<PAGE> 1
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
Dear Fellow Shareholder: August 7, 1995
Clemente Global Growth Fund's net asset value (NAV) rose 3.6% to $10.42/share
in the three month period ending June 30, 1995. The Fund's benchmark, the
Financial Times Actuaries World Index (FT-World Index), over the same period
rose 4.0%. For the 6 month period ending June 30, 1995, the Fund's NAV was down
2.9%, versus up 8.1% for the FT Actuaries World Index. Strong performance in the
United States accounted for the benchmark's good showing in the first half of
the year.
THE PAST QUARTER
The turn in world equity markets in the past quarter (vis-a-vis last quarter's
mediocre performance) produced the best results in over a year. Europe was
propelled forward by strong bond markets, and by continued gains in corporate
earnings. Southeast Asia came alive as the Mexico effects faded, and the
region's economic and corporate vitality again enticed inflows of capital. Latin
America, flat on the ground after the first quarter collapse, jumped sharply
upward as investors reassessed the risks, and saw reason for optimism in the
austere policies adopted by the most vulnerable nations in the region.
Of particular interest were the performances turned in by Tokyo and Wall
Street. It is a tale of two rather different cities. The Japanese markets
continued to struggle under a number of formidable burdens, most notably an
unraveling economy, a heavily indebted financial system, and a leadership
crisis. They were down 10% for the quarter, in local terms, and did not respond
to the world interest rate environment until the start of the third quarter. The
US was another story where the Dow Jones Industrial Average soared 9.6% led by
the prospect of monetary easing by the Federal Reserve Bank and by strong
corporate earnings, notably in the technology sector.
Europe's markets rebounded in the second quarter with gains that came entirely
from stock market rises, as opposed to the first quarter's currency gains, which
are still a big component of the year-to-date returns. Only France missed out on
the second quarter rally due to the fact that it was in the midst of a
contentious election. The hard currency bloc, particularly Belgium, Denmark,
Germany, the Netherlands, and Switzerland benefited from the greater stability
of exchange rates, and from the bond rallies that were spawned by the strong US
bond market. Spain and Sweden shrugged aside earlier political and budgetary
woes and, with the adoption of policies that were perceived as credible, managed
to produce strong market rallies. Italy was plagued by political uncertainties,
particularly over budget matters, but the UK markets rallied after Mr. Major's
victory in a vote within his own party. Finland, last year's best European
performer, turned in this quarter's best performance, rising 32%.
The impetus for market advances in the Asia/Pacific Rim region came largely
from news that the US economy had slowed down enough to make further increases
in interest rates counterproductive. Expectations of falling rates, supported by
both economic data and by the bond market, encouraged investors in the
Asia/Pacific markets. The best performances were turned in by the ASEAN markets
which had been struggling for the past year. Indonesia, the Philippines, and
Thailand, with good growth, and excellent corporate earnings, all rose by 14-15%
in the quarter. More modest performances were turned in by nations that
benefited from the change in interest rate policy in the US, notably Hong Kong,
Malaysia, Australia, and New Zealand. Singapore was flat despite being a safe
haven area for much of the first half of 1995. South Korea and Taiwan stumbled
in the face of overheating economies that seemed to require higher interest
rates and tighter conditions of liquidity.
1
<PAGE> 2
The Latin comeback was sparked by US interest rate developments, and by
actions taken by the various Latin American governments to continue their
long-term reforms and to win back foreign investors. Argentina, with a favorable
election outcome, and a renewed commitment to the US dollar currency link, rose
6.0%, but remained down almost 12% for the year as a whole. Brazil had a bigger
second quarter gain (+15.3%), but it too was not enough to offset earlier losses
due to uncertainty about the future of reforms and about the real/US$ link.
PORTFOLIO ACTIVITY
The most significant re-weighting in the portfolio that occurred was the
reduction of our Japanese weighting from a market weighting 28.1% to 21.5%. We
continued to reduce our investments in small capitalization issues there.
Significant also was our increased exposure to Europe which grew from 25.4% to
29.6%. This increased weighting represents an overweighted position relative to
the FT-World Index.
Boosting our European weighting were our purchases of Banque Nationale de
Paris and Compagnie Generale des Eaux, marking the Fund's first return to the
French market since we sold Primagaz in 1993. Low inflation, pro-growth
policies, and the possibility of lower interest rates caused us to market weight
the Parisian market. In a departure from our more recent China oriented stock
investments in Hong Kong, we established a half position in property developer
Cheong Kong with the aim of eventually taking a full position. We continued our
reduction in Latin America, selling holdings in Colombia (Corporacion Financiera
del Valle), Mexico (Grupo Industrial Maseca), and Panama (Banco Latino
Americano).
LOOKING AHEAD
The forces that undermined global capital markets in 1994 and the first
quarter of 1995 appear to be retreating in favor of forces more conducive to a
continuation of the equity market rally begun in the past quarter. In
particular, the dollar decline has been stemmed, for the time being, and
interest rates have reversed course. The recent Federal Reserve Bank move is not
much, but it does signal a change in policy concerns.
Deflation grips the Japanese economy as a result of the strong yen, asset
deflation and policy making indecisiveness. Real GDP gains were 0.5% in 1994,
but the steady recovery that seemed in place last year is fading, and growth
prospects are dim for this year (0-0.5%) and the next (1.0-1.5%). The most
likely scenario is for below trend growth over the next 2-3 years. The economy
is characterized by very weak nominal demand. The strong yen threatens exports
and industrial production, and helps prolong the deep slump in business capital
spending. The slump in asset prices undermines consumer confidence, as do weak
labor markets and subdued income growth. Nonetheless, Japanese market valuations
look attractive. Earnings growth is estimated at 10% for the current and next
fiscal years (ending March 1996 and March 1997, respectively). With a price/book
ratio of 1.8x, this is in line with European multiples and at a discount to the
US multiple of 2.6x. The price to cash earnings ratio is similar to that of the
United States (8.8x), although ahead of the comparable European measure (6.5x).
In the rest of the Asian/Pacific Rim economies, GDP growth should decelerate
somewhat in 1995 and 1996 (7.5-8.0% and 7.0-7.5%, respectively) but will remain
robust in relation to the rest of the world. The economic recovery in industrial
nations is providing a boost, but domestic demand is increasing in importance.
Infrastructure spending is set to rise more than $1 trillion over the next 10
years, while private consumption is being driven by growing affluence, by
changing social values, and by falling tariff barriers. Inflation will be the
same, on average, as it was in 1994 (7.0-7.5%). The rise in food prices will
ease, but the price of non-food items will escalate along with their demand.
Faster wage increases will put pressure
2
<PAGE> 3
on inflation, as will the costlier imports denominated in yen. The region's
governments are responding to the overheating of their respective economies with
structural policies designed to make needed infrastructure investments and to
create a more competitive environment, and with tighter monetary and fiscal
policies.
Europeans have legitimate concerns about exports, given a slowing US economy
and a weaker dollar, and lower consumption, given delayed improvement in labor
markets. But the recovery of their economies appears to be well-established,
with production at high levels, and no evidence of a significant build-up of
inventories. Most European governments have adopted tighter fiscal policies for
1995-96, but only four nations--Denmark, Germany, the Netherlands, and the
UK--will meet the Maastricht convergence criteria by the end of 1996, namely a
deficit no larger than 3% of GDP. Despite high unemployment rates, there is
little in the way of expansive discretionary fiscal policy. The problems are
more likely to be the result of structural factors, including public health
costs, public pensions, and support for the long-term unemployed. Gains in real
GDP in 1995 are likely to be close to the average 3% rise for the region as a
whole, while a slowing in growth will be experienced in 1996. Countries like
Denmark, Ireland, Finland and Norway, with growth projected to be in the 3-5%
range for 1995 and 3-4% in 1996, will outperform their European peers.
The US economy stalled in the second quarter, with the majority of the
economic numbers pointing to zero growth in the quarter. But there is also
evidence that this is a pause and not the beginning of a slide into recession. A
transition from growth of 4%+ to growth slightly below trend generally does not
occur without some jolts to the economy. A modest rise in US GDP is likely in
the third quarter (1.0-1.5%), then above trend growth for the next two quarters
(2.5-3.0%) before the economy settles down to around trend growth through the
remainder of 1996. Overall gains will be a bit under 2% this year and 2.5-3.0%
in 1996. The Federal Reserve signaled with its recent rate cut in the first week
of July that its concern has shifted from overheating to a cyclical downturn.
Another cut is likely during the third quarter, but, with a rebound at year-end,
rates may stabilize for a time.
As a result of reduced foreign capital inflows, Latin American growth is set
to decelerate from 3% the last two years to 1.0-1.5% in 1995, and a mild pickup
to 2.0-2.5% in 1996. Mexico, Argentina and Venezuela seem destined for
recessions this year. The austerity policies are producing a deep contraction in
Mexico, while credit and fiscal tightening will bring a pause to Argentina's
recent robust growth. Brazil has a strong expansion, on the back of wage and
credit growth, and a policy induced slowdown is likely for 1996. Venezuela
remains in recession for the third year in a row, with weak domestic demand and
soaring unemployment. Chile, Peru and Colombia will grow at roughly their
potential growth rates of 5.0-5.5% through next year. Capital inflows are
financing current account deficits and making the expansions possible.
Since the market capitalization guidelines were broadened in October of
19921, the Fund has enjoyed a whole new trove of investment opportunities that
we would like to describe to investors. The most straight forward have involved
investments in growth companies with market caps in excess of $1 billion, in
some instances well in excess of this amount. Requiring a bit more explanation
are the occasional purchases by Clemente Global Growth Fund of larger cap,
"cyclical companies" not traditionally associated with growth. A number of
factors prompted such investments. For one, it is the Fund adviser's
- ---------------
1 From the inception of the Fund in June 1987 to October 1992, the Fund was
restricted from investing in companies whose market capitalization (number of
shares outstanding x market price per share) was greater than $1 billion. In a
meeting of the Fund's Board in October 1992, it was resolved that the
arbitrary limit of $1 billion be lifted. Please refer to the CLM Quarterly
Report dated September 30, 1992.
3
<PAGE> 4
belief that even cyclical companies enjoy a growth phase over the course of a
typical business cycle, and that benefits accrue to investors from a more
flexible pursuit of corporate growth. More complicated still, and another
argument for a more flexible response, is the largely atypical nature of recent
business cycles. The normal rhythm of improvement and deterioration in business
conditions has been thrown off balance in recent years by massive structural
change. Large cap companies, seemingly at a mature phase of their life cycle,
suddenly faced competitive challenges and opportunities that produced, through
restructuring, downsizing, or the generation of new subsidiaries, new or
radically redefined lines of business that promised rates of growth not seen in
many years. The broadened mandate allowed the Fund to participate in a wide
range of opportunities made possible by often dramatic corporate change. The
central philosophy of the Fund -- growth investing -- has not changed. We
continue to invest in small to medium-sized growth companies across the globe,
where the potential for tremendous price appreciation often exists, but we will
diversify our holdings with investments in larger cap companies that stand to
benefit from unusual business circumstances and non-traditional sources of
growth.
We would like to thank our fellow shareholders for their continued support and
joining us in our vision for global investing.
Sincerely yours,
<TABLE>
<S> <C>
/s/ LILIA C. CLEMENTE /s/ LEOPOLDO M. CLEMENTE, JR.
----------------------- --------------------------------
Lilia C. Clemente Leopoldo M. Clemente, Jr.
Chairman President
</TABLE>
4
<PAGE> 5
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
REPORT OF THE ANNUAL MEETING
- --------------------------------------------------------------------------------
The Fund held its annual meeting on April 26, 1995. At that meeting, the
shareholders voted to elect three Class I directors for an additional three year
term: Lilia C. Clemente, Robert B. Oxnam and Baron J.G.A. Sirtema van
Grovestins. The shareholders also voted to ratify the selection of Price
Waterhouse LLP as the Fund's independent accountants for the year ending
December 31, 1995. The results of the voting were as follows:
<TABLE>
<CAPTION>
ABSTENTIONS
AND BROKER
FOR AGAINST WITHHELD NON-VOTES
------------------------------------------------
<S> <C> <C> <C> <C>
Lilia C. Clemente...................................... 4,716,270 -- 234,800 --
Robert B. Oxnam........................................ 4,723,848 -- 227,222 --
Baron J.G.A. Sirtema van Grovestins.................... 4,708,008 -- 243,062 --
Selection of Price Waterhouse LLP...................... 4,830,967 68,229 -- 51,874
</TABLE>
5
<PAGE> 6
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
-----------------------------------------------------
<S> <C>
NEW ZEALAND--2.3%
Common Stock--2.3%
500,000 Fletcher Challenge,
Ltd.................. $ 1,404,480
(Energy & forestry
products)
Total Common
Stock/Holdings-- ------------
New Zealand.......... 1,404,480
------------
TOTAL HOLDINGS--
NEW ZEALAND.......... 1,404,480
------------
FAR EAST--35.7%
HONG KONG--0.9%
Common Stock--0.9%
115,000 Cheung Kong Holdings,
Ltd. ................ 569,719
(Real estate)
Total Common
Stock/Holdings-- ------------
Hong Kong............ 569,719
------------
JAPAN--21.5%
Common Stock--21.5%
54,000 Daiki Co., Ltd. ....... 912,335
(Home centers)
85,000 Hitachi Metals,
Ltd. ................ 955,045
(High quality specialty
steel producer)
26,000 Keiyu Co. ............. 571,361
(Used car dealer)
64,000 Kunimine Industries
Co................... 793,951
(Building materials--
bentonite; used in
automobiles and
machinery)
10,000 Maruko Co., Ltd. ...... 648,629
(Textiles--lingerie)
62,000 Mitsui Trust & Banking
Co., Ltd. ........... 801,749
(Financial services)
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
JAPAN (CONTINUED)
Common Stock (continued)
61,000 Nichiha Corp. ......... $ 1,261,224
(Housing materials &
supplies)
2,000 Nippon Kanzai Co. ..... 60,019
(Commercial services--
building maintenance)
50,000 Omron Corp. ........... 956,994
(Electronics)
26,000 Rohm Co., Ltd. ........ 1,342,391
(Electronics--semi-
conductors)
50,000 Shin-Etsu Chemical
Co. ................. 880,198
(Chemicals--semi-
conductors & PVC)
103,000 Takuma Co. ............ 958,932
(Boiler maker)
24,000 TDK Corp. ............. 1,094,518
(Electronics)
36,000 Tokyo Electron,
Ltd. ................ 1,233,459
(Computers--
electronics trading
company)
56,000 Yorozu Corp. .......... 741,021
(Automobile parts)
Total Common
Stock/Holdings-- ------------
Japan................ 13,211,826
------------
KOREA--4.0%
Common Stock--3.9%
42,000 Korea Zinc Co. ........ 1,001,192
(Metals--diversified)
</TABLE>
See Notes to Financial Statements
6
<PAGE> 7
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
KOREA (CONTINUED)
Common Stock (continued)
36,236 L.G. Electronics,
Co. ................. $ 1,420,455
(Consumer electronics &
electric appliance
maker)
Total Common
Stock/Holdings-- ------------
Korea................ 2,421,647
------------
Rights--0.1%
36,236 *L.G. Electronics,
Co. ................. 54,861
(Consumer electronics &
electric appliance
maker)
Total Rights--Korea.... ------------
54,861
------------
Total Holdings-- ------------
Korea................ 2,476,508
------------
PHILIPPINES--7.9%
Common Stock--7.9%
1,704,500 *+Grand Plaza
Hotel Corp. (a)...... 834,557
(Property developer)
71,281 Metropolitan Bank &
Trust Co. ........... 1,549,587
(Financial services--
commercial banks)
49,066 *Philex Mining Corp.,
Cl B................. 7,015
(Mining)
24,000,000 *Southeast Asia Cement
Holdings Co. ........ 2,444,183
(Construction)
Total Common
Stock/Holdings-- ------------
Philippines.......... 4,835,342
------------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
SINGAPORE--1.4%
Common Stock--1.4%
430,000 United Overseas Land,
Ltd. ................ $ 852,613
(Conglomerate--real
estate)
Total Common
Stock/Holdings-- ------------
Singapore............ 852,613
------------
TOTAL HOLDINGS--
FAR EAST............. 21,946,008
------------
AFRICA--4.5%
SOUTH AFRICA--4.5%
Common Stock--4.5%
208,970 Murray & Roberts
Holdings, Ltd. ...... 1,206,591
(Engineering &
construction)
53,773 South Africa Breweries,
Ltd. ................ 1,533,942
(Beverage, retail, and
hotel holding
company)
Total Common
Stock/Holdings-- ------------
South Africa......... 2,740,533
------------
TOTAL HOLDINGS--
AFRICA............... 2,740,533
------------
EUROPE--29.6%
AUSTRIA--1.8%
Common Stock--1.8%
8,150 Austria Mikro Systeme
International
A.G. ................ 1,076,574
(Electronics--
semiconductors)
Total Common
Stock/Holdings-- ------------
Austria.............. 1,076,574
------------
</TABLE>
See Notes to Financial Statements
7
<PAGE> 8
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
FINLAND--5.0%
Common Stock--5.0%
50,400 *Aamulehti Yhtymae
Oy--II............... $ 1,031,305
(Publishing)
8,500 Kone Corp., Cl B....... 963,615
(Elevator manufacturer)
24,900 Metra Oy, Cl B......... 1,101,018
(Engineering &
construction)
Total Common
Stock/Holdings-- ------------
Finland.............. 3,095,938
------------
FRANCE--3.3%
Common Stock--3.3%
20,700 Banque Nationale de
Paris................ 1,000,640
(Banking--commercial
centers)
9,200 Compagnie Generale des
Eaux................. 1,026,298
(Utilities--water)
Total Common
Stock/Holdings-- ------------
France............... 2,026,938
------------
GERMANY--2.0%
Common Stock--2.0%
1,500 Wella A.G. ............ 1,216,334
(Personal care products
manufacturer &
marketer)
Total Common
Stock/Holdings-- ------------
Germany.............. 1,216,334
------------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
IRELAND--8.0%
Common Stock--8.0%
212,650 Bank of Ireland Group
plc.................. $ 1,227,810
(Commercial bank)
1,130,000 Fyffes plc............. 2,057,428
(Fresh fruit and
produce distributor)
297,498 Independent Newspapers
plc.................. 1,634,753
(Newspaper publishing,
cable TV &
advertising)
Total Common
Stock/Holdings-- ------------
Ireland.............. 4,919,991
------------
NETHERLANDS--3.6%
Common Stock--3.6%
17,600 Polygram NV............ 1,042,668
(Entertainment--
recorded music)
10,000 Verenidge Nederlendse
Uitgevsbedri Verigd
Bezit ............... 1,201,036
(Publishing & printing)
Total Common
Stock/Holdings-- ------------
Netherlands.......... 2,243,704
------------
SWEDEN--4.1%
Common Stock--4.1%
120,000 Munksjo A/B B Free..... 1,049,110
(Forest & paper
products)
</TABLE>
See Notes to Financial Statements
8
<PAGE> 9
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
SWEDEN (CONTINUED)
Common Stock (continued)
80,000 Sandvik A/B, B Free Cl
B.................... $ 1,453,885
(Cemented carbide,
stainless steel, saws
& tools manufacturer)
Total Common
Stock/Holdings-- ------------
Sweden............... 2,502,995
------------
UNITED KINGDOM--1.8%
Common Stock--1.8%
131,000 Reuters Holdings
plc ................. 1,093,004
(Publishing--
newspaper)
Total Common
Stock/Holdings-- ------------
United Kingdom....... 1,093,004
------------
TOTAL HOLDINGS--
EUROPE............... 18,175,478
------------
LATIN AMERICA--6.4%
BRAZIL--1.1%
Common Stock--1.1%
58,000 *++Usiminas Sideburg
Minas ADS............ 652,500
(Steel producer)
Total Common
Stock/Holdings-- ------------
Brazil............... 652,500
------------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
LATIN AMERICA (CONTINUED)
CHILE--2.1%
Common Stock--2.1%
250,000 Antofagasta Holdings
plc.................. $ 1,275,040
(Copper & gold mining,
railroad holding
company)
Total Common
Stock/Holdings-- ------------
Chile................ 1,275,040
------------
COLOMBIA--0.1%
Common Stock--0.1%
4,937 ++Corporacion
Financiera del Valle
S.A. ADS............. 83,312
(Commercial banking)
Total Common
Stock/Holdings-- ------------
Colombia............. 83,312
------------
MEXICO--3.1%
Common Stock--3.1%
64,000 Panamerican Beverages,
Inc. ADR............. 1,920,000
(Bottler of brand name
soft drinks in
Mexico, Brazil &
Colombia)
Total Common
Stock/Holdings-- ------------
Mexico............... 1,920,000
------------
TOTAL HOLDINGS--
LATIN AMERICA........ 3,930,852
------------
</TABLE>
See Notes to Financial Statements
9
<PAGE> 10
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
NORTH AMERICA--21.8%
CANADA--4.3%
Common Stock--4.3%
27,800 *Newbridge Networks
Corp. ............... $ 979,950
(Telecommunications
equipment)
120,000 ++Royal Plastics Group,
Ltd. ................ 1,650,875
(Building materials)
Total Common
Stock/Holdings-- ------------
Canada............... 2,630,825
------------
UNITED STATES--17.5%
Common Stock--6.7%
66,000 *Dialogic Corp. ....... 1,171,500
(Computer software &
services)
34,000 Enron Corp............. 1,194,250
(Oil/gas exploration &
production)
122,000 *Geotek Industries,
Inc. ................ 1,052,250
(Supplier of
specialized mobile
services)
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
NORTH AMERICA (CONTINUED)
UNITED STATES (CONTINUED)
Common Stock (continued)
24,200 *Sybase, Inc. ......... $ 710,875
(Computer software
services)
Total Common Stock-- ------------
United States........ 4,128,875
------------
SHORT-TERM INSTRUMENTS--10.8%
$ 6,640,000 Prudential Funding
Corp. Commercial
Paper 5.90% dated
06/30/95, due
07/03/95............. 6,640,000
Total Short-Term
Instruments--United ------------
States............... 6,640,000
------------
Total Holdings--United ------------
States............... 10,768,875
------------
TOTAL HOLDINGS--
NORTH AMERICA........ 13,399,700
------------
</TABLE>
See Notes to Financial Statements
10
<PAGE> 11
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED) (CONTINUED)
JUNE 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- ----------------------------------------------------------
<S> <C> <C>
Total Investments
(Cost $53,601,298)**....... 100.3% $ 61,597,051
Other Assets Less
Liabilities................ (0.3%) (195,901)
------------
Total Net Assets............. 100.0% $ 61,401,150
===========
Net Asset Value Per Share............ $10.42
=======
ADR American Depositary Receipts
ADS American Depositary Shares
* Non-Income Producing Security
+ Common stock has a warrant offering of 1
warrant for every 5 shares owned, expiring on
12/9/97. The warrants are valued at zero.
++ Security restricted as to resale to
institutional investors
(a) Fair value as determined by the Board of
Directors
</TABLE>
<TABLE>
<CAPTION>
** SUMMARY OF TOTAL
INVESTMENTS: COST VALUE
------------ ------------
<S> <C> <C>
Common Stock.......... $ 46,909,593 $ 54,902,190
Rights................ 51,705 54,861
Short-Term
Instruments......... 6,640,000 6,640,000
------------ ------------
Total Investments..... $ 53,601,298 $ 61,597,051
========== ==========
</TABLE>
See Notes to Financial Statements
11
<PAGE> 12
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1995
- ----------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at value
(cost $53,601,298)................. $61,597,051
Receivable for investments sold....... 343,244
Dividends receivable.................. 80,024
Accrued interest receivable........... 1,088
Other assets.......................... 12,739
-----------
Total Assets................... 62,034,146
-----------
LIABILITIES
Due to custodian...................... 426,136
Investment advisory fee payable (note
2).................................. 25,549
Legal expense payable (note 2)........ 19,125
Administrative services fee payable
(note 2)............................ 10,080
Accrued expenses payable.............. 152,106
-----------
Total Liabilities.............. 632,996
-----------
NET ASSETS............................ $61,401,150
===========
Net Assets consist of:
Common stock, $.01 par (authorized
25,000,000 shares) outstanding
5,892,400 shares of common stock
(note 4).......................... $ 58,924
Paid-in Capital..................... 54,405,494
Cost of 117,600 shares held in
treasury.......................... (850,032)
Accumulated net investment income... 123,816
Accumulated realized loss........... (318,533)
Net unrealized appreciation of
investments and translation of
other assets denominated in
foreign currencies................ 7,981,481
-----------
Net Assets............................ $61,401,150
===========
Net Asset Value Per Share
($61,401,150 / 5,892,400 shares of
common stock issued and
outstanding)........................ $ 10.42
===========
</TABLE>
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 1995
- ----------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding
taxes of $50,138) (note 1)......... $ 406,385
Interest.............................. 137,825
Miscellaneous Income.................. 13,170
------------
Total income................... 557,380
------------
EXPENSES
Investment advisory fee (note 2).... 149,525
Administrative services fee (note
2)................................ 59,379
Custodian fees and expenses......... 53,245
Legal fee (note 2).................. 51,769
Directors' fees and expenses........ 42,238
Audit fee........................... 30,000
Shareholder reports................. 20,916
Registration and promotion
expenses.......................... 17,877
Shareholder services................ 3,995
Insurance expense................... 2,817
Miscellaneous....................... 1,803
------------
Total operating expenses....... 433,564
------------
Net investment income................. 123,816
------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS
Net realized loss on:
Investments......................... (261,942)
Foreign currency transactions....... (56,591)
Net change in unrealized appreciation
on investments...................... (1,605,240)
Translation of other assets and
liabilities denominated in foreign
currencies........................ (15,057)
------------
Net realized and unrealized loss on
investments and foreign currency
transactions........................ (1,938,830)
------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS..................... $ (1,815,014)
===========
</TABLE>
See Notes to Financial Statements
12
<PAGE> 13
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
JUNE 30, 1995
- ----------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED
SIX MONTHS ENDED DECEMBER
JUNE 30, 31,
1995 1994
- ----------------------------------------------------------
<S> <C> <C>
Operations:
Net investment
income/(loss)..... $ 123,816 $ (178,099)
Net realized gain/
(loss) on:
Investments..... (261,942) 6,017,094
Foreign currency
transactions... (56,591) (200,052)
Net unrealized
(depreciation) on:
Investments..... (1,605,240) (9,595,152)
Translation of
other assets
denominated in
foreign
currencies...... (15,057) (785)
---------------- -----------
Net (decrease) in net
assets resulting
from operations..... (1,815,014) (3,956,994)
---------------- -----------
Dividends and
distributions to
shareholders from:
Net realized gain on
investments....... -- (5,656,704)
---------------- -----------
-- (5,656,704)
Total (decrease) in
net assets.......... (1,815,014) (9,613,698)
NET ASSETS
Beginning of year..... 63,216,164 72,829,862
---------------- -----------
End of period......... $ 61,401,150 $63,216,164
================ ==========
</TABLE>
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- ----------------------------------------------------------
NOTE 1. ACCOUNTING
POLICIES
Clemente Global Growth Fund, Inc. (the "Fund") was incorporated in
Maryland on May 1, 1987, as a closed-end, diversified management investment
company. The Fund had no operations until June 30, 1987, other than the sale of
10,000 shares of common stock for $100,000 to Clemente Capital, Inc. (the
"Investment Adviser") on June 9, 1987.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
SECURITY VALUATION: Portfolio securities which are traded only on stock
exchanges or on the NASDAQ National Market System are valued at the last sale
price as of the close of business on the day the securities are being valued, or
lacking any sales, at the mean between closing bid and asked prices. Other
over-the-counter portfolio securities are valued at the most recent bid prices
as obtained from one or more dealers that make markets in the securities.
Portfolio securities which are traded both in the over-the-counter market and on
a stock exchange are valued according to the broadest and most representative
market as determined by the Board of Directors. Securities totalling $834,557
(1.36% of net assets) and assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Board of Directors of the Fund. Short-term obligations,
maturing within 60 days of the valuation date, are to be valued at amortized
cost, unless this method, in the opinion of the Board of Directors, no longer
produces fair valuations.
See Notes to Financial Statements
13
<PAGE> 14
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Realized gains and losses on sales of investments
are calculated on the identified cost basis. Dividend income is recorded on the
ex-dividend date, or as soon thereafter when the information becomes publicly
available. Interest income is recorded on an accrual basis. Such dividend income
and interest income is recorded before non-U.S. withholding tax. Non-U.S.
withholding tax is recorded as a reduction of income.
FOREIGN CURRENCY TRANSLATION: The books and records of the Fund are maintained
in United States dollars.
Foreign currency amounts are translated as follows into U.S. dollars at the
foreign exchange rates obtained from an independent investment data service
which reports the exchange rates as of the close of the respective non-U.S.
market:
(i) market value of investment securities and other assets and liabilities
at the exchange rate on the valuation date.
(ii) purchases and sales of investment securities, income and expenses at
the exchange rate prevailing on the respective date of such transactions.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, currency gains and losses realized between
the trade and settlement dates on securities transactions, the difference
between the amounts of dividends, interest and foreign withholding taxes
recorded on the Fund's books, and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of the assets and liabilities other than
investments in securities at year end, resulting from changes in the foreign
exchange rate.
TAXES: No provision for Federal income tax is required since it is the policy
of the Fund to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its
taxable income, including any net realized gains, in an amount sufficient to
relieve the Fund of any Federal income tax liability. The Fund intends to comply
with the requirements of the Internal Revenue Code as long as qualification is
determined by the Board of Directors to be in the best interests of the
shareholders.
Dividends and interest from non-U.S. sources received by the Fund are
generally subject to non-U.S. withholding taxes at rates of up to 25%. Such
withholding taxes may be reduced or eliminated under the terms of applicable
United States income tax treaties, and the Fund intends to undertake any
procedural steps required to claim the benefits of such treaties. If more than
50% in value of the Fund's total assets at the close of any taxable year
consists of stocks or securities of non-U.S. corporations, the Fund is permitted
and may elect to treat any non-U.S. taxes paid by it if paid by its
shareholders.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund records dividends and
distributions to its shareholders on the ex-dividend date.
The amounts of dividends from net investment income and of distributions from
net realized gains are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or per-
14
<PAGE> 15
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
manent in nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the composition of net assets based on their
federal tax-basis treatment; temporary differences do not require
reclassification. Dividends and distributions to shareholders which exceed net
investment income and net realized gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or net distributions in excess of net realized gains. To the extent they
exceed net investment income and net realized gains for tax purposes, they are
reported as distributions of capital.
NOTE 2. INVESTMENT
ADVISORY AND
ADMINISTRATION AGREEMENTS
The Fund will pay to the Investment Adviser as compensation for the
services provided by the Investment Adviser under the Investment Advisory
Agreement, a monthly fee comprised of a basic fee of 1% (on an annualized
basis) of the month-end net assets of the Fund (the "Basic Fee") that is
subject to adjustment as described below based on the investment performance of
the Fund in relation to the investment record of the FT-Actuaries World Index
(the "FT-Actuaries Index").
Adjustments to the Basic Fee are made by comparison of the Fund's investment
performance for the applicable performance period with the investment record of
the FT-Actuaries Index for the same period. The applicable performance period is
a rolling 36-month period whereby the most recent calendar month is substituted
for the earliest month as time passes. The Basic Fee for each month may be
increased to a maximum of 1.50% (on an annualized basis) or decreased to a
minimum of .50% (on an annualized basis) depending on the extent by which the
Fund's performance varies from the FT-Actuaries Index over the performance
period as set forth below.
The following table illustrates the full range of permitted increases or
decreases of the Basic Fee on an annualized basis:
<TABLE>
<CAPTION>
PERCENTAGE
POINT
DIFFERENCE
BETWEEN
PERFORMANCE
OF FUND AND
% CHANGE
IN FT- ADJUSTMENT FEE AS
ACTUARIES BASIC TO BASIC FEE ADJUSTED MONTHLY FEE
INDEX FEE (ANNUALIZED) (ANNUALIZED) RATE
- ----------- ----- ------------ ------------ ------------
<S> <C> <C> <C> <C>
+10% or
greater 1% + .50 % 1.50 % 1/12 x 1.50 %
+ 9 1 + .40 1.40 1/12 x 1.40
+ 8 1 + .30 1.30 1/12 x 1.30
+ 7 1 + .25 1.25 1/12 x 1.25
+ 6 1 + .20 1.20 1/12 x 1.20
+ 5 1 + .15 1.15 1/12 x 1.15
+ 4 1 + .10 1.10 1/12 x 1.10
+ 3 1 + .075 1.075 1/12 x 1.075
+ 2 1 + .05 1.05 1/12 x 1.05
+ 1 1 + .025 1.025 1/12 x 1.025
0 1 0 1.00 1/12 x 1.00
- -1 1 -.025 .975 1/12 x .975
- -2 1 -.06 .95 1/12 x .95
- -3 1 -.075 .925 1/12 x .925
- -4 1 -.10 .90 1/12 x .90
- -5 1 -.15 .85 1/12 x .85
- -6 1 -.20 .80 1/12 x .80
- -7 1 -.25 .75 1/12 x .75
- -8 1 -.30 .70 1/12 x .70
- -9 1 -.40 .60 1/12 x .60
- -10 or
greater 1 -.50 .50 1/12 x .50
</TABLE>
In calculating the investment performance of the Fund as compared with the
investment record of the FT-Actuaries Index, dividends and other distributions
of the Fund and dividends and other distributions reported with respect to
component securities of the FT-Actuaries Index during the performance period
will be treated as having been reinvested. Also, the withholding taxes paid or
accrued by the Fund are added back in calculating the Fund's performance in
order to be comparative with the FT-Actuaries Index.
15
<PAGE> 16
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
The Fund incurred $149,525 in investment advisory fees for the six months
ended June 30, 1995, which represents a reduction of $149,749 from the Basic
Fee.
Furman Selz Incorporated (the "Administrator") serves as the Fund's
administrator pursuant to an Administration Agreement (the "Administration
Agreement") with the Fund. Under the Administration Agreement, the Administrator
generally assists in all aspects of the Fund's operations, other than providing
investment advice, subject to the overall authority of the Fund's Board of
Directors. The Administrator determines the Fund's weekly and monthly net asset
value, prepares such figures for publication, maintains certain of the Fund's
books and records that are not maintained by the Investment Adviser, custodian
or transfer agent, assists in the preparation of financial information for the
Fund's income tax returns, proxy statements, quarterly and annual shareholder
reports, and responds to shareholder inquiries.
Under the terms of the Administration Agreement, the Fund has agreed to pay
the Administrator a monthly fee at the annual rate of .20% of the Fund's month
end net assets. For the six months ended June 30, 1995 the Administrator earned
a fee in the amount of $59,379.
Certain directors and officers of the Fund are also directors and officers of
the Investment Adviser. Each unaffiliated director receives an annual fee of
$8,000 plus $500 for every meeting attended, together with out of pocket
expenses. At June 30, 1995, the Fund has included in accrued expenses payable
$21,957 in fees payable to the Fund's directors. The Fund incurred fees
totalling $51,769 for the six months ended June 30, 1995, for legal services to
a law firm of which the Fund's Secretary is a partner.
NOTE 3. PORTFOLIO
SECURITIES
Purchases and sales of securities, other than short-term investments,
for the six months ended June 30, 1995, were $24,653,189 and $31,937,302,
respectively.
For Federal income tax purposes, the cost of securities owned at June 30, 1995
was $53,601,298 and the net unrealized appreciation of investments was
$7,995,753. Net unrealized appreciation was composed of gross appreciation of
$10,702,208 for those investments having an excess of value over cost, and gross
depreciation of $2,706,455 for those investments having an excess of cost over
value.
NOTE 4. CAPITAL STOCK
There are 25 million shares of $.01 par value common stock authorized. Of
the 5,892,400 shares outstanding at June 30, 1995, the Investment Adviser
owned 10,000 shares.
NOTE 5. OTHER
MATTERS
The Fund, in its ordinary course of business, invests in companies and
emerging markets which may entail additional risks due to the potential
political and economic instability of certain countries, the risks of
restriction of repatriation, expropriation, nationalization or confiscatory
taxation and the relative price volatility and liquidity of such emerging
markets.
16
<PAGE> 17
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 6. QUARTERLY
RESULTS OF OPERATIONS* (UNAUDITED)
<TABLE>
<CAPTION>
NET REALIZED AND
UNREALIZED GAIN
NET (LOSS) ON
INVESTMENT INVESTMENTS AND
INVESTMENT INCOME FOREIGN CURRENCY
INCOME (LOSS) TRANSACTIONS
-------------- -------------- ----------------
PER PER PER
QUARTER ENDED TOTAL SHARE TOTAL SHARE TOTAL SHARE
- ----------------------- ------ ----- ----- ------ ------- ------
<S> <C> <C> <C> <C> <C> <C>
March 31, 1995......... $ 186 0.03 $ (35) (0.01) $(2,610) (0.44)
June 30, 1995.......... 371 0.06 159 0.03 589 0.11
------ ----- ----- ------ ------- ------
$ 557 $0.09 $ 124 $ 0.02 $(2,021) $(0.33)
======= ======= ======= ======= ========= =======
March 31, 1994......... $ 201 0.03 $(208) (0.03) $(3,335) (0.57)
June 30, 1994.......... 368 0.07 79 0.01 1,218 0.21
September 30, 1994..... 143 0.02 (118) (0.02) (2,721) (0.46)
December 31, 1994...... 356 0.06 69 0.01 1,059 0.18
------ ----- ----- ------ ------- ------
$1,068 $0.18 $(178) $(0.03) $(3,779) $(0.64)
======= ======= ======= ======= ========= =======
March 31, 1993**....... $ 303 $0.05 $ 42 $ 0.01 $ 3,307 $ 0.56
June 30, 1993**........ 404 0.07 163 0.03 2,122 0.36
September 30, 1993..... 265 0.05 14 0.00 7,337 1.24
December 31, 1993...... 193 0.03 (119) (0.02) 8,254 1.40
------ ----- ----- ------ ------- ------
$1,165 $0.20 $ 100 $ 0.02 $21,020 $ 3.56
======= ======= ======= ======= ========= =======
</TABLE>
- ---------------
*Total expressed in thousands of dollars except per share amounts
**Restated from amounts reported in the semi-annual report to reflect an
increase of $3,373 (in thousands) in the second quarter realized and
unrealized gains/losses and a corresponding decrease in the amount attributed
to the first quarter.
17
<PAGE> 18
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
PER SHARE OPERATING ------------- -------------------------------------------------------------------------------------
PERFORMANCE JUNE 30, 1995 1994 1993 1992 1991 1990
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period... $ 10.73 $ 12.36 $ 9.43 $ 10.82 $ 9.79 $ 11.71
------------- ------------- ------------- ------------- ------------- -------------
Net investment
income/(loss)......... 0.02 (0.03) 0.02 0.01 (0.01) (0.05)
Net realized and
unrealized gain/(loss)
on investments and
foreign currency
transactions.......... (0.33) (0.64) 3.56 (0.35) 1.39 (1.71)
------------- ------------- ------------- ------------- ------------- -------------
Total from investment
operations............ (0.31) (0.67) 3.58 (0.34) 1.38 (1.76)
------------- ------------- ------------- ------------- ------------- -------------
Distributions to
shareholders from:
Net investment
income.............. -- -- -- (0.02) -- --
Net realized capital
and currency
gains............... (0.96) (0.65) (1.03) (0.35) (0.16)
------------- ------------- ------------- ------------- ------------- -------------
Total from
distributions......... -- (0.96) (0.65) (1.05) (0.35) (0.16)
------------- ------------- ------------- ------------- ------------- -------------
Increase/(decrease) in
net asset value....... (0.31) (1.63) 2.93 (1.39) 1.03 (1.92)
------------- ------------- ------------- ------------- ------------- -------------
Net asset value, end of
period................ $ 10.42 $ 10.73 $ 12.36 $ 9.43 $ 10.82 $ 9.79
============ ======= ======= ======= ======= =======
Per share market value,
end of period......... 7 7/8 8 1/2 11 1/4 7 3/4 9 1/8 8 1/2
============ ======= ======= ======= ======= =======
Total investment
return*............... (7.35)% (15.91)% 53.55% (3.56)% 11.59% (14.47)%
============ ======= ======= ======= ======= =======
Net assets, end of
period (in 000's)..... $61,401 $ 63,216 $ 72,830 $ 55,540 $ 63,763 $ 57,671
Ratios to average net
assets/supplemental
data:
Net investment
income.............. 0.42%** (0.25)% 0.16% 0.10% (0.11)% (0.42)
Operating expenses.... 1.46%** 1.75% 1.68% 2.29% 2.74% 3.08%
Portfolio turnover
rate.................. 43.64% 81.73% 125.31% 82.49% 66.11% 28.69%
</TABLE>
* Based on market value per share excluding commissions, adjusted for
reinvestment of distributions and taxes.
** Annualized.
18
<PAGE> 19
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 DESTEFANO, 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> 20
- -------------------------------------------------
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.
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. Tel. #1-800-432-8224.
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.
LOGO
CLEMENTE GLOBAL
GROWTH FUND, INC.
SEMI-ANNUAL REPORT
JUNE 30, 1995
