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, 2019 Item 1. Report to Shareholders. SMALL CAP VALUE FUND, INC. SEMI-ANNUAL REPORT JUNE 30, 2019 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, 2019, the Net Asset Value of the Fund was $34.40, down from $38.99 at the beginning of the year. This resulted in a loss of 11.77% for the first half of the year versus a gain of 13.67% for the S&P 600 Small Cap Index. Our exposure to consumer discretionary stocks, and more specifically certain retail stocks, primarily caused the largest drag on performance. It should be noted that for the three years ending 12/31/2018, the Fund was the top performing fund in the Small Cap Value category according to Lipper. Our top holdings and industry group exposures, as of June 30, 2019, are listed below. 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, 2019 Top Ten Holdings* (% of Net Assets) Schweitzer-Mauduit International, Inc 10.81% Schnitzer Steel Industries, Inc 7.09% Universal Corp 6.85% Cirrus Logic, Inc 6.67% Hawaiian Holdings 6.20% Patterson Companies Inc 5.84% Hyster-Yale Materials 5.60% InterDigital, Inc 4.79% IAM Gold 4.37% LSC Communications, Inc 4.36% ------ 62.58% Asset Allocation (% of Net Assets) Crude Petro & Natural Gas 10.81% Patent Owner 8.63% Durable Goods 7.09% Raw Farm Products 6.85% Semiconductors 6.67% Air Transportation, Scheduled 6.20% Family Store		 6.11% Medical/Hospital Equipment 5.84% Industrial Truck 5.60% Gold Ore Mining 4.37% Miscellaneous Publishing 4.36% Jewelry Store 4.26% Retail Apparel 4.00% Plastic Products 3.81% Retail Furniture 3.70% Concrete Products 3.21% Drill Oil/Gas 2.36% Computer Software 2.12% Miscellaneous Retail 1.94% Other Assets less liabilities, net 2.07% ------- 						 100.00% *Portfolio holdings are subject to change and are not recommendations of individual stocks SMALL CAP VALUE FUND, INC. EXPENSES JUNE 30, 2018 As a shareholder of the Fund you incur ongoing costs including management fees. 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, 2019. 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, 2018 December 31, 2018 June 30, 2019 to June 30, 2019 ----------------- ------------- ----------------- Actual $ 1,000 $ 882 $ 4.43 Hypothetical** $ 1,000 $ 1,025 $ 4.80 *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, 2019 ASSETS Investment securities, at value(cost $21,117,688) $ 16,689,090 Cash 334,007 Accrued interest 10 Dividends receivable 30,440 ----------- Total assets 17,053,546 ----------- LABILITIES Advisory fees payable 13,322 ----------- Total liabilities 13,322 ----------- NET ASSETS ? (Equivalent to $34.40 per share based on 495,322 shares of common stock issued and outstanding; 100,000,000 shares authorized, $0.001 par value $ 17,040,225 ============ NET ASSETS CONSIST OF: Common stock				 $ 495 Paid-in capital 20,697,553 Net unrealized depreciation of investments (4,428,598) Accumulative operating loss (37,113) Undistributed net investment income 309,805 Undistributed net realized gain on Investments(inc loss carryovers) 498,083 ------------ Net assets $ 17,040,225 ============ See accompanying notes to these financial statements. SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS (Unaudited) JUNE 30, 2019 DESCRIPTION SHARES FAIR VALUE ----------- ------ ------------ COMMON STOCKS ? 97.93% Jewelry Store?4.26% Signet Jewelers Limited			 40,639	 726,625 Air Transportation, Scheduled-6.20% Hawaiian Holdings Inc. 		 38,541	 1,057,180 Gold Ore Mining-4.37% IAMGOLD (a) 			 220,371	 744,854 Retail Apparel-4.00% Express Inc. (a) 108,315 295,700 Tailored Brands Inc 66,667 384,669 							 ---------- 							680,369 Family Clothing Stores-6.11% Buckle 19,861 343,794 Abercrombie & Fitch 43,478 697,387 ---------- 1,041,181 Crude Petro/NG-10.81% Schweitzer-Mauduit International, Inc 55,515 1,841,988 Durable Goods-7.09% Schnitzer Steel Industries, Inc 46,145 1,207,615 Patent Owner-8.63% Acacia Research Corp (a)		 220,977 654,092 InterDigital Inc 12,678 816,463 ---------- 1,470,555 Semiconductors-6.67% Cirrus Logic Inc (a) 26,007 1,136,506 Concrete Product-3.21% Forterra Inc (a) 110,227 547,828 Computer Software-2.12% GameStop 66,139 361,780 Industrial Trucking-5.60% Hyster-Yale Materials 17,254 953,456 Miscellaneous Retail -1.94% Kirkland?s (a) 146,274 330,579 -	Continued ? SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS, continued JUNE 30, 2019 DESCRIPTION SHARES FAIR VALUE ----------- ------ ---------- Medical/Hospital Equipment-5.84% Patterson Cos Inc 43,478 995,646 Retail Furniture-3.70% Bed Bath & Beyond 54,254 630,431 Drill Oil & Gas-2.36% Ensco Rowan Plc 47,088 401,661 Misc. Publishing-4.36% LSC Communications Inc 202,586 743,491 Plastic Products-3.81% Tupperware Brands Corp 34,135 649,589 Raw Farm Product-6.85% Universal Corp 19,216 1,167,756 --------- Total common stocks (cost $21,117,673) $ 16,689,090 SHORT-TERM INVESTMENTS ? 2.07% Schwab Money Market Fund-current interest at 0.26% 			 334,007 $ 334,007 -------- Total short-term investments (cost $ 334,007) 334,007 -------- Total investment securities ? 100.06% (cost $21,007,658) 25,296,143 Other assets less liabilities ? (0.06%) (14,680) -------- Net assets ? 100.00% $ 25,281,463 ============ (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, 2018 through June 30, 2019 INVESTMENT INCOME: Dividends $ 404,025 Interest 864 Accrued Interest 10 ------------ Total investment income 404,898 EXPENSES ? Advisory fees 95,053 ------ Net investment income 309,805 ------------ GAINS ON INVESTMENTS ? Net realized gain(loss) on investments 498,083 Net change in unrealized depreciation of securities (3,081,301) ------------ Net realized gain and Unrealized loss on investments 		 (2,583,218) ------------ Net increase in net assets resulting from operations $ (2,273,413) ============ 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, 2019 Dec. 31, 2018 INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income $ 309,805 $ 363,356 Net realized gain(loss) on investments 498,083 112,219 Net change in unrealized appreciation (depreciation)of securities (3,081,301) (4,895,061) 				 --------- ----------- Net increase in net assets resulting from operations (2,273,413) (4,419,486) DISTRIBUTIONS TO SHAREHOLDERS FROM Net investment income 0 (363,356) Net realized gains 0 (112,219) ----------- ------------ Total Distributions 0 (475,575) CAPITAL SHARE TRANSACTIONS 14 225,612 ----------- ------------ TOTAL INCREASE(DECREASE) IN NET ASSETS (2,273,413) (4,669,449) NET ASSETS, beginning of period 19,313,624 23,983,073 ----------- ------------ NET ASSETS, end of period $ 17,040,211 $ 19,313,624 =========== ============ 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 6/30/19 2018 2017 2016 2015 2014 ----- ------ ------ ------ ------ ----- Net asset value, beginning of period $38.99 $49.04 $38.84 $27.89 $35.99 $38.03 ------ ------- ------ ------ ------ ------ Income from investment operations: Net investment income 0.63 0.75 0.55 0.17 (0.20) (0.05) Net realized and unrealized gains (losses)on investments(5.22) (9.82) 10.40 10.98 (7.70) (1.99) ----- ------ ----- ----- ------ ------ Total income(loss)from investment operations	(4.59) (9.07) 10.95 11.15 (7.90) (2.04) ----- ------ ------ ----- ------ ------ Less distributions from: Net investment income 0.00 (0.75) (0.55) (0.17) (0.20) 0.00 Net realized gains 0.00 (0.23) (0.19) (0.03) 0.00 0.00 ---- ------ ------ ------ ------ ------ Total distributions 0.00 (0.98) (0.75) (0.20) (0.20) 0.00 ----- ----- ----- ----- ------ ------ Net asset value, end of period $34.40 $38.99 $49.04 $38.84 $27.89 $35.99 ------- ------- ------ ------ ------ ------ Total Return (11.77)% (18.43)% 28.18% 39.98% (21.94)% (5.36)% Net assets, end of period(in 1000's) $17,040 $19,314 $23,983 $18,898 $14,020 $20,978 Ratio of expenses to average net asset(a) 0.97% 0.96% 0.94% 0.94% 0.98% 0.94% Ratio of net investment income to average net assets 3.17% 1.57% 1.32% 0.52% 0.61% (0.14)% Portfolio turnover rate (annualized) 43.69% 63.30% 97.65% 77.65% 48.14% 68.02% (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 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 U.S. generally accepted accounting principles 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. Dividends are paid upon Board approval by the end of each calendar year. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 2.	SIGNIFICANT ACCOUNTING POLICIES (continued) Federal Income Taxes The Fund?s policy is to continue 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. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise 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 (loss) or net realized gains (losses) may differ from their ultimate characterization for income tax purposes. At December 31, 2018, 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. Subsequent events Subsequent events were evaluated through July 29, 2019, the date in which these financials were available to be issued. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 3.	FAIR VALUE OF INVESTMENTS In accordance with U.S. generally accepted accounting principles (?GAAP?), 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. GAAP 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 - observable inputs, other than quoted prices (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, 2019: Investments Other in Financial Level Securities Instruments * ----- ---------- ------------ Level 1: Common Stock $16,689,090 $ 0 Short term investments 334,007 0 ----------- ------------ Total Level 1: 17,023,097 0 Level 2 0 0 Level 3 0 0 ----------- ------------ Total $17,023,097 $ 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. As of June 30, 2019, the Fund did not own any other financial instruments. SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 4.	CAPITAL SHARE TRANSACTIONS Capital share transactions in the Fund?s $0.001 par value common stock were as follows: Period Ended Year Ended June 30, 2019 December 31, 2018 ------------------- --------------------- Shares Amount Shares Amount Shares sold 0 $ 0 12,168 $ 600,037 Shares issued in reinvestment of dividends	 0 0 12,535 475,575 ------ -------- --------- ---------- 24,703 1,075,612 Shares redeemed (0) (0) (18,468) (850,000) ------ -------- --------- ---------- Net increase(decrease) (0) (0) 6,235 225,612 Beginning of year 495,322 $20,698,034 489,087 $20,472,422 ------ -------- ------- ---------- End of year 495,322 $20,698,034 495,322 $20,698,034 		=========	========== ========= ========== 5.	INVESTMENT TRANSACTIONS The aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term investments, aggregated $4,497,926 and $4,270,174, respectively, for the period ended June 30, 2019. The aggregate cost of investment securities, excluding short term investments, for federal income tax purposes was $21,117,688 as of June 30, 2019. 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 June 30, 2019. As of June 30, 2019 and December 31, 2018, the aggregate unrealized appreciation and depreciation of investment securities was as follows: Description June 30, 2019 December 31, 2018 ----------- ---------- --------- Unrealized appreciation $ 1,027,211 $ 1,066,811 Unrealized depreciation (5,455,809) (2,414,108) ------------ ----------- Net unrealized appreciation (depreciation) $ (4,428,598) $ (1,347,297) ============ ============ SMALL CAP VALUE FUND, INC. NOTES TO FINANCIAL STATEMENTS 6.	DISTRIBUTION TO SHAREHOLDERS No distributions have been paid for 2019 as of June 30, 2019. In 2018 a distribution of $475,575, or $0.985 per share, was paid and classified as $0.7526 qualified dividend income per share ($363,356) and $0.2324 per share long term capital gain ($112,219). 7.	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 an investment advisory 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 advisory fee for the first six months of 2019, ending June 30, 2019, as computed pursuant to the investment advisory agreement, totaled $95,093, of which $13,322 was payable on June 30, 2019. The Advisor acts as the transfer agent for the Fund, with Fidelity Investments as the sub-transfer agent. There are no fees associated with these services. The Fund acts as its own custodian, effective September 1, 2008, and is in compliance per requirements of Rule 17f-2. There are no fees associated with these services. 8.	ACCOUNTING FOR UNCERTAIN TAX POSITIONS As of December 31, 2018, open Federal tax years, subject to examination, include the tax years ended December 31, 2016 through December 31, 2018. The Fund has no examination in progress. 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. The actual voting record of the Fund can be obtained upon request by calling the same number or online via the SEC website. 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 18, 2018, 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, 2019 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 Yrs* Past five years Directorships Served** ------------------- -------- ---- --------------------- ------------- Vicky L. Hubbard Director 1 Yr Private Investor, Stock Dividend Age 61 Technology Mngr prior Fund, Inc. Yolawnde F. Malone Director 1 Yr Senior Tax Mngr, Stock Dividend Age 55 Montgomery Coscia Fund, Inc. Greilich LLP, CPA Family Legacy Trust prior INTERESTED DIRECTORS Laura S. Adams Director, 1 Yr President, Adams Stock Dividend Age 58 President Asset Advisors Fund, Inc. Secretary since 2002, Private Treasurer Investor prior *All Directors have served since Fund?s Effective date of registration with SEC, October 27, 2005. **The number of portfolios in each Fund complex overseen is one. Each Director oversees two portfolios, one for each complex overseen. 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. A copy of the Code of Ethics of the Fund is available upon request by calling 1-800-704-6072. 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. (a)-(d) Total fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant?s independent auditor were as follows: December 31,2018 December 31, 2017 Audit $13,000 $8,000 Audit-Related fees $0 $0 Tax preparation fees $0 $0 Other fees $0 $0 Audit fees include amounts related to the annual audit of the registrant?s financial statements, spot checks for compliance with Rule 17f-2 and services normally provided by the auditor in connection with statutory and regulatory filings. The registrant performance tax preparation internally. (e)(1) The directors have not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-10 of Regulation S- X. (e)(2) None (f) Not applicable (g) The aggregate fees billed for the most recent fiscal year and the preceding year by the registrant?s independent auditor for non-audit services rendered to the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provided ongoing services to the registrant were $0 and $0, respectively. (h) Not applicable 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. (Not applicable) Item 13. 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 7/29/19 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 7/29/19