UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington DC 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number:			811-21782 Name of registrant:		Small Cap Value Fund Address:			8150 N. Central Expwy #M1120, Dallas, Texas 75206 Agent for service:		Laura S. Adams (same address) Registrants phone number:	214-360-7410 Date of fiscal year end:	December 31 Reporting period:		June 30, 2009 through June 30, 2010 Company			Mtg	Matter			Who	Mgmt	Vote Symbol/Cusip		Date	Voted On		From	Rec	Cast - --------------		----	---------------		----	----	---- Cogent Inc.		7/29	Election of directors	co	For	For COGT	19239Y108	7/29	Ratify Del&Touche Firm	co	For	For China Bak Battery, Inc.	3/16	Election of directors	co	For	For CBAK	16936Y100	3/16	Ratify PKF Acct. Firm	co	For	For Frontier Oil		4/28	Election of directors	co	For	For FTO	35914P105	4/28	Apprv 1st Amend Omnib. 	co	For	For 			7/28	Ratify Del&Touch audit.	co	For	For Louisianna-Pacific Corp 5/06	Election of directors	co	For	For LPX	546347105	5/06	Ratify Del&Touch Audit.	co	For	For Cooper Tire & Rubber Co 5/04	Election of directors	co	For	For CTB	216831107	5/04	Ratify indep acct firm	co	For	For 			5/04	considr declassify BOD	co	For	For 			5/04	Apprv 2010 compens. pln	co	For	For General Cable Corp	5/13	Election of directors	co	For	For BGC	369300108	5/13	Apprv amend annual elct	co	For	For 			5/13	Apprv amend remov dir	co	For	For 			5/13	Ratify Del&touch acctfm	co	For	For 			5/13	Apprv perf. goals 05pln	co	For	For Amerigroup Corp.	5/13	Election of directors	co	For	For AGP	03073T102	5/13	Ratify KPMG Ind. acctfm	co	For	For Nutrisystem, Inc.	5/12	Election of directors	co	For	For NTRI	67069D108	5/12	Ratify KPMG Ind. acctS	co	For	For Trinity Industries	5/03	Election of directors	co	For	For TRN	896522109	5/03	Apprv 04 stkopt&inc.pln	co	For	For 			5/03	Apprv Rat Ernst&Yngacct.co	For	For K-Swiss Inc.		5/18	Election of directors	co	For	For KSWS	482686102	5/18	Rat Grnt&thrntn acctfrm co	For	For 			5/18	confer disrec. authorty co	For	For Coventry Health Care	5/20	Election of directors	co	For	For CVH	222862104	5/20	Apprv Rat Ernst&Yngacct.co	For	For 			5/20	Stkhldr prop: pol.contr.co	Against	Against 			5/20	Stkhldr prop: pay dispr.co	Against	Against 			5/20	Stkhldr prop: multperf.	co	Against	Against Western Refining Inc.	5/25	Election of Directors	co	For	For WNR	959319104	5/25	Ratify Deloitte&Touche	co	For	For 			5/25	Vote to apprv '10incpln.co	For	For FreightCar America Inc.	5/12	Election of Directors	co	For	For RAIL	357023100	5/12	Ratify Deloitte&Touche	co	For	For Pioneer Drilling Co.	5/14	Election of Directors	co	For	For PDC	723655106	5/14	Ratify KPMG as Auditors	co	For	For Viropharma		5/24	Election of Directors	co	For	For VPHM	928241108	5/24	Amnd '05 Equity inc.pln	co	For	For 			5/24	Ratify KPMG as Acc firm	co	For	For Neutral Tandem Inc.	5/25	Election of Directors	co	For	For TNDM	64128B108	5/25	Ratify Deloitte&Touche	co	For	For Gamestop Corp.		6/22	Election of Directors	co	For	For GME	36467W109	6/22	Ratify BDO Ind.acctfirm co	For	For - -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940 Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) SMALL CAP VALUE FUND Signature and Title By: /s/ Laura S. Adams President Date: 08/06/10