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SIGNATURE JULIE KAMINSKI
TITLE FINANCIAL ANALYST
Report of Independent Accountants
To the Shareholders and Board of Directors of
KEELEY Small Cap Value Fund, Inc.
In planning and performing out audit of the financial
statements of the KEELEY Small Cap Value Fund, Inc. (the
"Fund") for the year ended September 30, 1998, we
considered its internal control, including controls over
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal
control, errors or fraud may occur and may not be detected.
Also, projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of
the design and operation my deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that might
be material weaknesses under standards by the American
Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of
any specific internal control component does not reduce to a
relatively low level of the risk that errors or fraud in amounts
that would be material in relation to financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted not matters involving
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses, as
defined above, as of September 30, 1998.
This report is intended solely for the information and
use of management, the Board of Directors of the Fund and
the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
October 16, 1998
<TABLE> <S> <C>
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<CIK> 0000906333
<NAME> KEELEY SMALL CAP VALUE FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 39,037,334
<INVESTMENTS-AT-VALUE> 40,134,356
<RECEIVABLES> 144,477
<ASSETS-OTHER> 12,113
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,290,946
<PAYABLE-FOR-SECURITIES> 433,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,215
<TOTAL-LIABILITIES> 544,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,822,906
<SHARES-COMMON-STOCK> 2,170,884
<SHARES-COMMON-PRIOR> 969,643
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 189,802
<INTEREST-INCOME> 72,891
<OTHER-INCOME> 0
<EXPENSES-NET> (622,361)
<NET-INVESTMENT-INCOME> (359,668)
<REALIZED-GAINS-CURRENT> 1,250,693
<APPREC-INCREASE-CURRENT> (7,451,002)
<NET-CHANGE-FROM-OPS> (6,559,977)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,025,487)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,382,316
<NUMBER-OF-SHARES-REDEEMED> (231,423)
<SHARES-REINVESTED> 50,348
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 633,632
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 308,025
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 622,361
<AVERAGE-NET-ASSETS> 30,811,807
<PER-SHARE-NAV-BEGIN> 21.48
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> (2.00)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.31
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit to Accompany
Item 77J (b)
Form N-SAR
KEELEY Small Cap Value Fund, Inc.
(the "Fund")
According to the provisions of Statement of
Position 93 - 2 (SOP 93 - 2) "Determination,
Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital
Distributions by Investment Companies," the Fund
is required to report the accumulated net investment
income (loss) and accumulated net capital gain
(loss) accounts to approximate amounts available
for future distributions on a tax basis (or to offset
future realized capital gains). As a result, the Fund
has reclassified accumulated net investment losses
to reduce capital stock by $327,739 and
accumulated net realized gain on investments by
$31,929 for the year ended September 30, 1998.
This reclassification has no impact on the net asset
value of the Fund and is designed to present the
Funds' capital account on a tax basis.
