Securities and Exchange Commission
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
Global Small Cap Fund, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
37935V103
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(CUSIP Number)
Ralph W. Bradshaw
c/o Deep Discount Advisors, Inc.
One West Pack Square, Suite 777
Asheville, NC 28801
(828) 255-4833
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 7, 1999
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(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ]
<PAGE>
CUSIP No.: 153455100 13D Page 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Deep Discount Advisors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 615863
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
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BY EACH | | SOLE DISPOSITIVE POWER 615863
REPORTING | 9 |
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PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 615863
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 16.2%
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14 TYPE OF REPORTING PERSON IA
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CUSIP No.: 153455100 13D Page 3
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===============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Ron Olin Investment Management Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
========================================================================
3 SEC USE ONLY
======================================================================
4 SOURCE OF FUNDS OO
======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 513500
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
====================================================================
BY EACH | | SOLE DISPOSITIVE POWER 513500
REPORTING | 9 |
=====================================================================
PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
======================================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 513500
=====================================================================
12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
=========================================================================
13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 13.5%
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14 TYPE OF REPORTING PERSON IA
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<PAGE>
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock of
Global Small Cap Fund, Inc.(the "Issuer"). The principal executive offices of
the Fund are located at 1285 Avenue of the Americas, New York, NY 10019
Margo Alexander, President
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) This Schedule 13D is being filed by Deep Discount Advisors, Inc.
and Ron Olin Investment Management Company (the "Reporting Persons"),
who are Registered Investment Advisors, One West Pack Square, Suite 777,
Asheville, NC 28801.
(d) None
(e) None
(f) USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Investment funds
ITEM 4. PURPOSE OF TRANSACTION
The acquisition of the securities of the issuer was made for the purpose of
investment. The reporting persons may acquire additional securities, or dispose
of the securities of the issuer from time to time.
The reporting persons are in favor of actions by the issuer which would have the
effect of increasing the investment value of the issuer's shares, and will
support actions which, in the sole discretion of the reporting persons, may
result in an increase in the market value of the issuer's shares.
After patiently waiting for the issuer to deal effectively with its discount and
portfolio performance problems, the reporting persons have become concerned that
the issuer is either unable or unwilling to correct its shortcomings in these
areas. Consequently, the reporting persons have concluded that it is possible
that they may themselves need to take actions or otherwise encourage actions by
the issuer in the future to improve share value for all shareholders. It is
possible that such actions may have the effect of changing or influencing the
control of the issuer. No specific actions have as yet been formulated and it
is possible that none will be if adequate steps are taken by the issuer.
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's annual report, dated September 15,1998,
states that, as of the close of business on July 31, 1998, there were
3,801,667 shares of Common Stock outstanding. The percentage set forth in
this Item 5(a) was derived using such number.
The Reporting Persons are the beneficial owners of 1,129,363
shares of Common Stock, which constitute approximately 29.7% of the outstanding
shares of Common Stock.
(b) Power to vote and to dispose of the securities resides
with the Reporting Persons.
(c) During the last sixty days, the following shares
of Common Stock were traded:
Date Number of Shares Price Per Share
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3/2/99 1500 bought 12.4375
3/2/99 4000 bought 12.625
3/3/99 2300 bought 12.5625
3/4/99 2200 bought 12.6136
3/5/99 5600 bought 12.625
3/8/99 6000 bought 12.625
3/9/99 4600 bought 12.625
3/9/99 400 bought 12.625
3/10/99 7200 bought 12.8368
3/11/99 2900 bought 12.8858
3/11/99 8000 bought 13
3/12/99 10100 bought 12.6918
3/15/99 3000 bought 12.5625
3/16/99 500 bought 12.625
3/17/99 3200 bought 12.625
3/18/99 1200 bought 12.75
3/22/99 4300 bought 12.5727
3/24/99 4600 bought 12.0815
3/25/99 1100 bought 12.25
3/26/99 7600 bought 12.2944
3/29/99 3600 bought 12.6042
3/29/99 1900 bought 12.75
3/30/99 3400 bought 12.3824
3/31/99 6800 bought 12.6471
4/1/99 1000 bought 12.75
4/5/99 3500 bought 12.625
4/6/99 4100 bought 12.4634
4/7/99 10300 bought 12.8786
4/8/99 5000 bought 12.875
4/9/99 8900 bought 12.6657
4/12/99 20800 bought 12.8702
4/13/99 3900 bought 12.766
4/13/99 3200 bought 12.875
4/14/99 600 bought 12.9167
4/15/99 1300 bought 12.774
4/16/99 4000 bought 12.6406
4/19/99 10500 bought 12.875
4/23/99 900 bought 12.7222
4/27/99 1000 bought 12.875
4/28/99 1900 bought 13.0625
5/3/99 1600 bought 13.25
5/4/99 2700 bought 13.25
5/5/99 3400 bought 13.25
5/6/99 900 bought 13.2609
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: May 7, 1999 Deep Discount Advisors, Inc.
By: /s/ Ralph W. Bradshaw
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Name: Ralph W. Bradshaw
Title: Secretary
<PAGE>
EXHIBIT A
The business address for all individuals listed
in this Exhibit A is One West Pack Square, Suite 777,
Asheville, NC 28801.
DIRECTORS AND/OR GENERAL PARTNERS
Name and Address Principal Occupation
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Ronald G. Olin Investment Advisor
Sandra D. Olin Director
Gary A. Bentz Investment Advisor
Ralph W. Bradshaw Investment Advisor
William A. Clark Investment Advisor
Ralph D. McBride Attorney
<PAGE>
EXECUTIVE OFFICERS
Name and Address Principal Occupation
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Ronald G. Olin Investment Advisor
Gary A. Bentz Investment Advisor
Ralph W. Bradshaw Investment Advisor
William A. Clark Investment Advisor
SHAREHOLDERS WHO MAY BE DEEMED TO CONTROL THE ADVISORS.
The following shareholders and/or partners may be deemed to
control the Reporting Persons:
Ronald G. Olin
