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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 18
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019 B000900 0
SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908158
<NAME> GLOBAL SMALL CAP FUND INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-1-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 50209
<INVESTMENTS-AT-VALUE> 65889
<RECEIVABLES> 423
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 39
<TOTAL-ASSETS> 66380
<PAYABLE-FOR-SECURITIES> 258
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3087
<TOTAL-LIABILITIES> 3345
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51415
<SHARES-COMMON-STOCK> 3802
<SHARES-COMMON-PRIOR> 3802
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (396)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3663)
<ACCUM-APPREC-OR-DEPREC> 15679
<NET-ASSETS> 63035
<DIVIDEND-INCOME> 121
<INTEREST-INCOME> 39
<OTHER-INCOME> 0
<EXPENSES-NET> 454
<NET-INVESTMENT-INCOME> (294)
<REALIZED-GAINS-CURRENT> 1144
<APPREC-INCREASE-CURRENT> (2544)
<NET-CHANGE-FROM-OPS> (1694)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1694)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (102)
<OVERDIST-NET-GAINS-PRIOR> (4807)
<GROSS-ADVISORY-FEES> 323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 454
<AVERAGE-NET-ASSETS> 63995
<PER-SHARE-NAV-BEGIN> 17.03
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.58
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Global Small Cap Fund Inc.
Form N-SAR
File # 811-7814
Item 77D. Policies with respect to security investments
The Fund's policies with respect to security investments were
revised by its Board to permit the flexibility to use forward
currency contracts, options and futures for investment
purposes (income or return) and to invest in a wide variety
of money market investments through a joint vehicle
established by the Fund's sub-adviser. These changes
were disclosed in the Fund's prospectus dated December 1, 1997.
