Report of Independent Registered Public Accounting Firm

To the Board of Directors of
Small Cap Value Fund, Inc.

We have examined management's assertion about Small Cap Value  Fund,
Inc.'s compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 (the "Act") as of
December 31, 2009 included in the accompanying Management Statement
Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940.  Management is responsible for the Company's compliance
with those requirements.  Our responsibility is to express an opinion
on management's assertion about the Company's compliance based on our
examination.

Our examination was made in accordance with standards established by
the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstance.  Included
among our procedures were the following tests performed as of December
31, 2009, and with respect to agreement of security purchases and
sales, for the period from January 1, 2009 through December 31, 2009.

*	Confirmation of all securities held by Charles Schwab & Co. in
book entry form;

*	Reconciliation of all such securities to the books and records of
the Fund and Charles Schwab & Co.;

*	Agreement of five security purchases and five security sales
since January 1, 2009 from the books and records of the Fund to
broker confirmations.

We believe that our examination provides a reasonable basis for our
opinion.  Our examination does not provide a legal determination on the
Company's compliance with specified requirements.

In our opinion, management's assertion that Small Cap Value  Fund, Inc.
was in compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 as of December 31,
2009 with respect to securities reflected in the investment account of
the Company is fairly stated, in all material respects.  This report is
intended solely for the information and use of management of Small Cap
Value  Fund, Inc. and the Securities and Exchange Commission and should
not be used for any other purpose.

PMB Helin Donovan, LLP

Austin, TX
February 5, 2010