<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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088 C000000 N
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019 B000900 0
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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<NAME> GLOBAL SMALL CAP FUND INC.
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Global Small Cap Fund Inc.
File No. 811-7814 Form N-SAR
For The Period Ended 7/31/97
Exhibits
Question 77D -- Policies with respect to security investments
The following paragraph will be included in the current prospectus as
approved by the Board of Directors at a meeting held on September 19, 1996.
Money Market Instruments. The Fund may invest directly, or indirectly through
its investment in the GEIM Short-Term Investment Fund (the "Investment Fund"),
in the following types of money market instruments; (I) securities issued or
guaranteed by the U.S. government or one of its agencies or instrumentalities,
(ii) debt obligations of banks, savings and loan institutions, insurance
companies and mortgage bankers, (iii) commercial paper and notes, including
those with variable and floating rates of interest, (iv) debt obligations of
foreign branches of U.S. banks, U.S. branches of foreign banks and foreign
branches of foreign banks, (v) debt obligations issued or guaranteed by one
or more foreign governments or any of their political subdivisions, agencies
or instrumentalities, including obligations of supranational entities, (vi)
debt securities issued by foreign issuers and (vii) repurchase agreements.
The Fund may invest up to 25% of its assets in the Investment Fund, an
investment fund created specifically to serve as a vehicle for the collective
investment of cash balances of the Global Small Cap Fund and other accounts
advised by either GE Investment Management Inc.("GEIM"), or its affiliate,
General Electric Investment Corporation ("GEIC"). The Investment Fund
invests exclusively in the money market instruments described in (I) through
(vii) above. The Investment Fund is advised by GEIM. No advisory fee is
charged by GEIM to the Investment Fund, nor will Global Small Cap Fund incur
any sales charge, redemption fee, distribution fee or service fee in
connection with its investments in the Investment Fund.
Report to Independent Auditors
To the Shareholders and Board of Directors of
Global Small Cap Fund,Inc.
In planning and performing our audit of the financial statements of Global
Small Cap Fund, Inc. for the year ended July 31, 1997, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of Global Small Cap Fund, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this esponsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
July 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of Global Small Cap Fund, Inc. and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
New York, New York
September 19, 1997
