<PAGE> PAGE 1
000 A000000 06/30/1999
000 C000000 0000814083
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 CLEMENTE STRATEGIC VALUE FUND, INC.
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001 C000000 2127650700
002 A000000 152 W. 57TH STREET
002 B000000 NEW YORK
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008 A000001 CLEMENTE CAPITAL, INC.
008 B000001 A
008 C000001 801-16247
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
008 A000002 WILMINGTON TRUST COMPANY
008 B000002 S
008 C000002 801-000000
008 D010002 WILMINGTON
008 D020002 DE
008 D030002 19890
010 A000001 PFPC INC.
010 B000001 85-1196
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19809
012 A000001 AMERICAN STOCK TRANSFER & TRUST COMPANY
012 B000001 85-0001
<PAGE> PAGE 2
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10005
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 TIEDEMANN INTERNATIONAL RESEARCH INC.
020 B000001 13-3506065
020 C000001 75
020 A000002 SMITH BARNEY
020 B000002 00-0000000
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020 A000003 SIGMA SECURITIES
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020 B000006 00-0000000
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814083
<NAME> CLEMENTE STRATEGIC VALUE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 53496621
<INVESTMENTS-AT-VALUE> 82395437
<RECEIVABLES> 170522
<ASSETS-OTHER> 85624
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82651583
<PAYABLE-FOR-SECURITIES> 3943233
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 200569
<TOTAL-LIABILITIES> 4143802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41306888
<SHARES-COMMON-STOCK> 4979600
<SHARES-COMMON-PRIOR> 5444100
<ACCUMULATED-NII-CURRENT> (397465)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9000653
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28885100
<NET-ASSETS> 78507781
<DIVIDEND-INCOME> 264487
<INTEREST-INCOME> 89744
<OTHER-INCOME> 0
<EXPENSES-NET> (568562)
<NET-INVESTMENT-INCOME> (214331)
<REALIZED-GAINS-CURRENT> 9987784
<APPREC-INCREASE-CURRENT> (3876615)
<NET-CHANGE-FROM-OPS> 5595726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (6148375)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (552649)
<ACCUMULATED-NII-PRIOR> (248482)
<ACCUMULATED-GAINS-PRIOR> (987131)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 332200
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<GROSS-EXPENSE> 585451
<AVERAGE-NET-ASSETS> 75890767
<PER-SHARE-NAV-BEGIN> 14.52
<PER-SHARE-NII> (.03)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77C:
Matters submitted to a vote of security holders
AND
Attachment to item 77D:
Policies with respect to security investments
(PROPOSAL 4)
- -------------------------------------------------------
Exhibit A:
REPORT OF THE FUND'S ANNUAL MEETING
The fund held it's annual meeting on May 21, 1999. At the
meeting, the shareholders voted to elect seven directors for a
one year term: Gary A. Bentz, Ralph W. Bradshaw, William Clark,
Phillip Goldstein, Gerald Hellerman, Thomas Lenagh and Ronald G.
Olin. The Fund sought shareholder approval to amend the Fund's
Articles of Incorporation to change the name of the fund to
"Clemente Strategic Value Fund, Inc.". The shareholders voted
on the ratification of the selection of PricewaterhouseCoopers,
LLP as the Fund's independent accountants for the year ending
December 31, 1999. The shareholders also voted on a proposal to
eliminate the fundamental investment policy prohibiting the Fund
from investing in other investment companies and a proposal
recommending that the Board take the necessary steps to open-end
the Fund.
The results of the voting were as follows:
ABSTENTIONS
AND BROKER
FOR WITHHELD AGAINST NON-VOTES
PROPOSAL 1
Election of Directors
Gary A. Bentz 4,137,436 205,713
Ralph W. Bradshaw 3,931,336 411,813
William Clark 4,137,436 205,713
Phillip Goldstein 4,136,854 206,295
Gerald Hellerman 4,135,854 207,295
Thomas Lenagh 3,930,136 413,013
Ronald G. Olin 3,931,207 411,942
PROPOSAL 2
Amend Fund's Articles of Incorporation to change the name
Of the Fund to Clemente Strategic Value Fund, Inc.
3,987,912 144,011 100,864
PROPOSAL 3
Selection of PricewaterhouseCoopers LLP as the Fund's independent
Accountants for the year ending December 31, 1999.
4,141,051 35,913 166,186
PROPOSAL 4
Proposal to eliminate the fundamental investment policy of the
Fund prohibiting investments in other investment companies.
2,892,234 184,884 100,707
PROPOSAL 5
Shareholder proposal to open-end the Fund
934,264 2,289,252 69,930
The Chairman declared that all seven directors had been elected, that
Proposals 2 through 4 had passed and that Proposal 5 had failed.
