UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-21782 Small Cap Value Fund, Inc. (Exact name of registrant as specified in charter) 8150 N. Central Expressway #101 Dallas, Texas 75206 (Address of principal executive offices) Laura S. Adams 8150 N. Central Expressway #101 Dallas, Texas 75206 (Name and address of agent for service) Registrants telephone number, including area code: 800-704-6072 Date of fiscal year end: December 31 Date of Reporting Period: December 31, 2007 Item 1. Report to Shareholders. SMALL CAP VALUE FUND, INC. ANNUAL REPORT DECEMBER 31, 2007 Small Cap Value Fund, Inc. 8150 N. Central Expressway #101 Dallas, Texas 75206 1-800-704-6072 Dear shareholders of Small Cap Value Fund, Inc., The Fund began 2007 with a Net Asset Value per share of $24.58 and ended with a Net Asset Value per share of $19.90, after declaring and distributing a dividend of $.0408 per share. The total return of the Fund for 2007 was (18.87%) versus (0.09%) for the S&P 600 and (9.76%) for the Russell 2000 Small Cap Value Index. The Fund?s share price declined sharply in the second half of the year as the crisis in credit markets began to unfold, despite the fact that the underlying portfolio had virtually no direct exposure to the financial sector. We attribute this decline to a perceived tightening of future credit available to smaller companies and the virtual shutdown of bank lending to private equity firms. Our Fund owns companies that have little or no net debt on their balance sheets and valuations that are very compelling. We feel that as credit markets stabilize capital will flow back into the type of securities in our portfolio. We look forward to our third year of operations. Sincerely, Steven Adams Portfolio Manager Laura S. Adams President SMALL CAP VALUE FUND, INC. EXPENSES DECEMBER 31, 2007 As a shareholder of the Fund you incur ongoing costs including management fees and other operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period to December 31, 2007. Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,500 account value divided by $1,000 equals 8.5), then multiply this result by the number in the first line under the heading ?Expenses Paid During Period? to estimate the expenses you paid on your account during the period. Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund?s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund?s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only. Expenses Paid Beginning Ending During Period* Account Value Account Value December 31, 2006, December 31, 2006 December 31, 2007 December 31, 2007 ----------------- ------------- ----------------- Actual $ 1,000 $ 811 $ 8.60 Hypothetical** $ 1,000 $ 1,040 $ 9.69 *Expenses are equal to the Fund?s annualized expense ratio of 0.95%, multiplied by the average account value over the period. ** Hypothetical return assumes 5% return before expenses. SMALL CAP VALUE FUND, INC. PERFORMANCE SUMMARY The graph below represents the changes in value for an initial $10,000 investment in the Small Cap Value Fund from its inception(the beginning of investment operations), December 16, 2005 through December 31, 2007. These changes are then compared to a $10,000 investment in the S&P 600 Small Cap Index for the same period. Returns shown include the reinvestment of all dividends. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost. Inception Year End Year End Year End (12/16/05) 2005 2006 2007 --------- -------- -------- -------- Small Cap Value Fund $10,000 $ 9,891 $ 12,340 $ 10,010 S&P 600 Small Cap Index $10,000 $ 9,879 $ 11,409 $ 11,374 $13,000| $12,000| # $11,000| * * $10,000| # * # * # $ 9,000|__________________________________________________ Inception 2005 2006 2007 (12/16/2005) # = Small Cap Value Fund * = S&P 600 Small Cap Index 15 Day Annual Annual Compounded Return Return Return Average 2005 2006 2007 Annual Return ------ ------ ------ ------------- Small Cap Value Fund (1.09%) 24.76% (18.88%) 0.05% S&P 600 Index (1.21%) 15.49% ( 0.30%) 6.62% SMALL CAP VALUE FUND, INC. STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2007 ASSETS Investment securities, at value (cost $33,034,443) $ 26,570,326 Accrued interest receivable 1,810 Dividends receivable 23,165 ----------- Total assets 26,595,301 ----------- LABILITIES Advisory fees payable 21,557 ----------- Total liabilities 21,557 ----------- NET ASSETS ? Equivalent to $19.90 per share based on 1,335,141 shares of common stock issued and outstanding; 100,000,000 shares authorized, $0.001 par value $ 26,573,744 	 ============ NET ASSETS CONSIST OF: Common stock				 $ 1,335 Paid-in capital 33,036,526 Net unrealized depreciation of investments (6,464,117) - ------------ Net assets $ 26,573,744 ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS DECEMBER 31, 2007 DESCRIPTION SHARES VALUE - ----------- ------ ------------ COMMON STOCKS ? 98.37% Capital Goods ? 23.88% Arkansas Best					 43610	 $ 	 956,803 FreightCar America				 31000	 1,085,000 H & E Equipment (a)				 29005		 547,614 Insteel Industries 			 34600		 405,858 Louisiana-Pacific				 51330 702,194 Pacer International				 27000		 394,200 Schnitzer Steel Industries			 6237		 431,164 Universal Forest Products			 43700	 1,287,402 USG Corp	(a)					 15000	 536,850 									 --------- 									 6,347,086 									 --------- Consumer Discretionary ? 27.96% Bebe Stores 71710 922,191 Builders FirstSource(a)			 146313 1,056,380 Building Materials Holding Corp		 169800 938,994 Charlotte Russe Holding Inc.(a)		 41000	 662,150 Dress Barn(a)					 43700 546,687 Finish Line					 196100 474,562 Kenneth Cole					 44855 784,514 K-Swiss 21935 397,024 Steve Madden(a) 58150 1,163,000 Skechers USA(a)				 24870 485,214 --------- 7,430,716 									 --------- Consumer Staples ? 8.21% ExpressJet Holdings(a)			 667775 1,656,082 Mesa Air Group(a)				 170517 526,898 --------- 2,182,980 									 --------- Energy ? 17.09% Aventine Renewable Energy(a)	 142000 1,811,920 Bronco Drilling(a)				 48500 720,225 Patterson-UTI Energy				 23350		 455,792 Pioneer Drilling(a)				 55030 653,756 Vaalco Energy(a) 193500 899,775 									 --------- 									 4,541,468 --------- - - Continued - SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS, continued DECEMBER 31, 2007 DESCRIPTION SHARES VALUE - ----------- ------ ------------ Healthcare/Pharmaceutical ? 11.05% Hi-Tech Pharmacal(a)				 48100		 467,051 Odyssey Healthcare(a)			 126080 1,394,445 ViroPharma(a) 				 135470	 1,075,632 --------- 2,937,128 									 --------- Technology/Telecommunications ? 10.17% China BAK Battery(a)				 142200 888,750 Cogent(a)					 39000 434,850 Q-Logic(a)					 39000 553,800 Rackable Systems(a)				 82500 825,000 --------- 2,702,400 --------- Total common stocks (cost $32,605,893) 26,141,776 									 ---------- SHORT-TERM INVESTMENTS ? 1.61% Schwab Value Advantage Money Fund Bears interest at approx 4.5% (cost $428,550) 428,550 -------- Total short-term investments (cost $428,550) 428,550 -------- Total investment securities ? 99.98% (cost $33,034,443) 26,570,326 Other assets less liabilities ? 0.02% 3,418 -------- Net assets ? 100.00% $ 26,573,744 ============ (a) Non-income producing security. See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2007 INVESTMENT INCOME: Dividends $ 193,751 Interest 8,389 ------------ Total investment income 202,140 EXPENSES ? Advisory fees 202,761 ------------ Net investment (loss) (621) ------------ GAINS ON INVESTMENTS ? Net realized gain on investments 55,055 Net change in unrealized depreciation of securities (6,848,675) ------------ Net realized gain and unrealized net depreciation on investments (6,793,620) - ------------ Net decrease in net assets resulting from operations $ (6,794,241) ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. STATEMENT OF CHANGES IN NET ASSETS Year Ended 	 Year Ended 	Dec. 31, 2007 Dec. 31, 2006 INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income (loss) $ (621) $ 31,880 Net realized gain on investments 55,055 20,521 Net change in unrealized depreciation of securities 			 (6,848,675) 402,352 						 ----------- ----------- Net increase (decrease) in net assets resulting from operations (6,794,241) 454,753 						 ----------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income - (31,880) Net realized gains (54,434) (20,521) ----------- ----------- Total Distributions (54,434) (52,401) ----------- ----------- CAPITAL SHARE TRANSACTIONS - NET 		 27,342,811 4,656,402 ----------- ------------ TOTAL INCREASE IN NET ASSETS 20,494,136 5,058,754 NET ASSETS, beginning of year 6,079,608 1,020,854 ----------- ------------ NET ASSETS, end of year $ 26,573,744 $ 6,079,608 ============ ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. FINANCIAL HIGHLIGHTS PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD YEAR ENDED YEAR ENDED PERIOD ENDED Dec 31, 07 Dec 31, 06 Dec 31, 05(a) -------- --------- -------- Net asset value, beginning of period $ 24.58 $ 19.87 $ 20.21 -------- --------- -------- Income from investment operations: Net investment income (0.01) 0.35 0.07 Net realized and unrealized gain (loss) on investments 		 (4.64) 4.57 (0.34) -------- --------- -------- Total income from investment operations		 (4.64)	 4.92 (0.27) -------- --------- -------- Less distributions from: Net investment income (0.04) (0.13) (0.07) Net realized gains (0.00) (0.08) (0.00) -------- --------- -------- (0.04) (0.21) (0.07) -------- --------- -------- Net asset value, end of period $ 19.90 $ 24.58 $ 19.87 ======== ========= ======== Total Return (c) (18.87)% 24.76% (1.09)% Net assets, end of period $26,573,744 $6,079,608 $1,020,854 Ratio of expenses to 0.95% 0.85% 0.95% average monthly net assets (c) Ratio of net investment income 0.00% 1.42% (8.02)% to average monthly net assets Portfolio turnover rate (annualized) 72.70% 24.65% 0.00% (a)	Calculation of per share data and ratios represents the period from December 16, 2005 (date investment operations commenced) through December 31, 2005. (b)	The Fund?s actual expenses are calculated daily at 0.95% of net asset value (NAV). (c)	Total return has not been annualized for period ended Dec. 31, 2005. See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 1.	ORGANIZATION Small Cap Value Fund, Inc. (the ?Fund?) was incorporated in the State of Texas on June 16, 2005 and is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The investment objective of the Fund is to achieve growth by investing primarily in small capitalization common stocks. The Fund had no operations until June 24, 2005, when it sold 7,500 shares of its common stock to its original shareholder, Mrs. Laura S. Adams. Investment operations commenced on December 16, 2005. The effective date of the Fund?s Registration under the Securities Act of 1933 was October 27, 2005. 2.	SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates. Security Valuation Securities listed on a national securities exchange or in the over- the-counter market are valued at the last quoted sales price on the day of valuation, or if no quoted sales price was reported on that date, the last quoted bid price. Short-term investments are valued at cost which approximates fair value. Securities for which quotations are not readily available are valued at their estimated fair value as determined in good faith by the Fund?s Board of Directors. Securities Transactions and Investment Income Securities transactions are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Realized gains and losses are determined on a specific identification basis of the securities sold. Unrealized gains and losses resulting from the appreciation and depreciation of securities carrying values are included in the statement of operations. Distribution of Income and Gains The Fund declares and pays dividends annually from net investment income and from net realized gains, if any. Distributions from realized gains for book purposes may include short-term capital gains, which are included in ordinary income for tax purposes. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 2.	SIGNIFICANT ACCOUNTING POLICIES (continued) Federal Income Taxes The Fund?s policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income, including any realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. Net investment income (loss), net realized gains (losses) and the cost of investments in securities may differ for financial statement and income tax purposes. The character of distributions from net investment income or net realized gains may differ from their ultimate characterization for income tax purposes. At December 31, 2007, there were no material differences. Also, due to the timing of dividend distributions, the year in which amounts are distributed may differ from the year that the income or realized gains were recorded by the Fund. 3.	CAPITAL SHARE TRANSACTIONS Capital Share transactions in the Fund?s $0.001 par value common stock were as follows: Period from December 31, 2007 December 31, 2006 ------------------- ------------------- Shares Amount Shares Amount Shares sold 1,084,998 $27,288,377 193,893 $4,604,001 Shares issued in reinvestment of dividends	 2,731 54,434 2,132 52,401 ------ -------- ------- ---------- Net increase 		1,087,729 27,342,811 196,025 4,656,402 Beginning of period 247,412 5,695,050 51,387 1,038,648 ------ -------- ------- ---------- End of period 1,335,141 $33,037,861 247,412 $5,695,050 				=========	========== ======= ========== 4.	INVESTMENT TRANSACTIONS The cost of purchases and proceeds from sales of investment securities, excluding short-term investments, aggregated $41,749,521 and $14,892,409, respectively, for the year ended December 31, 2007. There were no differences between the financial reporting basis and the income tax basis in the cost or net unrealized appreciation (depreciation) of the Fund?s investments as of December 31, 2007. As of December 31, 2007, the aggregate unrealized appreciation and depreciation of investment securities was as follows: Unrealized appreciation $ 779,746 Unrealized depreciation (7,243,863) Net unrealized appreciation $ (6,464,117) SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 5.	DISTRIBUTION TO SHAREHOLDERS On December 31, 2007 a distribution of $0.0409 per share aggregating $54,434 was paid to the shareholders of record on that date from net realized gains. 6.	ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES The Fund and the Advisor are under common control and the existence of that control may create operating results and financial position different than if they were autonomous. The Fund has entered into an agreement with Adams Asset Advisors, LLC (the ?Advisor?) to provide investment advisory services to the Fund. Laura S. Adams is the managing member of the Advisor and is an officer, director and shareholder of the Fund. Under the terms of the agreement, the Fund will pay the Advisor a monthly fee at the annual rate of 0.95% of the Fund?s average daily net assets. The fee is computed daily and payable monthly. The Advisor has contractually agreed to pay all operating expenses of the Fund, except brokerage fees and commissions, interest, taxes and extraordinary expenses. The Advisor acts as the transfer agent for the Fund. Proxy Voting Information Small Cap Value Fund, Inc. management is responsible for exercising the voting rights associated with the securities held by the Fund. A description of our philosophy on fulfilling this responsibility is available without charge, upon request, by calling 1-800-704-6072. Quarterly Filing of Portfolio Holdings The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Fund?s Form N-Q?s are available on the SEC?s website at http://www.sec.gov, and can also be reviewed and copied at the SEC?s public reference room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Approval of Investment Advisory Contract The Board of Directors, including all Directors that are independent, has historically reviewed factors involved in approval of the Advisory Agreement in person at the Annual Board Meeting of the Board of Directors (held 6/4/2007) and then formally approved the Agreement by unanimous consent in December (signed 12/4/2007). Going forward, the Board will hold a separate, in-person meeting, specifically called for the purpose of reviewing and re-approving the Advisory Agreement. The next meeting for this purpose was held on 2/19/2008. In approving the Advisory Agreement for 2007, the Directors considered the following: 1)	Nature, extent and quality of services provided by the Advisor ? 2)	The Directors reviewed the nature, quality and scope of current services provided by the Advisor under the Advisory Agreement. This includes portfolio management, supervision of Fund operations, compliance and regulatory matters. 3)	Investment performance ? The Directors reviewed the performance of the Fund, as compared to market benchmarks. This review focused on investment strategy and long term performance potential. 4)	Cost of services to the Fund and profitability of the Advisor ? The Directors considered the Fund?s management fee and total expense ratio relative to industry averages. The Directors determined that the Advisor is receiving a fee that is in line with fees charged for separate accounts and that the Advisor is operating profitably, is viable and should remain an ongoing entity. 5)	Economies of Scale ? The Directors considered information regarding economies of scale with respect to management of the Fund and noted that the Fund and its shareholders are already experiencing and benefitting from an expense ratio that would be expected from that of funds with significantly larger asset bases. 6)	Conclusions ? Based on the above review and discussions, the Directors concluded that it is in the best interest of the Fund and the shareholders to approve the Advisory Agreement. Board of Directors Information The business and affairs of the Fund are managed under the direction of the Board of Directions of the Fund. Information pertaining to the Directors of the Fund are set forth below. The SAI of the Fund includes additional information about the Directors of the Fund and is available, without charge, by calling 800-704-6072. Each Director may be contacted by writing to that Director c/o Small Cap Value Fund, Inc., 8150 N. Central Expressway, #101, Dallas, Texas 75206. INDEPENDENT DIRECTORS Name and Age Position Term Principal Occupation Other Public Past five years Directorships - ------------------- -------- ---- --------------------- ------------- Vicky L. Hubbard Director 1 Yr Private Investor Stock Age 50 Since 2000 Dividend Fund Yolawnde F. Malone Director 1 Yr Tax Mngr-Tolleson Stock Age 44 Wealth Mgmt, Self Emp Dividend Fund Tax Consultant prior Melissa D. Gordon, Director 1 Yr Pathologist, North Stock M.D. Dallas Pathology Dividend Fund Age 44 INTERESTED DIRECTORS Laura S. Adams Director, 1 Yr President of Fund, Stock Age 46 President Managing Member of Dividend Fund Secretary Adams Asset Advisors Treasurer prior, Private investor prior Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of Small Cap Value Fund, Inc. We have audited the accompanying statement of assets and liabilities of Small Cap Value Fund, Inc., including the schedule of investments, as of December 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the two years in the period then ended and for the period from December 16, 2005 (the date investment operations commenced) through December 31, 2005. These financial statements and financial highlights are the responsibility of the Fund?s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2006, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Small Cap Value Fund, Inc. as of December 31, 2007, the results of its operations for the year then ended, the changes in net assets for the two years in the period then ended and the financial highlights for the two years in the period then ended and for the period from December 16, 2005 (the date investment operations commenced) through December 31, 2005, in conformity with accounting principles generally accepted in the United States of America. PMB Helin Donovan, LLP Austin, Texas February 8, 2008 Item 2. Code of Ethics. The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to all officers and employees of the Fund. The registrant has not made any amendments to its code of ethics or granted any waivers or exceptions to the code during the covered period. Item 3. Audit Committee Financial Expert. The entire Board of Directors, in effect, acts as the audit committee. The Board has two financial experts serving on the Board. Laura Adams and Yolawnde Malone are the financial experts. Mrs. Adams is an ?interested? Director and Mrs. Malone is an ?independent? Director. Item 4. Principal Accountant fees and services. As part of the Registrants contract with the Investment Advisor of the Fund, the Investment Advisor is responsible for paying all accountant and related audit fees as part of the Advisory fee paid by the Fund. Item 5. Audit Committee of listed Registrants. (Not applicable for open end investment companies) Item 6. Schedule of Investments. Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. Item 7. Disclosure of proxy voting policies and procedures for closed- end management investment companies. (Not applicable) Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not Applicable to open-end investment companies. Item 9. Purchase of equity securities by closed-end management investment companies. (Not applicable) Item 10. Submission of Matters to a vote of security holders. (None) Item 11. Controls and Procedures a)	 The Fund?s president has concluded that the Fund?s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission?s rules and forms, based upon such officers? evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. b)	 There were no significant changes or corrective actions with regard to deficiencies or material weaknesses in the Fund?s internal controls or in other factors that could significantly affect the Fund?s internal controls subsequent to the date of their evaluation. Item 12. Exhibits. a)	(1)Code of Ethics-Filed with Form N-CSR and is hereby incorporated by reference (2)Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002- Attached b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002- Attached Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Small Cap Value Fund By /s/ Laura S. Adams - -------------------------------------- Laura S. Adams President Principal Executive Officer and Principal Financial Officer Date 2/20/08 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and dates indicated. Small Cap Value Fund By /s/ Laura S. Adams - -------------------------------------- Laura S. Adams President Principal Executive Officer and Principal Financial Officer Date 2/20/08