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SIGNATURE JULIE KAMINSKI
TITLE FINANCIAL ANALYST
To the Shareholders and Board of Directors of
KEELEY Small Cap Value Fund, Inc.
In planning and performing our audit of the financial statements and
financial highlights of KEELEY Small Cap Value Fund, Inc. (the "Fund")
for the year ended September 30, 1999, we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights 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 and
financial highlights 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 internal control, error or fraud may
occur and 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 may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by error
or fraud in amounts that would be material in relation to the financial
statements and financial highlights 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 no matters
involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999.
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 and is not intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
October 19, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906333
<NAME> KEELEY SMALL CAP VALUE FUND, INC.
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 46,017,650
<INVESTMENTS-AT-VALUE> 52,191,160
<RECEIVABLES> 790,052
<ASSETS-OTHER> 9,901
<OTHER-ITEMS-ASSETS> 0
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<SHARES-COMMON-STOCK> 2,523,776
<SHARES-COMMON-PRIOR> 2,170,884
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,173,510
<NET-ASSETS> 52,622,095
<DIVIDEND-INCOME> 441,608
<INTEREST-INCOME> 71,428
<OTHER-INCOME> 1,011
<EXPENSES-NET> (958,475)
<NET-INVESTMENT-INCOME> (444,428)
<REALIZED-GAINS-CURRENT> 1,823,344
<APPREC-INCREASE-CURRENT> 5,076,488
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (892,529)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (728,007)
<SHARES-REINVESTED> 45,208
<NET-CHANGE-IN-ASSETS> 12,875,258
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 826,909
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 485,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 958,475
<AVERAGE-NET-ASSETS> 48,521,064
<PER-SHARE-NAV-BEGIN> 18.31
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.38)
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
Exhibit to Accompany
Item 77J
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 accumulated net realized gain on investments by
$444,428 for the twelve months ended September 30, 1999.
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.
