-----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, FXF+A+l5diey9wxQBnVDlbaIklyXgtXJOp60MyWb2kHT3Bv6ExB5/WXs8VFfDAPZ bK4olbzWF+RLt9Rg3nwUkA== 0000950123-95-003444.txt : 19951121 0000950123-95-003444.hdr.sgml : 19951121 ACCESSION NUMBER: 0000950123-95-003444 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951120 SROS: NYSE 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-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-05150 FILM NUMBER: 95595005 BUSINESS ADDRESS: STREET 1: 237 PARK AVE STREET 2: C/O FURMAN SELZ CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128083942 N-30B-2 1 CLEMENTE GLOBAL GROWTH FUND QUARTERLY REPORT 1 - -------------------------------------------------------------------------------- LETTER TO SHAREHOLDERS - -------------------------------------------------------------------------------- November 3, 1995 Dear Fellow Shareholder: For the third quarter ending September 30, 1995 Clemente Global Growth Fund's net asset value rose 4.1% to $10.85 per share. The Fund was helped by its investments in the United States, Austria, the Philippines, Japan, and South Africa, where our holdings significantly outperformed their respective markets. Good performance in these holdings were tempered by less than stellar performance from some of our holdings in France, Canada, South Korea, and Malaysia. In the second and third quarters of this year (i.e. the last six months) the Fund has climbed nicely, rising 7.9%, more than erasing the decline suffered in the first quarter. For the year to date period the NAV is up 1.3%. THE PAST QUARTER The third quarter of 1995 produced generally positive but volatile results in global equity markets. A sharp rally in the US, particularly in technology stocks, gave support to other markets in July. The dollar's rebound, with the accompanying inflows into US capital markets, contributed significantly to the rally, as did the first easing of US monetary policy in more than two years. August produced some significant corrections: in the US, because the short-term direction of monetary policy became uncertain; in Asia, in response to liquidity tightening; and in Europe, as markets felt the sting of currency weakness born of budget woes and political uncertainty. Japan led the Asian markets in the third quarter, buoyed by dollar strength and the prospects for stimulative packages at home. Outside Japan, positive returns were turned in by Australia and New Zealand (slower growth, mild inflation, but no recession), Hong Kong and China, and South Korea (surge in growth, hopes for further market opening). Other markets struggled during the quarter: overheating economies and tightening liquidity plagued Indonesia, Malaysia, Philippines, Singapore, and Thailand. European markets were volatile in the third quarter, but were generally up in the face of a reduction of the currency pressures caused by a weaker dollar. The best performers were Sweden and Finland, both beneficiaries of earlier currency devaluations. Austria and France, both plagued by political uncertainty, were the region's worst performers. Most markets had local returns of 3-6%, with US dollar returns that were generally only half as large. Markets were helped by merger and acquisition activity (U.K.), search for safety (Switzerland), the easing of political tensions (Italy), and, overall, by an export and investment-led economic recovery. The US market was buoyed by the start of Federal Reserve easing, as well as by the recovery of the US dollar and the growing signs that the economic expansion could be sustained at a rate consistent with subdued inflation. Credible austerity programs drew some foreign investors back to Argentina and Mexico, ongoing reforms and a pick-up in growth boosted Brazil, while Chile's upward momentum was arrested by some weakness in copper prices. 1 2 PORTFOLIO ACTIVITY The emerging markets portion of the Fund decreased slightly to 17.5% as we reduced our weighting in the Philippines and Colombia, and added an investment in Malaysia. In the developed markets, meanwhile, we beefed up our weightings in the United States and Japan, while establishing new positions in Australia, Italy, and Spain. Our biggest increase was in the United States where we nearly doubled our exposure from 6.7% to 12.6%. Reductions were made in Ireland and Sweden. LOOKING AHEAD World economic growth will continue to slow down modestly as policy-makers respond to warning signs of overheating, but there is little or no risk of recessions in 1996, and trade volumes will grow by 7% worldwide. The world's three largest economies all have question marks concerning near-term growth. In the US, growth in the third quarter came in at 4.2%, slightly ahead of last year's third quarter growth of 4.0%. One suspects that the third quarter is borrowing growth from the fourth quarter, but nonetheless, the risks of a recession in 1995-96 are very small. Germany's expansion, held back by the ongoing fiscal burden of unification, faces added adverse effects in the form of a sharply strengthened D-mark. Monetary easing has contributed to the reversal of this currency appreciation, and has largely eliminated the risks of a recession prior to 1997. The economy in Japan won't come back to normal for some time to come, although aggressive monetary and fiscal reflation can help mend some of the damage wrought by asset deflation, financial market fragility, political uncertainty, unprecedented social and economic change, and a strong yen. In Europe, the transition from export and investment-led growth to a consumption-led expansion has been made difficult by weak labor markets and by small gains in real income. Growth will decelerate modestly in 1996 from the 2.5-3.0% gains that will be turned in this year. The D-mark bloc, enjoying some of the benefits of Bundesbank discipline, will have inflation rates around 2% this year and 2-2.5% in 1996. The pick-up in inflation expected in 1996 will be moderate, with further easing of price pressures likely in the higher inflation countries. Asia's Pacific Rim will experience a modest deceleration of growth as a result of policy responses to overheating, and the slowing of the industrial economies. Strong domestic demand will produce growth of 7.7% on average in 1995, and 7.2% in 1996, down a bit from the 8.3% gains enjoyed last year. China continues to head for a "soft landing" with growth of 9.5% this year and 8.5% the next. Asia's dynamic economies are generally concerned about the consequences of rapid growth. Inflation has indeed picked up, and the response has been some measure of monetary tightening or the imposition of controls. Latin America is beginning to stabilize after the shocks set off by the Mexican peso crisis. Austerity programs will greatly restrain growth in Argentina and Mexico, and overall regional gains in real GDP will be just a bit more than 2% after a 5% plus advance in 1994. With US interest rates lower to stable, and the US economy growing at its trend level in 1996, Latin America's economies should grow by 3% or more. Latin America has two inflation success stories, Argentina (3%) and Chile (7-8%), one fallen angel in Mexico (50%), a perennial loser in Venezuela (60%), a nation for whom progress has come to an end for the time being, Colombia (20%), and an economy that has made significant progress, Brazil (940% in 1994 and 30% this year). Conditions for moderate global growth are in place. In the United States and other industrialized economies inflation is at its lowest level in 30 years, while elsewhere it generally remains under control. Economic expansion, led by the Asian economies, will moderate, as will fears of overheating. The 2 3 recovery of the US dollar begun in April, is likely to hold up, although near-term risks are present, and continued volatility is the only currency market certainty. Monetary policies worldwide have exhibited a neutral to downward bias. The opportunities are still compelling and it is with you, the shareholder, in mind that we continue to seek the benefits of global growth investing. Thank you for your steadfast support. Sincerely yours, /s/ LILIA C. CLEMENTE /s/ LEOPOLDO M. CLEMENTE, JR. Lilia C. Clemente Leopoldo M. Clemente, Jr. Chairman President 3 4 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1995
- ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ AUSTRALIA & NEW ZEALAND--5.5% AUSTRALIA--3.3% Common Stock--3.3% 122,000 National Australia Bank, Ltd............ $ 1,078,543 (Banking & financial services) 155,000 Western Mining Corp. Holdings, Ltd. ...... 1,014,242 (Producer & processor of mineral and petroleum products) Total Common Stock/Holdings-- ---------------- Australia............ 2,092,785 ---------------- NEW ZEALAND--2.2% Common Stock--2.2% 500,000 Fletcher Challenge, Ltd... 1,348,490 (Energy & forestry products) 70,943 Fletcher Challenge, Ltd. Forestry Shares...... 94,733 (Energy & forestry products) Total Common Stock/Holdings-- ---------------- New Zealand.......... 1,443,223 ---------------- TOTAL HOLDINGS-- AUSTRALIA & NEW ZEALAND.............. 3,536,008 ---------------- FAR EAST--37.5% HONG KONG--1.8% Common Stock--1.8% 215,000 Cheung Kong Holdings, Ltd. ................ 1,170,654 (Real estate) Total Common Stock/Holdings--Hong ---------------- Kong................. 1,170,654 ---------------- JAPAN--22.7% Common Stock--19.9% 23,000 Daiki Co., Ltd. ....... 408,202 (Home centers) - ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ FAR EAST (CONTINUED) JAPAN (CONTINUED) Common Stock (continued) 85,000 Hitachi Metals, Ltd. ................ $ 997,192 (High-quality specialty steel producer) 18,000 Ito-Yokado Co., Ltd. ................ 989,071 (Retail--supermarkets) 1,000 Keiyu Co. ............. 21,257 (Used car dealer) 87,000 Mitsui Trust & Banking Co., Ltd. ........... 806,929 (Financial services-- commercial banks) 60,000 Mori Seiki Co., Ltd. ................ 1,161,135 (Hand & machine tool maker) 50,000 Omron Corp. ........... 1,138,073 (Electronics) 26,000 Rohm Co., Ltd. ........ 1,618,971 (Electronics-- semiconductors) 43,000 Sankyo Co., Ltd. ...... 974,431 (Pharmaceuticals) 49,000 Sanwa Bank, Ltd. ...... 913,867 (Financial services-- commercial banks) 50,000 Shin-Etsu Chemical Co. 962,599 (Chemicals-- semiconductors & PVC) 24,000 TDK Corp. ............. 1,227,314 (Electronics) 36,000 Tokyo Electron, Ltd. ................ 1,555,801 (Computers-- electronics trading company) Total Common Stock-- ---------------- Japan................ 12,774,842 ---------------- Warrants--2.8% 256,000 Nikkei 225 Call Warrant expires 8/15/97...... 1,792,000 ---------------- Total Warrants--Japan.. 1,792,000 ---------------- Total Holdings--Japan.. 14,566,842 ----------------
4 5 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
- ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ FAR EAST (CONTINUED) KOREA--4.3% Common Stock--4.3% 42,000 *Korea Zinc Co......... $ 1,060,661 (Metals--diversified) 36,236 L.G. Electronics Co. ................. 1,212,269 (Consumer electronics & electric appliance maker) 2,113 *L.G. Electronics Co. New Common 1......... 67,940 (Consumer electronics & electric appliance maker) 4,570 Pohang Iron & Steel Co., Ltd. ........... 390,847 (Iron & steel manufacturer) Total Common Stock/Holdings-- ---------------- Korea................ 2,731,717 ---------------- MALAYSIA--1.1% Common Stock--1.1% 400,000 Renong Berhad.......... 693,577 (Conglomerate-- engineering, construction & financial services) Total Common Stock/Holdings-- ---------------- Malaysia............. 693,577 ---------------- PHILIPPINES--6.4% Common Stock--6.3% 1,704,500 *+Grand Plaza Hotel Corp. ............... 899,343 (Property developer) 17,820 Metropolitan Bank & Trust Co. (Partially Paid Shares)......... 68,381 (Financial services-- commercial banks) - ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ FAR EAST (CONTINUED) PHILIPPINES (CONTINUED) Common Stock (continued) 49,066 *Philex Mining Corp., CI B................. $ 6,402 (Mining) 24,000,000 *Southeast Asia Cement Holdings Co. ........ 3,039,140 (Cement producer) Total Common Stock-- ---------------- Philippines.......... 4,013,266 ---------------- Rights--0.1% 17,820 Metropolitan Bank & Trust Co. ........... 68,381 (Financial services-- commercial banks) Total Rights-- ---------------- Philippines.......... 68,381 ---------------- Total Holdings-- Philippines.......... 4,081,647 ---------------- SINGAPORE--1.2% Common Stock--1.2% 430,000 United Overseas Land, Ltd. ................ 769,744 (Conglomerate--real estate) Total Common Stock/Holdings-- ---------------- Singapore............ 769,744 ---------------- TOTAL HOLDINGS-- FAR EAST............. 24,014,181 ---------------- AFRICA--4.8% SOUTH AFRICA--4.8% Common Stock--4.8% 208,970 Murray & Roberts Holdings, Ltd. ...... 1,359,848 (Engineering & construction)
5 6 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
- ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ AFRICA (CONTINUED) SOUTH AFRICA (CONTINUED) Common Stock (continued) 53,800 South Africa Breweries, Ltd. ................ $ 1,695,208 (Beverage, retail, and hotel holding company) Total Common Stock/Holdings-- ---------------- South Africa......... 3,055,056 ---------------- TOTAL HOLDINGS-- AFRICA............... 3,055,056 ---------------- EUROPE--27.0% AUSTRIA--2.2% Common Stock--2.2% 8,150 Austria Mikro Systeme International A.G. ................ 1,419,437 (Electronics-- semiconductors) Total Common Stock/Holdings-- ---------------- Austria.............. 1,419,437 ---------------- FINLAND--4.0% Common Stock--4.0% 25,400 Aamulehti Yhtymae Oy-II................ 481,545 (Publishing) 8,500 Kone Corp., CI B....... 944,997 (Elevator manufacturer) 24,900 Metra Oy, CI B......... 1,153,938 (Engineering & construction) Total Common Stock/Holdings-- ---------------- Finland.............. 2,580,480 ---------------- - ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ EUROPE (CONTINUED) FRANCE--2.7% Common Stock--2.7% 20,700 Banque Nationale de Paris................ $ 811,880 (Banking--commercial centers) 9,381 Compagnie Generale des Eaux................. 901,726 (Utilities--water) Total Common Stock/Holdings-- ---------------- France............... 1,713,606 ---------------- GERMANY--1.7% Common Stock--1.7% 1,500 Wella A.G. ............ 1,077,058 (Personal care products manufacturer & marketer) Total Common Stock/Holdings-- ---------------- Germany.............. 1,077,058 ---------------- IRELAND--4.9% Common Stock--4.9% 212,650 Bank of Ireland Group Plc.. 1,335,065 (Commercial bank) 297,498 Independent Newspapers plc.................. 1,819,622 (Newspaper publishing, cable TV & advertising) Total Common Stock/Holdings-- ---------------- Ireland.............. 3,154,687 ----------------
6 7 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
- ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ EUROPE (CONTINUED) ITALY--1.6% Common Stock--1.6% 620,000 Telecom Italia Mobile Sp. A................ $ 1,029,369 (Telecommunications) Total Common Stock/Holdings-- Italy ---------------- ..................... 1,029,369 ---------------- NETHERLANDS--3.9% Common Stock--3.9% 17,600 Polygram NV............ 1,145,288 (Entertainment-- recorded music) 10,000 Verenidge Nederlendse Uitgevsbedri Verigd Bezit................ 1,326,492 (Publishing & printing) Total Common Stock/ Holdings-- ---------------- Netherlands.......... 2,471,780 ---------------- SPAIN--1.5% Common Stock--1.5% 18,500 Empresa Nacional de Electridad S.A. ..... 949,870 (Utilities--electric) Total Common Stock/ ---------------- Holdings--Spain...... 949,870 ---------------- SWEDEN--1.7% Common Stock--1.7% 30,200 Astra AB--A Shares..... 1,080,233 (Pharmaceuticals) Total Common Stock/ ---------------- Holdings--Sweden..... 1,080,233 ---------------- - ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ EUROPE (CONTINUED) UNITED KINGDOM--2.8% Common Stock--2.8% 40,200 Reed International plc.................. $ 607,730 (Publishing/printing) 131,000 Reuters Holdings plc... 1,159,215 (Electronic information services) Total Common Stock/ Holdings--United ---------------- Kingdom.............. 1,766,945 ---------------- TOTAL HOLDINGS-- EUROPE............... 17,243,465 ---------------- LATIN AMERICA--5.8% BRAZIL--1.0% Common Stock--1.0% 58,000 ++Usiminas Sideburg Minas ADS............ 645,250 (Steel producer) Total Common Stock/ ---------------- Holdings--Brazil..... 645,250 ---------------- CHILE--2.1% Common Stock--2.1% 250,000 Antofagasta Holdings plc.................. 1,337,635 (Copper & gold mining, & railroad holding company) Total Common Stock/ ---------------- Holdings--Chile...... 1,337,635 ----------------
7 8 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
- ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ LATIN AMERICA (CONTINUED) MEXICO--2.7% Common Stock--2.7% 64,000 Panamerican Beverages, Inc. ADR............. $ 1,720,000 (Bottler of brand name soft drinks in Mexico, Brazil & Colombia) Total Common Stock/ ---------------- Holdings--Mexico..... 1,720,000 ---------------- TOTAL HOLDINGS--LATIN AMERICA.............. 3,702,885 ---------------- NORTH AMERICA--22.0% CANADA--4.6% Common Stock--4.6% 30,000 Alcan Aluminium, Ltd. ................ 972,502 (Metals--diversified) 27,800 *Newbridge Networks Corp. ............... 816,625 (Telecommunications equipment) 87,500 ++Royal Plastics Group, Ltd. ................ 1,149,256 (Building materials) Total Common Stock/ ---------------- Holdings--Canada..... 2,938,383 ---------------- UNITED STATES--17.4% Common Stock--12.6% 66,000 *Dialogic Corp. ....... 1,633,500 (Computer based call processing equipment) 34,000 Enron Corp. ........... 1,139,000 (Oil/gas exploration & production) - ------------------------------------------------------ SHARES/PRINCIPAL AMOUNT DESCRIPTION VALUE - ------------------------------------------------------ NORTH AMERICA (CONTINUED) UNITED STATES (CONTINUED) Common Stock (continued) 122,000 *Geotek Industries, Inc. ................ $ 1,113,250 (Supplier of specialized mobile radio services) 23,000 Intel Corp. ........... 1,382,875 (Electronics--semiconductors) 17,000 Suntrust Banks, Inc. ................ 1,124,125 (Financial services-- commercial banks) 24,200 *Sybase, Inc. ......... 777,425 (Computer software and services) 28,000 Worldcom, Inc. ........ 899,500 (Utilities-- telecommunications) Total Common Stock-- ---------------- United States........ 8,069,675 ---------------- Short-Term Instruments--4.8% $3,045,000 Prudential Funding Corp. Commercial Paper 6.25% dated 9/29/95, due 10/02/95............. 3,045,000 Total Short-Term Instruments--United ---------------- States............... 3,045,000 ---------------- Total Holdings--United States............... 11,114,675 ---------------- TOTAL HOLDINGS--NORTH AMERICA.............. 14,053,058 ----------------
8 9 - ---------------------------------------------------------- CLEMENTE GLOBAL GROWTH FUND, INC. PORTFOLIO OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
- ----------------------------------------------------- VALUE - ----------------------------------------------------- Total Investments (Cost $55,344,251)**....... 102.6% $ 65,604,653 Other Assets Less Liabilities................ (2.6%) (1,649,502) ------------ Total Net Assets............. 100.0% $ 63,955,151 =========== Net Asset Value Per Share............ $10.85 ======
(ADR) American Depositary Receipts (ADS) American Depositary Shares * Non-Income Producing Security. + Common stock has warrant offering of 1 warrant for every 5 shares owned, expiring on 12/9/97. Warrants currently valued at zero. ++ Security restricted as to resale to institutional investors.
**SUMMARY OF TOTAL INVESTMENTS: COST VALUE ------------ ------------ Common Stock............... $ 50,777,784 $ 60,699,272 Rights..................... 68,795 68,381 Warrants................... 1,452,672 1,792,000 Short-Term Instruments..... 3,045,000 3,045,000 ------------ ------------ Total Investments.......... $ 55,344,251 $ 65,604,653 ========== ==========
9 10 (This page has been left blank intentionally.) 11 DIRECTORS AND OFFICERS LILIA C. CLEMENTE, Chairman and Director LEOPOLDO M. CLEMENTE, JR., President and Director ADRIAN C. CASSIDY, Director THOMAS H. LENAGH, Director +SAM NAKAGAMA, Director +ROBERT B. OXNAM, Director +G. PETER SCHIEFERDECKER, Director BARON J.G.A. SIRTEMA VAN GROVESTINS, Director WILLIAM H. BOHNETT, Secretary THOMAS J. PRAPAS, Treasurer MARIA DISTEFANO, Assistant Secretary ------------ +Members of Audit Committee ----------------------------------- EXECUTIVE OFFICES-- 152 W. 57th Street, New York, NY 10019 (For latest net asset value and market data, please call 212-765-0700; regarding shareholder inquiries, please call 1-800-432-8224) INVESTMENT ADVISER-- Clemente Capital, Inc. ADMINISTRATOR-- Furman Selz Incorporated TRANSFER AGENT AND REGISTRAR-- The Bank of New York CUSTODIAN-- Brown Brothers Harriman & Co. LEGAL COUNSEL-- Fulbright & Jaworski L.L.P. 12 - ------------------------------------------------- SUMMARY OF GENERAL INFORMATION - ------------------------------------------------- THE FUND Clemente Global Growth Fund is a closed-end investment company whose shares trade on the New York Stock Exchange. The Fund seeks long-term capital appreciation primarily through investment in small and medium sized equities located throughout the world. The Fund is managed by Clemente Capital, Inc. SHAREHOLDER INFORMATION Daily market prices for the Fund's shares are published in the New York Stock Exchange Composite Transactions section of most newspapers under the designation "ClmGlb". The Fund's New York Stock Exchange trading symbol is CLM. Net asset value (NAV) and market price information about Clemente Global Growth Fund shares are published each Monday in The Wall Street Journal and The New York Times and in other newspapers. For Shareholders' account inquiries call 1-800-432-8224. DIVIDEND REINVESTMENT PLAN Through its voluntary Dividend Reinvestment Plan, shareholders of Clemente Global Growth Fund may elect to receive dividends and capital gains distributions in the form of additional shares of the Fund. This report is transmitted to the shareholders of Clemente Global Growth Fund, Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase at market prices from time to time shares of its common stock in the open market. [CLEMENTE GLOBAL GROWTH FUND, INC. LOGO] CLEMENTE GLOBAL GROWTH FUND, INC. QUARTERLY REPORT SEPTEMBER 30, 1995 -----END PRIVACY-ENHANCED MESSAGE-----