KEELEY Mid Cap Dividend Value Fund

Daily Performance - May 17, 2012

Ticker Symbol NAV POP Daily NAV $Change Daily NAV %Change NAV Calendar YTD Total Return POP Calendar YTD Total Return
KMDVX 11.40 11.94 -$0.23Fund Down -1.98% +1.14% -3.39%
KMDIX 11.40 n/a -$0.24Fund Down -2.06% +1.19% n/a
Monthly Performance - April 2012
Ticker Symbol Month 3 Month 1 YR 3 YR 5 YR 10 YR S.I. 10/01/11
KMDVX no Load* -0.41%  5.14% N/A N/A N/A N/A 23.49%
KMDVX with Load** -4.89%  0.42% N/A N/A N/A N/A 17.95%
KMDIX no Load -0.41%  5.21% N/A N/A N/A N/A 23.63%
Russell Midcap Value Index®*** -0.66% 5.49% N/A N/A N/A N/A 30.62%
Quarterly Performance - 1st Quarter 2012
Ticker Symbol Quarter 1 YR 3 YR 5 YR 10 YR S.I. 10/01/11
KMDVX no Load* 9.12% N/A N/A N/A N/A 23.99%
KMDVX with Load** 4.24% N/A N/A N/A N/A 18.43%
KMDIX no Load 9.18% N/A N/A N/A N/A 24.13%
Russell Midcap Value Index®*** 11.41% N/A N/A N/A N/A 31.49%

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.

* 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.

*** The Russell Midcap Value Index is an unmanaged index that measures the performance of the mid-cap value segement of the U.S. equity universe and includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates.