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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JULIE KAMINSKI
TITLE FINANCIAL ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000906333
<NAME> KEELEY SMALL CAP VALUE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 40,903,348
<INVESTMENTS-AT-VALUE> 44,776,594
<RECEIVABLES> 133,514
<ASSETS-OTHER> 16,265
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,926,373
<PAYABLE-FOR-SECURITIES> 113,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 323,957
<TOTAL-LIABILITIES> 437,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,660,441
<SHARES-COMMON-STOCK> 2,323,856
<SHARES-COMMON-PRIOR> 2,170,884
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (44,521)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 44,489,166
<DIVIDEND-INCOME> 240,623
<INTEREST-INCOME> 48,681
<OTHER-INCOME> 1,011
<EXPENSES-NET> (448,228)
<NET-INVESTMENT-INCOME> (157,913)
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<APPREC-INCREASE-CURRENT> 2,776,224
<NET-CHANGE-FROM-OPS> 2,701,991
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (892,529)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 577,440
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</TABLE>
Exhibit to Accompany
Item 77C
Form N-SAR
KEELEY Small Cap Value Fund, Inc.
(the "Fund")
Results of the Shareholder Meeting
A meeting of the shareholders of the Fund was held on May 11, 1999.
Directors elected by the shareholders at the meeting were as follows:
John L. Keeley, Jr., John F. Lesch, John G. Kyle, Elwood P.
Walmsley, Jerome J. Klingenberger, and Sean W. Lowry. The matters
voted on by the shareholders of record as of March 9, 1999 and the
results of the shareholders' vote at the May 11, 1999 meeting were as
follows:
Proposal No. 1 - Election of Directors
For
Withheld
John L. Keeley, Jr.
2,057,900.902
17,214.206
John F. Lesch
2,058,408.902
16,706.206
John G. Kyle
2,058,408.902
16,706.206
Elwood P. Walmsley
2,058,408.902
16,706.206
Jerome J. Klingenberger
2,058,201.902
16,913.206
Sean W. Lowry
2,057,014.462
18,100.646
Proposal No. 2 - Ratification of the Selection of Independent Accountants
For
Against
Abstentions
PricewaterhouseCoopers LLP
2,062,857.386
6,243.509
6,014.213
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 capital stock by $95,332 and accumulated net realized
gain on investments by $62,581 for the six months ended March 31,
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.
