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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 7
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> GLOBAL SMALL CAP FUND INC.
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Report
of 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,
1999, 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, and 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 responsibility,
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
fraud 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
internal control would
not necessarily
disclose all matters in
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
specific internal
control components does
not reduce to a
relatively low level
the risk that errors or
fraud
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 internal
control and its
operation, including
controls
for safeguarding
securities, that we
consider to be material
weaknesses as defined
above at July 31,
1999.
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
and is not intended to
be and
should not be used by
anyone other than these
specified parties.
ERNST & YOUNG LLP
September 20, 1999
Global Small Cap Fund Inc.
N-SAR Exhibits
Item 77 (H)
For period ending July 31, 1999
File number 811-7814
Changes in Control of Registrant:
During the annual reporting period
ended July 31, 1999, Schedules 13G
and 13D, with amendments, were filed
with the Securities and Exchange
Commission indicating that certain
entities have acquired more than 25% of
the common stock of the registrant.
Section 2(a)(9) of the Investment
Company Act of 1940, as amended,
provides that "[a]ny person who owns
beneficially, either directly or through
one or more controlled companies,
more than 25 per centum of the voting
securities of a company shall be
presumed to control such company."
The Schedule 13G and Schedule 13D
filings made with respect to the
registrant are hereby incorporated by
reference to the extent that Form N-
SAR requires further information
regarding: (1) the names of such
persons, (2) the dates of their
purchases of common stock, (3) a
description of the transaction or
transactions by which those persons are
presumed to have acquired control, and
(4) the percentage of voting securities of
the registrant owned. The registrant
does not make any representation as to
the accuracy or inaccuracy of any
information contained in filings made by
other persons.
