# EDGAR Filing Document

**Accession Number:** 0001324203
**File Stem:** 0001999371-25-007313
**Filing Date:** 2025-6
**Character Count:** 161856
**Document Hash:** cd52fb14db4d0310cb5decc03fef8a93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007313.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007313

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Keeley Funds, Inc.
- **CENTRAL INDEX KEY:** 0001324203

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21761
- **FILM NUMBER:** 251029631

**BUSINESS ADDRESS:**
- **STREET 1:** 141 WEST JACKSON BOULEVARD
- **STREET 2:** SUITE 2150
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 800-422-3554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580-1434

## Series and Classes Contracts Data

### Keeley Small-Mid Cap Value Fund (Series ID: S000018569)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000051528 | Class A      | KSMVX           |
| C000053918 | Class I      | KSMIX           |

### Keeley Small Cap Dividend Value Fund (Series ID: S000026907)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000080997 | Class A      | KSDVX           |
| C000080998 | Class I      | KSDIX           |

### Keeley Mid Cap Dividend Value Fund (Series ID: S000034099)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105122 | Class A      | KMDVX           |
| C000105123 | Class I      | KMDIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-21761**

**Keeley Funds, Inc.**

------

(Exact name of registrant as specified in charter)

**141 West Jackson Boulevard**

**Suite 2150**

**Chicago, IL 60604**

------

(Address of principal executive offices) (Zip code)

**Kevin Keeley**

**141 West Jackson Boulevard**

**Suite 2150**

**Chicago, IL 60604**

------

(Name and address of agent for service)

Registrant's telephone number, including area code: **312-786-5000**

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# KEELEY Mid Cap Dividend Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class A - KMDVX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Mid Cap Dividend Value Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mid Cap Dividend Value Fund - Class A** | **$59** | **1.20%** |

---

## How did the Fund perform?
In the first half of the fiscal year, the Fund's focus on midcap companies caused it to trail its broad-based index, the Russell 1000. It slightly outperformed its benchmark, the Russell Midcap Value index. Sector Allocation had minimal impact on relative performance as the positive impact from an overweight in Utilities was offset by the negative impact from an overweight in Materials. Good Stock Selection drove relative outperformance. The biggest positive impacts came in the Health Care, Utilities, and Technology sectors while Consumer Discretionary and Communications Services detracted the most. UGI and PVH were the biggest positive and negative contributors.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie49966ad1a27e7052eb4b245.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **KEELEY Mid Cap Dividend Value Fund - Class A** | **KEELEY Mid Cap Dividend Value Fund - Class A (includes sales charge)** | **Russell 1000 Index** | **Russell Midcap Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9484 | 9057 | 10050 | 9661 |
| **3/17** | 11682 | 10656 | 11802 | 11576 |
| **3/18** | 12596 | 10971 | 13452 | 12328 |
| **3/19** | 12993 | 10806 | 14703 | 12685 |
| **3/20** | 9461 | 7514 | 13522 | 9624 |
| **3/21** | 16025 | 12153 | 21715 | 16722 |
| **3/22** | 17393 | 12595 | 24597 | 18637 |
| **3/23** | 16748 | 11582 | 22533 | 16919 |
| **3/24** | 20476 | 13525 | 29263 | 20370 |
| **3/25** | 20825 | 13138 | 31552 | 20832 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Mid Cap Dividend Value Fund - Class A | (3.54)% | 1.71% | 17.09% | 7.60% |
| KEELEY Mid Cap Dividend Value Fund - Class A (includes sales charge) | (7.88)% | (2.86)% | 16.02% | 7.11% |
| Russell 1000 Index | (1.86)% | 7.82% | 18.47% | 12.18% |
| Russell Midcap Value Index | (3.82)% | 2.27% | 16.70% | 7.62% |

---

## Fund Statistics
* Total Net Assets$117,288,469

* Number of Portfolio Holdings87

* Portfolio Turnover Rate5%

* Management Fees$445,435

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UGI Corp. | 2.4% |
| Jabil Inc. | 2.4% |
| Gen Digital Inc. | 2.4% |
| Equitable Holdings Inc. | 2.2% |
| Franco-Nevada Corp. | 2.1% |
| NRG Energy Inc. | 2.1% |
| Chemed Corp. | 2.0% |
| STAG Industrial Inc. | 1.8% |
| Molson Coors Beverage Co. | 1.7% |
| Expand Energy Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 96.9% |
| U.S. Government Obligations | 3.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i6ef980e18ed3855758cc5a86.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 19.6% |
| Financial Services | 16.9% |
| Diversified Industrial | 8.3% |
| Health Care | 7.8% |
| Building and Construction | 5.1% |
| Business Services | 4.4% |
| Food and Beverage | 3.9% |
| Computer Software and Services | 3.5% |
| Other Industry sectors | 30.4% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Mid Cap Dividend Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - KMDVX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KMDVX-25-SATSR

# KEELEY Mid Cap Dividend Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class I - KMDIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Mid Cap Dividend Value Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mid Cap Dividend Value Fund - Class I** | **$47** | **0.95%** |

---

## How did the Fund perform?
In the first half of the fiscal year, the Fund's focus on midcap companies caused it to trail its broad-based index, the Russell 1000. It slightly outperformed its benchmark, the Russell Midcap Value index. Sector Allocation had minimal impact on relative performance as the positive impact from an overweight in Utilities was offset by the negative impact from an overweight in Materials. Good Stock Selection drove relative outperformance. The biggest positive impacts came in the Health Care, Utilities, and Technology sectors while Consumer Discretionary and Communications Services detracted the most. UGI and PVH were the biggest positive and negative contributors.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i49693d86250c475f970c013c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KEELEY Mid Cap Dividend Value Fund - Class I** | **Russell 1000 Index** | **Russell Midcap Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9501 | 10050 | 9661 |
| **3/17** | 11726 | 11802 | 11576 |
| **3/18** | 12675 | 13452 | 12328 |
| **3/19** | 13111 | 14703 | 12685 |
| **3/20** | 9569 | 13522 | 9624 |
| **3/21** | 16252 | 21715 | 16722 |
| **3/22** | 17680 | 24597 | 18637 |
| **3/23** | 17074 | 22533 | 16919 |
| **3/24** | 20919 | 29263 | 20370 |
| **3/25** | 21328 | 31552 | 20832 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Mid Cap Dividend Value Fund - Class I | (3.44)% | 1.96% | 17.39% | 7.87% |
| Russell 1000 Index | (1.86)% | 7.82% | 18.47% | 12.18% |
| Russell Midcap Value Index | (3.82)% | 2.27% | 16.70% | 7.62% |

---

## Fund Statistics
* Total Net Assets$117,288,469

* Number of Portfolio Holdings87

* Portfolio Turnover Rate5%

* Management Fees$445,435

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UGI Corp. | 2.4% |
| Jabil Inc. | 2.4% |
| Gen Digital Inc. | 2.4% |
| Equitable Holdings Inc. | 2.2% |
| Franco-Nevada Corp. | 2.1% |
| NRG Energy Inc. | 2.1% |
| Chemed Corp. | 2.0% |
| STAG Industrial Inc. | 1.8% |
| Molson Coors Beverage Co. | 1.7% |
| Expand Energy Corp. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 96.9% |
| U.S. Government Obligations | 3.0% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](iaccc31f5e54d90a236ead0bf.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 19.6% |
| Financial Services | 16.9% |
| Diversified Industrial | 8.3% |
| Health Care | 7.8% |
| Building and Construction | 5.1% |
| Business Services | 4.4% |
| Food and Beverage | 3.9% |
| Computer Software and Services | 3.5% |
| Other Industry sectors | 30.4% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Mid Cap Dividend Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - KMDIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KMDIX-25-SATSR

# KEELEY Small Cap Dividend Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class A - KSDVX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Small Cap Dividend Value Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Small Cap Dividend Value Fund - Class A** | **$62** | **1.29%** |

---

## How did the Fund perform?
In the first six months of its fiscal year, the Fund outperformed the broad-based index, the Russell 2000, and its benchmark, the Russell 2000 Value index. Outperformance by value stocks helped a little relative to the broad-based index, but strong Stock Selection and Sector Allocation drove most of the outperformance. Overweights and underweights were relatively small, but all eleven sectors contributed to Sector Allocation. Health Care, Energy, and Financials made the biggest impacts in Stock Selection while Consumer Discretionary detracted slightly. TechnipFMC and VSE contributed the most while Columbus McKinnon and Shoe Carnival were the greatest detractors.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i545aa01bae0c99a3f22f4db5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **KEELEY Small Cap Dividend Value Fund - Class A** | **KEELEY Small Cap Dividend Value Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9382 | 8965 | 9024 | 9228 |
| **3/17** | 11606 | 10589 | 11390 | 11938 |
| **3/18** | 12202 | 10631 | 12733 | 12551 |
| **3/19** | 11876 | 9881 | 12994 | 12572 |
| **3/20** | 8210 | 6525 | 9877 | 8846 |
| **3/21** | 15685 | 11905 | 19245 | 17430 |
| **3/22** | 16323 | 11833 | 18131 | 18009 |
| **3/23** | 15549 | 10766 | 16026 | 15675 |
| **3/24** | 17945 | 11867 | 19184 | 18614 |
| **3/25** | 18567 | 11723 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Small Cap Dividend Value Fund - Class A | (5.67)% | 3.47% | 17.73% | 6.39% |
| KEELEY Small Cap Dividend Value Fund - Class A (includes sales charge) | (9.94)% | (1.21)% | 16.65% | 5.90% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$255,330,855

* Number of Portfolio Holdings85

* Portfolio Turnover Rate11%

* Management Fees$1,137,039

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Ensign Group Inc. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Victory Capital Holdings Inc. | 2.2% |
| TechnipFMC plc | 2.0% |
| CareTrust REIT Inc. | 2.0% |
| WK Kellogg Co. | 2.0% |
| Primoris Services Corp. | 2.0% |
| ABM Industries Inc. | 1.8% |
| EVERTEC Inc. | 1.8% |
| Kontoor Brands Inc. | 1.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ib65e8a3a4b8da3c650a43621.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.3% |
| Energy and Utilities | 13.1% |
| Banking | 11.5% |
| Health Care | 11.4% |
| Business Services | 9.8% |
| Diversified Industrial | 6.0% |
| Building and Construction | 3.6% |
| Food and Beverage | 3.5% |
| Other Industry sectors | 20.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Small Cap Dividend Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - KSDVX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KSDVX-25-SATSR

# KEELEY Small Cap Dividend Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class I - KSDIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Small Cap Dividend Value Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Small Cap Dividend Value Fund - Class I** | **$50** | **1.04%** |

---

## How did the Fund perform?
In the first six months of its fiscal year, the Fund outperformed the broad-based index, the Russell 2000, and its benchmark, the Russell 2000 Value index. Outperformance by value stocks helped a little relative to the broad-based index, but strong Stock Selection and Sector Allocation drove most of the outperformance. Overweights and underweights were relatively small, but all eleven sectors contributed to Sector Allocation. Health Care, Energy, and Financials made the biggest impacts in Stock Selection while Consumer Discretionary detracted slightly. TechnipFMC and VSE contributed the most while Columbus McKinnon and Shoe Carnival were the greatest detractors.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib460b3052a9e46030c99bd5f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KEELEY Small Cap Dividend Value Fund - Class I** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9412 | 9024 | 9228 |
| **3/17** | 11675 | 11390 | 11938 |
| **3/18** | 12304 | 12733 | 12551 |
| **3/19** | 12007 | 12994 | 12572 |
| **3/20** | 8324 | 9877 | 8846 |
| **3/21** | 15942 | 19245 | 17430 |
| **3/22** | 16629 | 18131 | 18009 |
| **3/23** | 15872 | 16026 | 15675 |
| **3/24** | 18373 | 19184 | 18614 |
| **3/25** | 19061 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Small Cap Dividend Value Fund - Class I | (5.53)% | 3.75% | 18.03% | 6.66% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$255,330,855

* Number of Portfolio Holdings85

* Portfolio Turnover Rate11%

* Management Fees$1,137,039

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| The Ensign Group Inc. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Victory Capital Holdings Inc. | 2.2% |
| TechnipFMC plc | 2.0% |
| CareTrust REIT Inc. | 2.0% |
| WK Kellogg Co. | 2.0% |
| Primoris Services Corp. | 2.0% |
| ABM Industries Inc. | 1.8% |
| EVERTEC Inc. | 1.8% |
| Kontoor Brands Inc. | 1.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.5% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i2077180510476f98a0627e73.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.3% |
| Energy and Utilities | 13.1% |
| Banking | 11.5% |
| Health Care | 11.4% |
| Business Services | 9.8% |
| Diversified Industrial | 6.0% |
| Building and Construction | 3.6% |
| Food and Beverage | 3.5% |
| Other Industry sectors | 20.7% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Small Cap Dividend Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - KSDIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KSDIX-25-SATSR

# KEELEY Small-Mid Cap Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class A - KSMVX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Small-Mid Cap Value Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **KEELEY Small-Mid Cap Value Fund - Class A** | **$67** | **1.39%** |

---

## How did the Fund perform?
In the first half of the fiscal year, the Fund's focus on smaller companies caused it to trail its broad-based index, the Russell 3000. The Fund outperformed its benchmark, the Russell 2500 Value index. Sector Allocation and Stock Selection each added to relative performance with the biggest positive impact from overweights in the Utilities and Consumer Staples sectors. An overweight in Health Care hurt performance. Holdings in Health Care, Real Estate, and Materials led relative performance, while Consumer Discretionary and Financials detracted. GRAIL and Equitable holdings were the biggest positives and Landsea Homes and Tri Pointe Homes detracted most.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ief1f66fa73716f7bb11ff40e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **KEELEY Small-Mid Cap Value Fund - Class A** | **KEELEY Small-Mid Cap Value Fund - Class A (includes sales charge)** | **Russell 3000 Index** | **Russell 2500 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 8659 | 8271 | 9966 | 9480 |
| **3/17** | 10766 | 9819 | 11767 | 11673 |
| **3/18** | 11988 | 10442 | 13392 | 12340 |
| **3/19** | 11621 | 9667 | 14566 | 12567 |
| **3/20** | 7774 | 6175 | 13236 | 8973 |
| **3/21** | 15377 | 11663 | 21513 | 16822 |
| **3/22** | 15756 | 11412 | 24078 | 18122 |
| **3/23** | 14860 | 10283 | 22012 | 16214 |
| **3/24** | 18724 | 12371 | 28459 | 19673 |
| **3/25** | 18510 | 11677 | 30514 | 19383 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Small-Mid Cap Value Fund - Class A | (5.51)% | (1.14)% | 18.95% | 6.35% |
| KEELEY Small-Mid Cap Value Fund - Class A (includes sales charge) | (9.77)% | (5.61)% | 17.85% | 5.86% |
| Russell 3000 Index | (2.21)% | 7.22% | 18.18% | 11.80% |
| Russell 2500 Value Index | (6.08)% | (1.47)% | 16.65% | 6.84% |

---

## Fund Statistics
* Total Net Assets$25,332,886

* Number of Portfolio Holdings85

* Portfolio Turnover Rate11%

* Management Fees$83,913

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NRG Energy Inc. | 2.1% |
| TechnipFMC plc | 2.0% |
| Knife River Corp. | 2.0% |
| WK Kellogg Co. | 1.9% |
| Equitable Holdings Inc. | 1.9% |
| Solventum Corp. | 1.8% |
| Spectrum Brands Holdings Inc. | 1.8% |
| Southwest Gas Holdings Inc. | 1.7% |
| Molson Coors Beverage Co. | 1.7% |
| Tri Pointe Homes Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | (0.3)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i521e87c2b93402dcee24c3e8.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.0% |
| Health Care | 14.2% |
| Financial Services | 11.6% |
| Diversified Industrial | 8.1% |
| Business Services | 7.3% |
| Building and Construction | 7.2% |
| Consumer Products | 6.2% |
| Food and Beverage | 5.1% |
| Other Industry sectors | 25.6% |
| Other Assets and Liabilities (Net) | (0.3)% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Small-Mid Cap Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - KSMVX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KSMVX-25-SATSR

# KEELEY Small-Mid Cap Value Fund
![Image](i4e2585747f2268f84d263266.jpg)

# Class I - KSMIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about KEELEY Small-Mid Cap Value Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://gabelli.com/funds/open-ends/ or by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **KEELEY Small-Mid Cap Value Fund - Class I** | **$55** | **1.14%** |

---

## How did the Fund perform?
In the first half of the fiscal year, the Fund's focus on smaller companies caused it to trail its broad-based index, the Russell 3000. The Fund outperformed its benchmark, the Russell 2500 Value index. Sector Allocation and Stock Selection each added to relative performance with the biggest positive impact from overweights in the Utilities and Consumer Staples sectors. An overweight in Health Care hurt performance. Holdings in Health Care, Real Estate, and Materials led relative performance, while Consumer Discretionary and Financials detracted. GRAIL and Equitable holdings were the biggest positives and Landsea Homes and Tri Pointe Homes detracted most.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i203389fca500b397e7507609.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KEELEY Small-Mid Cap Value Fund - Class I** | **Russell 3000 Index** | **Russell 2500 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 8682 | 9966 | 9480 |
| **3/17** | 10820 | 11767 | 11673 |
| **3/18** | 12081 | 13392 | 12340 |
| **3/19** | 11735 | 14566 | 12567 |
| **3/20** | 7874 | 13236 | 8973 |
| **3/21** | 15607 | 21513 | 16822 |
| **3/22** | 16032 | 24078 | 18122 |
| **3/23** | 15161 | 22012 | 16214 |
| **3/24** | 17628 | 28459 | 19673 |
| **3/25** | 17484 | 30514 | 19383 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| KEELEY Small-Mid Cap Value Fund - Class I | (5.42)% | (0.82)% | 19.25% | 6.62% |
| Russell 3000 Index | (2.21)% | 7.22% | 18.18% | 11.80% |
| Russell 2500 Value Index | (6.08)% | (1.47)% | 16.65% | 6.84% |

---

## Fund Statistics
* Total Net Assets$25,332,886

* Number of Portfolio Holdings85

* Portfolio Turnover Rate11%

* Management Fees$83,913

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/funds/open-ends/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NRG Energy Inc. | 2.1% |
| TechnipFMC plc | 2.0% |
| Knife River Corp. | 2.0% |
| WK Kellogg Co. | 1.9% |
| Equitable Holdings Inc. | 1.9% |
| Solventum Corp. | 1.8% |
| Spectrum Brands Holdings Inc. | 1.8% |
| Southwest Gas Holdings Inc. | 1.7% |
| Molson Coors Beverage Co. | 1.7% |
| Tri Pointe Homes Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | (0.3)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i84ddc9d57daa01ea3fc6bc13.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 15.0% |
| Health Care | 14.2% |
| Financial Services | 11.6% |
| Diversified Industrial | 8.1% |
| Business Services | 7.3% |
| Building and Construction | 7.2% |
| Consumer Products | 6.2% |
| Food and Beverage | 5.1% |
| Other Industry sectors | 25.6% |
| Other Assets and Liabilities (Net) | (0.3)% |

---

![Image](i4e2585747f2268f84d263266.jpg)

#### KEELEY Small-Mid Cap Value Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - KSMIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/funds/open-ends/.

**Contact Us**

Phone: (800) 422-3554

Email: info@gabelli.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

KSMIX-25-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the
 close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual
 or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

![](keeleyncsrs001.jpg)

---

| |
|:---|
| KEELEY Small Cap Dividend Value Fund |
| KEELEY Small-Mid Cap Value Fund |
| KEELEY Mid Cap Dividend Value Fund |

---

Semiannual Report

March 31, 2025

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of net assets as of March 31, 2025:

***KEELEY Small Cap Dividend Value Fund***

---

| | | | |
|:---|:---|:---|:---|
| Financial Services | 20.3% | Retail | 2.2% |
| Energy and Utilities | 13.1% | Equipment and Supplies | 2.1% |
| Banking | 11.5% | Automotive | 1.5% |
| Health Care | 11.4% | Broadcasting | 1.4% |
| Business Services | 9.8% | Paper and Forest Products | 1.3% |
| Diversified Industrial | 6.0% | Consumer Services | 1.1% |
| Building and Construction | 3.6% | Electronics | 1.1% |
| Food and Beverage | 3.5% | Computer Software and Services | 1.0% |
| Consumer Products | 3.5% | Other Assets and Liabilities (Net) | 0.1% |
| Metals and Mining | 3.0% |  | 100.0% |
| U.S. Government Obligations | 2.5% |  |  |

---

***KEELEY Small-Mid Cap Value Fund***

---

| | | | |
|:---|:---|:---|:---|
| Energy and Utilities | 15.0% | Metals and Mining | 3.2% |
| Health Care | 14.2% | Real Estate | 2.3% |
| Financial Services | 11.6% | U.S. Government Obligations | 1.9% |
| Diversified Industrial | 8.1% | Retail | 1.8% |
| Business Services | 7.3% | Communication Services | 1.7% |
| Building and Construction | 7.2% | Specialty Chemicals | 1.3% |
| Consumer Products | 6.2% | Containers and Packaging | 1.1% |
| Food and Beverage | 5.1% | Broadcasting | 1.0% |
| Banking | 3.7% | Entertainment | 1.0% |
| Hotels and Gaming | 3.4% | Other Assets and Liabilities (Net) | (0.3)% |
| Computer Software and Services | 3.2% |  | 100.0% |

---

***KEELEY Mid Cap Dividend Value Fund***

---

| | | | |
|:---|:---|:---|:---|
| Energy and Utilities | 19.6% | Specialty Chemicals | 2.6% |
| Financial Services | 16.9% | Consumer Products | 2.4% |
| Diversified Industrial | 8.3% | Hotels and Gaming | 2.4% |
| Health Care | 7.8% | Metals and Mining | 2.1% |
| Building and Construction | 5.1% | Consumer Services | 1.2% |
| Business Services | 4.4% | Equipment and Supplies | 1.1% |
| Food and Beverage | 3.9% | Broadcasting | 1.1% |
| Computer Software and Services | 3.5% | Containers and Packaging | 1.1% |
| Retail | 3.4% | Environmental Services | 0.9% |
| U.S. Government Obligations | 3.0% | Real Estate | 0.6% |
| Machinery | 3.0% | Other Assets and Liabilities (Net) | 0.1% |
| Electronics | 2.9% |  | 100.0% |
| Automotive: Parts and Accessories | 2.6% |  |  |

---

**KEELEY Small Cap Dividend Value Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
| | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| | **Automotive — 1.5%** | **Automotive — 1.5%** | **Automotive — 1.5%** |
| 83447 | Douglas Dynamics Inc. | $2106992 | $1938474 |
| 79297 | Standard Motor Products Inc. | 2873475 | 1976874 |
|  |  | 4980467 | 3915348 |
|  | **Banking — 11.5%** |  |  |
| 69742 | Atlantic Union Bankshares Corp. | 2080560 | 2171766 |
| 103729 | Cadence Bank | 1496801 | 3149213 |
| 128130 | Columbia Banking System Inc. | 3828954 | 3195562 |
| 94558 | First Bancorp/Southern Pines NC | 1922097 | 3795558 |
| 112682 | NCR Atleos Corp.† | 2307639 | 2972551 |
| 134299 | South Plains Financial Inc. | 3173418 | 4447983 |
| 123056 | Timberland Bancorp Inc. | 3537173 | 3710138 |
| 52315 | Wintrust Financial Corp. | 2810214 | 5883345 |
|  |  | 21156856 | 29326116 |
|  | **Broadcasting — 1.4%** |  |  |
| 19594 | Nexstar Media Group Inc. | 891476 | 3511637 |
|  | **Building and Construction — 3.6%** |  |  |
| 29393 | Everus Construction Group Inc.† | 1545926 | 1090186 |
| 54674 | KB Home | 985472 | 3177653 |
| 86497 | Primoris Services Corp. | 1367696 | 4965793 |
|  |  | 3899094 | 9233632 |
|  | **Business Services — 9.8%** |  |  |
| 98163 | ABM Industries Inc. | 4611311 | 4649000 |
| 70986 | Cass Information Systems Inc. | 2774389 | 3070144 |
| 125076 | EVERTEC Inc. | 4323093 | 4599045 |
| 321820 | Heartland Express Inc. | 4240667 | 2967180 |
| 240497 | Outfront Media Inc., REIT | 5360518 | 3881622 |
| 142381 | Plymouth Industrial REIT Inc. | 3148332 | 2320810 |
| 98934 | STAG Industrial Inc., REIT | 2476773 | 3573496 |
|  |  | 26935083 | 25061297 |
|  | **Computer Software and Services — 1.0%** |  |  |
| 47698 | Progress Software Corp. | 2289268 | 2456924 |
|  | **Consumer Products — 3.5%** |  |  |
| 70431 | Kontoor Brands Inc. | 1439869 | 4516740 |
| 61135 | Spectrum Brands Holdings Inc. | 3147826 | 4374209 |
|  |  | 4587695 | 8890949 |
|  | **Consumer Services — 1.1%** |  |  |
| 71994 | National Storage Affiliates Trust, REIT | 1991696 | 2836563 |
|  | **Diversified Industrial — 6.0%** |  |  |
| 101978 | Columbus McKinnon Corp. | 3519193 | 1726487 |
| 74329 | Crane NXT Co. | 3652088 | 3820511 |
| 15549 | Enpro Inc. | 1469089 | 2515673 |
| 22706 | Esab Corp. | 893075 | 2645249 |
| 100598 | Helios Technologies Inc. | 4267551 | 3228190 |
| 60546 | Olin Corp. | 689855 | 1467635 |
|  |  | 14490851 | 15403745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| 34841 | Dolby Laboratories Inc., Cl. A | $2358542 | $2798081 |
|  | **Energy and Utilities — 13.1%** | **Energy and Utilities — 13.1%** | **Energy and Utilities — 13.1%** |
| 734902 | Algonquin Power & Utilities Corp. | 3871683 | 3777396 |
| 39008 | ALLETE Inc. | 1418145 | 2562826 |
| 178795 | Atlas Energy Solutions Inc. | 3341783 | 3189703 |
| 57180 | Black Hills Corp. | 3290153 | 3467967 |
| 22095 | Chord Energy Corp. | 1307932 | 2490548 |
| 77603 | International Seaways Inc. | 1781689 | 2576420 |
| 195934 | MDU Resources Group Inc. | 3215898 | 3313244 |
| 66200 | Sable Offshore Corp.† | 1438261 | 1679494 |
| 56306 | Solaris Energy Infrastructure Inc. | 1423298 | 1225218 |
| 55271 | Southwest Gas Holdings Inc. | 3269399 | 3968458 |
| 165110 | TechnipFMC plc | 1079760 | 5232336 |
|  |  | 25438001 | 33483610 |
|  | **Equipment and Supplies — 2.1%** | **Equipment and Supplies — 2.1%** | **Equipment and Supplies — 2.1%** |
| 864791 | Ardagh Metal Packaging SA | 3743595 | 2611668 |
| 63095 | Cactus Inc., Cl. A | 2051912 | 2891644 |
|  |  | 5795507 | 5503312 |
|  | **Financial Services — 20.3%** | **Financial Services — 20.3%** | **Financial Services — 20.3%** |
| 89951 | Air Lease Corp. | 1951774 | 4345533 |
| 119295 | Alerus Financial Corp. | 2371433 | 2202186 |
| 226165 | Alpine Income Property Trust Inc., REIT | 3817813 | 3781479 |
| 81894 | Enact Holdings Inc. | 1576784 | 2845816 |
| 97422 | Federated Hermes Inc. | 3434910 | 3971895 |
| 134405 | Hilltop Holdings Inc. | 4048224 | 4092632 |
| 120392 | Millrose Properties Inc., REIT† | 2758563 | 3191592 |
| 134397 | Pacific Premier Bancorp Inc. | 2750711 | 2865344 |
| 115096 | Sila Realty Trust Inc., REIT | 2821804 | 3074214 |
| 188932 | Silvercrest Asset Management Group Inc., Cl. A | 2032843 | 3090927 |
| 46404 | SouthState Corp. | 3695516 | 4307219 |
| 90335 | Synovus Financial Corp. | 2469105 | 4222258 |
| 96380 | Victory Capital Holdings Inc., Cl. A | 3154450 | 5577511 |
| 114216 | Virtu Financial Inc., Cl. A | 2402970 | 4353914 |
|  |  | 39286900 | 51922520 |
|  | **Food and Beverage — 3.5%** | **Food and Beverage — 3.5%** | **Food and Beverage — 3.5%** |
| 108902 | Primo Brands Corp. | 1377064 | 3864932 |
| 252304 | WK Kellogg Co. | 3253348 | 5028419 |
|  |  | 4630412 | 8893351 |
|  | **Health Care — 11.4%** | **Health Care — 11.4%** | **Health Care — 11.4%** |
| 179564 | CareTrust REIT Inc. | 1834899 | 5131939 |
| 2062 | Chemed Corp. | 713268 | 1268790 |
| 147668 | Concentra Group Holdings Parent Inc. | 3092655 | 3204396 |
| 199063 | Embecta Corp. | 4361971 | 2538053 |
| 419672 | Global Medical REIT Inc. | 4103893 | 3672130 |
| 13650 | Mesa Laboratories Inc. | 1364014 | 1619709 |
| 146731 | Perrigo Co. plc | 6110356 | 4114337 |
| 124892 | Strawberry Fields REIT Inc. | 1287778 | 1487464 |
| 46709 | The Ensign Group Inc. | 822225 | 6044144 |
|  |  | 23691059 | 29080962 |

---

See accompanying notes to financial statements.

**KEELEY Small Cap Dividend Value Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Metals and Mining — 3.0%** | **Metals and Mining — 3.0%** | **Metals and Mining — 3.0%** |
| 56640 | Kaiser Aluminum Corp. | $2341238 | $3433517 |
| 201016 | Osisko Gold Royalties Ltd. | 3299821 | 4245458 |
|  |  | 5641059 | 7678975 |
|  | **Paper and Forest Products — 1.3%** | **Paper and Forest Products — 1.3%** | **Paper and Forest Products — 1.3%** |
| 529858 | Mercer International Inc. | 4984689 | 3258627 |
|  | **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
| 92355 | Jack in the Box Inc. | 5764473 | 2511133 |
| 8041 | Penske Automotive Group Inc. | 140068 | 1157743 |
| 87069 | Shoe Carnival Inc. | 2033121 | 1914647 |
|  |  | 7937662 | 5583523 |
|  | **TOTAL COMMON STOCKS** | 200986317 | 248839172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market** <br> **Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 2.5%** |  |  |
| $6400000 | U.S. Treasury Bills, 4.222% to 4.273%††, 05/06/25 to 06/26/25 | $6356094 | $6355970 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 6356094 | 6355970 |
|  | **TOTAL INVESTMENTS — 99.9%** | $207342411 | 255195142 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 135713 |
|  | **NET ASSETS — 100.0%** |  | $255330855 |

---

† Non-income
 producing security.

†† Represents annualized yields at dates of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**KEELEY Small-Mid Cap Value Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |
|  | **Banking — 3.7%** | **Banking — 3.7%** | **Banking — 3.7%** |
| 14043 | Columbia Banking System Inc. | $392962 | $350233 |
| 9035 | NCR Atleos Corp.† | 190485 | 238343 |
| 3135 | Wintrust Financial Corp. | 128956 | 352562 |
|  |  | 712403 | 941138 |
|  | **Broadcasting — 1.0%** | **Broadcasting — 1.0%** | **Broadcasting — 1.0%** |
| 1432 | Nexstar Media Group Inc. | 75349 | 256643 |
|  | **Building and Construction — 7.2%** | **Building and Construction — 7.2%** | **Building and Construction — 7.2%** |
| 10722 | Everus Construction Group Inc.† | 398604 | 397679 |
| 3368 | Fortune Brands Innovations Inc. | 52097 | 205044 |
| 5539 | Knife River Corp.† | 187781 | 499673 |
| 46576 | Landsea Homes Corp.† | 497289 | 299018 |
| 13521 | Tri Pointe Homes Inc.† | 281768 | 431590 |
|  |  | 1417539 | 1833004 |
|  | **Business Services — 7.3%** | **Business Services — 7.3%** | **Business Services — 7.3%** |
| 5526 | Howard Hughes Holdings Inc.† | 402264 | 409366 |
| 3354 | Lamar Advertising Co., Cl. A, REIT | 184844 | 381618 |
| 22235 | Outfront Media Inc., REIT | 337623 | 358873 |
| 14817 | Vestis Corp. | 265766 | 146688 |
| 9488 | Vontier Corp. | 259120 | 311681 |
| 1536 | WEX Inc.† | 51193 | 241183 |
|  |  | 1500810 | 1849409 |
|  | **Communication Services — 1.7%** | **Communication Services — 1.7%** | **Communication Services — 1.7%** |
| 10794 | RXO Inc.† | 198185 | 206165 |
| 5851 | Ziff Davis Inc.† | 341886 | 219881 |
|  |  | 540071 | 426046 |
|  | **Computer Software and Services — 3.2%** | **Computer Software and Services — 3.2%** | **Computer Software and Services — 3.2%** |
| 21388 | Amentum Holdings Inc.† | 428578 | 389262 |
| 16096 | NCR Voyix Corp.† | 260845 | 156936 |
| 2514 | TD SYNNEX Corp. | 203739 | 261355 |
|  |  | 893162 | 807553 |
|  | **Consumer Products — 6.2%** | **Consumer Products — 6.2%** | **Consumer Products — 6.2%** |
| 4045 | Brunswick Corp. | 238257 | 217823 |
| 5145 | Hasbro Inc. | 314213 | 316366 |
| 6096 | Kontoor Brands Inc. | 100254 | 390937 |
| 2999 | PVH Corp. | 207350 | 193855 |
| 6216 | Spectrum Brands Holdings Inc. | 336276 | 444755 |
|  |  | 1196350 | 1563736 |
|  | **Containers and Packaging — 1.1%** | **Containers and Packaging — 1.1%** | **Containers and Packaging — 1.1%** |
| 87666 | Ardagh Metal Packaging SA | 354985 | 264751 |
|  | **Diversified Industrial — 8.1%** | **Diversified Industrial — 8.1%** | **Diversified Industrial — 8.1%** |
| 2889 | Chart Industries Inc.† | 241188 | 417056 |
| 1626 | Crane Co. | 102223 | 249071 |
| 4821 | Crane NXT Co. | 201729 | 247799 |
| 2111 | Esab Corp. | 96773 | 245932 |
| 10297 | GXO Logistics Inc.† | 533983 | 402407 |
| 1783 | ITT Inc. | 31579 | 230292 |
| 4775 | nVent Electric plc | 117883 | 250305 |
|  |  | 1325358 | 2042862 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **Energy and Utilities — 15.0%** | **Energy and Utilities — 15.0%** | **Energy and Utilities — 15.0%** |
| 63241 | Algonquin Power & Utilities Corp. | $337805 | $325059 |
| 2837 | Chord Energy Corp. | 237964 | 319787 |
| 6086 | Evergy Inc. | 330732 | 419630 |
| 3251 | Expand Energy Corp. | 186409 | 361901 |
| 7644 | International Seaways Inc. | 171972 | 253781 |
| 21443 | MDU Resources Group Inc. | 210975 | 362601 |
| 5478 | NRG Energy Inc. | 55903 | 522930 |
| 10876 | Sable Offshore Corp.† | 114519 | 275924 |
| 6185 | Southwest Gas Holdings Inc. | 371518 | 444083 |
| 16340 | TechnipFMC plc | 114672 | 517814 |
|  |  | 2132469 | 3803510 |
|  | **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| 5737 | Atlanta Braves Holdings Inc., Cl. C† | 208547 | 229537 |
| 515 | Seaport Entertainment Group Inc.† | 17106 | 11057 |
|  |  | 225653 | 240594 |
|  | **Financial Services — 11.6%** | **Financial Services — 11.6%** | **Financial Services — 11.6%** |
| 7117 | Air Lease Corp. | 140254 | 343822 |
| 7044 | Amerant Bancorp Inc. | 117910 | 145388 |
| 8839 | Enact Holdings Inc. | 170062 | 307155 |
| 9228 | Equitable Holdings Inc. | 183067 | 480687 |
| 3692 | Popular Inc. | 200698 | 341030 |
| 4506 | SouthState Corp. | 266879 | 418247 |
| 7464 | Synovus Financial Corp. | 225483 | 348868 |
| 9201 | Virtu Financial Inc., Cl. A | 195828 | 350742 |
| 3053 | Voya Financial Inc. | 75110 | 206871 |
|  |  | 1575291 | 2942810 |
|  | **Food and Beverage — 5.1%** | **Food and Beverage — 5.1%** | **Food and Beverage — 5.1%** |
| 1783 | Kellanova | 101553 | 147080 |
| 4408 | Lamb Weston Holdings Inc. | 194219 | 234946 |
| 7217 | Molson Coors Beverage Co., Cl. B | 351109 | 439299 |
| 24156 | WK Kellogg Co. | 328941 | 481429 |
|  |  | 975822 | 1302754 |
|  | **Health Care — 14.2%** | **Health Care — 14.2%** | **Health Care — 14.2%** |
| 14602 | CareTrust REIT Inc. | 135467 | 417325 |
| 14567 | Concentra Group Holdings Parent Inc. | 307499 | 316104 |
| 19810 | Embecta Corp. | 310405 | 252578 |
| 7203 | Enovis Corp.† | 423847 | 275227 |
| 3379 | GRAIL Inc.† | 52417 | 86300 |
| 703 | Labcorp Holdings Inc. | 68235 | 163616 |
| 9176 | Organon & Co. | 265623 | 136631 |
| 14948 | Perrigo Co. plc | 582518 | 419142 |
| 6084 | Solventum Corp.† | 365823 | 462627 |
| 14163 | Strawberry Fields REIT Inc. | 145957 | 168681 |
| 3150 | The Ensign Group Inc. | 133342 | 407610 |
| 12469 | The Pennant Group Inc.† | 138719 | 313595 |
| 16230 | Zimvie Inc.† | 125105 | 175284 |
|  |  | 3054957 | 3594720 |
|  | **Hotels and Gaming — 3.4%** | **Hotels and Gaming — 3.4%** | **Hotels and Gaming — 3.4%** |
| 6957 | Gaming and Leisure Properties Inc., REIT | 224407 | 354111 |
| 6299 | VICI Properties Inc., REIT | 120267 | 205473 |

---

See accompanying notes to financial statements.

**KEELEY Small-Mid Cap Value Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market** <br> **Value** | **Market** <br> **Value** |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Hotels and Gaming (Continued)** | **Hotels and Gaming (Continued)** | **Hotels and Gaming (Continued)** | **Hotels and Gaming (Continued)** | **Hotels and Gaming (Continued)** |
| 3421 | Wyndham Hotels & Resorts Inc. | $| 197334 | $| 309635 |
|  |  |  | 542008 |  | 869219 |
|  | **Metals and Mining — 3.2%** | **Metals and Mining — 3.2%** | **Metals and Mining — 3.2%** | **Metals and Mining — 3.2%** | **Metals and Mining — 3.2%** |
| 6099 | Kaiser Aluminum Corp. |  | 320245 |  | 369721 |
| 20283 | Osisko Gold Royalties Ltd. |  | 334750 |  | 428377 |
|  |  |  | 654995 |  | 798098 |
|  | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| 12051 | Millrose Properties Inc., REIT† |  | 276064 |  | 319472 |
| 9650 | Sila Realty Trust Inc., REIT |  | 236257 |  | 257752 |
|  |  |  | 512321 |  | 577224 |
|  | **Retail — 1.8%** | **Retail — 1.8%** | **Retail — 1.8%** | **Retail — 1.8%** | **Retail — 1.8%** |
| 6712 | Bath & Body Works Inc. |  | 248055 |  | 203508 |
| 852 | Penske Automotive Group Inc. |  | 13752 |  | 122671 |
| 7365 | Victoria's Secret & Co.† |  | 214827 |  | 136842 |
|  |  |  | 476634 |  | 463021 |
|  | **Specialty Chemicals — 1.3%** | **Specialty Chemicals — 1.3%** | **Specialty Chemicals — 1.3%** | **Specialty Chemicals — 1.3%** | **Specialty Chemicals — 1.3%** |
| 2478 | Ashland Inc. |  | 11316 |  | 146921 |
| 5414 | Valvoline Inc.† |  | 13677 |  | 188461 |
|  |  |  | 24993 |  | 335382 |
|  | **TOTAL COMMON STOCKS** |  | 18191170 |  | 24912474 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
|  | **Energy and Utilities — 0.0%** | **Energy and Utilities — 0.0%** | **Energy and Utilities — 0.0%** |
| 7970 | Electriq Power Holdings Inc., expire 07/31/28† | $5010 | $0 |
|  | **TOTAL WARRANTS** | 5010 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br> **Amount** | | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.9%** |  |  |
| $495000 | U.S. Treasury Bill, 4.233%††, 06/05/25 | 491254 | 491248 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 491254 | 491248 |
|  | **TOTAL INVESTMENTS — 100.3%** | $18687434 | 25403722 |
|  | **Other Assets and Liabilities (Net) — (0.3)%** |  | (70836) |
|  | **NET ASSETS — 100.0%** |  | $25332886 |

---

† Non-income producing security.

†† Represents annualized yield at date of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**KEELEY Mid Cap Dividend Value Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market** <br> **Value** |
|  | **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** |
|  | **Automotive: Parts and Accessories — 2.6%** | **Automotive: Parts and Accessories — 2.6%** | **Automotive: Parts and Accessories — 2.6%** |
| 18996 | Allison Transmission Holdings Inc. | $997064 | $1817347 |
| 14262 | Autoliv Inc. | 929936 | 1261474 |
|  |  | 1927000 | 3078821 |
|  | **Broadcasting — 1.1%** | **Broadcasting — 1.1%** | **Broadcasting — 1.1%** |
| 7071 | Nexstar Media Group Inc. | 662439 | 1267265 |
|  | **Building and Construction — 5.1%** | **Building and Construction — 5.1%** | **Building and Construction — 5.1%** |
| 20447 | Everus Construction Group Inc.† | 695739 | 758379 |
| 16500 | Fortune Brands Innovations Inc. | 619976 | 1004520 |
| 21798 | KB Home | 507328 | 1266900 |
| 17588 | Knife River Corp.† | 601983 | 1586613 |
| 6110 | Vulcan Materials Co. | 837210 | 1425463 |
|  |  | 3262236 | 6041875 |
|  | **Business Services — 4.4%** | **Business Services — 4.4%** | **Business Services — 4.4%** |
| 16821 | Lamar Advertising Co., Cl. A, REIT | 968763 | 1913893 |
| 14748 | Omnicom Group Inc. | 1145735 | 1222757 |
| 57537 | STAG Industrial Inc., REIT | 1853179 | 2078236 |
|  |  | 3967677 | 5214886 |
|  | **Computer Software and Services — 3.5%** | **Computer Software and Services — 3.5%** | **Computer Software and Services — 3.5%** |
| 103561 | Gen Digital Inc. | 1981863 | 2748509 |
| 12503 | TD SYNNEX Corp. | 1006599 | 1299812 |
|  |  | 2988462 | 4048321 |
|  | **Consumer Products — 2.4%** | **Consumer Products — 2.4%** | **Consumer Products — 2.4%** |
| 24107 | Brunswick Corp. | 1313679 | 1298162 |
| 25191 | Hasbro Inc. | 1413811 | 1548995 |
|  |  | 2727490 | 2847157 |
|  | **Consumer Services — 1.2%** | **Consumer Services — 1.2%** | **Consumer Services — 1.2%** |
| 21044 | Equity LifeStyle Properties Inc., REIT | 677324 | 1403635 |
|  | **Containers and Packaging — 1.1%** | **Containers and Packaging — 1.1%** | **Containers and Packaging — 1.1%** |
| 411200 | Ardagh Metal Packaging SA | 1640674 | 1241824 |
|  | **Diversified Industrial — 8.3%** | **Diversified Industrial — 8.3%** | **Diversified Industrial — 8.3%** |
| 13390 | Cabot Corp. | 893554 | 1113245 |
| 9540 | Crane Co. | 590924 | 1461337 |
| 25754 | Crane NXT Co. | 1093818 | 1323756 |
| 12753 | ITT Inc. | 474973 | 1647177 |
| 20244 | Jabil Inc. | 1017009 | 2754601 |
| 26339 | nVent Electric plc | 793196 | 1380690 |
|  |  | 4863474 | 9680806 |
|  | **Electronics — 2.9%** | **Electronics — 2.9%** | **Electronics — 2.9%** |
| 5546 | Agilent Technologies Inc. | 217652 | 648771 |
| 15048 | Dolby Laboratories Inc., Cl. A | 811780 | 1208505 |
| 13471 | Skyworks Solutions Inc. | 1275170 | 870631 |
| 4640 | WESCO International Inc. | 621232 | 720592 |
|  |  | 2925834 | 3448499 |
|  | **Energy and Utilities — 19.6%** | **Energy and Utilities — 19.6%** | **Energy and Utilities — 19.6%** |
| 27650 | Black Hills Corp. | 1639650 | 1676972 |
| 9685 | Diamondback Energy Inc. | 410525 | 1548438 |
| 26113 | Evergy Inc. | 1363336 | 1800491 |
| 34743 | Exelon Corp. | 1480615 | 1600957 |
| 17960 | Expand Energy Corp. | 1027721 | 1999307 |
| 26036 | Fluor Corp.† | 1303180 | 932609 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market** <br> **Value** | **Market** <br> **Value** |
| 5549 | GE Vernova Inc. | $| 684348 | $| 1693999 |
| 81790 | MDU Resources Group Inc. |  | 817744 |  | 1383069 |
| 86194 | NOV Inc. |  | 1582962 |  | 1311873 |
| 25917 | NRG Energy Inc. |  | 514753 |  | 2474037 |
| 24031 | Southwest Gas Holdings Inc. |  | 1477782 |  | 1725426 |
| 38336 | TechnipFMC plc |  | 832892 |  | 1214868 |
| 86240 | UGI Corp. |  | 2301354 |  | 2851957 |
| 6059 | Valero Energy Corp. |  | 198882 |  | 800212 |
|  |  |  | 15635744 |  | 23014215 |
|  | **Environmental Services — 0.9%** | **Environmental Services — 0.9%** | **Environmental Services — 0.9%** | **Environmental Services — 0.9%** | **Environmental Services — 0.9%** |
| 10446 | Veralto Corp. |  | 711963 |  | 1017963 |
|  | **Equipment and Supplies — 1.1%** | **Equipment and Supplies — 1.1%** | **Equipment and Supplies — 1.1%** | **Equipment and Supplies — 1.1%** | **Equipment and Supplies — 1.1%** |
| 17642 | The Timken Co. |  | 1083520 |  | 1267931 |
|  | **Financial Services — 16.9%** | **Financial Services — 16.9%** | **Financial Services — 16.9%** | **Financial Services — 16.9%** | **Financial Services — 16.9%** |
| 33150 | Air Lease Corp. |  | 721388 |  | 1601477 |
| 2922 | Ameriprise Financial Inc. |  | 246064 |  | 1414569 |
| 2966 | Arthur J. Gallagher & Co. |  | 101547 |  | 1023982 |
| 41342 | Columbia Banking System Inc. |  | 1137694 |  | 1031069 |
| 18121 | Comerica Inc. |  | 877370 |  | 1070226 |
| 3126 | Discover Financial Services |  | 120197 |  | 533608 |
| 49529 | Equitable Holdings Inc. |  | 977686 |  | 2579966 |
| 17456 | Popular Inc. |  | 947631 |  | 1612411 |
| 24977 | Prosperity Bancshares Inc. |  | 1621866 |  | 1782608 |
| 5070 | Reinsurance Group of America Inc. |  | 384043 |  | 998283 |
| 19704 | SouthState Corp. |  | 1175551 |  | 1828925 |
| 34277 | Synovus Financial Corp. |  | 1103807 |  | 1602107 |
| 36899 | Virtu Financial Inc., Cl. A |  | 726161 |  | 1406590 |
| 19231 | Voya Financial Inc. |  | 581418 |  | 1303093 |
|  |  |  | 10722423 |  | 19788914 |
|  | **Food and Beverage — 3.9%** | **Food and Beverage — 3.9%** | **Food and Beverage — 3.9%** | **Food and Beverage — 3.9%** | **Food and Beverage — 3.9%** |
| 18342 | Kellanova |  | 962505 |  | 1513031 |
| 19606 | Lamb Weston Holdings Inc. |  | 783408 |  | 1045000 |
| 33415 | Molson Coors Beverage Co., Cl. B |  | 1569645 |  | 2033971 |
|  |  |  | 3315558 |  | 4592002 |
|  | **Health Care — 7.8%** | **Health Care — 7.8%** | **Health Care — 7.8%** | **Health Care — 7.8%** | **Health Care — 7.8%** |
| 3911 | Chemed Corp. |  | 1819751 |  | 2406517 |
| 18635 | Encompass Health Corp. |  | 910344 |  | 1887353 |
| 27162 | Organon & Co. |  | 816015 |  | 404442 |
| 48664 | Perrigo Co. plc |  | 2011294 |  | 1364539 |
| 12541 | The Ensign Group Inc. |  | 970050 |  | 1622805 |
| 8016 | Universal Health Services Inc., Cl. B |  | 922987 |  | 1506206 |
|  |  |  | 7450441 |  | 9191862 |
|  | **Hotels and Gaming — 2.4%** | **Hotels and Gaming — 2.4%** | **Hotels and Gaming — 2.4%** | **Hotels and Gaming — 2.4%** | **Hotels and Gaming — 2.4%** |
| 47188 | VICI Properties Inc., REIT |  | 892352 |  | 1539272 |
| 13568 | Wyndham Hotels & Resorts Inc. |  | 578450 |  | 1228040 |
|  |  |  | 1470802 |  | 2767312 |
|  | **Machinery — 3.0%** | **Machinery — 3.0%** | **Machinery — 3.0%** | **Machinery — 3.0%** | **Machinery — 3.0%** |
| 3613 | BWX Technologies Inc. |  | 320678 |  | 356423 |
| 20186 | Oshkosh Corp. |  | 1574385 |  | 1899099 |
| 11197 | Regal Rexnord Corp. |  | 1710107 |  | 1274778 |
|  |  |  | 3605170 |  | 3530300 |

---

See accompanying notes to financial statements.

**KEELEY Mid Cap Dividend Value Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Metals and Mining — 2.1%** | **Metals and Mining — 2.1%** | **Metals and Mining — 2.1%** |
| 15863 | Franco-Nevada Corp. | $1362689 | $2499374 |
|  | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| 24523 | Highwoods Properties Inc., REIT | 934762 | 726862 |
|  | **Retail — 3.4%** | **Retail — 3.4%** | **Retail — 3.4%** |
| 29013 | Bath & Body Works Inc. | 942792 | 879674 |
| 65474 | Brixmor Property Group Inc., REIT | 948992 | 1738335 |
| 16031 | PVH Corp. | 1234204 | 1036244 |
| 14904 | Victoria's Secret & Co.† | 727082 | 276916 |
|  |  | 3853070 | 3931169 |
|  | **Specialty Chemicals — 2.6%** | **Specialty Chemicals — 2.6%** | **Specialty Chemicals — 2.6%** |
| 17337 | Ashland Inc. | 1316549 | 1027911 |
| 25964 | Olin Corp. | 295831 | 629367 |
| 11689 | RPM International Inc. | 488913 | 1352184 |
|  |  | 2101293 | 3009462 |
|  | **TOTAL COMMON STOCKS** | 77890045 | 113610455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br> **Amount** |  | **Cost** | **Market** <br> **Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 3.0%** |  |  |
| $3595000 | U.S. Treasury Bills, 4.171% to 4.274%††, 04/03/25 to 09/25/25 | $3561222 | $3561202 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 3561222 | 3561202 |
|  | **TOTAL INVESTMENTS — 99.9%** | $81451267 | 117171657 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 116812 |
|  | **NET ASSETS — 100.0%** |  | $117288469 |

---

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**KEELEY Funds**

**Statements of Assets and Liabilities**

**March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap <br> Dividend <br> Value Fund** | **Small-Mid <br> Cap <br> Value Fund** | **Mid Cap <br> Dividend <br> Value Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $207,342,411, $18,687,434, and $81,451,267, respectively) | $255195142 | $25403722 | $117171657 |
| &nbsp;&nbsp;&nbsp;Cash | 5505 | 3272 | 11297 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 102583 |  | 39205 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 107157 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 36935 | 8219 | 19611 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 508902 | 23403 | 158466 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 108058 | 28268 | 46121 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 256064282 | 25466884 | 117446357 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3648 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 300843 | 61410 | 5669 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 220076 | 21769 | 90399 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 32642 | 2060 | 2943 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 2206 | 1424 | 324 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 27216 | 6846 | 12012 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 24943 | 23811 | 23421 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 52145 | 10759 | 13942 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 63388 | 5079 | 8888 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer compensation | 6320 | 786 | 272 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses |  | 54 | 18 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 733427 | 133998 | 157888 |
| **Commitments and Contingencies (See Note 3)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $255330855 | $25332886 | $117288469 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $191650673 | $17169913 | $76816078 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 63680182 | 8162973 | 40472391 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $255330855 | $25332886 | $117288469 |
| **Shares of Capital Stock, each at $0.0001 par value:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $151642886 | $9593602 | $13859949 |
| &nbsp;&nbsp;&nbsp;Capital Shares outstanding | 9646217 | 1159999 | 486658 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value and redemption price per share (100,000,000 shares authorized)** | $15.72 | $8.27 | $28.48 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9550, based on maximum sales charge of 4.50% of the offering price) | $16.46 | $8.66 | $29.82 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $103687969 | $15739284 | $103428520 |
| &nbsp;&nbsp;&nbsp;Capital Shares outstanding | 6593094 | 1832740 | 3641216 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share (100,000,000 shares authorized)** | $15.73 | $8.59 | $28.40 |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Statements of Operations**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap<br> Dividend <br> Value Fund** | **Small-Mid <br> Cap <br> Value Fund** | **Mid Cap <br> Dividend <br> Value Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $57,259, $4,836, and $16,650, respectively) | $3198094 | $261749 | $1330615 |
| &nbsp;&nbsp;&nbsp;Interest | 96579 | 11024 | 62110 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 3294673 | 272773 | 1392725 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1415482 | 143405 | 572290 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 208415 | 13652 | 18173 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 35387 | 3585 | 15897 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9307 | 2723 | 4417 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 37881 | 14550 | 21415 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer compensation | 28804 | 2974 | 13099 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 12136 | 17999 | 17352 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 33977 | 10088 | 13257 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 117853 | 16331 | 43371 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 44811 | 4565 | 20124 |
| &nbsp;&nbsp;&nbsp;ReFlow service fees | 2331 |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 12576 | 6754 | 9717 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1958960 | 236626 | 749112 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) | (278443) | (59492) | (126855) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 1680517 | 177134 | 622257 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1614156 | 95639 | 770468 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 21979995 | 1986539 | 5448149 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 810105 |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (142) | (16) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (39445988) | (3500918) | (10345359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (38) | (4) |  |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (16656068) | (1514399) | (4897210) |
| **Net Decrease in Net Assets Resulting from Operations** | $(15041912) | $(1418760) | $(4126742) |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Statements of Changes in Net Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Dividend Value Fund** | **Small Cap Dividend Value Fund** | **Small-Mid Cap Value Fund** | **Small-Mid Cap Value Fund** | **Mid Cap Dividend Value Fund** | **Mid Cap Dividend Value Fund** |
|  | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1614156 | $4627749 | $95639 | $343910 | $770468 | $1794717 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 21979853 | 20774809 | 1986523 | 3444114 | 5448149 | 7722161 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 810105 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ depreciation on investments and foreign currency translations | (39446026) | 49122526 | (3500922) | 3921179 | (10345359) | 22013397 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (15041912) | 74525084 | (1418760) | 7709203 | (4126742) | 31530275 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (15547556) | (7165488) | (1352547) | (945120) | (972192) | (642849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (11221575) | (5476883) | (2228196) | (1570634) | (7816478) | (5491511) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (26769131) | (12642371) | (3580743) | (2515754) | (8788670) | (6134360) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2935344 | 3770944 | 76545 | 119090 | 435764 | 1029118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4859956 | 5782147 | 229593 | 1392836 | 880771 | 2595511 |
|  | 7795300 | 9553091 | 306138 | 1511926 | 1316535 | 3624629 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 15034792 | 6915478 | 1333333 | 936224 | 860748 | 567608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 11131200 | 5435018 | 2225648 | 1568726 | 7807732 | 5476722 |
|  | 26165992 | 12350496 | 3558981 | 2504950 | 8668480 | 6044330 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (12188178) | (32386579) | (1441680) | (1776102) | (629844) | (1399998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (14984877) | (31394070) | (2169156) | (4328743) | (8773308) | (13785320) |
|  | (27173055) | (63780649) | (3610836) | (6104845) | (9403152) | (15185318) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | 6788237 | (41877062) | 254283 | (2087969) | 581863 | (5516359) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (35022806) | 20005651 | (4745220) | 3105480 | (12333549) | 19879556 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 290353661 | 270348010 | 30078106 | 26972626 | 129622018 | 109742462 |
| &nbsp;&nbsp;&nbsp;End of period | $255330855 | $290353661 | $25332886 | $30078106 | $117288469 | $129622018 |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Small Cap Dividend Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 | $15.86 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.09 | 0.25 | 0.27 | 0.27 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments. | (1.02) | 4.12 | 1.40 | (2.27) | 6.90 | (2.97) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.93) | 4.37 | 1.67 | (2.00) | 7.08 | (2.76) |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) | (0.31) | (0.33) | (0.29) | (0.21) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.72) | (0.72) | (2.27) | (2.39) | (0.21) | (0.26) |
| Net Asset Value, End of Period | $15.72 | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 |
| Total Return † | (5.67)% | 30.24% | 10.67% | (12.13)% | 55.27% | (17.35)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $151643 | $170400 | $156054 | $162428 | $208680 | $157732 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.03 %(b) | 1.55% | 1.68% | 1.46% | 0.98% | 1.49% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.29 %(b) | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.49 %(b) | 1.50% | 1.50% | 1.48% | 1.47% | 1.52% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 19% | 21% | 28% | 26% | 21% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 | $15.89 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.11 | 0.29 | 0.31 | 0.31 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.02) | 4.12 | 1.41 | (2.27) | 6.91 | (2.97) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.91) | 4.41 | 1.72 | (1.96) | 7.14 | (2.72) |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.35) | (0.36) | (0.38) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.74) | (0.76) | (2.30) | (2.48) | (0.26) | (0.30) |
| Net Asset Value, End of Period | $15.73 | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 |
| Total Return † | (5.53)% | 30.55% | 11.03% | (11.97)% | 55.60% | (17.08)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $103688 | $119954 | $114294 | $124661 | $167682 | $115528 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.30 %(b) | 1.80% | 1.94% | 1.70% | 1.22% | 1.75% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.04 %(b) | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.24 %(b) | 1.25% | 1.25% | 1.23% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 19% | 21% | 28% | 26% | 21% |

---

† Total return
 represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Small-Mid Cap Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 | $12.38 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.02 | 0.09 | 0.10 | 0.07 | 0.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (0.50) | 2.33 | 1.29 | (1.80) | 4.64 | (1.40) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.48) | 2.42 | 1.39 | (1.73) | 4.71 | (1.36) |
| a | a | a | a | a |  | a |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.08) | (0.11) | (0.07) | (0.06) | (0.03) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.13) | (0.68) | (1.14) | (3.03) | (0.55) | (2.11) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.21) | (0.79) | (1.21) | (3.09) | (0.58) | (2.18) |
| Net Asset Value, End of Period | $8.27 | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 |
| Total Return † | (5.51)% | 30.24% | 17.95% | (18.80)% | 54.70% | (14.91)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $9594 | $11529 | $10296 | $10407 | $14943 | $11515 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.51 %(b) | 1.03% | 1.12% | 0.63% | 0.59% | 0.43% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.39 %(b) | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.80 %(b) | 1.80% | 1.79% | 1.69% | 1.63% | 1.68% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 26% | 17% | 33% | 37% | 21% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 | $12.69 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.04 | 0.12 | 0.12 | 0.09 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (0.53) | 2.43 | 1.34 | (1.86) | 4.78 | (1.44) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.49) | 2.55 | 1.46 | (1.77) | 4.88 | (1.37) |
| a | a | a | a | a |  | a |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.11) | (0.13) | (0.10) | (0.10) | (0.06) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.17) | (0.71) | (1.18) | (3.03) | (0.55) | (2.11) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.28) | (0.84) | (1.28) | (3.13) | (0.61) | (2.22) |
| Net Asset Value, End of Period | $8.59 | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 |
| Total Return † | (5.42)% | 30.73% | 18.18% | (18.61)% | 55.08% | (14.69)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $15739 | $18549 | $16677 | $19295 | $32101 | $25555 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.76 %(b) | 1.28% | 1.38% | 0.87% | 0.83% | 0.68% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.14 %(b) | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.55 %(b) | 1.55% | 1.54% | 1.44% | 1.38% | 1.43% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 26% | 17% | 33% | 37% | 21% |

---

† Total return represents aggregate total return of a hypothetical
 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect
 the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average
 shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Mid Cap Dividend Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 | $22.60 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.15 | 0.36 | 0.37 | 0.34 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.20) | 7.09 | 2.69 | (2.73) | 7.35 | (3.26) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.05) | 7.45 | 3.06 | (2.39) | 7.53 | (3.00) |
| a | a | a | a | a | a |  |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.37) | (0.40) | (0.33) | (0.23) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.96) | (1.01) | (0.75) |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.13) | (1.38) | (1.15) | (0.33) | (0.23) | (0.50) |
| Net Asset Value, End of Period | $28.48 | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 |
| Total Return † | (3.54)% | 29.83% | 12.98% | (9.17)% | 39.48% | (13.38)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $13859 | $14648 | $11617 | $12752 | $15163 | $12611 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.99 %(b) | 1.28% | 1.39% | 1.23% | 0.73% | 1.25% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.20 %(b) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.40 %(b) | 1.41% | 1.41% | 1.40% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 12% | 15% | 14% | 21% | 22% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 | $22.59 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.19 | 0.43 | 0.43 | 0.40 | 0.25 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.21) | 7.07 | 2.70 | (2.72) | 7.34 | (3.26) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.02) | 7.50 | 3.13 | (2.32) | 7.59 | (2.95) |
| a | a | a | a | a | a |  |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.21) | (0.45) | (0.47) | (0.45) | (0.29) | (0.36) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.95) | (1.00) | (0.75) |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.16) | (1.45) | (1.22) | (0.45) | (0.29) | (0.55) |
| Net Asset Value, End of Period | $28.40 | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 |
| Total Return † | (3.44)% | 30.13% | 13.29% | (8.96)% | 39.84% | (13.15)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $103429 | $114974 | $98125 | $96765 | $116673 | $101482 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.24 %(b) | 1.53% | 1.64% | 1.48% | 0.98% | 1.51% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 0.95 %(b) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.15 %(b) | 1.16% | 1.16% | 1.15% | 1.13% | 1.15% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 12% | 15% | 14% | 21% | 22% |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions
 and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated
 using the average shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **KEELEY Funds, Inc.** |
| **Notes to Financial Statements (Unaudited)** |

---

**1. Organization.** KEELEY Funds, Inc. (the Corporation) was organized on April 7, 2005 as a Maryland corporation and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-ended investment company. The Corporation consists of three series, KEELEY Small Cap Dividend Value Fund (Small Cap Dividend Value Fund), KEELEY Small-Mid Cap Value Fund (Small-Mid Cap Value Fund), and KEELEY Mid Cap Dividend Value Fund (Mid Cap Dividend Value Fund) (each a Fund, and collectively, the Funds), each with two classes of shares: Class A and Class I.

The investment objectives of each Fund are as follows:

● Small Cap Dividend Value Fund seeks to provide long term capital appreciation and current income through investments in equity securities with a small market capitalization and that currently pay, or are reasonably expected to pay, dividends to shareholders.

● Small-Mid Cap Value Fund seeks to provide long term capital appreciation through investments in equity securities of companies with a small or mid-sized market capitalization.

● Mid Cap Dividend Value Fund seeks to provide long term capital appreciation and current income through investments in equity securities of companies with a mid-sized market capitalization and that currently pay, or are reasonably expected to pay, dividends to shareholders.

The Funds' investment adviser, Keeley-Teton Advisors, LLC (the Adviser) serves as investment adviser to the Funds. The Adviser makes investment decisions for the Funds and continuously reviews and administers the Funds' investment program and manages the operations of each Fund under the general supervision of the Company's Board.

**2. Significant Accounting Policies.** As an investment company, the Corporation follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Corporation in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser. Investments in open-end investment companies are valued at each underlying Fund's NAV per share as of the report date.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the security's fair value, in which case the security will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities for which quotations are not readily available are valued by the Adviser at their respective fair values as determined in good faith pursuant to procedures adopted by the Corporation's Board. For each investment that is fair valued, the Adviser takes into consideration, to the extent applicable, various factors, including, but not limited to, the financial condition of the company, comparable companies in the public market, the nature and duration of the cause for a quotation not being readily available and other relevant factors. Securities fair valued by the Adviser are indicated in the Schedules of Investments and are categorized as Level 2 or Level 3 in the fair value hierarchy depending on the observability of the inputs.

---

| |
|:---|
| **KEELEY Funds, Inc.** |
| **Notes to Financial Statements (Unaudited) (Continued)** |

---

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds' investments in securities by inputs used to value the Funds' investments as of March 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1 <br> Quoted Prices** | **Level 2 Other Significant Observable Inputs** |<br>**Total Market Value <br> at 03/31/25** |
| **SMALL CAP DIVIDEND VALUE FUND** | **SMALL CAP DIVIDEND VALUE FUND** | **SMALL CAP DIVIDEND VALUE FUND** | **SMALL CAP DIVIDEND VALUE FUND** |
| **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** |
| **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** |
| Common Stocks (a) | $248839172 |  | $248839172 |
| U.S. Government Obligations |  | $6355970 | 6355970 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $248839172 | $6355970 | $255195142 |
| **SMALL-MID CAP VALUE FUND** | **SMALL-MID CAP VALUE FUND** | **SMALL-MID CAP VALUE FUND** | **SMALL-MID CAP VALUE FUND** |
| **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** |
| **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** |
| Common Stocks (a) | 24912474 |  | 24912474 |
| Warrants (a) |  | 0 | 0 |
| U.S. Government Obligations |  | 491248 | 491248 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $24912474 | $491248 | $25403722 |
| **MID CAP DIVIDEND VALUE FUND** | **MID CAP DIVIDEND VALUE FUND** | **MID CAP DIVIDEND VALUE FUND** | **MID CAP DIVIDEND VALUE FUND** |
| **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** | **INVESTMENTS IN SECURITIES:** |
| **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** | **ASSETS (Market Value):** |
| Common Stocks (a) | 113610455 |  | 113610455 |
| U.S. Government Obligations |  | 3561202 | 3561202 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $113610455 | $3561202 | $117171657 |

---

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

***General.*** The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

---

| |
|:---|
| **KEELEY Funds, Inc.** |
| **Notes to Financial Statements (Unaudited) (Continued)** |

---

***Investments in other Investment Companies.*** All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Funds' expenses. During the six months ended March 31, 2025, Small Cap Dividend Value Fund and Mid Cap Dividend Value Fund did not invest in Acquired Funds. The Small-Mid Cap Value Fund's pro rata portion of periodic expenses charged by the Acquired Funds was approximately 0.08% basis points.

***Foreign Taxes.*** The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends. Upon notification from issuers, distributions received from a REIT may be redesignated as a reduction of cost of investments and/or realized gain.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Distributions to Shareholders.*** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences, and differing characterizations of distributions made by the Funds. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise.

The tax character of distributions paid during the fiscal year ended September 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** | | |
|  | **Dividend** | | |
|  | **Value Fund** |<br>**Small-Mid Cap**<br>**Value Fund** | **Mid Cap**<br>**Dividend**<br>**Value Fund** |
| Ordinary income (inclusive of short term capital gains) | $5443386 | $414464 | $1834983 |
| Net long term capital gains | 7198985 | 2355635 | 4299377 |
| Total distributions paid | $12642371 | $2770099 \* | $6134360 |

---

_________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

***Provision for Income Taxes.*** The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds' net investment company taxable income and net capital gains.

---

| |
|:---|
| **KEELEY Funds, Inc.** |
| **Notes to Financial Statements (Unaudited) (Continued)** |

---

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap** | | |
|  | **Dividend** | | |
|  | **Value Fund** |<br>**Small-Mid Cap**<br>**Value Fund** | **Mid Cap**<br>**Dividend**<br>**Value Fund** |
| Aggregate cost of investments | $208808020 | $18879959 | $81763598 |
| Gross unrealized appreciation | $67550623 | $8243419 | $39989042 |
| Gross unrealized depreciation | (21163501) | (1719656) | (4580983) |
| Net unrealized appreciation | $46387122 | $6523763 | $35408059 |

---

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2025, the Funds did not incur any income tax, interest, or penalties. As of March 31, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds' net assets or results of operations. The Funds' federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds' tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreements and Other Transactions.** The Corporation, on behalf of each Fund, has entered into an investment advisory agreement (the Agreement) with the Adviser, with whom certain officers and directors of the Corporation are affiliated, to furnish investment advisory services to that Fund. Under the terms of the Agreement, Small Cap Dividend Value Fund and Small-Mid Cap Value Fund each pay the Adviser a monthly fee at the annual rate of 1.00% of the Fund's first $350 million of average daily net assets, 0.90% for net assets greater than $350 million but less than $700 million, and 0.80% in excess of $700 million of the Fund's average daily net assets. Mid Cap Dividend Value Fund pays the Adviser a monthly fee at the annual rate of 0.90% of the Fund's first $700 million of average daily net assets and 0.80% for net assets greater than $700 million.

The Adviser has contractually agreed to waive a portion of its fees and/or reimburse expenses with respect to each Fund until February 28, 2026 (the Expense Cap Agreement), such that total expenses, exclusive of taxes, interest charges, dividend expenses incurred on securities that a Fund sells short, litigation expenses, other extraordinary expenses, and brokerage commissions and other charges relating to the purchase and sale of a Fund's securities will not exceed the following amounts of average daily net assets of the respective Fund:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
| Small Cap Dividend Value Fund | 1.29% | 1.04% |
| Small-Mid Cap Value Fund | 1.51% | 1.26% |
| Mid Cap Dividend Value Fund | 1.20% | 0.95% |

---

Any reimbursements or fee waivers made by the Adviser to a Fund are subject to repayment by the Fund, to the extent that the Fund is able to make the repayment within its Expense Cap Agreement. However, the repayment of previously waived expenses is limited to amounts that do not cause the aggregate operating expenses of the Fund to exceed the current expense cap or the expense cap in place at the time the waiver was generated. The Adviser did not recoup any fees previously waived or reimbursed under the Expense Cap Agreement for the six months ended March 31, 2025. The table below indicates the amount of fees contingently available for recoupment by the Adviser in future periods:

As of March 31, 2025, the cumulative unreimbursed amounts which may be recovered by the Adviser are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended September 30, 2022, <br> expiring <br> September 30, 2025** | **For the year ended September 30, 2023, <br> expiring <br> September 30, 2026** | **For the year ended September 30, 2024, <br> expiring <br> September 30, 2027** | **For the six months ended March 31, 2025, <br> expiring <br> September 30, 2028** | **Total** |
| Small Cap Dividend Value Fund | $676027 | $645723 | $579265 | $278443 | $2179458 |
| Small-Mid Cap Value Fund | 120296 | 118809 | 117978 | 59492 | 416575 |
| Mid Cap Dividend Value Fund | 252425 | 248028 | 247362 | 126855 | 874670 |

---

Any waiver or reimbursement is subject to later adjustment during the term of each Fund's investment advisory agreement to allow Keeley-Teton to recoup amounts waived or reimbursed to the extent actual fees and expenses for a period are less than the expense limitation caps. Keeley-Teton, however, will only be entitled to recoup such amounts for a period of three years following the fiscal year in which such amount was waived or reimbursed.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Unaudited) (Continued)**

**4. Distribution Plan.** The Corporation's Board has adopted a Distribution Plan (the Plan) pursuant to Rule 12b-1 under the 1940 Act for the Funds' Class A Shares. The Plan is designed to finance or assist in the financing of any activity primarily intended to result in the sale of Class A Shares by G.distributors, LLC (the Distributor), an affiliate of the Adviser, with whom certain officers and directors of the Corporation are affiliated, and to permit the Corporation to compensate the Distributor and other dealers of its shares. Each Fund paid the Distributor and each dealer a monthly fee at the annual rate of 0.25% of the average daily net assets of Fund shares beneficially owned by the Distributor's and each dealer's existing brokerage clients. The Plan can be continued in effect from year to year if such continuance is approved annually by the Board of the Corporation, including the vote of a majority of the Independent Directors.

For the six months ended March 31, 2025, Small Cap Dividend Value Fund – Class A expensed $208,415 in distribution fees, of which $1,601 was paid to the Distributor; Small-Mid Cap Value Fund – Class A expensed $13,652 in distribution fees, of which $339 was paid to the Distributor; and Mid Cap Dividend Value Fund – Class A expensed $18,173 in distribution fees, of which $456 was paid to the Distributor. The distribution fees paid to the Distributor are unaudited.

The Corporation has adopted a Shareholder Servicing Agreement for all of its Funds and their Classes. The Corporation has retained the Adviser to serve as the shareholder servicing agent for the Funds pursuant to the Shareholder Servicing Agreement. Under the Shareholder Servicing Agreement, the Corporation will pay the Adviser a monthly fee calculated at an annual rate of 0.05% of each Fund's average daily net assets for providing support services to investors who beneficially own shares of a Fund. The Shareholder Servicing Agreement may be continued in effect from year to year if such continuance is approved annually by the Board of the Corporation, including the vote of a majority of the Independent Directors. For the six months ended March 31, 2025, the Adviser received $117,853, $16,331, and $43,371 from Small Cap Dividend Value Fund, Small-Mid Cap Value Fund, and Mid Cap Dividend Value Fund, respectively.

**5. Portfolio Securities.** Purchases and sales (including maturities) of securities during the six months ended March 31, 2025, other than short term securities, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | |
|  | **(excluding U.S.** | |
|  | **Government** | |
|  | **Securities)** | **Sales**<br>**(excluding U.S.**<br>**Government**<br>**Securities)** |
| Small Cap Dividend Value Fund | $30091897 | $48690544 |
| Small-Mid Cap Value Fund | 3143066 | 6400155 |
| Mid Cap Dividend Value Fund | 6113060 | 15686062 |

---

**6. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Distributor retained a total of $2,396 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating each Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2025, Small Cap Dividend Value Fund, Small-Mid Cap Value Fund, and Mid Cap Dividend Value Fund accrued $35,387, $3,585, and $15,897, respectively, in the Statements of Operations, in connection with the cost of computing these Funds' NAVs.

As per the approval of the Board, the Funds are allocated a portion of the Chief Compliance Officer's compensation cost. For the six months ended March 31, 2024, the Funds paid or accrued $44,877 in chief compliance officer compensation in the Statements of Operations.

The Adviser has an administration agreement for each of the Funds with Gabelli Funds, LLC, which has entered into an agreement with BNY Mellon Investment Servicing (US) Inc. to provide certain administrative services to the Funds.

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $10,000 plus $2,000 for each Board meeting attended, and they are reimbursed by the Corporation for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, and the Chairman of the Audit Committee receives a $25,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Unaudited) (Continued)**

**7. Line of Credit.** The Funds participate in an unsecured line of credit, which expires on February 25, 2026 and may be renewed annually, of up to $150,000,000 under which they may each borrow up to 10% of their net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statements of Operations.

During the six months ended March 31, 2025, the Mid Cap Dividend Value Fund borrowed $2,516,000 for one day at a weighted average interest rate of 5.59%. During the six months ended March 31, 2025, the Small Cap Dividend Value Fund and the Small-Mid Cap Dividend Value Fund did not borrow under the line of credit.

**8. Significant Shareholder.** As of March 31, 2025, 11.5%, 14.2%, and 43.0% of Small Cap Dividend Value Fund, Small-Mid Cap Value Fund, and Mid Cap Dividend Value Fund, respectively, were beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

**9. Capital Stock.** The Funds offer two classes of shares - Class A Shares and Class I Shares. The public offering price for Class A Shares is the net asset value plus a sales charge, which varies in accordance with the amount of the purchase up to a maximum of 4.50%. The public offering price for Class I Shares is the net asset value. As noted in the Funds' prospectus, Class I is an institutional class and does not charge a sales load or a 12b-1 fee to its shareholders.

Transactions in shares of capital stock were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Dividend Value Fund** | **Small Cap Dividend Value Fund** | **Small-Mid Cap Value Fund** | **Small-Mid Cap Value Fund** | **Mid Cap Dividend Value Fund** | **Mid Cap Dividend Value Fund** |
|  | **Six Months Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Six Months Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** | **Six Months Ended March 31, 2025 (Unaudited)** | **Year Ended September 30, 2024** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares sold | 166856 | 231871 | 8162 | 13255 | 15017 | 38565 |
| Shares issued upon reinvestment of distributions | 894485 | 417473 | 151515 | 106028 | 29142 | 20067 |
| Shares redeemed | (692753) | (1973913) | (156758) | (198727) | (20195) | (49879) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | 368588 | (1324569) | 2919 | (79444) | 23964 | 8753 |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares sold | 278827 | 355548 | 23313 | 150961 | 28616 | 92000 |
| Shares issued upon reinvestment of distributions | 662386 | 327696 | 243773 | 171258 | 265090 | 193858 |
| Shares redeemed in-kind | (90583) |  |  |  |  |  |
| Shares redeemed | (785073) | (1916992) | (225129) | (458960) | (293303) | (489048) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | 65557 | (1233748) | 41957 | (136741) | 403 | (203190) |

---

ReFlow Fund LLC. The Funds may participate in the ReFlow Fund LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2025 the following Funds utilized ReFlow. The shares ReFlow subscribed to, cash redemptions, and redemptions-in-kind were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares ReFlow Subscribed to** | **Cash redemptions** | **Redemptions-in-kind** | **Service Fees** |
| Small Cap Dividend Value | 104020 | $221046 | $1441090 | $2331 |

---

**10. Indemnifications.** The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of loss to be remote.

---

| |
|:---|
| **KEELEY Funds, Inc.** |
| **Notes to Financial Statements (Unaudited) (Continued)** |

---

**11. Segment Reporting.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

**12. Subsequent Events.** On May 1, 2025, Keeley-Teton Advisors, LLC (Keeley Teton) announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC (the Transaction). The Transaction will not result in any change to the services provided under the investment advisory agreement. Except as indicated in the following paragraph, the personnel of Keeley Teton who perform such services will continue to perform the same services on behalf of Gabelli Funds, LLC, which will assume the investment advisory agreement. In addition, Gabelli Funds, LLC will assume Keeley Teton's obligations under the Operating Expenses Limitation Agreement.

In addition, effective June 27, 2025, the Funds will be renamed as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Current Name</u>** | &nbsp;&nbsp;**<u>New Name</u>** |
| &nbsp;&nbsp;Keeley Mid Cap Dividend Value Fund | &nbsp;&nbsp;Keeley Gabelli Mid Cap Dividend Fund |
| &nbsp;&nbsp;Keeley Small Mid Cap Value Fund | &nbsp;&nbsp;Keeley Gabelli SMID Cap Value Fund |
| &nbsp;&nbsp;Keeley Small Dividend Value Fund | &nbsp;&nbsp;Keeley Gabelli Small Cap Dividend Fund |

---

Management has evaluated the impact on the Funds of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**Keeley Funds and Your Personal Privacy**

Protecting your personal information is an important priority for us. The Funds' privacy policy is designed to support this objective. We collect nonpublic personal information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;● Information we receive from you
 on applications or on other forms; correspondence or conversations, such as your name, address, social security number, assets, income,
 and date of birth.

&nbsp;&nbsp;&nbsp;&nbsp;● Information about your transactions
 with us, our affiliates or others, such as your account numbers and balances, transaction history, parties to transactions, cost basis
 information, and other financial information.

The Funds restrict access to your nonpublic information by maintaining physical, electronic, and procedural safeguards.

The Funds do not disclose any nonpublic information about their current or former customers to nonaffiliated third parties, except as permitted by law. G.distributors, LLC. is the Distributor and Keeley-Teton Advisors, LLC. is the Investment Adviser for the Keeley Funds and are both affiliates of the Keeley Funds. We may share your nonpublic information with affiliates who require such information to provide products or services to you. You may request that we not share your nonpublic information with our affiliates for use by them in marketing products or services to you by calling us toll-free at 1-800-422-3554. We will honor your choice until you tell us otherwise. If you have a joint account, your instruction will be applied to all account holders on that account.

This page was intentionally left blank.

![](keeleyncsrs002.jpg)

**KEELEY Small Cap Dividend Value Fund**

**KEELEY Small-Mid Cap Value Fund**

**KEELEY Mid Cap Dividend Value Fund**

141 West Jackson Blvd., Suite 2150

Chicago, Illinois 60604

**General and Account Information:**

800-422-3554

fax: 312-786-5003

website: keeleyfunds.com

e-mail: info@keeleyteton.com

Board of Directors

---

| | | |
|:---|:---|:---|
| LAURA D. ALTER | NICHOLAS F. GALLUCCIO\* | SEAN LOWRY |
| *Former Managing Director and* | *Co-Chairman, Teton Advisors, Inc.* | *Former Executive Vice President,* |
| *Senior Partner of Fixed Income,* |  | *Pacor Mortgage Corp.* |
| *Harris Investments* |  |  |
| ANTHONY S. COLAVITA | KEVIN M. KEELEY\* | MICHAEL J. MELARKEY |
| *Attorney, Anthony S. Colavita, P.C.* | *Co-Chairman, Executive Chairman,* | *Of Counsel,* |
|  | *and President* | *McDonald Carano Wilson LLP* |
|  | *Keeley - Teton Advisors, LLC* |  |
|  | *President, Keeley Funds, Inc.* |  |
| JAMES P. CONN | JEROME J. KLINGENBERGER |  |
| *Former Managing Director and* | *Executive Vice President and* |  |
| *Chief Investment Officer, Financial* | *Chief Financial Officer* |  |
| *Security Assurance Holdings Ltd.* | *Grayhill, Inc.* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*\*Interested Directors* |  |  |
|  | Officers |  |
| KEVIN M. KEELEY | JOHN C. BALL | PETER GOLDSTEIN |
| *President* | *Treasurer* | *Secretary and Vice President* |
| RICHARD J. WALZ | THOMAS E. BROWNE Jr. |  |
| *Chief Compliance Officer* | *Vice President* |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Adviser | &nbsp;&nbsp;Distributor |
| &nbsp;&nbsp;Keeley-Teton Advisors, LLC | &nbsp;&nbsp;G.distributors, LLC |
| &nbsp;&nbsp;Custodian | &nbsp;&nbsp;Legal Counsel |
| &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;Paul Hastings LLP |

---

This report is submitted for the information of the shareholders of the KEELEY Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

***GABKLQ125SR***

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required
 by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

**KEELEY Funds**

**Financial Highlights**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Small Cap Dividend Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 | $15.86 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.09 | 0.25 | 0.27 | 0.27 | 0.18 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments. | (1.02) | 4.12 | 1.40 | (2.27) | 6.90 | (2.97) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.93) | 4.37 | 1.67 | (2.00) | 7.08 | (2.76) |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.15) | (0.31) | (0.33) | (0.29) | (0.21) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.72) | (0.72) | (2.27) | (2.39) | (0.21) | (0.26) |
| Net Asset Value, End of Period | $15.72 | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 |
| Total Return † | (5.67)% | 30.24% | 10.67% | (12.13)% | 55.27% | (17.35)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $151643 | $170400 | $156054 | $162428 | $208680 | $157732 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.03 %(b) | 1.55% | 1.68% | 1.46% | 0.98% | 1.49% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.29 %(b) | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.49 %(b) | 1.50% | 1.50% | 1.48% | 1.47% | 1.52% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 19% | 21% | 28% | 26% | 21% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 | $15.89 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.11 | 0.29 | 0.31 | 0.31 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.02) | 4.12 | 1.41 | (2.27) | 6.91 | (2.97) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.91) | 4.41 | 1.72 | (1.96) | 7.14 | (2.72) |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.35) | (0.36) | (0.38) | (0.26) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.74) | (0.76) | (2.30) | (2.48) | (0.26) | (0.30) |
| Net Asset Value, End of Period | $15.73 | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 |
| Total Return † | (5.53)% | 30.55% | 11.03% | (11.97)% | 55.60% | (17.08)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $103688 | $119954 | $114294 | $124661 | $167682 | $115528 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.30 %(b) | 1.80% | 1.94% | 1.70% | 1.22% | 1.75% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.04 %(b) | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.24 %(b) | 1.25% | 1.25% | 1.23% | 1.22% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 19% | 21% | 28% | 26% | 21% |

---

† Total return
 represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Small-Mid Cap Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 | $12.38 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.02 | 0.09 | 0.10 | 0.07 | 0.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (0.50) | 2.33 | 1.29 | (1.80) | 4.64 | (1.40) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.48) | 2.42 | 1.39 | (1.73) | 4.71 | (1.36) |
| a | a | a | a | a |  | a |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.08) | (0.11) | (0.07) | (0.06) | (0.03) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.13) | (0.68) | (1.14) | (3.03) | (0.55) | (2.11) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.21) | (0.79) | (1.21) | (3.09) | (0.58) | (2.18) |
| Net Asset Value, End of Period | $8.27 | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 |
| Total Return † | (5.51)% | 30.24% | 17.95% | (18.80)% | 54.70% | (14.91)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $9594 | $11529 | $10296 | $10407 | $14943 | $11515 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.51 %(b) | 1.03% | 1.12% | 0.63% | 0.59% | 0.43% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.39 %(b) | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.80 %(b) | 1.80% | 1.79% | 1.69% | 1.63% | 1.68% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 26% | 17% | 33% | 37% | 21% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 | $12.69 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.04 | 0.12 | 0.12 | 0.09 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (0.53) | 2.43 | 1.34 | (1.86) | 4.78 | (1.44) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.49) | 2.55 | 1.46 | (1.77) | 4.88 | (1.37) |
| a | a | a | a | a |  | a |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.11) | (0.13) | (0.10) | (0.10) | (0.06) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.17) | (0.71) | (1.18) | (3.03) | (0.55) | (2.11) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.28) | (0.84) | (1.28) | (3.13) | (0.61) | (2.22) |
| Net Asset Value, End of Period | $8.59 | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 |
| Total Return † | (5.42)% | 30.73% | 18.18% | (18.61)% | 55.08% | (14.69)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $15739 | $18549 | $16677 | $19295 | $32101 | $25555 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.76 %(b) | 1.28% | 1.38% | 0.87% | 0.83% | 0.68% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.14 %(b) | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.55 %(b) | 1.55% | 1.54% | 1.44% | 1.38% | 1.43% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 11% | 26% | 17% | 33% | 37% | 21% |

---

† Total return represents aggregate total return of a hypothetical
 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect
 the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average
 shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

Selected data for a common share of capital stock outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| **Mid Cap Dividend Value Fund** | **2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Net Asset Value, Beginning of Year | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 | $22.60 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.15 | 0.36 | 0.37 | 0.34 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.20) | 7.09 | 2.69 | (2.73) | 7.35 | (3.26) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.05) | 7.45 | 3.06 | (2.39) | 7.53 | (3.00) |
| a | a | a | a | a | a |  |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.17) | (0.37) | (0.40) | (0.33) | (0.23) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.96) | (1.01) | (0.75) |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.13) | (1.38) | (1.15) | (0.33) | (0.23) | (0.50) |
| Net Asset Value, End of Period | $28.48 | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 |
| Total Return † | (3.54)% | 29.83% | 12.98% | (9.17)% | 39.48% | (13.38)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $13859 | $14648 | $11617 | $12752 | $15163 | $12611 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.99 %(b) | 1.28% | 1.39% | 1.23% | 0.73% | 1.25% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 1.20 %(b) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.40 %(b) | 1.41% | 1.41% | 1.40% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 12% | 15% | 14% | 21% | 22% |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Net Asset Value, Beginning of Year | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 | $22.59 |
| **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.19 | 0.43 | 0.43 | 0.40 | 0.25 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | (1.21) | 7.07 | 2.70 | (2.72) | 7.34 | (3.26) |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.02) | 7.50 | 3.13 | (2.32) | 7.59 | (2.95) |
| a | a | a | a | a | a |  |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.21) | (0.45) | (0.47) | (0.45) | (0.29) | (0.36) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.95) | (1.00) | (0.75) |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.16) | (1.45) | (1.22) | (0.45) | (0.29) | (0.55) |
| Net Asset Value, End of Period | $28.40 | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 |
| Total Return † | (3.44)% | 30.13% | 13.29% | (8.96)% | 39.84% | (13.15)% |
| **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** | **Ratios to Average Net Assets/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (in 000's) | $103429 | $114974 | $98125 | $96765 | $116673 | $101482 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.24 %(b) | 1.53% | 1.64% | 1.48% | 0.98% | 1.51% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/ Reductions | 0.95 %(b) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/ Reductions | 1.15 %(b) | 1.16% | 1.16% | 1.15% | 1.13% | 1.15% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 5% | 12% | 15% | 14% | 21% | 22% |

---

† Total return represents aggregate
 total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions
 and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated
 using the average shares outstanding method.

(b) Annualized.

See accompanying notes to financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;

---

| | |
|:---|:---|
| &nbsp;&nbsp;Anthony S. Colavita | &nbsp;&nbsp;$10000 |
| &nbsp;&nbsp;James P. Conn | &nbsp;&nbsp;$9000 |
| &nbsp;&nbsp;Michael J. Melarkey | &nbsp;&nbsp;$9000 |
| &nbsp;&nbsp;Laura D. Alter | &nbsp;&nbsp;$10000 |
| &nbsp;&nbsp;Sean Lowry | &nbsp;&nbsp;$9000 |
| &nbsp;&nbsp;Jerome J. Klingenberger | &nbsp;&nbsp;$22500 |

---

(2) Each director and each member of an advisory board for special compensation; $0

(3) All officers; $0 and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Keeley Funds, Inc. |
| By (Signature and Title)\* | /s/ Kevin Keeley |
|  | Kevin Keeley, Principal Executive Officer |
| Date | June 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin Keeley |
|  | Kevin Keeley, Principal Executive Officer |
| Date | June 6, 2025 |
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | June 6, 2025 |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**[Keeley Funds, Inc. N-CSRS](keeley-ncsrs_033125.htm)**

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Kevin Keeley, certify that:

1. I have reviewed this report on Form N-CSR of Keeley Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Kevin Keeley |
|  |  | Kevin Keeley, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I have reviewed this report on Form N-CSR of Keeley Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**[Keeley Funds, Inc. N-CSRS](keeley-ncsrs_033125.htm)**

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Kevin Keeley, Principal Executive Officer of Keeley Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Kevin Keeley |
|  |  | Kevin Keeley, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer of Keeley Funds, Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---