N-Q 1 nqsmallcapmarch2018.txt FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File Number 811-21782 Exact Name of registrant as Small Cap Value Fund, Inc. Specified in charter Address of principal executive office 8150 N. Central Expwy Suite #M1120 Dallas, Texas 75206 Name and address of agent for service Laura S. Adams 8150 N. Central Expwy Suite #M1120 Dallas, Texas 75206 Registrants telephone number, inc. area code 214-360-7418 Date of fiscal year end: 12/31 Date of reporting period: 03/31/18 Item 1. Schedule of Investments SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS (Unaudited) MARCH 31, 2018 DESCRIPTION SHARES FAIR VALUE ----------- ------ ------------ COMMON STOCKS ? 99.54% Tires/Tubes-3.64% Cooper Tire & Rubber 26,988 790,748 Air Transportation, Scheduled-6.41% Hawaiian Holdings Inc. 35,953 1,391,381 Gold Ore Mining-3.47% IAMGOLD (a) 145,371 754,475 Family Clothing Stores-9.15% Buckle 42,141 933,423 Abercrombie & Fitch 43,478 1,052,602 -------- 1,986,025 Retail Apparel-5.77% Express (a) 175,197 1,254,411 Patent Owner-7.86% Acacia Reseach (a) 220,977 773,420 InterDigital 12,678 933,101 -------- 1,706,521 Misc Shopping Goods Stores-8.18% Office Depot 267,034 574,123 Big Five Sporting Goods 165,933 1,203,014 -------- 1,777,137 Concrete Products-4.22% Forterra Inc. (a) 110,227 917,089 Computer/Software-2.74% GameStop 47,244 596,219 Industrial Org Chemical-4.61% Green Plains Inc. 59,630 1,001,784 Retail Furniture-7.88% Pier 1 Imports 150,000 483,000 The Tile Shop 204,999 1,229,994 -------- 1,712,994 - Continued ? SMALL CAP VALUE FUND, INC. SCHEDULE OF INVESTMENTS, continued MARCH 31, 2018 DESCRIPTION SHARES FAIR VALUE ----------- ------ ----------- Drill Oil/Gas-3.64% Rowan Cos Inc. (a) 68,493 790,409 Pharmaceutical Preps-4.64% Selecta Biosciences (a) 99,009 1,008,902 Programming Services-3.12% Synchronoss Tech (a) 64,171 677,004 Vehicle Parts-3.45% Superior Industries Intl 56,269 748,378 Eating Place-4.02% Del Taco Restaurants (a) 84,221 872,530 Silver Ore-6.38% Tahoe Resources (a) 295,560 1,386,176 Computer Integrated Sys Design-5.76% Unisys Corp (a) 116,387 1,251,160 Security Broker, Dealer, & Flotation-4.60% Waddell & Reed Financial 49,464 999,667 -------- Total common stocks (cost $20,474,736) $ 21,623,010 SHORT-TERM INVESTMENTS ? 0.52% Schwab Money Fund-Bears interest at approx 2.00% 113,809 -------- Total short-term investments (cost $ 113,809) 113,809 -------- Total investment securities ? 100.07% (cost $20,588,545) 21,736,819 Other assets less liabilities ? (0.07)% (14,465) -------- Net assets ? 100.00% $ 21,722,354 ============ (a) indicated non-dividend paying security 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 March 31, 2018: Investments Other in Financial Level Securities Instruments * ----- ---------- ----------- Level 1 $21,736,820 $ 0 Level 2 0 0 Level 3 0 0 ----------- ------------ Total $21,736,820 $ 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. THIS IS AN UNAUDITED STATEMENT See accompanying notes to these financial statements. NOTES TO FINANCIAL STATEMENTS Investment Transactions ? Purchases and Sales of investment securities (excluding money market funds) for the three months ended March 31, 2018 were $499,629 and $317,592, respectively. At the end of the period, net unrealized appreciation for Federal Income tax purposes aggregated $1,148,275, of which $2,924,113 related to unrealized appreciation of securities and ($1,775,838) related to unrealized depreciation of securities. The cost of investments at March 31, 2018 for Federal Income tax purposes was $20,474,736 excluding short term investments. Item 2. Controls and Procedures a) Laura S. Adams is the President and Treasurer of the Fund and has concluded that the Registrant?s disclosure controls and procedures(as defined in Rule 30a-3(c) under the Investment Company Act of 1940 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended. b) There were no changes in the Registrant?s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 that occurred during the Registrant?s last fiscal half-year that has materially affected, or is reasonably likely to material affect, the Registrant?s internal control over financial reporting. Item 3. Exhibits Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a- 2(a) under the Investment Company act of 1940 are filed herewith. 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, Inc. By /s/ Laura S. Adams ------------------------- Laura S. Adams President Date: 4/23/2018 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, Inc. By /s/ Laura S. Adams ------------------------- Laura S. Adams Treasurer Date: 4/23/2018