Managed by Keeley Asset Management Corp. KAMCO
KEELEY Small-Mid Cap Value Fund

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CUSIP (A) #487300303, (I) #487300402

Daily - July 8, 2008

Ticker Symbol NAV POP Daily NAV $Change Daily NAV %Change NAV Calendar YTD Total Return POP Calendar YTD Total Return
KSMVX 10.51 11.01 +$0.08Fund Up +0.77% -4.28% -8.59%
KSMIX 10.53 n/a +$0.08Fund Up +0.77% -4.10% n/a
Quarterly Performance - End of March 2008
Ticker Symbol Current
Quarter		 1 YR 3 YR 5 YR 10 YR S.I. 8/15/07
KSMVX no Load** -9.38% n/a n/a n/a n/a -0.39%
KSMVX with Load*** -13.46% n/a n/a n/a n/a -4.87%
KSMIXno Load*** -9.29% n/a n/a n/a n/a -0.22%
Russell 2500 Value Index®**** -7.22% n/a n/a n/a n/a -7.73%

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 2500 Value Index® is an unmanaged index of common stock prices that measures the performance of those Russell 2500 Value Index® companies with lower price-to-book ratios and lower forecasted growth values. These Index figures do not reflect any deduction for fees, expenses or taxes, and are not available for investment.

Information Updated Quarterly | Updated 03.31.08

 

Rankings

Not available.

Investment Objective

Seeks long-term capital appreciation through investments in small-mid-capitalization companies that we believe are undervalued, but have a stable or improving earnings record and sound finances. Companies generally have a market capitalization of $7.5 billion or less at the time of purchase.

Fund Profile

Total Net Asset $9,742,831
Number of Holdings 89
Weighted Avg. Market Cap $5,276,246,912
Expense Ratio*  
KSMVX* 1.39%
KSMIX* 1.14%
Asset Allocation %  
Equity 99.3
Cash & Equivalents 0.7
*The Adviser has contractually agreed to waive a portion of its fee or reimburse the Funds to the extent that total operating expenses during the current fiscal year exceed 1.39% for Class A shares, and 1.14% for Class I shares. The waiver for the Small-Mid Cap Value Fund is in effect through September 30, 2009.

Investment Process

The Fund managers focus on identifying undervalued small and mid-capitalization companies with stable or improving earnings records and sound finances.

Among the characteristics that the Fund managers focus on in evaluating companies are financial productivity, solid management, a sound business model and competitive advantages. Value is analyzed by looking at price relative to the true economic value of the company.

Risk

Small to Medium-sized company stocks are more volatile and less liquid than larger more established company securities.

Top Ten Holdings(1)

Company Name Total % of Portfolio
Walter Industries Inc. 1.74%
Portec Rail Products Inc. 1.53%
Greenbrier Companies Inc. 1.47%
ABB Ltd. 1.47%
Bucyrus International Inc. 1.46%
Forestar Real Estate Group Inc. 1.38%
Texas Industries Inc. 1.36%
Titan Machinery Inc. 1.35%
EXCO Resources Inc. 1.33%
Snap-On, Inc. 1.31%

Investment Focus(2)

KSMVX Small-Mid Fund

Sector Diversification %

Automobiles & Components 1.27%
Banks 4.48%
Capital Goods 39.28%
Cash & Cash Equivalents 0.65%
Commercial Services and Supplies 2.12%
Consumer Durables and Apparel 2.51%
Consumer Services 4.52%
Diversified Financials 6.80%
Energy 13.71%
Food and Staples 1.25%
Health Care Equipment 1.14%
Materials 11.01%
Real Estate 1.38%
Retailing 1.09%
Software and Services 1.93%
Technology Hardware 1.04%
Transportation 2.51%
Utilities 3.31%

Portfolio Characteristics(1)

  KSMVX /
KSMIX		 Russell 2500
Value Index
Market Cap (billions)
-Weighted Avg.		 $5.28 $2.37
Earnings Growth
- Last 5 year		 N/A N/A
P/E Ratio*
- Last 12 Months		 N/A N/A
Beta** N/A N/A

* A price-earnings ratio (P/E) shows the multiple of earnings at which a stock sells.
** Beta is the current measure of a portfolio’s risk in relation to the market or a benchmark. For example, a benchmark or index will have a beta of 1, so any portfolio with a higher beta is more volatile than the benchmark. Any with a lower beta may be less volatile than the market.

Distribution Information

KSMVX
Record Date		 Ex-date Pay Date Short Term Long Term Ordinary Income Total Distribution Reinvest NAV
12/26/2007 12/27/2007 12/27/2007 $0.0124 – – $0.0124 $10.98
KSMIX
Record Date		 Ex-date Pay Date Short Term Long Term Ordinary Income Total Distribution Reinvest NAV
12/26/2007 12/27/2007 12/27/2007 $0.0201 – – $0.0201 $10.98

 

Proxy Voting Policy

Proxy Voting Policy and Procedures [pdf]

To view how the KEELEY funds voted proxies during the most recent 12-month period click here to be transferred to the website of the Securities and Exchange Commission to view the Form N-PX.

Morningstar

(2) The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate or long). Back to Top...

(1) Portfolio holdings will change, and should not be considered purchase recommendations. Top holdings do not reflect cash, money markets or options/ futures contracts holdings. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. Direct investment in an index is not possible. KEELEY Small-Mid Cap Value Fund is distributed by Keeley Investment Corp.