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 #M1120 Dallas, Texas 75206 (Address of principal executive offices) Laura S. Adams 8150 N. Central Expressway #M1120 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: June 30, 2011 Item 1. Report to Shareholders. SMALL CAP VALUE FUND, INC. SEMI-ANNUAL REPORT JUNE 30, 2011 Small Cap Value Fund, Inc. 8150 N. Central Expressway #M1120 Dallas, Texas 75206 1-800-704-6072 Fund Symbol: SCAPX Dear shareholders of Small Cap Value Fund, Inc., As of June 30, 2011, the Net Asset Value of the Fund was $23.34, up from $22.29 at the beginning of the year. This resulted in a gain of 4.71% for the first half of the year versus a gain of 7.50% for the S&P 600 Small Cap Index. In an attempt to reduce volatility, the Fund continues to have no direct exposure to the Financial industry and minimal exposure to companies with voracious capital needs. We feel that this tactic is prudent and that it will not meaningfully inhibit performance. Our top holdings and industry group exposures, as of June 30, 2011, are listed below. The turnover numbers of the Fund continue to be a little higher than we would normally expect due to portfolio rebalancing and redemptions. This is not disadvantageous to shareholders from a tax standpoint as the Fund has significant tax loss carryforwards and commission costs for trading are negligible. We continue to see exceptional investment opportunities and valuations in the small cap area and thus feel that the portfolio will be rewarding for long term investors. Sincerely, Steven Adams Portfolio Manager SMALL CAP VALUE FUND, INC. Top Ten Holdings and Asset Allocation June 30, 2011 Top Ten Holdings* (% of Net Assets) Universal Corp. 7.74% ViroPharma Inc. 6.33% Sanderson Farms 5.81% Neutral Tandem 5.30% Amerigroup 5.24% PDL Biopharma 5.00% Coventry Healthcare 4.69% American Superconductor 4.58% Tellabs Inc. 4.54% AmSurg Corp. 4.28% ------ 53.51% Asset Allocation (% of Net Assets) Chewing and Smoking Tobacco and Snuff 7.74% Pharmaceutical Preparation 6.33% Poultry, Slaughtering and Processing 5.81% Telephone Communications 5.30% Hospital and Medical Service Plans 5.24% Biological Products, Except Diagnostic Substances 5.00% Services-Offices, Clinics of Doctors of Medicine 4.69% Motors and Generators 4.58% Telephone and Telegraph Apparatus 4.54% Hospitals 4.28% Footwear 4.16% Retail Apparel 3.90% Retail-Computer & Computer Software 3.78% Services-Computer Processing & Data Prep 3.77% Retail-Nonstore Retailers 3.70% Sawmills and Planing Mills 3.69% Home Health Care Services 3.24% Colleges, Universities, and Professional Schools 3.02% Fabricated Rubber Products 2.93% Small Arms 2.31% Other Assets less liabilities, net 11.99% ------- 						 100.00% *Portfolio holdings are subject to change and are not recommendations of individual stocks SMALL CAP VALUE FUND, INC. EXPENSES JUNE 30, 2011 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 June 30, 2011. 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, 2010 December 31, 2010 June 30, 2011 to June 30, 2011 ----------------- ------------- ----------------- Actual $ 1,000 $ 1,047 $ 4.82 Hypothetical** $ 1,000 $ 1,025 $ 4.77 *Expenses are equal to the Fund?s annualized expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 181 days/365 days to reflect the one-half year period ** Hypothetical return assumes 5% return before expenses. SMALL CAP VALUE FUND, INC. STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) JUNE 30, 2011 ASSETS Investment securities, at value(cost $8,827,436) $10,856,192 Cash 1,485,076 Accrued interest 6 Dividends receivable 5,583 ----------- Total assets 12,346,857 ----------- LABILITIES Advisory fees payable 11,910 ----------- Total liabilities 11,910 ----------- NET ASSETS ? (Equivalent to $23.34 per share based on 528,597 shares of common stock issued and outstanding; 100,000,000 shares authorized, $0.001 par value $ 12,334,947 ============ NET ASSETS CONSIST OF: Common stock				 $ 529 Paid-in capital 19,032,832 Net unrealized appreciation of investments 2,028,738 Accumulative operating loss (8,894) Undistributed net investment income 33,486 Undistributed net realized gain on Investments(inc loss carryovers) (8,751,744) ------------ Net assets $ 12,334,947 ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS (Unaudited) JUNE 30, 2011 DESCRIPTION SHARES MARKET VALUE ----------- ------ ------- COMMON STOCKS ? 88.01% Sawmills and Planing Mills-3.69% Universal Forest Products		19,000	 455,240 Fabricated Rubber Products-2.93% Cooper Tire Rubber			 18,250	 361,167 Hospital and Medical Service Plans-5.24% Amerigroup Corp (a) 9,170 646,210 Pharmaceutical Preparation-6.33% ViroPharma (a) 		 42,235	 781,347 Services-Computer Processing & Data Prep-3.77% Total System Services			 25,000		 464,500 Telephone Communications-5.30% Neutral Tandem	 (a)			 37,500	 653,250 Small Arms-2.31% Smith & Wesson Holding Corp. (a) 95,000		 285,000 Retail-Nonstore Retailers-3.70% Nutrisystem Inc. 32,500	 456,950 Retail-Computer & Computer Software Stores-3.78% GameStop		(a)		 17,500 466,725 Services-Offices, Clinics of Doctors of Medicine-4.69% Coventry Health Care (a)		 15,865	 578,597 Motors and Generators-4.58% American Superconductor (a)		 62,500 565,000 Retail Apparel-3.90% Aeropostale (a) 27,500 481,250 - Continued - SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS (Unaudited), continued JUNE 30, 2011 DESCRIPTION SHARES MARKET VALUE ----------- ------ ------- Home Health Care Services-3.24% Amedisys Inc.	(a)		 15,000	 399,450 Hospitals-4.28% AmSurg Corp.	(a)			20,200 527,826 Colleges, Universities, and Prof Schools-3.02% Corinthian Colleges Inc. (a) 	 87,500 372,750 Poultry, Slaughtering & Processing-5.81% Sanderson Farms Inc. 15,000 716,700 Chewing and Smoking Tobacco and Snuff-7.74% Universal Corp 25,360 955,311 Biological Products, Except Diagnostic Substances-5.00% PDL Biopharma 105,000 616,350 Footwear-4.16% Skechers USA, Inc. (a) 35,435 513,099 Telephone and Telegraph Apparatus-4.54% Tellabs, Inc. (a) 121,360 559,470 -------- Total common stocks (cost $8,827,454) 10,856,192 - Continued - SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS (Unaudited), continued JUNE 30, 2011 SHARES FAIR VALUE SHORT-TERM INVESTMENTS ? 5.45% ------ --------- Schwab Money Market Fund-current interest at 0.01% 			 1,485,076 $ 1,485,076 -------- Total short-term investments (cost $1,485,076) 1,485,076 -------- Total investment securities ? 100.00% (cost $10,312,530) 12,341,268 Other assets less liabilities ? (0.00)% (6,321) -------- Net assets ? 100.00% $ 12,334,947 ============ (a) Presently non-income producing See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. STATEMENT OF OPERATIONS (Unaudited) For the Period December 31, 2010 through June 30, 2011 INVESTMENT INCOME: Dividends $ 121,438 Interest 49 ------------ Total investment income 121,487 EXPENSES ? Advisory fees 88,001 ------ Net investment income 33,486 ------------ GAINS ON INVESTMENTS ? Net realized gain(loss) on investments 1,323,286 Net change in unrealized depreciation of securities (733,529) ------------ Net realized gain and Unrealized loss on investments 		 589,757 ------------ Net increase in net assets resulting from operations $ 623,243 ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. STATEMENT OF CHANGES IN NET ASSETS (Unaudited) Six Months Ended Year Ended June 30, 2011 Dec. 31, 2010 INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income $ 33,486 $ (8,894) Net realized gain(loss) on investments 1,323,286 (835,183) Net change in unrealized appreciation (depreciation)of securities (733,529) 6,187,685 				 ----------- ------------ Net increase in net assets resulting from operations 623,243 5,343,608 DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income 0 0 Net realized gains 0 0 ----------- ------------ Total Distributions 0 0 CAPITAL SHARE TRANSACTIONS (6,676,351) (4,335,442) ----------- ------------ TOTAL INCREASE IN NET ASSETS (6,053,108) 1,008,166 NET ASSETS, beginning of period 18,388,055 17,379,889 ----------- ------------ NET ASSETS, end of period $12,334,947 $18,388,055 =========== ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. FINANCIAL HIGHLIGHTS (Unaudited) PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD ENDING: PERIOD YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED 6/30/11 2010 2009 2008 2007 2006 ----- ------ ------ ------ ------ ------- Net asset value, beginning of period $22.29 $16.53 $11.62 $19.90 $24.58 $19.87 ------ ------ ------ ------ ------ ------- Income from investment operations: Net investment income 0.06 (0.01) 0.02 0.32 (0.01) 0.35 Net realized and unrealized gains (losses)on investments 0.99 5.77 4.91 (8.28) (4.64) 4.57 ----- ----- ----- ----- ------ ------ Total income(loss)from investment operations	 1.05 5.76 4.93 (7.96) (4.64) 4.92 ----- ------ ------ ----- ------ ------ Less distributions from: Net investment income 0.00 0.00 (0.02) (0.32) (0.04) (0.13) Net realized gains 0.00 0.00 (0.00) (0.00) (0.00) (0.08) ---- ------ ------ ------ ------ ------ Total distributions 0.00 0.00 (0.02) (0.32) (0.04) (0.21) ----- ----- ----- ----- ------ ------ Net asset value, end of period $23.34 $22.29 $16.53 $11.62 $19.90 $24.58 ------- ------- ------ ------ ------ ------ Total Return 4.71% 34.85% 42.43% (41.49)% (18.87)% 24.76% Net assets, end of period(in 1000's) $12,335 $18,388 $17,380 $16,225 $26,574 $6,080 Ratio of expenses to average net asset(a) 0.98% 0.97% 0.94% 0.94% 0.95% 0.85% Ratio of net investment income to average net assets 0.18% (0.05)% 0.16% 0.20% 0.00% 1.42% Portfolio turnover rate (annualized) 62.21% 80.53% 29.12% 23.30% 72.70% 24.65% (a) The Fund?s actual expenses are calculated daily at 0.95% of net asset value (NAV). 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 statements 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 June 30, 2011, 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. New Accounting Pronouncements The Fund complies with Financial Accounting Standards Board (FASB) Interpretation No.48 - Accounting for Uncertainty in Income Taxes. FASB Interpretation No.48 requires the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that based on their technical merits, have a more than fifty percent likelihood of being sustained upon examination. The financial statements must be adjusted to reflect only those tax positions that are more likely than not of being sustained. Management of the Fund does not believe that any adjustments were necessary to the financial statements at adoption. The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of June 30, 2011: Investments Other in Financial Level Securities Instruments * ----- ---------- ----------- Level 1 $12,071,268 $ 0 Level 2 0 0 Level 3 0 0 ---------- ----------- Total $12,071,268 $ 0 =========== =========== * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures forwards and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument CAPITAL SHARE TRANSACTIONS Capital Share transactions in the Fund?s $0.001 par value common stock were as follows: Period from December 31, 2010 through June 30, 2011 ------------------- Shares Amount Shares sold (296,200) $(6,676,351) Shares issued in reinvestment of dividends	 0 0 --------- ----------- Net increase 	 (296,200) (6,676,351) Beginning of period 824,797 25,709,784 --------- ----------- End of period 528,597 $ 19,033,434 		 ========= ============ INVESTMENT TRANSACTIONS The cost of purchases and proceeds from sales of investment securities, excluding short-term investments, aggregated $5,625,495 and $11,910,185, respectively, for the period December 31, 2010 to June 30, 2011. There were no differences between the financial reporting basis and the income tax basis in the cost or net unrealized depreciation of the Fund?s investments as of June 30, 2011. As of June 30, 2011, the aggregate unrealized appreciation and depreciation of investment securities was as follows: Unrealized appreciation $ 2,471,435 Unrealized depreciation (442,697) Net unrealized appreciation $ 2,028,738 3.	DISTRIBUTION TO SHAREHOLDERS There have been no distributions in 2011 through June 30, 2011. 4.	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 significantly 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 management fee for the first six months of 2011, as computed pursuant to the investment advisory agreement, totaled $88,001. The Advisor acts as the transfer agent for the Fund and Fidelity Investments is the sub-transfer agent. 5.	Redemption Fee To discourage short-term trades by investors and to compensate the Fund for costs that may be incurred by such trades, the Fund may impose a redemption fee of 2% of the total redemption amount if shares are held less than 365 days. For the six months ended June 30, 2011, there were no redemption fees received by the Fund. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS ADDITIONAL INFORMATION 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 its 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 Forms N-Q are available on the SEC's website athttp://www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. APPROVAL OF INVESTMENT ADVISORY AGREEMENT At an in-person meeting held on January 31, 2011, the Board of Directors, including a majority of Directors that are not "interested" persons of the Fund(as the term is defined in the 1940 Act), re- approved the Advisory Agreement based upon its review of the qualitative and quantitative information provided by the Investment Advisor. The Directors considered, among other things, the following information regarding the Investment Advisor. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE INVESTMENT ADVISOR The Directors reviewed the nature, quality and scope of current and anticipated services provided by the Investment Advisor under the Advisory Agreement. This includes portfolio management, supervision of Fund operations and compliance and regulatory matters. INVESTMENT PERFORMANCE The Directors reviewed the performance of the Fund, as compared to other mutual funds and market benchmarks. This review focused on the long-term performance of the Fund. COST OF SERVICES TO THE FUND AND PROFITABILITY OF ADVISOR The Directors considered the Fund's management fee and total expense ratio relative to industry averages. The Directors determined that the Advisor is operating profitably, is viable and should remain as an ongoing entity. ECONOMIES OF SCALE The Directors considered information regarding economies of scale with respect to the management of the Fund. CONCLUSIONS Based on the above review and discussions, the Directors concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Agreement. Board of Directors Information Small Cap Value Fund, Inc. June 30, 2011 The business and affairs of the Fund are managed under the direction of the Fund's Board of Directors. Information pertaining to the Directors of the Fund are set forth below. The Fund's Statement of Additional Information includes additional information about the Fund's Directors, and is available without charge, by calling 1-800-704-6072. Each director may be contacted by writing to the director c/o Small Cap Value Fund, Inc, 8150 N. Central Expressway, Suite M1120, Dallas, Texas, 75206. INDEPENDENT DIRECTORS Name and Age Position Term Principal Occupation Other Public Past five years Directorships ------------------- -------- ---- --------------------- ------------- Vicky L. Hubbard Director 1 Yr Homemaker since 2000, Stock Dividend Age 53 Technology Mngr prior Fund, Inc. Yolawnde F. Malone Director 1 Yr Tax Mngr-Cain Waters, Stock Dividend Age 47 Tolleson Wealth Mgmt Fund, Inc. prior, Self Emp Tax Consultant prior Melissa D. Gordon, Director 1 Yr Pathologist, North Stock Dividend M.D. Dallas Pathology Fund, Inc. Age 47 INTERESTED DIRECTORS Laura S. Adams Director, 1 Yr President, Adams Stock Dividend Age 50 President Asset Advisors Fund, Inc. Secretary since 2002, Private Treasurer Investor prior This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of Stock Dividend Fund, Inc. Such offering is made only by prospectus, which includes details as to offering price and material information. 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 semi-annual reports) 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-Not applicable for semi-annual reports. (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 8/08/11 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 8/08/11