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      <liveTestFlag>LIVE</liveTestFlag>
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          <ccc>XXXXXXXX</ccc>
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        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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    <registrantInfo>
      <registrantFullName>Small Cap Value Fund, Inc.</registrantFullName>
      <investmentCompFileNo>811-21782</investmentCompFileNo>
      <registrantCik>0001330833</registrantCik>
      <registrantLei>549300BFLTMK0DUZOC51</registrantLei>
      <registrantstreet1>8150 N. Central Expwy</registrantstreet1>
      <registrantstreet2>M1120</registrantstreet2>
      <registrantcity>Dallas</registrantcity>
      <registrantzipCode>75206</registrantzipCode>
      <registrantstate>US-TX</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>21436-7410</registrantphoneNumber>
      <websites>
        <website webpage="N/A"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Steven Adams</officeName>
          <officeAddress1>8150 N Central Expwy</officeAddress1>
          <officeAddress2>M1120</officeAddress2>
          <officeCity>Dallas</officeCity>
          <officeStateCountry officeState="US-TX" officeCountry="US"/>
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          <officePhone>2143607410</officePhone>
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      <totalSeries>1</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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      </directors>
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        <chiefComplianceOfficer>
          <ccoName>Steven Adams</ccoName>
          <crdNumber>001777285</crdNumber>
          <ccoStreet1>8150 N Central Expwy</ccoStreet1>
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          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
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        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <isCoveredByInsurancePolicy>N</isCoveredByInsurancePolicy>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
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        <principalUnderwriter>
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          <principalUnderwriterLei>N/A</principalUnderwriterLei>
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          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>Turner Stone &amp; Company</publicAccountantName>
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          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-TX" publicAccountantCountry="US"/>
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      <isPublicAccountantChanged>Y</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
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    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Small Cap Value Fund, Inc.</mgmtInvFundName>
        <mgmtInvSeriesId>S000011866</mgmtInvSeriesId>
        <mgmtInvLei>549300BFLTMK0DUZOC51</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
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        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Small Cap Value Fund, Inc." sharesOutstandingClassId="C000032423" sharesOutstandingTickerSymbol="SCAPX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager isCollateralManagerAffliliatedWithFund="N" isCollateralManagerAffliliated="N" collateralManagerLei="N/A" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Adams Asset Advisors, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-61797</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000120573</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-TX" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Adams Asset Advisors, LLC</transferAgentName>
            <transferAgentFileNo>084-06063</transferAgentFileNo>
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            <transferAgentStateCountry transferAgentState="US-TX" transferAgentCountry="US"/>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>N/A</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
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            <pricingServiceStateCountry pricingServiceState="US-TX" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>Y</isPricingServiceAffiliated>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
            <custodianName>Small Cap Value Fund, Inc.</custodianName>
            <custodianLei>549300BFLTMK0DUZOC51</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-TX"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>N/A</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-TX" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>N/A</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>N/A</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-TX" brokerDealerCountry="US"/>
            <brokerDealerCommission>0</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Charles Schwab &amp; Co, Inc.</brokerName>
            <brokerFileNo>008-16514</brokerFileNo>
            <brokerCrdNo>000005393</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerCountry="US" brokerState="US-CA"/>
            <grossCommission>1000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>N/A</principalName>
            <principalFileNo>N/A</principalFileNo>
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            <principalLei>N/A</principalLei>
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            <principalTotalPurchaseSale>0</principalTotalPurchaseSale>
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        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>23138447</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Small Cap Value Fund, Inc." signature="Steven Adams" title="CCO" signedDate="2019-02-20"/>
  </formData>
</edgarSubmission>
