KEELEY All Cap Value Fund

Daily Performance - February 3, 2012

Ticker Symbol NAV POP Daily NAV $Change Daily NAV %Change NAV Calendar YTD Total Return POP Calendar YTD Total Return
KACVX 11.95 12.51 +$0.20Fund Up +1.70% +8.93% +4.00%
KACIX 12.05 n/a +$0.21Fund Up +1.77% +9.05% n/a
Monthly Performance - December 2011
Ticker Symbol Month 3 Month 1 YR 3 YR 5 YR 10 YR Avg. Annual S.I. 06/14/06
KACVX no Load** -1.44% 14.15% -2.40%  16.94% -0.54% n/a 1.69%
KACVX with Load*** -5.84%  9.05% -6.80%  15.18% -1.45% n/a 0.85%
KACIX no Load -1.43% 14.27% -2.30%  17.19% -0.35% n/a   1.86%*
Russell 3000 Value®****  1.98% 13.33% -0.10%   11.62% -2.58% n/a 0.86%
Quarterly Performance - 4th Quarter 2011
Ticker Symbol Quarter 1 YR 3 YR 5 YR 10 YR Avg. Annual S.I. 06/14/06
KACVX no Load** 14.15% -2.40% 16.94% -0.54% n/a 1.69%
KACVX with Load***  9.05% -6.80% 15.18% -1.45% n/a 0.85%
KACIX no Load 14.27% -2.30% 17.19% -0.35% n/a   1.86%*
Russell 3000 Value®**** 13.33% -0.10%  11.62% -2.58% n/a  0.86%

Performance data represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares when redeemed, may be worth more or less than the original cost. Read the prospectus carefully before investing.

Performance data does not reflect the deduction of the sales load. If reflected, the sales load would reduce the performance quoted.

* The Institutional share class commenced operations on December 31, 2007. Performance prior to that date is hypothetical, based on Class A shares adjusted for the difference in expenses. Results are substantially similar because all classes invest in the same portfolio of securities, differing only to the extent the share classes have different expenses.

** Returns do not reflect deduction of the Fund's 4.50% front-end sales charge.

*** Returns reflect the effect of the Fund's 4.50% front-end sales charge.

**** Russell 3000® Value Index measures the performance of those Russell 3000 Value Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.