economies. Strong domestic demand will produce growth of 7.7% on average in
1995, and 7.2% in 1996, down a bit from the 8.3% gains enjoyed last year. China
continues to head for a "soft landing" with growth of 9.5% this year and 8.5%
the next. Asia's dynamic economies are generally concerned about the
consequences of rapid growth. Inflation has indeed picked up, and the response
has been some measure of monetary tightening or the imposition of controls.
Latin America is beginning to stabilize after the shocks set off by the
Mexican peso crisis. Austerity programs will greatly restrain growth in
Argentina and Mexico, and overall regional gains in real GDP will be just a bit
more than 2% after a 5% plus advance in 1994. With US interest rates lower to
stable, and the US economy growing at its trend level in 1996, Latin America's
economies should grow by 3% or more. Latin America has two inflation success
stories, Argentina (3%) and Chile (7-8%), one fallen angel in Mexico (50%), a
perennial loser in Venezuela (60%), a nation for whom progress has come to an
end for the time being, Colombia (20%), and an economy that has made significant
progress, Brazil (940% in 1994 and 30% this year).
Conditions for moderate global growth are in place. In the United States
and other industrialized economies inflation is at its lowest level in 30 years,
while elsewhere it generally remains under control. Economic expansion, led by
the Asian economies, will moderate, as will fears of overheating. The
2
<PAGE> 3
recovery of the US dollar begun in April, is likely to hold up, although
near-term risks are present, and continued volatility is the only currency
market certainty. Monetary policies worldwide have exhibited a neutral to
downward bias.
The opportunities are still compelling and it is with you, the shareholder,
in mind that we continue to seek the benefits of global growth investing. Thank
you for your steadfast support.
Sincerely yours,
/s/ LILIA C. CLEMENTE /s/ LEOPOLDO M. CLEMENTE, JR.
Lilia C. Clemente Leopoldo M. Clemente, Jr.
Chairman President
3
<PAGE> 4
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CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
AUSTRALIA & NEW ZEALAND--5.5%
AUSTRALIA--3.3%
Common Stock--3.3%
122,000 National Australia
Bank, Ltd............ $ 1,078,543
(Banking & financial
services)
155,000 Western Mining Corp.
Holdings, Ltd. ...... 1,014,242
(Producer & processor
of mineral and
petroleum products)
Total Common
Stock/Holdings-- ----------------
Australia............ 2,092,785
----------------
NEW ZEALAND--2.2%
Common Stock--2.2%
500,000 Fletcher Challenge, Ltd... 1,348,490
(Energy & forestry
products)
70,943 Fletcher Challenge, Ltd.
Forestry Shares...... 94,733
(Energy & forestry
products)
Total Common
Stock/Holdings-- ----------------
New Zealand.......... 1,443,223
----------------
TOTAL HOLDINGS--
AUSTRALIA & NEW
ZEALAND.............. 3,536,008
----------------
FAR EAST--37.5%
HONG KONG--1.8%
Common Stock--1.8%
215,000 Cheung Kong Holdings,
Ltd. ................ 1,170,654
(Real estate)
Total Common
Stock/Holdings--Hong ----------------
Kong................. 1,170,654
----------------
JAPAN--22.7%
Common Stock--19.9%
23,000 Daiki Co., Ltd. ....... 408,202
(Home centers)
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
JAPAN (CONTINUED)
Common Stock (continued)
85,000 Hitachi Metals,
Ltd. ................ $ 997,192
(High-quality specialty
steel producer)
18,000 Ito-Yokado Co.,
Ltd. ................ 989,071
(Retail--supermarkets)
1,000 Keiyu Co. ............. 21,257
(Used car dealer)
87,000 Mitsui Trust & Banking
Co., Ltd. ........... 806,929
(Financial services--
commercial banks)
60,000 Mori Seiki Co.,
Ltd. ................ 1,161,135
(Hand & machine tool
maker)
50,000 Omron Corp. ........... 1,138,073
(Electronics)
26,000 Rohm Co., Ltd. ........ 1,618,971
(Electronics--
semiconductors)
43,000 Sankyo Co., Ltd. ...... 974,431
(Pharmaceuticals)
49,000 Sanwa Bank, Ltd. ...... 913,867
(Financial services--
commercial banks)
50,000 Shin-Etsu Chemical Co. 962,599
(Chemicals--
semiconductors & PVC)
24,000 TDK Corp. ............. 1,227,314
(Electronics)
36,000 Tokyo Electron,
Ltd. ................ 1,555,801
(Computers--
electronics trading
company)
Total Common Stock-- ----------------
Japan................ 12,774,842
----------------
Warrants--2.8%
256,000 Nikkei 225 Call Warrant
expires 8/15/97...... 1,792,000
----------------
Total Warrants--Japan.. 1,792,000
----------------
Total Holdings--Japan.. 14,566,842
----------------
</TABLE>
4
<PAGE> 5
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------
<S> <C>
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
FAR EAST (CONTINUED)
KOREA--4.3%
Common Stock--4.3%
42,000 *Korea Zinc Co......... $ 1,060,661
(Metals--diversified)
36,236 L.G. Electronics
Co. ................. 1,212,269
(Consumer electronics &
electric appliance
maker)
2,113 *L.G. Electronics Co.
New Common 1......... 67,940
(Consumer electronics &
electric appliance
maker)
4,570 Pohang Iron & Steel
Co., Ltd. ........... 390,847
(Iron & steel
manufacturer)
Total Common
Stock/Holdings-- ----------------
Korea................ 2,731,717
----------------
MALAYSIA--1.1%
Common Stock--1.1%
400,000 Renong Berhad.......... 693,577
(Conglomerate--
engineering,
construction &
financial services)
Total Common
Stock/Holdings-- ----------------
Malaysia............. 693,577
----------------
PHILIPPINES--6.4%
Common Stock--6.3%
1,704,500 *+Grand Plaza Hotel
Corp. ............... 899,343
(Property developer)
17,820 Metropolitan Bank &
Trust Co. (Partially
Paid Shares)......... 68,381
(Financial services--
commercial banks)
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
PHILIPPINES (CONTINUED)
Common Stock (continued)
49,066 *Philex Mining Corp.,
CI B................. $ 6,402
(Mining)
24,000,000 *Southeast Asia Cement
Holdings Co. ........ 3,039,140
(Cement producer)
Total Common Stock-- ----------------
Philippines.......... 4,013,266
----------------
Rights--0.1%
17,820 Metropolitan Bank &
Trust Co. ........... 68,381
(Financial services--
commercial banks)
Total Rights-- ----------------
Philippines.......... 68,381
----------------
Total Holdings--
Philippines.......... 4,081,647
----------------
SINGAPORE--1.2%
Common Stock--1.2%
430,000 United Overseas Land,
Ltd. ................ 769,744
(Conglomerate--real
estate)
Total Common
Stock/Holdings-- ----------------
Singapore............ 769,744
----------------
TOTAL HOLDINGS--
FAR EAST............. 24,014,181
----------------
AFRICA--4.8%
SOUTH AFRICA--4.8%
Common Stock--4.8%
208,970 Murray & Roberts
Holdings, Ltd. ...... 1,359,848
(Engineering &
construction)
</TABLE>
5
<PAGE> 6
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
AFRICA (CONTINUED)
SOUTH AFRICA (CONTINUED)
Common Stock (continued)
53,800 South Africa Breweries,
Ltd. ................ $ 1,695,208
(Beverage, retail, and
hotel holding
company)
Total Common
Stock/Holdings-- ----------------
South Africa......... 3,055,056
----------------
TOTAL HOLDINGS--
AFRICA............... 3,055,056
----------------
EUROPE--27.0%
AUSTRIA--2.2%
Common Stock--2.2%
8,150 Austria Mikro Systeme
International
A.G. ................ 1,419,437
(Electronics--
semiconductors)
Total Common
Stock/Holdings-- ----------------
Austria.............. 1,419,437
----------------
FINLAND--4.0%
Common Stock--4.0%
25,400 Aamulehti Yhtymae
Oy-II................ 481,545
(Publishing)
8,500 Kone Corp., CI B....... 944,997
(Elevator manufacturer)
24,900 Metra Oy, CI B......... 1,153,938
(Engineering &
construction)
Total Common
Stock/Holdings-- ----------------
Finland.............. 2,580,480
----------------
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
FRANCE--2.7%
Common Stock--2.7%
20,700 Banque Nationale de
Paris................ $ 811,880
(Banking--commercial
centers)
9,381 Compagnie Generale des
Eaux................. 901,726
(Utilities--water)
Total Common
Stock/Holdings-- ----------------
France............... 1,713,606
----------------
GERMANY--1.7%
Common Stock--1.7%
1,500 Wella A.G. ............ 1,077,058
(Personal care products
manufacturer &
marketer)
Total Common
Stock/Holdings-- ----------------
Germany.............. 1,077,058
----------------
IRELAND--4.9%
Common Stock--4.9%
212,650 Bank of Ireland Group Plc.. 1,335,065
(Commercial bank)
297,498 Independent Newspapers
plc.................. 1,819,622
(Newspaper publishing,
cable TV &
advertising)
Total Common
Stock/Holdings-- ----------------
Ireland.............. 3,154,687
----------------
</TABLE>
6
<PAGE> 7
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
ITALY--1.6%
Common Stock--1.6%
620,000 Telecom Italia Mobile
Sp. A................ $ 1,029,369
(Telecommunications)
Total Common
Stock/Holdings--
Italy ----------------
..................... 1,029,369
----------------
NETHERLANDS--3.9%
Common Stock--3.9%
17,600 Polygram NV............ 1,145,288
(Entertainment--
recorded music)
10,000 Verenidge Nederlendse
Uitgevsbedri Verigd
Bezit................ 1,326,492
(Publishing & printing)
Total Common Stock/
Holdings-- ----------------
Netherlands.......... 2,471,780
----------------
SPAIN--1.5%
Common Stock--1.5%
18,500 Empresa Nacional de
Electridad S.A. ..... 949,870
(Utilities--electric)
Total Common Stock/ ----------------
Holdings--Spain...... 949,870
----------------
SWEDEN--1.7%
Common Stock--1.7%
30,200 Astra AB--A Shares..... 1,080,233
(Pharmaceuticals)
Total Common Stock/ ----------------
Holdings--Sweden..... 1,080,233
----------------
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
UNITED KINGDOM--2.8%
Common Stock--2.8%
40,200 Reed International
plc.................. $ 607,730
(Publishing/printing)
131,000 Reuters Holdings plc... 1,159,215
(Electronic information
services)
Total Common Stock/
Holdings--United ----------------
Kingdom.............. 1,766,945
----------------
TOTAL HOLDINGS--
EUROPE............... 17,243,465
----------------
LATIN AMERICA--5.8%
BRAZIL--1.0%
Common Stock--1.0%
58,000 ++Usiminas Sideburg
Minas ADS............ 645,250
(Steel producer)
Total Common Stock/ ----------------
Holdings--Brazil..... 645,250
----------------
CHILE--2.1%
Common Stock--2.1%
250,000 Antofagasta Holdings
plc.................. 1,337,635
(Copper & gold mining,
& railroad holding
company)
Total Common Stock/ ----------------
Holdings--Chile...... 1,337,635
----------------
</TABLE>
7
<PAGE> 8
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
LATIN AMERICA (CONTINUED)
MEXICO--2.7%
Common Stock--2.7%
64,000 Panamerican Beverages,
Inc. ADR............. $ 1,720,000
(Bottler of brand name
soft drinks in
Mexico, Brazil &
Colombia)
Total Common Stock/ ----------------
Holdings--Mexico..... 1,720,000
----------------
TOTAL HOLDINGS--LATIN
AMERICA.............. 3,702,885
----------------
NORTH AMERICA--22.0%
CANADA--4.6%
Common Stock--4.6%
30,000 Alcan Aluminium,
Ltd. ................ 972,502
(Metals--diversified)
27,800 *Newbridge Networks
Corp. ............... 816,625
(Telecommunications
equipment)
87,500 ++Royal Plastics Group,
Ltd. ................ 1,149,256
(Building materials)
Total Common Stock/ ----------------
Holdings--Canada..... 2,938,383
----------------
UNITED STATES--17.4%
Common Stock--12.6%
66,000 *Dialogic Corp. ....... 1,633,500
(Computer based
call processing
equipment)
34,000 Enron Corp. ........... 1,139,000
(Oil/gas exploration &
production)
<CAPTION>
- ------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------
<S> <C>
NORTH AMERICA (CONTINUED)
UNITED STATES (CONTINUED)
Common Stock (continued)
122,000 *Geotek Industries,
Inc. ................ $ 1,113,250
(Supplier of
specialized mobile
radio services)
23,000 Intel Corp. ........... 1,382,875
(Electronics--semiconductors)
17,000 Suntrust Banks,
Inc. ................ 1,124,125
(Financial services--
commercial banks)
24,200 *Sybase, Inc. ......... 777,425
(Computer software and
services)
28,000 Worldcom, Inc. ........ 899,500
(Utilities--
telecommunications)
Total Common Stock-- ----------------
United States........ 8,069,675
----------------
Short-Term Instruments--4.8%
$3,045,000 Prudential Funding
Corp. Commercial
Paper 6.25% dated
9/29/95, due
10/02/95............. 3,045,000
Total Short-Term
Instruments--United ----------------
States............... 3,045,000
----------------
Total Holdings--United
States............... 11,114,675
----------------
TOTAL HOLDINGS--NORTH
AMERICA.............. 14,053,058
----------------
</TABLE>
8
<PAGE> 9
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
VALUE
- -----------------------------------------------------
<S> <C> <C>
Total Investments
(Cost $55,344,251)**....... 102.6% $ 65,604,653
Other Assets Less
Liabilities................ (2.6%) (1,649,502)
------------
Total Net Assets............. 100.0% $ 63,955,151
===========
Net Asset Value Per Share............ $10.85
======
</TABLE>
(ADR) American Depositary Receipts
(ADS) American Depositary Shares
* Non-Income Producing Security.
+ Common stock has warrant offering of 1
warrant for every 5 shares owned, expiring on
12/9/97. Warrants currently valued at zero.
++ Security restricted as to resale to
institutional investors.
<TABLE>
<CAPTION>
**SUMMARY OF TOTAL
INVESTMENTS: COST VALUE
------------ ------------
<S> <C> <C>
Common Stock............... $ 50,777,784 $ 60,699,272
Rights..................... 68,795 68,381
Warrants................... 1,452,672 1,792,000
Short-Term Instruments..... 3,045,000 3,045,000
------------ ------------
Total Investments.......... $ 55,344,251 $ 65,604,653
========== ==========
</TABLE>
9
<PAGE> 10
(This page has been left blank intentionally.)
<PAGE> 11
DIRECTORS AND OFFICERS
LILIA C. CLEMENTE, Chairman and
Director
LEOPOLDO M. CLEMENTE, JR.,
President and Director
ADRIAN C. CASSIDY, Director
THOMAS H. LENAGH, Director
+SAM NAKAGAMA, Director
+ROBERT B. OXNAM, Director
+G. PETER SCHIEFERDECKER, Director
BARON J.G.A. SIRTEMA VAN GROVESTINS,
Director
WILLIAM H. BOHNETT, Secretary
THOMAS J. PRAPAS, Treasurer
MARIA DISTEFANO,
Assistant Secretary
------------
+Members of Audit Committee
-----------------------------------
EXECUTIVE OFFICES--
152 W. 57th Street, New York, NY 10019
(For latest net asset value and market
data, please call 212-765-0700; regarding
shareholder inquiries, please call
1-800-432-8224)
INVESTMENT ADVISER--
Clemente Capital, Inc.
ADMINISTRATOR--
Furman Selz Incorporated
TRANSFER AGENT AND REGISTRAR--
The Bank of New York
CUSTODIAN--
Brown Brothers Harriman & Co.
LEGAL COUNSEL--
Fulbright & Jaworski L.L.P.
<PAGE> 12
- -------------------------------------------------
SUMMARY OF GENERAL
INFORMATION
- -------------------------------------------------
THE FUND
Clemente Global Growth Fund is a closed-end investment company whose
shares trade on the New York Stock Exchange. The Fund seeks long-term capital
appreciation primarily through investment in small and medium sized equities
located throughout the world. The Fund is managed by Clemente Capital, Inc.
SHAREHOLDER INFORMATION
Daily market prices for the Fund's shares are published in the New York
Stock Exchange Composite Transactions section of most newspapers under the
designation "ClmGlb". The Fund's New York Stock Exchange trading symbol is
CLM. Net asset value (NAV) and market price information about Clemente Global
Growth Fund shares are published each Monday in The Wall Street Journal and
The New York Times and in other newspapers. For Shareholders' account
inquiries call 1-800-432-8224.
DIVIDEND REINVESTMENT PLAN
Through its voluntary Dividend Reinvestment Plan, shareholders of
Clemente Global Growth Fund may elect to receive dividends and capital gains
distributions in the form of additional shares of the Fund.
This report is transmitted to the shareholders of Clemente Global Growth Fund,
Inc. for their information. This is not a prospectus, circular or
representation intended for use in the purchase of shares of the Fund or any
securities mentioned in this report.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase at market prices from time to
time shares of its common stock in the open market.
[CLEMENTE GLOBAL GROWTH FUND, INC. LOGO]
CLEMENTE GLOBAL
GROWTH FUND, INC.
QUARTERLY REPORT
SEPTEMBER 30, 1995
