KEELEY Small Cap Value Fund

Investor Class (A) Shares: KSCVX

Institutional Class (I) Shares: KSCIX

Investment Objective

Seeks long-term capital appreciation through investments in small capitalization companies that we believe are undervalued. Companies generally have a market capitalization below $3.5 billion at the time of purchase.

Investment Philosophy

Our philosophy is to deliver above average long-term results, while reducing portfolio risk through the application of a disciplined, opportunistic, and unique investment strategy. Our investment team uses a bottom-up, fundamental approach to stock selection focusing the majority of the portfolio on companies undergoing internal corporate restructuring.

Risk

Smaller and medium-sized company stocks are more volatile and less liquid than larger more established company securities.

Investment Focus

KSCVX Small Cap Value Fund

Fund Profile - as of June 30, 2014

Total Net Assets $2,964,798,701
Number of Holdings 101
Gross Expense Ratio (Class A Shares) 1.37%
Waiver/Expense Reimbursement* 0.00%
Gross Expense Ratio (Class I Shares) 1.12%
Waiver/Expense Reimbursement* 0.00%
Net Expense Ratio
KSCVX 1.37%
KSCIX 1.12%
Asset Allocation %  
Equity 100%
Cash & Equivalents 0%
*The Fund's adviser has contractually agreed to waive a portion of its management fee or reimburse the Fund if total ordinary operating expenses during the current fiscal year as a percentage of the Fund's average net assets exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, dividend expenses incurred on securities that a Fund sells short, litigation expenses, and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of portfolio securities. The waiver is in effect through January 31, 2015.

Rankings

Morningstar Morningstar Rating™
Category 3 Yrs & Overall
Stars / #Funds
Small Blend
Morningstar StarMorningstar StarMorningstar Star™/ 612

* Star ratings are based on risk-adjusted return. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10- year Morningstar Rating metrics. (Overall: 3 stars out of 612 funds; 3-years: 2 stars out of 612 funds; 5-years: 2 stars out of 554 funds; 10-years: 3 stars out of 335 funds in the Small Blend category).

©2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes.

Morningstar ratings are subject to change monthly and are calculated from the fund's 3-, 5- and 10 year average annual returns (if applicable) in excess of 90-day T-bill returns with appropriate fee adjustments, and a risk factor that reflects fund performance below 90- day T- bill returns. The top 10% of the funds in a broad-asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. For the 3 - year period ending 03.31.14 the KEELEY Small Cap Value Fund received 3 stars.