<PAGE> 1
- -------------------------------------------------
SUMMARY OF GENERAL
INFORMATION
- -------------------------------------------------
THE FUND
Clemente Global Growth Fund, Inc. 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 "ClemGlb". The Fund's New York Stock Exchange trading symbol is
CLM. Net asset value (NAV) and market price information about Clemente Global
Growth Fund, Inc. shares are published each Monday in The Wall Street Journal,
The New York Times and other newspapers. For shareholder account inquiries call
1-800-937-5449.
DIVIDEND REINVESTMENT PLAN
Through its voluntary Dividend Reinvestment Plan, shareholders of
Clemente Global Growth Fund, Inc. 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.
SEMI-ANNUAL REPORT
JUNE 30, 1996
<PAGE> 2
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
August 12, 1996
Dear Fellow Shareholders,
The second quarter of 1996 produced the similar pattern of the previous
quarter when bonds and equities blew hot and cold on the reported strengths or
weaknesses of economic statistics. Developments on the economic front were not
particularly conducive to bonds. US long bond yields moved higher while the US
equity market registered gains of 1.42% in the Dow Jones Industrial Average and
2.3% in the S&P 500. Except for the United Kingdom and Swiss markets, European
markets performed well, up 2.9% on average. The top five equity markets in the
world during the second quarter were primarily emerging markets: Hungary,
Venezuela, Poland, Turkey, and Nigeria.
THE SECOND QUARTER: IN RETROSPECT
Our strategic allocations to emerging markets, particularly Latin American
equities, helped produce better returns for the Fund. The Clemente Global Growth
Fund generated a 5.31% return for the second quarter compared to a 2.86% gain
for the Fund's performance benchmark, the Financial Times (FT) World Index. The
Fund's net asset value (NAV) rose to $11.19 per share for the second quarter
ended June 30, compared with the first quarter's NAV of $10.73 per share.
During the second quarter of 1996, we continue to implement the strategy of
larger asset allocation to the emerging markets which now account for 38% while
developed markets are 62%. By contrast, the Fund allocated 23% to emerging
markets and 77% to developed markets at the year end 1995. The Fund's best
performers during the quarter were led by Telebras of Brazil, Gudang Garam of
Indonesia, Sunbase Asia, and Japanese Nikkei Call Warrants.
Although Japan's economic recovery is underway, we remain underweighted in
Japan with growing concerns in liquidity, financial risk from non-performing
loans and fairly valued market valuations. We have kept a neutral weighting in
Asia Pacific (ex Japan) countries given overheating and interest rate concerns.
Although economic activity is anemic in Europe, bond/earnings yield ratios are
near 10 year averages and downside risk to equities seem limited. We have been
building up our holdings in Germany because of its increasingly attractive
fundamentals of low inflation, weaker currency with hope for monetary easing and
good corporate profits. Except for Denmark, we are moderately overweighted in
the Scandinavian markets. The Nordic economies are growing faster than the
European average (Finland and Norway) or prepared to rebound (Sweden). We
maintained an overweight position in our Latin American holdings in Brazil,
Mexico, Peru and Argentina. The region's growth will continue with real
GDP/gains rising on average from 1.1% in 1995 to 3% this year. Inflation is also
declining from a 20% average in 1996 to 12-14% next year with accompanying
declines in interest rates.
OUTLOOK: WHAT NEXT
After a period of benign interest rates and relatively high corporate
profits, the US equity market experienced a market correction and increased
volatility in July. The US economy is moving into the mature phase of its
business expansion and inflation fears are beginning to worry the financial
markets. We expect neither recessions nor booms in the US. Last year, superior
returns were produced by the US
1
<PAGE> 3
equities. As we wind up the second half of 1996 and approach the new year 1997,
we believe that the key investment decision points to a strong case for global
diversification. European prospects are improving with more supportive interest
rate policies, the Japanese economic recovery is looking sustainable while
emerging markets are engaging in real growth and increased capital flows.
Reengineering and restructuring the corporation to achieve a more productive,
efficient corporate structure is now a worldwide phenomenon. We will emphasize
holdings in "companies that help other companies," the areas of outsourcing,
temporary help, software and productivity enhancing capital goods sector. With
proper selectivity in stock selection and disciplined country allocation, the
Fund is well positioned to exploit these unfolding opportunities.
Thank you for your continuing support and commitment.
Sincerely yours,
/s/ LILIA C. CLEMENTE /s/ LEOPOLDO M. CLEMENTE, JR.
Lilia C. Clemente Leopoldo M. Clemente, Jr.
Chairman President
2
<PAGE> 4
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
REPORT OF THE ANNUAL MEETING
- --------------------------------------------------------------------------------
The Fund held its annual meeting on April 24, 1996. At that meeting, the
shareholders voted to elect two Class II directors for an additional three year
term: Adrian C. Cassidy and Leopoldo M. Clemente, Jr. The shareholders also
voted to ratify the selection of Price Waterhouse LLP as the Fund's independent
accountants for the year ending December 31, 1996. The results of the voting
were as follows:
<TABLE>
<CAPTION>
ABSTENTIONS
AND BROKER
FOR AGAINST WITHHELD NON-VOTES
<S> <C> <C> <C> <C>
---------------------------------------------------
Leopoldo M. Clemente, Jr......................... 4,936,887 -- 139,615 --
Adrian C. Cassidy................................ 4,941,227 -- 135,275 --
Selection of Price Waterhouse LLP................ 4,952,601 75,016 -- 48,885
</TABLE>
3
<PAGE> 5
- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
SUMMARY OF THE FUND'S DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------
The Clemente Global Growth Fund, Inc. (the "Fund") intends to distribute,
at least annually, its net investment income from dividends and interest and, to
the extent necessary, its net realized capital gains. Pursuant to the Dividend
Reinvestment Plan (the "Plan"), shareholders may elect to have all cash
distributions automatically reinvested by American Stock Transfer & Trust
Company (the "Plan Agent") in Fund shares. Each registered shareholder of the
Fund may request an Enrollment Card for the Plan. Thereafter, the Plan Agent
will provide services relating to the Plan to shareholders of the Fund who
complete and return the Enrollment Card to the Plan Agent.
If the Directors of the Fund declare a dividend from net investment income
or capital gains distribution payable either in shares or in cash, participants
in the Plan will receive shares of Common Stock, to be issued by the Fund. If
the market price of the shares is equal to or exceeds the net asset value per
share on the record date of any distribution (the "Record Date"), the Fund will
issue to the Plan Agent for the account of participants the number of full
shares, valued at net asset value, issuable with respect to the total dividend
payable to participants, and cash, if any, for the excess of such total dividend
not divisible into full shares of the Fund. Such shares and cash, if any, will
be paid to the Plan Agent, and the Plan Agent will credit the account of the
participant with such shares and cash, if any, in accordance with their
respective entitlements. Shares issued by the Fund will not be issued at a
discount of more than 5% from the current market value of the Fund's shares.
If the net asset value exceeds the market price of the Fund shares at the
Record Date, or if the Fund should declare a dividend or distribution payable
only in cash, the Fund will pay the cash amount of such dividend to the Plan
Agent, who will credit the account of the participants in accordance with their
respective entitlements. Accordingly, the Plan Agent, as agent for the
participants, will use the amount of the distribution to purchase Fund shares in
the open market, on the New York Stock Exchange or elsewhere, for the
participants' accounts on, or in any event within 30 days after, the Record
Date.
There is no charge to participants for reinvesting dividends or
distributions. The Plan Agent's fees for the handling of the reinvestment of
dividends and distributions will be paid by the Fund. However, each
participant's account will be charged a pro rata share of brokerage commissions
incurred with respect to the Plan Agent's open market purchases in connection
with the reinvestment of dividends or distributions.
The reinvestment of dividends and distributions will not relieve
participants of any tax which may be payable or required to be withheld on such
dividends or distributions.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Fund reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to notice of the change
sent to all shareholders at least 90 days before the Record Date for such
dividend or distribution. The Plan also may be amended or terminated by the Plan
Agent upon at least 90 days' written notice to all shareholders. Participants
may terminate participation in the Plan at any time upon giving written notice
10 days prior to the applicable dividend or distribution payment date. All
correspondence concerning the Plan should be directed to American Stock Transfer
& Trust Company at 40 Wall Street, 46th Floor, New York, New York 10005,
Attention Shareholder Services/Clemente Global Growth Fund.
4
<PAGE> 6
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
AUSTRALIA--1.7%
Common Stock--1.7%
155,000 WMC, Ltd. ............. $ 1,110,769
(Producer & processer
of mineral and
petroleum products)
Total Common
Stock/Holdings-- ------------
Australia............ 1,110,769
-----------
TOTAL HOLDINGS--
AUSTRALIA (cost
$1,011,578).......... 1,110,769
-----------
FAR EAST--33.6%
HONG KONG--0.9%
Warrants--0.9%
2,358,000 *HSBC Holding Call
Warrant due 7/30/1997
(strike level
105HKD).............. 608,683
Total Holdings-- ------------
Hong Kong............ 608,683
-----------
INDONESIA--5.1%
Common Stock--5.1%
32,000 Persahaan Perseroan
Indo Satellite
Corp.-- ADR.......... 1,072,000
(Telecommunications)
340,000 PT Gudang Garam--
Foreign Registered... 1,458,083
(Tobacco manufacturer)
300,000 PT Semen Gresik--
Foreign Registered... 873,818
(Building materials)
Total Common
Stock/Holdings-- ------------
Indonesia............ 3,403,901
-----------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
JAPAN--17.2%
Common Stock--14.7%
134 DDI Corp. ............. $ 1,167,447
(Telecommunications)
50,000 Honda Motor Co. ....... 1,294,085
(Auto-maker)
25,000 Namco, Ltd. ........... 827,030
(Leisure products--
commercial-use game
equipment makers)
50,000 Omron Corp. ........... 1,052,584
(Electronics--electronic
fund transfer
systems)
26,000 Rohm Co., Ltd. ........ 1,710,745
(Electronics--
semiconductors)
43,000 Sankyo Co., Ltd. ...... 1,112,914
(Pharmaceuticals)
87,000 Shiseido Co., Ltd. .... 1,109,997
(Cosmetics--personal
care)
24,000 TDK Corp. ............. 1,430,420
(Electronics--
manufacturer of
magnetic tapes,
floppy discs &
optical discs)
Total Common Stock-- ------------
Japan................ 9,705,222
-----------
Warrants--2.5%
142,500 *Morgan Stanley Group
Nikkei 225 Index Call
Warrant due 8/15/1997
(strike level
Yen 18,158.73)(a).... 1,638,750
Total Warrants--Japan.. ------------
1,638,750
-----------
Total Holdings--
Japan................ 11,343,972
-----------
</TABLE>
See Notes to Financial Statements
5
<PAGE> 7
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
KOREA--1.4%
Common Stock--1.4%
13,000 Samsung Display Devices
Co. ................. $ 931,262
(Electrical equipment--
cathode ray tubes)
Total Common
Stock/Holdings-- ------------
Korea................ 931,262
-----------
MALAYSIA--1.4%
Common Stock--1.4%
210,000 Petronas Gas Berhad.... 900,493
(Oil/natural gas
producer &
transporter)
Total Common
Stock/Holdings-- ------------
Malaysia............. 900,493
-----------
PHILIPPINES--6.4%
Common Stock--6.4%
1,500,000 *C & P Homes, Inc. .... 1,302,481
(Homebuilders)
14,000,000 Engineering & Equipment
Corp. ............... 1,229,008
(Builder of large-scale
industrial plant
facilities)
1,760,000 Petron Corp. .......... 806,107
(Petroleum refiner &
distributor)
6,613,000 *Southeast Asia Cement
Holdings Co. ........ 858,176
(Construction)
Total Common ------------
Stock--Philippines... 4,195,772
-----------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
PHILIPPINES (CONTINUED)
Warrants--0.0%
390,400 *Grand Plaza Hotel
Corp. due 5/12/1997
(strike level PHP
10.8)................ $ 27,324
-----------
Total Warrants--
Philippines.......... 27,324
-----------
Total Holdings--
Philippines.......... 4,223,096
-----------
THAILAND--1.2%
Common Stock--1.2%
16,000 Siam Cement Co.,
Ltd.--Foreign
Registered........... 785,036
(Building materials)
Total Common
Stock/Holdings-- ------------
Thailand............. 785,036
-----------
TOTAL HOLDINGS--
FAR EAST(cost
$19,684,523)......... 22,196,443
-----------
AFRICA--2.1%
SOUTH AFRICA--2.1%
Common Stock--2.1%
40,000 DeBeers Centenary
Linked Units......... 1,358,281
(Mining, exploration,
trading & production
of diamonds)
Total Common
Stock/Holdings-- ------------
South Africa......... 1,358,281
-----------
TOTAL HOLDINGS--
AFRICA(cost
$1,302,341).......... 1,358,281
-----------
</TABLE>
See Notes to Financial Statements
6
<PAGE> 8
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE--21.7%
FINLAND--1.2%
Common Stock--1.2%
48,000 Valmet Corp. Oy........ $ 811,457
(Multinational--forest
products/paper,
marine gears &
automobile assembly)
Total Common
Stock/Holdings-- ------------
Finland.............. 811,457
-----------
FRANCE--2.4%
Common Stock--2.4%
1,700 Salomon S.A. .......... 1,552,353
(Leisure products--
manufacturer &
distributor of winter
sports equipment)
Total Common
Stock/Holdings-- ------------
France............... 1,552,353
-----------
GERMANY--4.2%
Common Stock--4.2%
9,600 Fag Kugelfischer Georg
Schaefer............. 1,433,071
(Manufacturer of
bearing products &
industrial
engineering)
40,000 Hoechst A.G. .......... 1,354,331
(Chemical manufacturer
& marketer)
Total Common
Stock/Holdings-- ------------
Germany.............. 2,787,402
-----------
IRELAND--3.3%
Common Stock--3.0%
112,650 Bank of Ireland
Group................ 768,663
(Commercial bank)
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
IRELAND (CONTINUED)
254,163 Independent Newspapers
plc.................. $ 1,177,842
(Newspaper publishing,
cable TV &
advertising)
Total Common
Stock-- ------------
Ireland.............. 1,946,505
-----------
Rights--0.3%
50,832 Independent Newspapers
plc.................. 219,320
(Newspaper publishing,
cable TV &
advertising)
Total Rights-- ------------
Ireland.............. 219,320
-----------
Total Holdings-- ------------
Ireland.............. 2,165,825
-----------
ITALY--2.1%
Common Stock--2.1%
620,000 *Telecom Italia Mobile
Sp. A. .............. 1,387,701
(Telecommunications--
cellular telephones &
mobile communications
services)
Total Common
Stock/Holdings-- ------------
Italy................ 1,387,701
-----------
NETHERLANDS--3.1%
Common Stock--3.1%
12,000 Oce--Van Der Grinten
N.V. ................ 1,269,366
(Office/business
equipment)
</TABLE>
See Notes to Financial Statements
7
<PAGE> 9
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
NETHERLANDS (CONTINUED)
Common Stock (continued)
50,000 Vernidge Nederlandse
Uitgevbedri Verigd
Bezit................ $ 775,216
(Publishing & printing)
Total Common
Stock/Holdings-- ------------
Netherlands.......... 2,044,582
-----------
SPAIN--1.8%
Common Stock--1.8%
59,000 Vallehermoso S.A. ..... 1,164,807
(Real estate)
Total Common
Stock/Holdings-- ------------
Spain................ 1,164,807
-----------
SWEDEN--1.2%
Common Stock--1.2%
47,000 Trygg--Hansa AB, B..... 800,476
(Property/casualty
insurance)
Total Common
Stock/Holdings-- ------------
Sweden............... 800,476
-----------
UNITED KINGDOM--2.4%
Common Stock--2.4%
131,000 Reuters Holdings plc... 1,583,800
(Publishing--
newspaper)
Total Common
Stock/Holdings-- ------------
United Kingdom....... 1,583,800
-----------
TOTAL HOLDINGS--
EUROPE(cost
$11,409,137)......... 14,298,403
-----------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
LATIN AMERICA--21.8%
ARGENTINA--2.9%
Common Stock--2.9%
68,000 Buenos Aires
Embotellado--ADR..... $ 901,000
(Beverage bottler &
marketer)
44,000 YPF Sociedad Anonima,
D--ADR............... 990,000
(Oil/gas exploration &
production)
Total Common
Stock/Holdings-- ------------
Argentina............ 1,891,000
-----------
BRAZIL--8.0%
Common Stock--8.0%
135,000 Banco Bradesco S.A.--
Preferred Shares..... 1,098,759
(Financial services--
commercial banks)
35,000 Companhia Energetica de
Minas Gerais-- ADR... 997,500
(Utilities--electric)
65,000 Companhia Vale do Rio
Doce--ADR............ 1,300,000
(Mining, rail
transportation &
mineral sales)
27,000 Telecomunicacoes
Brasilerias S.A.--
ADR.................. 1,879,875
(Telecommunications)
Total Common
Stock/Holdings-- ------------
Brazil............... 5,276,134
-----------
</TABLE>
See Notes to Financial Statements
8
<PAGE> 10
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
LATIN AMERICA (CONTINUED)
MEXICO--9.1%
Common Stock--9.1%
262,000 Cementos de Mexico S.A.
de C.V., B........... $ 1,034,870
(Building materials)
300,000 Corporacion
Interamericana
Entretemiento
S.A. ................ 514,342
(Entertainment--ticket
brokers)
600,000 *Embotelladores del
Valle de Anahuac S.A.
de C.V., B........... 498,516
(Producer, seller &
distributor of
bottled soft drinks)
500,000 Grupo Cementos
Chihuahua S.A. de
C.V., B.............. 509,067
(Building
materials/construction)
32,000 Grupo Televisa S.A.--
GDR.................. 984,000
(Broadcasting--radio &
television)
233,000 Hylsamex S.A.--BCP..... 1,014,046
(Iron/steel producer)
32,000 Panamerican Beverages,
Inc. ADR............. 1,432,000
(Bottler of brand name
soft drinks in
Mexico, Brazil &
Colombia)
Total Common
Stock/Holdings-- ------------
Mexico............... 5,986,841
-----------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
LATIN AMERICA (CONTINUED)
PERU--1.8%
Common Stock--1.8%
607,000 CPT Telefonica del Peru
S.A., B.............. $ 1,241,636
(Telecommunications)
Total Common
Stock/Holdings-- ------------
Peru................. 1,241,636
-----------
TOTAL HOLDINGS--
LATIN AMERICA (cost
$13,662,647)......... 14,395,611
-----------
NORTH AMERICA--20.8%
CANADA--2.7%
Common Stock--2.7%
32,000 Barrick Gold Corp. .... 868,000
(Gold exploration &
production)
13,800 *Newbridge Networks
Corp. ............... 903,900
(Telecommunications
equipment)
Total Common
Stock/Holdings-- ------------
Canada............... 1,771,900
-----------
UNITED STATES--18.1%
Common Stock--13.9%
34,000 Enron Corp............. 1,389,750
(Oil/gas exploration &
production)
28,500 Home Depot, Inc. ...... 1,539,000
(Retail--special line)
23,000 Intel Corp. ........... 1,689,063
(Electronics--
semiconductors)
17,000 Phelps Dodge Corp. .... 1,058,250
(Metals--diversified)
100,000 *Sunbase Asia, Inc. ... 650,000
(Machinery--
diversified)
</TABLE>
See Notes to Financial Statements
9
<PAGE> 11
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
NORTH AMERICA (CONTINUED)
UNITED STATES (CONTINUED)
34,000 Suntrust Banks,
Inc. ................ $ 1,258,000
(Financial services--
commercial banks)
28,000 *Worldcom, Inc. ....... 1,550,500
(Utilities--
telecommunications)
Total Common Stock-- ------------
United States........ 9,134,563
-----------
Short-Term Instruments--4.2%
$ 2,804,000 Brown Brothers Cayman
Islands Time Deposit,
4.6875% dated
6/28/1996, due
07/01/1996........... 2,804,000
Total Short-Term
Instruments-- United ------------
States............... 2,804,000
-----------
Total Holdings-- United ------------
States............... 11,938,563
-----------
TOTAL HOLDINGS--
NORTH AMERICA (cost
$11,719,774)....... 13,710,463
-----------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
Total Investments
(Cost $58,790,000)**...... 101.7% $ 67,069,970
Liabilities in excess of
other assets.............. (1.7%) (1,136,027)
------------
Total Net Assets............ 100.0% $ 65,933,943
===========
Net Asset Value Per Share........... $11.19
=======
</TABLE>
ADR American Depositary Receipts
GDR Global Depositary Receipts
* Non-Income Producing Security
(a) These warrants enable a holder to realize a cash settlement value upon
exercise of the warrants in U.S.$ equal to the greater value of
(i) 0 or (ii)
U.S.$1 X (spot Nikkei 225 Index -- strike level)
------------------------------------------------
4 X (Yen/U.S.$1)
<TABLE>
<CAPTION>
SUMMARY OF TOTAL
** INVESTMENTS: COST VALUE
------------ ------------
<C> <S> <C> <C>
Common Stock........ $ 53,976,854 $ 61,771,893
Rights.............. 207,996 219,320
Warrants............ 1,801,150 2,274,757
Short-Term
Instruments......... 2,804,000 2,804,000
------------ ------------
Total Investments... $ 58,790,000 $ 67,069,970
========== ==========
</TABLE>
See Notes to Financial Statements
10
<PAGE> 12
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1996
- ----------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at value
(cost $58,790,000)................ $ 67,069,970
Cash................................. 820
Receivable for investments sold...... 1,126,620
Dividends receivable................. 113,160
Accrued interest receivable.......... 1,095
Other assets......................... 15,001
-----------
Total Assets.................. 68,326,666
-----------
LIABILITIES
Payable for investments purchased.... 2,182,110
Investment advisory fee payable...... 27,461
Legal expense payable................ 19,051
Administrative services fee
payable............................ 10,834
Accrued expenses payable............. 153,267
-----------
Total Liabilities............. 2,392,723
-----------
NET ASSETS........................... $ 65,933,943
===========
Net Assets consist of:
Common stock, $.01 par (authorized
25,000,000 shares outstanding
5,892,400 shares of common
stock)........................... $ 58,924
Paid-in Capital.................... 54,423,141
Cost of 117,600 shares held in
treasury......................... (850,032)
Accumulated net investment loss.... (84,913)
Accumulated net realized gains..... 4,107,417
Net unrealized appreciation of
investments and translation of
net assets denominated in foreign
currencies....................... 8,279,406
-----------
Net Assets........................... $ 65,933,943
===========
Net Asset Value Per Share
($65,933,943 / 5,892,400 shares of
common stock issued and
outstanding)....................... $ 11.19
===========
</TABLE>
- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 1996
- ----------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding
taxes of $31,424).................. $ 367,438
Interest.............................. 58,945
-----------
Total income................... 426,383
-----------
EXPENSES
Investment advisory fee............. 161,718
Custodian fees and expenses......... 79,254
Administrative services fee......... 64,495
Legal fee........................... 41,598
Audit fee........................... 36,372
Registration and promotion
expenses.......................... 23,352
Directors' fees and expenses........ 39,815
Shareholder reports................. 27,824
Printing............................ 18,690
Shareholder services................ 7,211
Insurance expense................... 2,749
Miscellaneous....................... 8,218
-----------
Total operating expenses....... 511,296
-----------
Net investment loss................... (84,913)
-----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES
TRANSACTIONS
Net realized gain on:
Investments......................... 6,381,701
Foreign currency transactions....... (1,764,064)
Net change in unrealized appreciation
on investments...................... (654,653)
Translation of other assets and
liabilities denominated in foreign
currencies........................ (151)
-----------
Net realized and unrealized gain on
investments and foreign currencies
transactions........................ 3,962,833
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS..................... $ 3,877,920
===========
</TABLE>
See Notes to Financial Statements
11
