A proposal to merge the open-ended Global Small Cap Fund of New York with the open-ended PaineWebber Global Equity Fund, won approval Jan. 14, despite efforts by shareholder activists to delay the vote until their own opposing proxy was considered.

Deep Discount Advisors of Asheville, N.C. filed the opposing proxy seeking to have a new slate of directors elected to the fund, which has been managed by Mitchell Hutchins Asset Management of New York. Ron Olin, chairman and CEO of Deep Discount and a fund director, succeeded in having a Dec. 30 special meeting of the fund adjourned because the fund would not allow the opposing proxy.

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