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 $336,168 for the twelve months ended September 30, 2000.
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.
