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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000938077-99-000017.txt : 19990129
<SEC-HEADER>0000938077-99-000017.hdr.sgml : 19990129
ACCESSION NUMBER:		0000938077-99-000017
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19981231
FILED AS OF DATE:		19990128

SUBJECT COMPANY:	

	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:		5
		SEC ACT:		
		SEC FILE NUMBER:	811-05150
		FILM NUMBER:		99514405

	BUSINESS ADDRESS:	
		STREET 1:		237 PARK AVE
		STREET 2:		C/O FURMAN SELZ
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128083942

	MAIL ADDRESS:	
		STREET 1:		152 W 57TH ST 25TH FLOOR
		STREET 2:		CARNEGIE HALL TOWER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			DEEP DISCOUNT ADVISORS INC /NC/
	CENTRAL INDEX KEY:			0000938077
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>OWNER
	IRS NUMBER:				561827546

FILING VALUES:
	FORM TYPE:		5

BUSINESS ADDRESS:	
	STREET 1:		ONE WEST PACK SQU
	STREET 2:		SUITE 777
	CITY:			ASHEVILLE
	STATE:			NC
	ZIP:			28801
	BUSINESS PHONE:		7042741863

MAIL ADDRESS:	
	STREET 1:		ONE WEST PACK SQUARE
	STREET 2:		SUITE 777
	CITY:			ASHEVILLE
	STATE:			NC
	ZIP:			28801
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<TEXT>

<PAGE>

<TABLE>
<CAPTION>
- - --------                                  UNITED STATES SECURITIES AND EXCHANGE COMMISSION             -----------------------
 FORM 5                                                WASHINGTON, D.C. 20549                                   OMB APPROVAL        
- - --------                                                                                               ----------------------
/ / CHECK BOX IF NO LONGER               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP            OMB NUMBER:       3235-0362 
    SUBJECT TO SECTION 16.                                                                              EXPIRES: SEPTEMBER 30, 1998 
    FORM 4 OR FORM 5 OBLI-    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,   ESTIMATED AVERAGE BURDEN    
    GATIONS MAY CONTINUE.        Section 17(a) of the Public Utility Holding Company Act of 1935 or     HOURS PER RESPONSE .... 1.0 
    SEE INSTRUCTION 1(b).                Section 30(f) of the Investment Company Act of 1940           -----------------------------
/ / FORM 3 HOLDINGS REPORTED
/ / FORM 4 TRANSACTIONS REPORTED
- - --------------------------------------------------------------------------------------------------------------------------
<S><C>
1. Name and Address of Reporting Person*    2. Issuer Name and Ticker or Trading Symbol       6. Relationship of Reporting Person(s)
                                                                                                  to Issuer (Check all applicable)
  Deep Discount Advisors, Inc.                                                                       Director         X  10% Owner
  Ron Olin Investment Management Company                      Clemente Global Growth Fund (CLM)           ----               ----
- - -------------------------------------------------------------------------------------------        Officer (give  Other (specify
   (Last)       (First)      (Middle)       3. IRS or Social Security  4. Statement for        ----         title ----       below)
                                               Number of Reporting        Month/Year                        below)
                                               Person (Voluntary)                                        Investment Adviser
 One West Pack Square, Suite 777                                           December 1998           --------------------------     
- - -------------------------------------------                            -----------------------------------------------------
                (Street)                                               5. If Amendment,       7. Individual or Joint/Group Reporting
                                                                          Date of Original             (check applicable line)     
                                                                           (Month/Year)           Form Filed by One Reporting Person
                                                                                               ---
                                                                                                  Form filed by More than One 
                                                                                                X Reporting Person
 Asheville,        NC           28801                                                          ---                   
- - -----------------------------------------------------------------------------------------------------------------------------
   (City)       (State)         (Zip)       TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- - -----------------------------------------------------------------------------------------------------------------------------
1. Title of Security             2. Trans-  3. Transac-   4. Securities Acquired (A) or  5. Amount of    6. Owner-     7. Nature of
   (Instr. 3)                       action     tion          Disposed of (D)                Securities      ship          Indirect
                                    Date       Code          (Instr. 3, 4 and 5)            Beneficially    Form:         Beneficial
                                               (Instr. 8)                                   Owned at        Direct        Ownership
                                   (Month/                                                  end of          (D) or        (Instr. 4)
                                    Day/                  ------------------------------    Issuer's        Indirect
                                    Year)                    Amount    (A) or    Price      Fiscal Year     (I)
                                                                       (D)                  (Instr. 3       (Instr. 4)
                                                                                            and 4)
- - -----------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                                1,307,153         I           By Clients
- - -----------------------------------------------------------------------------------------------------------------------------

*If the form is filed by more than one reporting person, see instruction 4(b)(v).                                            (Over)
                                                                                                                     SEC 2270 (7/96)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

FORM 5 (CONTINUED)          TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                     (e.g., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- - ------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative Security     2. Conver-   3. Trans-   4. Trans-     5. Number of             6. Date Exer-
   (Instr. 3)                          sion of      action      action        Derivative               cisable and
                                       Exercise     Date        Code          Securities Ac-           Expiration
                                       Price of    (Month/      (Instr. 8)    quired (A) or            Date
                                       Deriv-       Day/                      Disposed of              Month/Day/
                                       ative        Year)                     (D)                      Year)
                                       Security                               (Instr. 3, 4, and 5)

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

                                                                                                     Date      Expir-
                                                                            ----------------------   Exer-     ation
                                                                                                     cisable   Date
                                                                               (A)        (D)
<S><C>
None

<CAPTION>

- - ------------------------------------------------------------------------------------------
7. Title and Amount of Under-       8. Price   9. Number     10. Owner-     11. Na-
   lying Securities                    of         of Deriv-      ship           ture of
   (Instr. 3 and 4)                    Deriv-     ative          of             Indirect
                                       ative      Secur-         Deriv-         Bene-
                                       Secur-     ities          ative          ficial
                                       ity        Bene-          Secur-         Owner-
                                       (Instr.    ficially       ity:           ship
                                       5)         Owned          Direct         (Instr. 4)
- - ------------------------------------              at End         (D)
                                                  of Year        or In-
                     Amount or                    (Instr. 4)     direct
       Title         Number of                                   (I)
                     Shares                                      (Instr. 4)
<S><C>
None

/s/ Ralph W. Bradshaw

Secretary, Deep Discount Advisors, Inc.

/s/ Ronald G. Olin

General Partner, Ron Olin Investment Management Company

                                                                                         
 January 27, 1998
                                                                                  -----------------------------------  -----------
**Intentional misstatements or omissions of facts constitute                        **Signature of Reporting Person       Date
  Federal Criminal Violations.  SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
      If space provided is insufficient, SEE Instruction 6 for procedure.
                                                                                                                              
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the
form displays a currently valid OMB number.                                                                                  Page 2
                                                                                                                    SEC 2270 (7-96)
</TABLE>







</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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