-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A5ETb9bXtWwN9VKsVxoLnluCh0okNqVqYKiCe7inmtx0nSdyw03Tj0DiAWqNthTR GPwmktWpOzvYNFA8W/GZGw== 0000950123-96-004799.txt : 19960830 0000950123-96-004799.hdr.sgml : 19960830 ACCESSION NUMBER: 0000950123-96-004799 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960829 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLEMENTE GLOBAL GROWTH FUND INC CENTRAL INDEX KEY: 0000814083 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133407699 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05150 FILM NUMBER: 96623426 BUSINESS ADDRESS: STREET 1: 237 PARK AVE STREET 2: C/O FURMAN SELZ CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128083942 N-30D 1 CLEMENTE 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 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 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 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:
ABSTENTIONS AND BROKER FOR AGAINST WITHHELD NON-VOTES --------------------------------------------------- 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
3 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 6 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 ----------- - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 -----------
See Notes to Financial Statements 5 7 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 ----------- - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 -----------
See Notes to Financial Statements 6 8 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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) - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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)
See Notes to Financial Statements 7 9 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 ----------- - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 -----------
See Notes to Financial Statements 8 10 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 ----------- - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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)
See Notes to Financial Statements 9 11 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) JUNE 30, 1996
- ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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 ----------- - ----------------------------------------------------- SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ----------------------------------------------------- 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........... $11.19 =======
ADR American Depositary Receipts GDR Global Depositary Receipts * Non-Income Producing Security (a) These warrants enable a holder to realize a cash settlement value upon exercise of the warrants in U.S.$ 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)
SUMMARY OF TOTAL ** INVESTMENTS: COST VALUE ------------ ------------ 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 ========== ==========
See Notes to Financial Statements 10 12 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 1996 - ---------------------------------------------------------- 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 ===========
- ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. STATEMENT OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 1996 - ---------------------------------------------------------- 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 ===========
See Notes to Financial Statements 11 -----END PRIVACY-ENHANCED MESSAGE-----