-----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,
O1l17+pPr+UEYCImjN3tvT1yj1DCVbGtZebLV3eFAllnibHt9u3PTjsIKloUK846
iIfzFDlpm6DDoS+heTWkYQ==

<SEC-DOCUMENT>0000950123-96-000869.txt : 19960301
<SEC-HEADER>0000950123-96-000869.hdr.sgml : 19960301
ACCESSION NUMBER: 0000950123-96-000869
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 19951231
FILED AS OF DATE: 19960229
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: 96528135

BUSINESS ADDRESS:
STREET 1: 237 PARK AVE
STREET 2: C/O FURMAN SELZ
CITY: NEW YORK
STATE: NY
ZIP: 10017
BUSINESS PHONE: 2128083942
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<DESCRIPTION>CLEMENTE
<TEXT>

<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 1-800-432-8224.

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 LOGO]

CLEMENTE GLOBAL
GROWTH FUND, INC.

ANNUAL REPORT

DECEMBER 31, 1995
<PAGE> 2

- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
Dear Fellow Shareholder: February 9, 1996

The world's equity markets, led by a year-long rally in the United States,
ended 1995 with a rush. High market volatility plagued global investors, but the
emerging markets rebounded strongly in the final quarter of the year. The
weakness in the emerging markets for much of 1995 contributed to Clemente Global
Growth Fund's underperformance versus the benchmark Financial Times Actuaries
World Index. The Fund's net asset value rose 2.7% during the last three months,
to $10.65 after the payment of a $0.50 per share dividend, and was up 4.0% for
the year as a whole. The Fund's share price ended the year roughly unchanged,
while the discount narrowed to 21.4% from the previous quarter.

LOOKING BACK -- THE PAST QUARTER AND 1995

The past year ended very much like it began -- with the U.S. equity markets
largely outperforming the rest of the world. The U.S. markets were up in every
quarter and easily outpaced the other regions of the world. Only Switzerland,
with substantial currency gains, turned in higher dollar returns. Uncertainty
and volatility abounded, but stocks were pushed higher by a generally benign
investment environment fueled by declining interest rates and by the ability of
belt-tightening companies to keep profits growing even as economic growth cooled
down. One result was the fourth best year for the Dow Jones Industrial Average
since World War II, with technology and banking stocks the big winners. The
Federal Reserve had, in fact, "gotten it right," creating with its policies a
soft landing environment of slow growth, falling inflation, no recession and
continued good corporate earnings growth.

These favorable developments in the U.S. generally supported equity markets
worldwide, not only through a sharp rally led by technology, but also through
the dollar's rebound and the first easing of Federal Reserve policy in over two
years. Japan's equity markets were major beneficiaries, responding with a
sustained rally to dollar appreciation, but the gains in European markets were
more constrained given persistent concerns about fiscal deficits, slowing growth
and the future of monetary union. By year end, investors were also reassessing
the risks associated with emerging markets. The risks had not dissipated, but
the worst news seemed to be over, including the dangers of overheating and
overvaluation in Asia/Pacific and the effects of austerity programs in Latin
America. The search for higher returns once more drew global capital to the
emerging markets, and the shift was aided, in part, by growing uncertainty about
the course of economic and financial events in the world's developed markets.
The day of the emerging market was once more at hand as 1995 came to an end.

THE PORTFOLIO

These changes in the global investment environment produced adjustments in
the Fund's portfolio even before the beginning of the new year. During the final
quarter of 1995, the Fund's exposure to emerging markets rose to 23.1%, and was
heading higher, with increased exposure to the Philippines, Indonesia and
Mexico.

Weightings in the more established markets were reduced by further lowering
exposure to small capitalization and low liquidity stocks in Japan, and by
trimming European positions whose earnings growth outlook had begun to falter,
particularly in the hard currency countries.

1
<PAGE> 3

LOOKING AHEAD

Important additional changes lie ahead for the portfolio as we enter a
period when the investment environment will give a boost to emerging markets and
so favor the style and investment aims of Clemente Global Growth Fund, Inc.

A recovery is underway in Latin America, aided by monetary easing and
continued economic growth in the U.S. but the horizon will be short, given
persistent political and economic uncertainty in the region, and the emphasis
will be on quality stocks with relatively high liquidity. Opportunities exist in
telecommunications, infrastructure and construction, bottling, and energy.

The economies of Asia's Pacific Rim remain strong, despite tighter policies
that seek to curb overheating, and valuations are undemanding. Support for the
region's markets comes from China's apparent success in curbing inflation and
excess investment, from the liquidity being generated by central banks in the
U.S. and Japan, and by the desire of established market investors to shift some
funds away from their increasingly expensive local markets. Construction and
infrastructure plays are still attractive, as are selective financials,
residential property companies, and telecoms.

The funds with which to make this greater commitment to emerging markets in
Asia and Latin America will largely come from Europe, where the risk of
recession is highest. In addition to the overall regional risks, namely fiscal
retrenchment and high real interest rates born of the needs of currency union,
there are a variety of country-specific political risks that threaten to cut
short the region's very young recovery. Some of last year's laggards will lead
the way in 1996, including Finland and Spain, and increasing attention will be
paid to the region's emerging markets, notably the Czech Republic, Poland, and
Turkey.

Caution is the order of the day for the U.S. market, given impressive
performances in 1995 and in the early weeks of 1996, and a premium will be
placed on careful stock picking in order to minimize the risk of earnings
disappointments. A consolidation is likely from the record high levels reached
by blue-chip stocks, but, apart from an initial shock effect, a U.S. sell-off is
not likely to undermine overseas markets. The shift of funds into markets with
higher expected returns makes good investment sense, and in 1996, after two
years of relative underperformance, the exciting prospects of emerging markets
will once again entice global investors. The Fund is poised to exploit these
unfolding opportunities.

As always, we remain very grateful for your confidence and continuing
support.

Sincerely yours,

<TABLE>
<S> <C>
/s/ LILIA C. CLEMENTE /s/ LEOPOLDO M. CLEMENTE, JR.
--------------------- -----------------------------
Lilia C. Clemente Leopoldo M. Clemente, Jr.
Chairman President
</TABLE>

2
<PAGE> 4

- --------------------------------------------------------------------------------
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 The Bank of New York (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 90 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 automatic reinvestment of dividends and distributions will not relieve
participants of any income 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 the Plan Agent at 101
Barclay Street, New York, New York 10286.

3
<PAGE> 5

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
AUSTRALIA--3.3%
AUSTRALIA--3.3%
Common Stock--3.3%
122,000 National Australia
Bank, Ltd. .......... $ 1,095,783
(Banking & financial
services)
155,000 Western Mining Corp.
Holdings, Ltd. ...... 994,088
(Producer & processor
of mineral &
petroleum products)
Total Common
Stock/Holdings-- ------------
Australia............ 2,089,871
------------
TOTAL HOLDINGS--
AUSTRALIA (cost
$2,017,742).......... 2,089,871
------------
FAR EAST--40.7%
HONG KONG--1.6%
Common Stock--1.6%
125,000 Swire Pacific, Ltd.
A.................... 969,945
(Conglomerate--
aviation, property,
marine services &
insurance)
Total Common
Stock/Holdings-- ------------
Hong Kong............ 969,945
------------
JAPAN--23.3%
Common Stock--20.2%
85,000 Hitachi Metals,
Ltd. ................ 1,059,523
(High quality specialty
steel producer)
18,000 Ito--Yokado Co.,
Ltd.................. 1,106,194
(Retail--supermarkets)
87,000 Mitsui Trust & Banking
Co., Ltd. ........... 949,947
(Financial services--
commercial banks)
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
JAPAN (CONTINUED)
Common Stock (continued)
60,000 Mori Seiki Co.,
Ltd. ................ $ 1,339,260
(Hand & machine tool
maker)
50,000 Omron Corp. ........... 1,183,689
(Electronics)
26,000 Rohm Co., Ltd. ........ 1,444,584
(Electronics--semi-
conductors)
43,000 Sankyo Co., Ltd. ...... 963,958
(Pharmaceuticals)
49,000 Sanwa Bank, Ltd. ...... 994,299
(Financial services--
commercial banks)
50,000 Shin-Etsu Chemical
Co. ................. 1,033,916
(Chemicals--semi-
conductors & PVC)
24,000 TDK Corp. ............. 1,222,147
(Electronics)
36,000 Tokyo Electron,
Ltd. ................ 1,391,439
(Computers--
electronics trading
company)
Total Common Stock ------------
Japan................ 12,688,956
------------
Warrants--3.1%
256,000 *Morgan Stanley Group
Nikkei 225 Index Call
Warrant due 8/15/97
(strike level
Y18,158.73)(b)....... 1,952,000
Total Warrants--....... ------------
1,952,000
Total Holdings--Japan.. ------------
14,640,956
------------
</TABLE>

See Notes to Financial Statements

4
<PAGE> 6

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
INDONESIA--1.9%
Common Stock--1.9%
32,000 PT Indosat--
ADR.................. $ 1,168,000
(Telecommunications)
Total Common
Stock/Holdings-- ------------
Indonesia............ 1,168,000
------------
KOREA--4.2%
Common Stock--4.2%
20,000 Dae Duck Industrial
Co. ................. 960,789
(Electrical equipment)
36,236 L.G. Electronics
Co. ................. 1,270,283
(Consumer electronics &
appliance maker)
2,113 *L.G. Electronics Co.
New Common 1......... 72,701
(Consumer electronics &
appliance maker)
4,570 Pohang Iron & Steel
Co., Ltd. ........... 300,830
(Iron & steel
manufacturer)
Total Common
Stock/Holdings-- ------------
Korea................ 2,604,603
------------
MALAYSIA--0.9%
Common Stock--0.9%
400,000 Renong Berhad.......... 592,266
(Conglomerate--
engineering,
construction,
financial services)
Total Common
Stock/Holdings-- ------------
Malaysia............. 592,266
------------
PHILIPPINES--8.8%
Common Stock--8.8%
1,500,000 *C & P Homes, Inc. .... 1,102,941
(Homebuilders)
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
FAR EAST (CONTINUED)
PHILIPPINES (CONTINUED)
Common Stock (continued)
1,704,500 *+Grand Plaza Hotel
Corp.(a)............. $ 976,604
(Property developer)
17,871 Metropolitan Bank &
Trust Co............. 348,136
(Financial services--
commercial banks)
49,066 *Philex Mining Corp.,
B.................... 5,623
(Mining)
24,000,000 *Southeast Asia Cement
Holdings Co. ........ 3,116,883
(Construction)
Total Common
Stock/Holdings-- ------------
Philippines.......... 5,550,187
------------
TOTAL HOLDINGS--
FAR EAST(cost
$21,268,126)......... 25,525,957
------------
AFRICA--3.4%
SOUTH AFRICA--3.4%
Common Stock--3.4%
300,000 Gencor, Ltd. .......... 1,045,124
(Conglomerate--mining
& commercial
services)
28,949 South Africa Breweries,
Ltd. ................ 1,060,127
(Beverage, retail &
hotel holding
company)
Total Common
Stock/Holdings-- ------------
South Africa......... 2,105,251
------------
TOTAL HOLDINGS--
AFRICA(cost
$1,628,510).......... 2,105,251
------------
</TABLE>

See Notes to Financial Statements

5
<PAGE> 7

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE--26.0%
AUSTRIA--2.5%
Common Stock--2.5%
9,780 Austria Mikro Systeme
International
A.G. ................ $ 1,582,571
(Electronics--
semiconductors)
Total Common
Stock/Holdings-- ------------
Austria.............. 1,582,571
------------
FINLAND--1.1%
Common Stock--1.1%
8,500 Kone Corp., B.......... 708,008
(Elevator manufacturer)
Total Common
Stock/Holdings-- ------------
Finland.............. 708,008
------------
FRANCE--3.0%
Common Stock--3.0%
20,700 Banque Nationale de
Paris................ 931,764
(Banking--commercial
centers)
9,381 Compagnie Generale des
Eaux................. 934,564
(Utilities--water)
Total Common
Stock/Holdings-- ------------
France............... 1,866,328
------------
GERMANY--1.3%
Common Stock--1.3%
1,500 Wella A.G. ............ 810,895
(Personal care products
manufacturer &
marketer)
Total Common
Stock/Holdings-- ------------
Germany.............. 810,895
------------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
IRELAND--5.4%
Common Stock--5.4%
212,650 Bank of Ireland
Group................ $ 1,547,608
(Commercial bank)
297,498 Independent Newspapers
plc.................. 1,879,600
(Newspaper publishing,
cable TV &
advertising)
Total Common
Stock/Holdings-- ------------
Ireland.............. 3,427,208
------------
ITALY--1.7%
Common Stock--1.7%
620,000 *Telecom Italia Mobile
Sp. A. .............. 1,091,356
(Telecommunications)
Total Common
Stock/Holdings-- ------------
Italy................ 1,091,356
------------
NETHERLANDS--3.7%
Common Stock--3.7%
17,600 Polygram NV............ 933,118
(Entertainment--
recorded music)
10,000 VNU - Ver Ned Uitgev
Ver Bezit ........... 1,370,877
(Publishing & printing)
Total Common
Stock/Holdings-- ------------
Netherlands.......... 2,303,995
------------
</TABLE>

See Notes to Financial Statements

6
<PAGE> 8

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
EUROPE (CONTINUED)
SPAIN--1.7%
Common Stock--1.7%
18,500 Empresa Nacional de
Electridad S.A. ..... $ 1,045,017
(Utilities--electric)
Total Common
Stock/Holdings-- ------------
Spain................ 1,045,017
------------
SWEDEN--1.9%
Common Stock--1.9%
30,200 Astra AB--A............ 1,202,735
(Pharmaceuticals)
Total Common
Stock/Holdings-- ------------
Sweden............... 1,202,735
------------
UNITED KINGDOM--3.7%
Common Stock--3.7%
72,700 Reed International
plc.................. 1,105,504
(Publishing/printing)
131,000 Reuters Holdings plc... 1,196,440
(Publishing--
newspaper)
Total Common
Stock/Holdings-- ------------
United Kingdom....... 2,301,944
------------
TOTAL HOLDINGS--
EUROPE(cost
$13,684,717)......... 16,340,057
------------
LATIN AMERICA--4.0%
BRAZIL--0.7%
Common Stock--0.7%
58,000 ++Usiminas Sideburg
Minas ADS............ 478,500
(Steel producer)
Total Common
Stock/Holdings-- ------------
Brazil............... 478,500
------------
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
LATIN AMERICA (CONTINUED)
MEXICO--3.3%
Common Stock--3.3%
64,000 Panamerican Beverages,
Inc. ADR............... $ 2,048,000
(Bottler of brand name
soft drinks in
Mexico, Brazil &
Colombia)
Total Common
Stock/Holdings-- ------------
Mexico............... 2,048,000
------------
TOTAL HOLDINGS--
LATIN AMERICA (cost
$2,602,854).......... 2,526,500
------------
NORTH AMERICA--27.3%
CANADA--5.3%
Common Stock--5.3%
30,000 Alcan Aluminum,
Ltd. ................ 932,001
(Metals--diversified)
27,800 *Newbridge Networks
Corp. ............... 1,150,225
(Telecommunications
equipment)
87,500* ++Royal Plastics Group,
Ltd. ................ 1,266,954
(Building materials)
Total Common
Stock/Holdings-- ------------
Canada............... 3,349,180
------------
UNITED STATES--22.0%
Common Stock--14.6%
36,000 *Dialogic Corp. ....... 1,386,000
(Computer software &
services)
34,000 Enron Corp............. 1,296,250
(Oil/gas exploration &
production)
122,000 *Geotek Industries,
Inc. ................ 770,125
(Supplier of
specialized mobile
services)
</TABLE>

See Notes to Financial Statements

7
<PAGE> 9

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
PORTFOLIO OF INVESTMENTS (CONTINUED)
DECEMBER 31, 1995
<TABLE>
<CAPTION>
- -----------------------------------------------------
SHARES/PRINCIPAL
AMOUNT DESCRIPTION VALUE
- -----------------------------------------------------
<S> <C>
NORTH AMERICA (CONTINUED)
UNITED STATES (CONTINUED)
Common Stock (continued)
28,500 Home Depot, Inc. ...... $ 1,360,875
(Retail--special line)
23,000 Intel Corp. ........... 1,305,250
(Electronics--
semiconductors)
17,000 Suntrust Banks,
Inc. ................ 1,164,500
(Financial services--
commercial banks)
24,200 *Sybase, Inc. ......... 871,200
(Computer software
services)
28,000 *Worldcom, Inc. ....... 987,000
(Utilities--
telecommunications)
Total Common Stock-- ------------
United States........ 9,141,200
------------
Short-Term Instruments--7.4%
$ 4,675,000 Prudential Funding
Corp. Commercial
Paper 5.65% dated
12/29/95, due
01/02/96............. 4,675,000
Total Short-Term
Instruments-- United ------------
States............... 4,675,000
------------
Total Holdings-- United ------------
States............... 13,816,200
------------
TOTAL HOLDINGS--
NORTH AMERICA (cost
$15,616,444)....... 17,165,380
------------
Total Investments
(Cost $56,818,393)**...... 104.7% $ 65,753,016
Liabilities in excess of
other assets.............. (4.7%) (2,972,228)
------------
Total Net Assets............ 100.0% $ 62,780,788
===========
Net Asset Value Per Share........... $10.65
-------
-------
ADR American Depositary Receipts
ADS American Depositary Shares
* Non-Income Producing Security
+ Common stock has a warrant offering of 1
warrant for every 5 shares owned, expiring on
12/9/97. The warrants are valued at zero.
++ Security restricted as to resale to
Institutional investors under Rule 144A of the
Securities Act.
(a) Fair value as determined by the Board of
Directors.
(b) These warrants enable a holder to realize a
cash settlement value in U.S.$ 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.$1.00)
upon exercise of the warrants.
</TABLE>

<TABLE>
<CAPTION>
SUMMARY OF TOTAL
** INVESTMENTS: COST VALUE
------------ ------------
<C> <S> <C> <C>
Common Stock........ $ 50,690,721 $ 59,126,016
Warrants............ 1,452,672 1,952,000
Short-Term
Instruments......... 4,675,000 4,675,000
------------ ------------
Total Investments... $ 56,818,393 $ 65,753,016
========== ==========
</TABLE>

See Notes to Financial Statements

8
<PAGE> 10

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- ----------------------------------------------------------

<TABLE>
<S> <C>
ASSETS
Investments, at value
(cost $56,818,393)................ $65,753,016
Cash................................. 350
Receivable for investments sold...... 134,499
Dividends receivable................. 59,045
Accrued interest receivable.......... 2,203
Other assets......................... 9,080
-----------
Total Assets.................. 65,958,193
-----------
LIABILITIES
Distribution payable................. 2,950,185
Investment advisory fee payable...... 26,150
Administrative services fee
payable............................ 10,661
Accrued expenses payable............. 190,409
-----------
Total Liabilities............. 3,177,405
-----------
NET ASSETS........................... $62,780,788
===========
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 realized gains..... 214,546
Net unrealized appreciation of
investments and translation of
net assets denominated in foreign
currencies....................... 8,934,209
-----------
Net Assets........................... $62,780,788
===========
Net Asset Value Per Share
($62,780,788 / 5,892,400 shares of
common stock issued and
outstanding)....................... $ 10.65
===========
</TABLE>

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1995
- ----------------------------------------------------------

<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding
taxes of $82,860).................. $ 693,997
Interest.............................. 267,760
------------
Total income................... 961,757
------------
EXPENSES
Investment advisory fee............. 308,801
Administrative services fee......... 123,601
Custodian fees and expenses......... 179,683
Legal fee........................... 95,466
Directors' fees and expenses........ 69,652
Audit fee........................... 60,000
Printing............................ 58,585
Registration and promotion
expenses.......................... 30,943
Shareholder services................ 22,270
Insurance expense................... 5,634
Miscellaneous....................... 22,084
------------
Total operating expenses....... 976,719
------------
Net investment loss................... (14,962)
------------
REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES
TRANSACTIONS
Net realized gain on:
Investments......................... 3,301,718
Foreign currency transactions....... (104,377)
Net change in unrealized appreciation
on investments...................... (670,316)
Translation of other assets and
liabilities denominated in foreign
currencies........................ 2,746
------------
Net realized and unrealized gain on
investments and foreign currencies
transactions........................ 2,529,771
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS..................... $ 2,514,809
===========
</TABLE>

See Notes to Financial Statements

9
<PAGE> 11

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
DECEMBER 31, 1995
- ----------------------------------------------------------

<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1995 1994
<S> <C> <C>
- -----------------------------------------------------
Operations:
Net investment loss..... $ (14,962) $ (178,099)
Net realized gain/
(loss) on:
Investments......... 3,301,718 6,017,094
Foreign currency
transactions..... (104,377) (200,052)
Net unrealized
appreciation on:
Investments......... (670,316) (9,595,152)
Translation of net
assets denominated
in foreign
currencies.......... 2,746 (785)
------------ ------------
Net increase in net assets
resulting from
operations.............. 2,514,809 (3,956,994)
------------ ------------
Dividends and
distributions to
shareholders from:
Net realized gain on
investments........... (2,950,185) (5,656,704)
------------ ------------
(2,950,185) (5,656,704)
Total (decrease) in net
assets.................. (435,376) (9,613,698)
NET ASSETS
Beginning of year......... 63,216,164 72,829,862
------------ ------------
End of year............... $62,780,788 $63,216,164
============ ============
</TABLE>

- ----------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
- ----------------------------------------------------------

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.

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.

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
if no sales prices are reported, 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. 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. Securities for which market quotations are not
readily available are valued at their fair value as determined in good faith by
the Board of Directors.

See Notes to Financial Statements

10
<PAGE> 12

- --------------------------------------------------------------------------------
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-

11
<PAGE> 13

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.

OPTION ACCOUNTING PRINCIPLES: When the Fund writes a call option, an amount
equal to the premium received is included in the Fund's Statement of Assets and
Liabilities as a liability which is subsequently marked-to-market to reflect the
current market value of the option written. If a written option either expires
or the Fund enters into a closing purchase transaction, the Fund realizes a gain
or loss without regard to any unrealized gain or loss on the underlying security
or currency and the liability related to such option is extinguished. If a
written call option is exercised, the Fund realizes a gain or loss from the sale
of the underlying security or currency and the proceeds from such sale are
increased by the premium originally received.

When the Fund purchases a call or put option, the premium paid is recorded as
an investment which is subsequently marked-to-market to reflect the current
market value. If a purchased option expires, the Fund will realize a loss to the
extent of the premium paid. If the Fund enters into a closing sale transaction,
a gain or loss is realized for the difference between the proceeds from the sale
and the cost of the option. If a put option is exercised, the cost of the
security or currency sold upon exercise will be increased by the premium
originally paid. If a call option is exercised, the cost of the security
purchased upon exercise will be increased by the premium originally paid.

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.

12
<PAGE> 14

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.

The Fund incurred $308,801 in investment advisory fees for the year ended
December 31, 1995, which represents a reduction of $308,801 from the Basic Fee.

Furman Selz LLC (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 year ended December 31, 1995 the Administrator earned a
fee in the amount of $123,601.

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 December 31, 1995, the Fund has included in accrued expenses
payable $12,000 in fees payable to the Fund's directors. The Fund incurred fees
totalling $95,466 for the year ended December 31, 1995, for legal services to a
law firm of which the Fund's Secretary is a partner.

13
<PAGE> 15

NOTE 3. PORTFOLIO
SECURITIES

Purchases and sales of securities, other than short-term investments, for the
year ended December 31, 1995, were $49,648,908 and $55,052,646, respectively.

For Federal income tax purposes, the cost of securities owned at December 31,
1995 was $57,317,721, and the net unrealized appreciation of investments was
$8,435,295. Net unrealized appreciation was composed of gross appreciation of
$10,918,417 for those investments having an excess of value over cost, and gross
depreciation of $2,483,122 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 December 31, 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.

NOTE 6. QUARTERLY
RESULTS OF OPERATIONS* (UNAUDITED)

<TABLE>
<CAPTION>
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
NET INVESTMENT INVESTMENTS AND
INVESTMENT FOREIGN CURRENCY
INCOME 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 0.10
September 30, 1995.... 302 0.05 (82) (0.01) 2,720 0.46
December 31, 1995..... 103 0.02 (57) (0.01) 1,831 0.30
------ ----- ------ ------- -------- -------
$ 962 $0.16 $ (15) $(0.00) $ 2,530 $ 0.42
====== ====== ====== ======= ======== =======
March 31, 1994........ $ 201 0.04 $(208) (0.03) $(3,335) (0.57)
June 30, 1994......... 368 0.06 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)
====== ===== ====== ======= ======== =======
</TABLE>

- ---------------
*Total expressed in thousands of dollars except per share amounts

14
<PAGE> 16

- --------------------------------------------------------------------------------
CLEMENTE GLOBAL GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE 1995 1994 1993 1992 1991

<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 10.73 $ 12.36 $ 9.43 $ 10.82 $ 9.79
-------- -------- -------- -------- --------
Net investment income/(loss)...................... -- (0.03) 0.02 0.01 (0.01)
Net realized and unrealized gain/(loss) on
investments and foreign currency transactions... 0.42 (0.64) 3.56 (0.35) 1.39
-------- -------- -------- -------- --------
Total from investment operations.................. 0.42 (0.67) 3.58 (0.34) 1.38
-------- -------- -------- -------- --------
Distributions to shareholders from:
Net investment income........................... -- -- -- (0.02) --
Net realized capital and currency gains......... (0.50) (0.96) (0.65) (1.03) (0.35)
-------- -------- -------- -------- --------
Total from distributions.......................... (0.50) (0.96) (0.65) (1.05) (0.35)
-------- -------- -------- -------- --------
Increase/(decrease) in net asset value............ (0.08) (1.63) 2.93 (1.39) 1.03
-------- -------- -------- -------- --------
Net asset value, end of period.................... $ 10.65 $ 10.73 $ 12.36 $ 9.43 $ 10.82
======= ======= ======= ======= =======
Per share market value, end of period............. 8 3/8 8 1/2 11 1/4 7 3/4 9 1/8
======= ======= ======= ======= =======
Total investment return*.......................... 4.59% (15.91)% 53.55% (3.56)% 11.59%
======= ======= ======= ======= =======
Net assets, end of period (in 000's).............. $ 62,781 $ 63,216 $ 72,830 $ 55,540 $ 63,763
Ratios to average net assets/supplemental data:
Net investment income/(loss).................... (0.02)% (0.25)% 0.16% 0.10% (0.11)%
Operating expenses.............................. 1.58% 1.75% 1.68% 2.29% 2.74%
Portfolio turnover rate........................... 84.98% 81.73% 125.31% 82.49% 66.11%
</TABLE>

- ---------------
* Based on market value per share excluding commissions, adjusted for
reinvestment of distributions and taxes.

15
<PAGE> 17

- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------

To the Board of Directors and Shareholders of
Clemente Global Growth Fund, Inc.

In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Clemente Global Growth Fund, Inc.
(the "Fund") at December 31, 1995, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted accounting principles.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 1995 by correspondence with the custodian, provide a reasonable
basis for the opinion expressed above.

PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
February 12, 1996
<PAGE> 18

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 LLC
(formerly known as
Furman Selz Incorporated)
TRANSFER AGENT AND REGISTRAR--
The Bank of New York

CUSTODIAN--
Brown Brothers Harriman & Co.

LEGAL COUNSEL--
Fulbright & Jaworski L.L.P.

INDEPENDENT ACCOUNTANTS--
Price Waterhouse LLP
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----