# EDGAR Filing Document

**Accession Number:** 0001324203
**File Stem:** 0001829126-25-009737
**Filing Date:** 2025-12
**Character Count:** 191426
**Document Hash:** c978774b832f91921674e472e62571ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009737.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001829126-25-009737

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21761
- **FILM NUMBER:** 251551717

**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 Gabelli SMID Cap Value Fund (Series ID: S000018569)

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

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

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

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

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

?xml version='1.0' encoding='ASCII'?

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 <u>811-21761</u>

**Keeley Funds, Inc.**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(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: <u>312-786-5000</u>

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

Date of reporting period: <u>September 30, 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 Gabelli Mid Cap Dividend Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class A - KMDVX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli Mid Cap Dividend Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks 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. Gabelli Funds, LLC (the Adviser) currently defines mid-cap market capitalization as securities within the range of the Russell Midcap<sup>®</sup> Value Index at the time of investment. The market cap range of the index changes daily, and as a result, the capitalization of small cap companies in which the Fund invests will also change. You can find additional information about the Fund at https://gabelli.com/ticker/KMDVX/. You can also request this information by contacting us at (800) 422-3554.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli Mid Cap Dividend Fund - Class A** | **$126** | **1.20%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli Mid Cap Dividend Fund underperformed its broad-based benchmark, the Russell 1000, while outperforming its comparative benchmark, the Russell Midcap Value Index. Outperformance by the largest stocks accounted for the shortfall to its broad-based benchmark. Good stock selection, particularly in the Industrials and Utilities sectors drove outperformance relative to the Midcap Value index. NRG Energy, GE Vernova, and Jabil made the biggest positive impact while Fortune Brands, Olin, and Chemed 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](if14cc1536c96bdd26bfe6ad7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Gabelli Mid Cap Dividend Fund - Class A** | **Keeley Gabelli Mid Cap Dividend Fund - Class A (includes sales charge)** | **Russell 1000 Index** | **Russell Midcap Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11690 | 11166 | 11493 | 11726 |
| **9/17** | 13627 | 12430 | 13624 | 13294 |
| **9/18** | 15054 | 13112 | 16043 | 14465 |
| **9/19** | 14836 | 12340 | 16664 | 14696 |
| **9/20** | 12851 | 10210 | 19332 | 13624 |
| **9/21** | 17924 | 13600 | 25317 | 19400 |
| **9/22** | 16280 | 11798 | 20958 | 16769 |
| **9/23** | 18393 | 12726 | 25399 | 18622 |
| **9/24** | 23880 | 15777 | 34461 | 24025 |
| **9/25** | 26120 | 16481 | 40578 | 25846 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli Mid Cap Dividend Fund - Class A | 9.38% | 15.24% | 10.08% |
| Keeley Gabelli Mid Cap Dividend Fund - Class A (includes sales charge) | 4.46% | 14.18% | 9.57% |
| Russell 1000 Index | 17.75% | 15.99% | 15.04% |
| Russell Midcap Value Index | 7.58% | 13.66% | 9.96% |

---

## Fund Statistics
* Total Net Assets$132,421,226

* Number of Portfolio Holdings83

* Portfolio Turnover Rate14%

* Management Fees$852,788

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KMDVX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 2.7% |
| Gen Digital Inc. | 2.2% |
| UGI Corp. | 2.2% |
| Jabil Inc. | 2.1% |
| NRG Energy Inc. | 2.1% |
| Oshkosh Corp. | 2.0% |
| nVent Electric plc | 2.0% |
| Equitable Holdings Inc. | 1.9% |
| Encompass Health Corp. | 1.8% |
| ITT Inc. | 1.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 96.5% |
| U.S. Government Obligations | 5.2% |
| Other Assets and Liabilities (Net) | (1.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i8dc4e817ee18f5daeafbd248.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 18.9% |
| Financial Services | 16.6% |
| Diversified Industrial | 9.3% |
| Health Care | 7.6% |
| Building and Construction | 7.2% |
| U.S. Government Obligations | 5.2% |
| Business Services | 4.0% |
| Computer Software and Services | 3.8% |
| Other Industry sectors | 29.1% |
| Other Assets and Liabilities (Net) | (1.7)% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the Fund was renamed the Keeley Gabelli Mid Cap Dividend Fund from the Keeley Mid Cap Dividend Fund.

#### Keeley Gabelli Mid Cap Dividend Fund

#### Annual Shareholder Report - September 30, 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/ticker/KMDVX/.

**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-ATSR

# Keeley Gabelli Mid Cap Dividend Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class I - KMDIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli Mid Cap Dividend Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks 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. Gabelli Funds, LLC (the Adviser) currently defines mid-cap market capitalization as securities within the range of the Russell Midcap<sup>®</sup> Value Index at the time of investment. The market cap range of the index changes daily, and as a result, the capitalization of small cap companies in which the Fund invests will also change. You can find additional information about the Fund at https://gabelli.com/ticker/KMDIX/. You can also request this information by contacting us at (800) 422-3554.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli Mid Cap Dividend Fund - Class I** | **$100** | **0.95%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli Mid Cap Dividend Fund underperformed its broad-based benchmark, the Russell 1000, while outperforming its comparative benchmark, the Russell Midcap Value Index. Outperformance by the largest stocks accounted for the shortfall to its broad-based benchmark. Good stock selection, particularly in the Industrials and Utilities sectors drove outperformance relative to the Midcap Value index. NRG Energy, GE Vernova, and Jabil made the biggest positive impact while Fortune Brands, Olin, and Chemed 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](i17bfbd4bde0d5bae0699a564.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Gabelli Mid Cap Dividend Fund - Class I** | **Russell 1000 Index** | **Russell Midcap Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11718 | 11493 | 11726 |
| **9/17** | 13694 | 13624 | 13294 |
| **9/18** | 15170 | 16043 | 14465 |
| **9/19** | 14982 | 16664 | 14696 |
| **9/20** | 13012 | 19332 | 13624 |
| **9/21** | 18195 | 25317 | 19400 |
| **9/22** | 16565 | 20958 | 16769 |
| **9/23** | 18767 | 25399 | 18622 |
| **9/24** | 24421 | 34461 | 24025 |
| **9/25** | 26780 | 40578 | 25846 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli Mid Cap Dividend Fund - Class I | 9.66% | 15.53% | 10.35% |
| Russell 1000 Index | 17.75% | 15.99% | 15.04% |
| Russell Midcap Value Index | 7.58% | 13.66% | 9.96% |

---

## Fund Statistics
* Total Net Assets$132,421,226

* Number of Portfolio Holdings83

* Portfolio Turnover Rate14%

* Management Fees$852,788

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KMDIX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Franco-Nevada Corp. | 2.7% |
| Gen Digital Inc. | 2.2% |
| UGI Corp. | 2.2% |
| Jabil Inc. | 2.1% |
| NRG Energy Inc. | 2.1% |
| Oshkosh Corp. | 2.0% |
| nVent Electric plc | 2.0% |
| Equitable Holdings Inc. | 1.9% |
| Encompass Health Corp. | 1.8% |
| ITT Inc. | 1.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 96.5% |
| U.S. Government Obligations | 5.2% |
| Other Assets and Liabilities (Net) | (1.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i4b13dd645a5d105d61df8c60.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 18.9% |
| Financial Services | 16.6% |
| Diversified Industrial | 9.3% |
| Health Care | 7.6% |
| Building and Construction | 7.2% |
| U.S. Government Obligations | 5.2% |
| Business Services | 4.0% |
| Computer Software and Services | 3.8% |
| Other Industry sectors | 29.1% |
| Other Assets and Liabilities (Net) | (1.7)% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the Fund was renamed the Keeley Gabelli Mid Cap Dividend Fund from the Keeley Mid Cap Dividend Fund.

#### Keeley Gabelli Mid Cap Dividend Fund

#### Annual Shareholder Report - September 30, 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/ticker/KMDIX/.

**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-ATSR

# Keeley Gabelli Small Cap Dividend Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class A - KSDVX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli Small Cap Dividend Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The 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. . You can find additional information about the Fund at https://gabelli.com/ticker/KSDVX/. You can also request this information by contacting us at (800) 422-3554. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli Small Cap Dividend Fund - Class A** | **$133** | **1.29%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli Small Cap Dividend Fund underperformed its benchmarks, the Russell 2000 Index and the Russell 2000 Value Index. Outperformance by growth stocks explains much of the underperformance relative to the Russell 2000. Underperformance of dividend-paying stocks, particularly in the April to September period accounts for the Fund's shortfall to its comparative benchmark. The last six months were the worst time period for small-cap dividend payers since the 2020-2021 timeframe. Top contributors included Primoris Services and OR Royalties while Spectrum Brands and Jack in the Box 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](i12a5fd2fc7c5617c03bead81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Gabelli Small Cap Dividend Fund - Class A** | **Keeley Gabelli Small Cap Dividend Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11640 | 11114 | 11547 | 11881 |
| **9/17** | 13887 | 12666 | 13942 | 14323 |
| **9/18** | 14642 | 12753 | 16067 | 15659 |
| **9/19** | 13812 | 11490 | 14638 | 14369 |
| **9/20** | 11415 | 9068 | 14695 | 12231 |
| **9/21** | 17725 | 13441 | 21702 | 20048 |
| **9/22** | 15575 | 11278 | 16602 | 16502 |
| **9/23** | 17237 | 11921 | 18085 | 17795 |
| **9/24** | 22449 | 14831 | 22924 | 22401 |
| **9/25** | 23861 | 15051 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli Small Cap Dividend Fund - Class A | 6.29% | 15.89% | 9.09% |
| Keeley Gabelli Small Cap Dividend Fund - Class A (includes sales charge) | 1.48% | 14.82% | 8.58% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$273,809,738

* Number of Portfolio Holdings78

* Portfolio Turnover Rate19%

* Management Fees$2,149,981

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KSDVX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Primoris Services Corp. | 3.4% |
| OR Royalties Inc. | 2.9% |
| Wintrust Financial Corp. | 2.4% |
| Victory Capital Holdings Inc. | 2.2% |
| CareTrust REIT Inc. | 2.2% |
| The Ensign Group Inc. | 2.1% |
| Air Lease Corp. | 2.0% |
| TechnipFMC plc | 2.0% |
| Kontoor Brands Inc. | 2.0% |
| Helios Technologies Inc. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 4.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](iafaf62f4e98daba4f0256f7a.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.8% |
| Banking | 13.0% |
| Energy and Utilities | 11.5% |
| Health Care | 11.1% |
| Business Services | 7.5% |
| Diversified Industrial | 6.8% |
| Building and Construction | 5.6% |
| U.S. Government Obligations | 4.5% |
| Other Industry sectors | 20.8% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025 the Fund was renamed the Keeley Gabelli Small Cap Dividend Fund from the Keeley Small Cap Dividend Fund.

#### Keeley Gabelli Small Cap Dividend Fund

#### Annual Shareholder Report - September 30, 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/ticker/KSDVX/.

**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-ATSR

# Keeley Gabelli Small Cap Dividend Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class I - KSDIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli Small Cap Dividend Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The 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. . You can find additional information about the Fund at https://gabelli.com/ticker/KSDIX/. You can also request this information by contacting us at (800) 422-3554. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli Small Cap Dividend Fund - Class I** | **$107** | **1.04%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli Small Cap Dividend Fund underperformed its benchmarks, the Russell 2000 Index and the Russell 2000 Value Index. Outperformance by growth stocks explains much of the underperformance relative to the Russell 2000. Underperformance of dividend-paying stocks, particularly in the April to September period accounts for the Fund's shortfall to its comparative benchmark. The last six months were the worst time period for small-cap dividend payers since the 2020-2021 timeframe. Top contributors included Primoris Services and OR Royalties while Spectrum Brands and Jack in the Box 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](idabb99cb6407e32f3cda457a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Gabelli Small Cap Dividend Fund - Class I** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11668 | 11547 | 11881 |
| **9/17** | 13960 | 13942 | 14323 |
| **9/18** | 14757 | 16067 | 15659 |
| **9/19** | 13957 | 14638 | 14369 |
| **9/20** | 11573 | 14695 | 12231 |
| **9/21** | 18008 | 21702 | 20048 |
| **9/22** | 15852 | 16602 | 16502 |
| **9/23** | 17601 | 18085 | 17795 |
| **9/24** | 22978 | 22924 | 22401 |
| **9/25** | 24487 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli Small Cap Dividend Fund - Class I | 6.57% | 16.17% | 9.37% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$273,809,738

* Number of Portfolio Holdings78

* Portfolio Turnover Rate19%

* Management Fees$2,149,981

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KSDIX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Primoris Services Corp. | 3.4% |
| OR Royalties Inc. | 2.9% |
| Wintrust Financial Corp. | 2.4% |
| Victory Capital Holdings Inc. | 2.2% |
| CareTrust REIT Inc. | 2.2% |
| The Ensign Group Inc. | 2.1% |
| Air Lease Corp. | 2.0% |
| TechnipFMC plc | 2.0% |
| Kontoor Brands Inc. | 2.0% |
| Helios Technologies Inc. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.1% |
| U.S. Government Obligations | 4.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i9fd38b0fdbfda24874373cb6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.8% |
| Banking | 13.0% |
| Energy and Utilities | 11.5% |
| Health Care | 11.1% |
| Business Services | 7.5% |
| Diversified Industrial | 6.8% |
| Building and Construction | 5.6% |
| U.S. Government Obligations | 4.5% |
| Other Industry sectors | 20.8% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025 the Fund was renamed the Keeley Gabelli Small Cap Dividend Fund from the Keeley Small Cap Dividend Fund.

#### Keeley Gabelli Small Cap Dividend Fund

#### Annual Shareholder Report - September 30, 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/ticker/KSDIX/.

**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-ATSR

# Keeley Gabelli SMID Cap Value Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class A - KSMVX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli SMID Cap Value Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks long-term capital appreciation through investments in equity securities of companies with a small or mid-sized market capitalization. Gabelli Funds, LLC (the Adviser) currently defines small and mid-cap market capitalization as securities within the range of the Russell 2500 Value<sup>®</sup> Index at the time of investment. The market cap range of the index changes daily, and as a result, the capitalization of small and mid-cap companies in which the Fund invests will also change. You can find additional information about the Fund at https://gabelli.com/ticker/KSMVX/. You can also request this information by contacting us at (800) 422-3554.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli SMID Cap Value Fund - Class A** | **$146** | **1.39%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli SMID Cap Value Fund underperformed its broad-based benchmark, the Russell 3000, while outperforming its comparative benchmark, the Russell 2500 Value Index. The underperformance of smaller company stocks explains most of the shortfall relative to the broad-based benchmark, while good stock picking drove the outperformance relative to the comparative benchmark. Positive results in the Materials, Industrials, and Real Estate sectors offset disappointments in the Financials and Technology sectors. The top contributor was NRG Energy while Spectrum Brands 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](if8a3afae8ec1ea9e7861dc9c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Gabelli SMID Cap Value Fund - Class A** | **Keeley Gabelli SMID Cap Value Fund - Class A (includes sales charge)** | **Russell 3000 Index** | **Russell 2500 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11128 | 10629 | 11496 | 11768 |
| **9/17** | 13370 | 12193 | 13647 | 13621 |
| **9/18** | 14530 | 12656 | 16046 | 15016 |
| **9/19** | 13932 | 11586 | 16515 | 14363 |
| **9/20** | 11855 | 9417 | 18992 | 12550 |
| **9/21** | 18340 | 13909 | 25046 | 19375 |
| **9/22** | 14892 | 10786 | 20631 | 16401 |
| **9/23** | 17565 | 12155 | 24852 | 18261 |
| **9/24** | 22877 | 15123 | 33597 | 23117 |
| **9/25** | 25091 | 15840 | 39446 | 25197 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli SMID Cap Value Fund - Class A | 9.68% | 16.18% | 9.64% |
| Keeley Gabelli SMID Cap Value Fund - Class A (includes sales charge) | 4.74% | 15.11% | 9.14% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |
| Russell 2500 Value Index | 9.00% | 14.96% | 9.68% |

---

## Fund Statistics
* Total Net Assets$26,645,693

* Number of Portfolio Holdings81

* Portfolio Turnover Rate17%

* Management Fees$147,118

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KSMVX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| OR Royalties Inc. | 2.6% |
| Everus Construction Group Inc. | 2.4% |
| NRG Energy Inc. | 2.4% |
| TechnipFMC plc | 2.3% |
| Chart Industries Inc. | 2.0% |
| Amentum Holdings Inc. | 1.9% |
| GXO Logistics Inc. | 1.9% |
| The Ensign Group Inc. | 1.9% |
| CareTrust REIT Inc. | 1.8% |
| Kontoor Brands Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.4% |
| U.S. Government Obligations | 4.8% |
| Other Assets and Liabilities (Net) | (0.2)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i19e2bf10ca520d93e82c6d42.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 14.9% |
| Health Care | 13.9% |
| Financial Services | 10.6% |
| Diversified Industrial | 10.3% |
| Building and Construction | 7.0% |
| Consumer Products | 6.7% |
| Business Services | 5.9% |
| U.S. Government Obligations | 4.8% |
| Other Industry sectors | 26.1% |
| Other Assets and Liabilities (Net) | (0.2)% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the Fund was renamed the Keeley Gabelli SMID Cap Value Fund from the Keeley Small Mid Cap Value Fund.

#### Keeley Gabelli SMID Cap Value Fund

#### Annual Shareholder Report - September 30, 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/ticker/KSMVX/.

**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-ATSR

# Keeley Gabelli SMID Cap Value Fund
![Image](i8c34313b1dfb84db57dabc74.jpg)

# Class I - KSMIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about Keeley Gabelli SMID Cap Value Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks long-term capital appreciation through investments in equity securities of companies with a small or mid-sized market capitalization. Gabelli Funds, LLC (the Adviser) currently defines small and mid-cap market capitalization as securities within the range of the Russell 2500 Value<sup>®</sup> Index at the time of investment. The market cap range of the index changes daily, and as a result, the capitalization of small and mid-cap companies in which the Fund invests will also change. You can find additional information about the Fund at https://gabelli.com/ticker/KSMIX/. You can also request this information by contacting us at (800) 422-3554.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Keeley Gabelli SMID Cap Value Fund - Class I** | **$120** | **1.14%** |

---

## How did the Fund perform?
During the fiscal year ended September 30, 2025, the Keeley Gabelli SMID Cap Value Fund underperformed its broad-based benchmark, the Russell 3000, while outperforming its comparative benchmark, the Russell 2500 Value Index. The underperformance of smaller company stocks explains most of the shortfall relative to the broad-based benchmark, while good stock picking drove the outperformance relative to the comparative benchmark. Positive results in the Materials, Industrials, and Real Estate sectors offset disappointments in the Financials and Technology sectors. The top contributor was NRG Energy while Spectrum Brands 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](iae2c2a8cdaa18f2b7ab2fb44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Gabelli SMID Cap Value Fund - Class I** | **Russell 3000 Index** | **Russell 2500 Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11159 | 11496 | 11768 |
| **9/17** | 13433 | 13647 | 13621 |
| **9/18** | 14642 | 16046 | 15016 |
| **9/19** | 14076 | 16515 | 14363 |
| **9/20** | 12008 | 18992 | 12550 |
| **9/21** | 18622 | 25046 | 19375 |
| **9/22** | 15156 | 20631 | 16401 |
| **9/23** | 17912 | 24852 | 18261 |
| **9/24** | 23416 | 33597 | 23117 |
| **9/25** | 25758 | 39446 | 25197 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| Keeley Gabelli SMID Cap Value Fund - Class I | 10.00% | 16.49% | 9.92% |
| Russell 3000 Index | 17.41% | 15.74% | 14.71% |
| Russell 2500 Value Index | 9.00% | 14.96% | 9.68% |

---

## Fund Statistics
* Total Net Assets$26,645,693

* Number of Portfolio Holdings81

* Portfolio Turnover Rate17%

* Management Fees$147,118

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://gabelli.com/ticker/KSMIX/ for more recent performance information. 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)

---

| | |
|:---|:---|
| OR Royalties Inc. | 2.6% |
| Everus Construction Group Inc. | 2.4% |
| NRG Energy Inc. | 2.4% |
| TechnipFMC plc | 2.3% |
| Chart Industries Inc. | 2.0% |
| Amentum Holdings Inc. | 1.9% |
| GXO Logistics Inc. | 1.9% |
| The Ensign Group Inc. | 1.9% |
| CareTrust REIT Inc. | 1.8% |
| Kontoor Brands Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.4% |
| U.S. Government Obligations | 4.8% |
| Other Assets and Liabilities (Net) | (0.2)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i408f1c88b4f7c9a60245841f.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Energy and Utilities | 14.9% |
| Health Care | 13.9% |
| Financial Services | 10.6% |
| Diversified Industrial | 10.3% |
| Building and Construction | 7.0% |
| Consumer Products | 6.7% |
| Business Services | 5.9% |
| U.S. Government Obligations | 4.8% |
| Other Industry sectors | 26.1% |
| Other Assets and Liabilities (Net) | (0.2)% |

---

![Image](i8c34313b1dfb84db57dabc74.jpg)

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the Fund was renamed the Keeley Gabelli SMID Cap Value Fund from the Keeley Small Mid Cap Value Fund.

#### Keeley Gabelli SMID Cap Value Fund

#### Annual Shareholder Report - September 30, 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/ticker/KSMIX/.

**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-ATSR

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

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code
 of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

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

As of the end of the period covered by the report, the registrant's board of directors has determined that Jerome Klingenberger is qualified to serve as audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed
 for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are $70,644 in 2024 and $72,057 in 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed
 in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 in
 2024 and $0 in 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $16,575 in 2024 and $16,905 in 2025.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are 0 in 2024 and $0 in 2025.

---

| | |
|:---|:---|
| (e)(1) | Audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
|  | Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the independent registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

(b) N/A

(c) 0%

(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended
 on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than
 fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees
 billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant was $16,575 in 2024 and $16,905 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the
 registrant's board of directors has considered whether the provision of non-audit services that were rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
 ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
 with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

A-i

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 annual financial statements are attached herewith.

![](keeley_001.jpg)

---

| |
|:---|
| Keeley Gabelli Small Cap Dividend Fund |
| Keeley Gabelli SMID Cap Value Fund |
| Keeley Gabelli Mid Cap Dividend Fund |

---

Annual Report

September 30, 2025

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of net assets as of September 30, 2025:

***Keeley Gabelli Small Cap Dividend Fund***

---

| | |
|:---|:---|
| Financial Services | 18.8% |
| Banking | 13.0% |
| Energy and Utilities | 11.5% |
| Health Care | 11.1% |
| Business Services | 7.5% |
| Diversified Industrial | 6.8% |
| Building and Construction | 5.6% |
| U.S. Government Obligations | 4.5% |
| Metals and Mining | 3.9% |
| Consumer Products | 3.4% |
| Automotive | 2.7% |

---

---

| | |
|:---|:---|
| Equipment and Supplies | 2.1% |
| Broadcasting | 1.8% |
| Computer Software and Services | 1.6% |
| Environmental Services | 1.1% |
| Retail | 1.1% |
| Electronics | 0.9% |
| Food and Beverage | 0.9% |
| Consumer Services | 0.8% |
| Communication Services | 0.5% |
| Other Assets and Liabilities (Net) | 0.4% |
|  | 100.0% |

---

***Keeley Gabelli SMID Cap Value Fund***

---

| | |
|:---|:---|
| Energy and Utilities | 14.9% |
| Health Care | 13.9% |
| Financial Services | 10.6% |
| Diversified Industrial | 10.3% |
| Building and Construction | 7.0% |
| Consumer Products | 6.7% |
| Business Services | 5.9% |
| U.S. Government Obligations | 4.8% |
| Computer Software and Services | 4.7% |
| Banking | 4.0% |
| Metals and Mining | 3.8% |

---

---

| | |
|:---|:---|
| Hotels and Gaming | 2.8% |
| Food and Beverage | 2.7% |
| Real Estate | 2.3% |
| Retail | 1.1% |
| Entertainment | 1.1% |
| Containers and Packaging | 1.0% |
| Broadcasting | 1.0% |
| Specialty Chemicals | 0.9% |
| Electronics | 0.7% |
| Other Assets and Liabilities (Net) | (0.2)% |
|  | 100.0% |

---

***Keeley Gabelli Mid Cap Dividend Fund***

---

| | |
|:---|:---|
| Energy and Utilities | 18.9% |
| Financial Services | 16.6% |
| Diversified Industrial | 9.3% |
| Health Care | 7.6% |
| Building and Construction | 7.2% |
| U.S. Government Obligations | 5.2% |
| Business Services | 4.0% |
| Computer Software and Services | 3.8% |
| Machinery | 3.3% |
| Food and Beverage | 3.2% |
| Retail | 3.2% |
| Automotive: Parts and Accessories | 3.0% |

---

---

| | |
|:---|:---|
| Consumer Products | 2.8% |
| Metals and Mining | 2.7% |
| Electronics | 2.6% |
| Hotels and Gaming | 2.0% |
| Specialty Chemicals | 1.8% |
| Broadcasting | 1.4% |
| Environmental Services | 1.1% |
| Equipment and Supplies | 1.0% |
| Consumer Services | 1.0% |
| Other Assets and Liabilities (Net) | (1.7)% |
|  | 100.0% |

---

**Keeley Gabelli Small Cap Dividend Fund Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | <br>**Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 95.1%** |  |  |
|  | **Automotive — 2.7%** |  |  |
| 105154 | Douglas Dynamics Inc. | $2598403 | $3287114 |
| 97510 | Standard Motor Products Inc. | 3460424 | 3980358 |
|  |  | 6058827 | 7267472 |
|  | **Banking — 13.0%** |  |  |
| 67843 | Atlantic Union Bankshares Corp. | 2017438 | 2394179 |
| 100905 | Cadence Bank | 1452280 | 3787974 |
| 171736 | Columbia Banking System Inc. | 3826234 | 4420485 |
| 91983 | First Bancorp/Southern Pines NC | 1866647 | 4864981 |
| 109614 | NCR Atleos Corp.† | 2235684 | 4308926 |
| 130642 | South Plains Financial Inc. | 3078320 | 5049313 |
| 123056 | Timberland Bancorp Inc. | 3537173 | 4095304 |
| 50891 | Wintrust Financial Corp. | 2708047 | 6740004 |
|  |  | 20721823 | 35661166 |
|  | **Broadcasting — 1.8%** |  |  |
| 24622 | Nexstar Media Group Inc. | 1735800 | 4868754 |
|  | **Building and Construction — 5.6%** |  |  |
| 29393 | Everus Construction Group Inc.† | 1545926 | 2520450 |
| 53186 | KB Home | 943821 | 3384757 |
| 68254 | Primoris Services Corp. | 1020743 | 9373322 |
|  |  | 3510490 | 15278529 |
|  | **Business Services — 7.5%** |  |  |
| 95490 | ABM Industries Inc. | 4474962 | 4403999 |
| 70986 | Cass Information Systems Inc. | 2774389 | 2791879 |
| 121670 | EVERTEC Inc. | 4195609 | 4110013 |
| 145655 | Outfront Media Inc., REIT | 2721854 | 2668399 |
| 138504 | Plymouth Industrial REIT Inc. | 3066401 | 3092794 |
| 96240 | STAG Industrial Inc., REIT | 2395884 | 3396310 |
|  |  | 19629099 | 20463394 |
|  | **Communication Services — 0.5%** |  |  |
| 51550 | Cinemark Holdings Inc. | 1392886 | 1444431 |
|  | **Computer Software and Services — 1.6%** |  |  |
| 750333 | Alight Inc., Cl. A | 3487445 | 2446086 |
| 46400 | Progress Software Corp. | 2221310 | 2038352 |
|  |  | 5708755 | 4484438 |
|  | **Consumer Products — 3.4%** |  |  |
| 68513 | Kontoor Brands Inc. | 1387366 | 5465282 |
| 74154 | Spectrum Brands Holdings Inc. | 3858874 | 3895310 |
|  |  | 5246240 | 9360592 |
|  | **Consumer Services — 0.8%** |  |  |
| 70034 | National Storage Affiliates Trust, REIT | 1937473 | 2116427 |
|  | **Diversified Industrial — 6.8%** |  |  |
| 74329 | Crane NXT Co. | 3652088 | 4985246 |
| 17662 | Enpro Inc. | 1949246 | 3991612 |
| 22088 | Esab Corp. | 868767 | 2468113 |
| 97859 | Helios Technologies Inc. | 4155178 | 5101390 |
| 79588 | Olin Corp. | 1107924 | 1988904 |
|  |  | 11733203 | 18535265 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Cost** | **Market<br> Value** |
|  | **Electronics — 0.9%** |  |  |
| 33893 | Dolby Laboratories Inc., Cl. A | $2283250 | $2452836 |
|  | **Energy and Utilities — 11.5%** |  |  |
| 734902 | Algonquin Power & Utilities Corp. | 3871683 | 3946424 |
| 173926 | Atlas Energy Solutions Inc. | 2893726 | 1977539 |
| 55623 | Black Hills Corp. | 3193456 | 3425821 |
| 21494 | Chord Energy Corp. | 1271918 | 2135859 |
| 77603 | International Seaways Inc. | 1781689 | 3575946 |
| 195934 | MDU Resources Group Inc. | 3215898 | 3489584 |
| 64398 | Sable Offshore Corp.† | 1399111 | 1124389 |
| 56306 | Solaris Energy Infrastructure Inc. | 1423297 | 2250551 |
| 53766 | Southwest Gas Holdings Inc. | 3158955 | 4212028 |
| 139054 | TechnipFMC plc | 902845 | 5485680 |
|  |  | 23112578 | 31623821 |
|  | **Environmental Services — 1.1%** |  |  |
| 294671 | Select Water Solutions Inc. | 2532514 | 3150033 |
|  | **Equipment and Supplies — 2.1%** |  |  |
| 841241 | Ardagh Metal Packaging SA | 3622941 | 3356552 |
| 61377 | Cactus Inc., Cl. A | 1981751 | 2422550 |
|  |  | 5604692 | 5779102 |
|  | **Financial Services — 18.8%** |  |  |
| 87502 | Air Lease Corp. | 1859738 | 5569502 |
| 137821 | Alerus Financial Corp. | 2696445 | 3051357 |
| 138408 | Alpine Income Property Trust Inc., REIT | 2210619 | 1961241 |
| 79664 | Enact Holdings Inc. | 1532655 | 3054318 |
| 94769 | Federated Hermes Inc. | 3340716 | 4921354 |
| 134405 | Hilltop Holdings Inc. | 4048224 | 4491815 |
| 120392 | Millrose Properties Inc., REIT | 2758563 | 4046375 |
| 115096 | Sila Realty Trust Inc., REIT | 2821804 | 2888910 |
| 183787 | Silvercrest Asset Management Group Inc., Cl. A | 1929737 | 2894645 |
| 45141 | SouthState Bank Corp. | 3572681 | 4463091 |
| 87875 | Synovus Financial Corp. | 2409664 | 4312905 |
| 93756 | Victory Capital Holdings Inc., Cl. A | 3065234 | 6071639 |
| 103216 | Virtu Financial Inc., Cl. A | 2148791 | 3664168 |
|  |  | 34394871 | 51391320 |
|  | **Food and Beverage — 0.9%** |  |  |
| 106621 | Primo Brands Corp. | 2245058 | 2356324 |
|  | **Health Care — 11.1%** |  |  |
| 174674 | CareTrust REIT Inc. | 1780546 | 6057694 |
| 4380 | Chemed Corp. | 1786504 | 1961101 |
| 147668 | Concentra Group Holdings Parent Inc. | 3092655 | 3090691 |
| 132656 | Embecta Corp. | 2351853 | 1871776 |
| 81648 | Global Medical REIT Inc. | 3981740 | 2752354 |
| 53974 | Mesa Laboratories Inc. | 4706144 | 3616798 |
| 172594 | Perrigo Co. plc | 6706177 | 3843669 |
| 129414 | Strawberry Fields REIT Inc. | 1331786 | 1591792 |
| 33267 | The Ensign Group Inc. | 585015 | 5747540 |
|  |  | 26322420 | 30533415 |

---

See accompanying notes to financial statements.

**Keeley Gabelli Small Cap Dividend Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Metals and Mining — 3.9%** |  |  |
| 37354 | **Kaiser Aluminum Corp.** | $1821454 | $2882235 |
| 195542 | OR Royalties Inc. | 3198873 | 7837323 |
|  |  | 5020327 | 10719558 |
|  | **Retail — 1.1%** |  |  |
| 139777 | Shoe Carnival Inc. | 3001910 | 2905964 |
|  | **TOTAL COMMON STOCKS** | 182192216 | 260392841 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 4.5%** |  |  |
| $12285000 | **U.S. Treasury Bills,<br> 3.906% to 4.276%††, 10/16/25 to 12/26/25** | $12193369 | $12194432 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 12193369 | 12194432 |
|  | **TOTAL INVESTMENTS — 99.6%** | $194385585 | 272587273 |
|  | **Other Assets and Liabilities (Net) — 0.4%** |  | 1222465 |
|  | **NET ASSETS — 100.0%** |  | $273809738 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**Keeley Gabelli SMID Cap Value Fund Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 95.4%** |  |  |
|  | **Banking — 4.0%** |  |  |
| 13183 | Columbia Banking System Inc. | $367783 | $339331 |
| 8482 | NCR Atleos Corp.† | 177106 | 333427 |
| 2944 | Wintrust Financial Corp. | 119734 | 389903 |
|  |  | 664623 | 1062661 |
|  | **Broadcasting — 1.0%** |  |  |
| 1345 | Nexstar Media Group Inc. | 70574 | 265960 |
|  | **Building and Construction — 7.0%** |  |  |
| 3847 | Amrize Ltd.† | 192284 | 186695 |
| 7345 | Everus Construction Group Inc.† | 299083 | 629834 |
| 5765 | Fortune Brands Innovations Inc. | 181628 | 307793 |
| 5201 | Knife River Corp.† | 171958 | 399801 |
| 10144 | Tri Pointe Homes Inc.† | 172582 | 344592 |
|  |  | 1017535 | 1868715 |
|  | **Business Services — 5.9%** |  |  |
| 3149 | Lamar Advertising Co., Cl. A, REIT | 177904 | 385501 |
| 20873 | Outfront Media Inc., REIT | 316255 | 382393 |
| 8907 | Vontier Corp. | 242045 | 373827 |
| 2701 | WEX Inc.† | 201447 | 425488 |
|  |  | 937651 | 1567209 |
|  | **Computer Software and Services — 4.7%** |  |  |
| 51738 | Alight Inc., Cl. A | 254768 | 168666 |
| 21388 | Amentum Holdings Inc.† | 428577 | 512243 |
| 15110 | NCR Voyix Corp.† | 244282 | 189630 |
| 2361 | TD SYNNEX Corp. | 191340 | 386614 |
|  |  | 1118967 | 1257153 |
|  | **Consumer Products — 6.7%** |  |  |
| 5251 | Brunswick Corp. | 295195 | 332073 |
| 4831 | Hasbro Inc. | 293976 | 366431 |
| 5723 | Kontoor Brands Inc. | 94119 | 456524 |
| 2816 | PVH Corp. | 193380 | 235896 |
| 7592 | Spectrum Brands Holdings Inc. | 411428 | 398808 |
|  |  | 1288098 | 1789732 |
|  | **Containers and Packaging — 1.0%** |  |  |
| 68576 | Ardagh Metal Packaging SA | 267656 | 273618 |
|  | **Diversified Industrial — 10.3%** |  |  |
| 2713 | Chart Industries Inc.† | 220659 | 543007 |
| 1527 | Crane Co. | 91152 | 281182 |
| 6061 | Crane NXT Co. | 253776 | 406511 |
| 2379 | Esab Corp. | 135688 | 265829 |
| 9667 | GXO Logistics Inc.† | 496368 | 511288 |
| 1675 | ITT Inc. | 29666 | 299423 |
| 4483 | nVent Electric plc | 108020 | 442203 |
|  |  | 1335329 | 2749443 |
|  | **Electronics — 0.7%** |  |  |
| 4440 | Ralliant Corp. | 203899 | 194161 |
|  | **Energy and Utilities — 14.9%** |  |  |
| 61220 | Algonquin Power & Utilities Corp. | 326442 | 328751 |
| 2837 | Chord Energy Corp. | 237964 | 281913 |
| 5714 | Evergy Inc. | 309325 | 434378 |
| 3053 | Expand Energy Corp. | 170103 | 324351 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 7400 | International Seaways Inc. | $169011 | $340992 |
| 21443 | MDU Resources Group Inc. | 210976 | 381900 |
| 3852 | NRG Energy Inc. | 35826 | 623831 |
| 10210 | Sable Offshore Corp.† | 107506 | 178267 |
| 5807 | Southwest Gas Holdings Inc. | 345424 | 454920 |
| 15340 | TechnipFMC plc | 107107 | 605163 |
|  |  | 2019684 | 3954466 |
|  | **Entertainment — 1.1%** |  |  |
| 5387 | Atlanta Braves Holdings Inc., Cl. C† | 195293 | 224045 |
| 2970 | Seaport Entertainment Group Inc.† | 60073 | 68073 |
|  |  | 255366 | 292118 |
|  | **Financial Services — 10.6%** |  |  |
| 6682 | Air Lease Corp. | 131547 | 425309 |
| 8298 | Enact Holdings Inc. | 159251 | 318145 |
| 6926 | Equitable Holdings Inc. | 137168 | 351702 |
| 3467 | Popular Inc. | 188343 | 440344 |
| 4231 | SouthState Bank Corp. | 247618 | 418319 |
| 7007 | Synovus Financial Corp. | 211629 | 343904 |
| 8638 | Virtu Financial Inc., Cl. A | 182864 | 306649 |
| 2867 | Voya Financial Inc. | 70534 | 214452 |
|  |  | 1328954 | 2818824 |
|  | **Food and Beverage — 2.7%** |  |  |
| 1675 | Kellanova | 95348 | 137384 |
| 4139 | Lamb Weston Holdings Inc. | 177871 | 240393 |
| 7217 | Molson Coors Beverage Co., Cl. B | 351109 | 326569 |
|  |  | 624328 | 704346 |
|  | **Health Care — 13.9%** |  |  |
| 13708 | CareTrust REIT Inc. | 124293 | 475393 |
| 14567 | Concentra Group Holdings Parent Inc. | 307499 | 304887 |
| 18597 | Embecta Corp. | 288060 | 262404 |
| 6762 | Enovis Corp.† | 381073 | 205159 |
| 3173 | GRAIL Inc.† | 49222 | 187619 |
| 661 | Labcorp Holdings Inc. | 64159 | 189747 |
| 17284 | Perrigo Co. plc | 636333 | 384915 |
| 5712 | Solventum Corp.† | 341588 | 416976 |
| 14297 | Strawberry Fields REIT Inc. | 147261 | 175853 |
| 2958 | The Ensign Group Inc. | 124942 | 511054 |
| 11706 | The Pennant Group Inc.† | 130231 | 295225 |
| 15236 | Zimvie Inc.† | 115347 | 288570 |
|  |  | 2710008 | 3697802 |
|  | **Hotels and Gaming — 2.8%** |  |  |
| 6532 | Gaming and Leisure Properties Inc., REIT | 205472 | 304456 |
| 5914 | VICI Properties Inc., REIT | 112916 | 192856 |
| 3212 | Wyndham Hotels & Resorts Inc. | 185278 | 256639 |
|  |  | 503666 | 753951 |
|  | **Metals and Mining — 3.8%** |  |  |
| 4284 | Kaiser Aluminum Corp. | 228018 | 330554 |
| 17027 | OR Royalties Inc. | 277504 | 682442 |
|  |  | 505522 | 1012996 |
|  | **Real Estate — 2.3%** |  |  |
| 11314 | Millrose Properties Inc., REIT | 258671 | 380264 |

---

See accompanying notes to financial statements.

**Keeley Gabelli SMID Cap Value Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate (Continued)** |  |  |
| 9650 | **Sila Realty Trust Inc., REIT** | $236257 | $242215 |
|  |  | 494928 | 622479 |
|  | **Retail — 1.1%** |  |  |
| 6712 | Bath & Body Works Inc. | 248055 | 172901 |
| 4486 | Victoria's Secret & Co.† | 84869 | 121750 |
|  |  | 332924 | 294651 |
|  | **Specialty Chemicals — 0.9%** |  |  |
| 1228 | Ashland Inc. | 5608 | 58834 |
| 5084 | Valvoline Inc.† | 8456 | 182566 |
|  |  | 14064 | 241400 |
|  | **TOTAL COMMON STOCKS** | 15693776 | 25421685 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Energy and Utilities — 0.0%** |  |  |
| 7970 | Electriq Power Holdings Inc., expire 07/31/28†(a) | 5010 | 0 |
|  | **TOTAL WARRANTS** | 5010 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 4.8%** |  |  |
| $1295000 | **U.S. Treasury Bills,<br> 3.906% to 4.291%††, 10/23/25 to 12/26/25** | $1287899 | $1288036 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 1287899 | 1288036 |
|  | **TOTAL INVESTMENTS — 100.2%** | $16986685 | 26709721 |
|  | **Other Assets and Liabilities (Net) — (0.2)%** |  | (64028) |
|  | **NET ASSETS — 100.0%** |  | $26645693 |

---

---

| | |
|:---|:---|
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**Keeley Gabelli Mid Cap Dividend Fund**

**Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 96.5%** |  |  |
|  | **Automotive: Parts and Accessories — 3.0%** |  |  |
| 25264 | Allison Transmission Holdings Inc. | $1557131 | $2144408 |
| 14262 | Autoliv Inc. | 929936 | 1761357 |
|  |  | 2487067 | 3905765 |
|  | **Broadcasting — 1.4%** |  |  |
| 9542 | Nexstar Media Group Inc. | 1046685 | 1886835 |
|  | **Building and Construction — 7.2%** |  |  |
| 25575 | Amrize Ltd.† | 1288006 | 1241155 |
| 20722 | Everus Construction Group Inc.† | 713424 | 1776911 |
| 22599 | Fortune Brands Innovations Inc. | 966097 | 1206561 |
| 26974 | KB Home | 833760 | 1716625 |
| 21339 | Knife River Corp.† | 903608 | 1640329 |
| 6192 | Vulcan Materials Co. | 859050 | 1904783 |
|  |  | 5563945 | 9486364 |
|  | **Business Services — 4.0%** |  |  |
| 17047 | Lamar Advertising Co., Cl. A, REIT | 996665 | 2086894 |
| 14748 | Omnicom Group Inc. | 1145736 | 1202404 |
| 58311 | STAG Industrial Inc., REIT | 1881312 | 2057795 |
|  |  | 4023713 | 5347093 |
|  | **Computer Software and Services — 3.8%** |  |  |
| 104955 | Gen Digital Inc. | 2024241 | 2979673 |
| 12671 | TD SYNNEX Corp. | 1030131 | 2074876 |
|  |  | 3054372 | 5054549 |
|  | **Consumer Products — 2.8%** |  |  |
| 29431 | Brunswick Corp. | 1582325 | 1861217 |
| 25191 | Hasbro Inc. | 1413812 | 1910737 |
|  |  | 2996137 | 3771954 |
|  | **Consumer Services — 1.0%** |  |  |
| 21327 | Equity LifeStyle Properties Inc., REIT | 694856 | 1294549 |
|  | **Diversified Industrial — 9.3%** |  |  |
| 13570 | Cabot Corp. | 907441 | 1031998 |
| 9540 | Crane Co. | 590924 | 1756696 |
| 26100 | Crane NXT Co. | 1113281 | 1750527 |
| 12924 | ITT Inc. | 502272 | 2310294 |
| 13074 | Jabil Inc. | 635497 | 2839281 |
| 26693 | nVent Electric plc | 819470 | 2632997 |
|  |  | 4568885 | 12321793 |
|  | **Electronics — 2.6%** |  |  |
| 5620 | Agilent Technologies Inc. | 226472 | 721327 |
| 15250 | Dolby Laboratories Inc., Cl. A | 826989 | 1103642 |
| 21772 | Ralliant Corp. | 999464 | 952090 |
| 8535 | Skyworks Solutions Inc. | 773576 | 657024 |
|  |  | 2826501 | 3434083 |
|  | **Energy and Utilities — 18.9%** |  |  |
| 28022 | Black Hills Corp. | 1660722 | 1725875 |
| 9815 | Diamondback Energy Inc. | 428474 | 1404527 |
| 26113 | Evergy Inc. | 1363336 | 1985110 |
| 35210 | Exelon Corp. | 1500773 | 1584802 |
| 18201 | Expand Energy Corp. | 1054138 | 1933674 |
| 34893 | Fluor Corp.† | 1566264 | 1467949 |
| 2677 | GE Vernova Inc. | 330150 | 1646087 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | <br>**Cost** | **Market<br> Value** |
| 82891 | MDU Resources Group Inc. | $836126 | $1476289 |
| 80625 | NOV Inc. | 1330926 | 1068281 |
| 16915 | NRG Energy Inc. | 302886 | 2739384 |
| 24354 | Southwest Gas Holdings Inc. | 1501449 | 1907893 |
| 38336 | TechnipFMC plc | 832892 | 1512355 |
| 87400 | UGI Corp. | 2342580 | 2906924 |
| 9807 | Valero Energy Corp. | 612396 | 1669740 |
|  |  | 15663112 | 25028890 |
|  | **Environmental Services — 1.1%** |  |  |
| 13253 | Veralto Corp. | 964526 | 1412902 |
|  | **Equipment and Supplies — 1.0%** |  |  |
| 17642 | The Timken Co. | 1083520 | 1326326 |
|  | **Financial Services — 16.6%** |  |  |
| 33596 | Air Lease Corp. | 747874 | 2138385 |
| 2922 | Ameriprise Financial Inc. | 246064 | 1435432 |
| 2966 | Arthur J. Gallagher & Co. | 101547 | 918689 |
| 41898 | Columbia Banking System Inc. | 1151747 | 1078455 |
| 23454 | Comerica Inc. | 1233005 | 1607068 |
| 49529 | Equitable Holdings Inc. | 977686 | 2515083 |
| 17690 | Popular Inc. | 974406 | 2246807 |
| 27464 | Prosperity Bancshares Inc. | 1789689 | 1822236 |
| 5138 | Reinsurance Group of America Inc. | 397374 | 987164 |
| 21306 | SouthState Bank Corp. | 1315578 | 2106524 |
| 34738 | Synovus Financial Corp. | 1129025 | 1704941 |
| 46924 | Virtu Financial Inc., Cl. A | 1057032 | 1665802 |
| 22946 | Voya Financial Inc. | 829292 | 1716361 |
|  |  | 11950319 | 21942947 |
|  | **Food and Beverage — 3.2%** |  |  |
| 80909 | Amcor plc | 667103 | 661836 |
| 11516 | Kellanova | 595041 | 944542 |
| 19869 | Lamb Weston Holdings Inc. | 797079 | 1153992 |
| 33864 | Molson Coors Beverage Co., Cl. B | 1591591 | 1532346 |
|  |  | 3650814 | 4292716 |
|  | **Health Care — 7.6%** |  |  |
| 4271 | Chemed Corp. | 1985696 | 1912297 |
| 18885 | Encompass Health Corp. | 940220 | 2398773 |
| 27527 | Organon & Co. | 819630 | 293988 |
| 69540 | Perrigo Co. plc | 2546122 | 1548656 |
| 12709 | The Ensign Group Inc. | 995009 | 2195734 |
| 8123 | Universal Health Services Inc., Cl. B | 942456 | 1660666 |
|  |  | 8229133 | 10010114 |
|  | **Hotels and Gaming — 2.0%** |  |  |
| 47823 | VICI Properties Inc., REIT | 913381 | 1559508 |
| 13750 | Wyndham Hotels & Resorts Inc. | 593840 | 1098625 |
|  |  | 1507221 | 2658133 |
|  | **Machinery — 3.3%** |  |  |
| 20457 | Oshkosh Corp. | 1607813 | 2653273 |
| 12347 | Regal Rexnord Corp. | 1881285 | 1771054 |
|  |  | 3489098 | 4424327 |
|  | **Metals and Mining — 2.7%** |  |  |
| 16076 | Franco-Nevada Corp. | 1397950 | 3583501 |

---

See accompanying notes to financial statements.

**Keeley Gabelli Mid Cap Dividend Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Retail — 3.2%** |  |  |
| 40824 | Bath & Body Works Inc. | $1305558 | $1051626 |
| 66355 | Brixmor Property Group Inc., REIT | 971973 | 1836706 |
| 16246 | PVH Corp. | 1249819 | 1360928 |
|  |  | 3527350 | 4249260 |
|  | **Specialty Chemicals — 1.8%** |  |  |
| 26313 | Olin Corp. | 303274 | 657562 |
| 14152 | RPM International Inc. | 747052 | 1668238 |
|  |  | 1050326 | 2325800 |
|  | **TOTAL COMMON STOCKS** | 79775530 | 127757901 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 5.2%** |  |  |
| $6970000 | **U.S. Treasury Bills,<br> 3.846% to 4.294%††, 10/02/25 to 04/02/26** | $6920770 | $6920975 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 6920770 | 6920975 |
|  | **TOTAL INVESTMENTS — 101.7%** | $86696300 | 134678876 |
|  | **Other Assets and Liabilities (Net) — (1.7)%** |  | (2257650) |
|  | **NET ASSETS — 100.0%** |  | $132421226 |

---

---

| | |
|:---|:---|
| † | 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**

**September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli Mid Cap<br> Dividend Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $194,385,585, $16,986,685, and $86,696,300, respectively) | $272587273 | $26709721 | $134678876 |
| &nbsp;&nbsp;&nbsp;Cash |  | 13161 | 35266 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 6131 | 1 | 626 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1704705 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 60067 | 19949 | 46328 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 381028 | 21162 | 167876 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 122753 | 40156 | 54260 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 274861957 | 26804150 | 134983232 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 27085 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 480010 | 69133 | 2365625 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 137423 | 10600 | 20597 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 226499 | 22061 | 97689 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 33296 | 2279 | 3079 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 5703 | 565 | 2779 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 27225 | 8084 | 12106 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 38387 | 26837 | 30592 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 39773 | 10130 | 14156 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer compensation | 4781 | 496 | 2223 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 32037 | 8272 | 13160 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1052219 | 158457 | 2562006 |
| **Commitments and Contingencies (See Note 3)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $273809738 | $26645693 | $132421226 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $188152493 | $15093381 | $79027737 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 85657245 | 11552312 | 53393489 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $273809738 | $26645693 | $132421226 |
| **Shares of Capital Stock, each at $0.0001 par value:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $155135368 | $10708681 | $14518142 |
| &nbsp;&nbsp;&nbsp;Capital Shares outstanding | 8834674 | 1115024 | 451972 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value and redemption price per share (100,000,000 shares authorized)** | $17.56 | $9.60 | $32.12 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9550, based on maximum sales charge of 4.50% of the offering price) | $18.39 | $10.05 | $33.63 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $118674370 | $15937012 | $117903084 |
| &nbsp;&nbsp;&nbsp;Capital Shares outstanding | 6755416 | 1595979 | 3680152 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, offering, and redemption price per share (100,000,000 shares authorized)** | $17.57 | $9.99 | $32.04 |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Statements of Operations**

**For the Year Ended September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap**<br> **Value Fund** | **Gabelli Mid Cap<br> Dividend Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $100,406, $9,202, and $21,019, respectively) | $7011598 | $550155 | $2686501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 200253 | 23287 | 149368 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 7211851 | 573442 | 2835869 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2701489 | 272607 | 1134029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A | 395058 | 26300 | 35835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 70873 | 5949 | 33753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 20826 | 8143 | 10502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and audit fees | 101793 | 27601 | 55133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief compliance officer compensation | 55710 | 5550 | 28738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration expenses | 18417 | 31906 | 33051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications expenses | 69101 | 22138 | 29233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees | 185963 | 36475 | 85144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 88634 | 8987 | 41379 |
| &nbsp;&nbsp;&nbsp;&nbsp;ReFlow service fees | 18014 | 1155 | 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 31210 | 15750 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 3757088 | 462561 | 1514106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) | (551508) | (125489) | (281241) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 3205580 | 337072 | 1232865 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 4006271 | 236370 | 1603004 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 14419157 | 2223248 | 6074105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 6737344 | 489595 | 2002946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 21 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (9097031) | (494170) | 1916828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 20 | 2 |  |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 12059511 | 2218676 | 9993879 |
| **Net Increase in Net Assets Resulting from Operations** | $16065782 | $2455046 | $11596883 |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Statements of Changes in Net Assets**

**September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli Mid Cap<br> Dividend Fund** | **Gabelli Mid Cap<br> Dividend Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4006271 | $4627749 | $236370 | $343910 | $1603004 | $1794717 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 14419178 | 20774809 | 2223249 | 3444114 | 6074105 | 7722161 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind | 6737344 |  | 489595 |  | 2002946 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (9097011) | 49122526 | (494168) | 3921179 | 1916828 | 22013397 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 16065782 | 74525084 | 2455046 | 7709203 | 11596883 | 31530275 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (16851037) | (7165488) | (1352547) | (945120) | (1049700) | (642849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (12311381) | (5476883) | (2228196) | (1570634) | (8571500) | (5491511) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (29162418) | (12642371) | (3580743) | (2515754) | (9621200) | (6134360) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 4587213 | 3770944 | 194383 | 119090 | 513113 | 1029118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 25479140 | 5782147 | 1263062 | 1392836 | 8161475 | 2595511 |
|  | 30066353 | 9553091 | 1457445 | 1511926 | 8674588 | 3624629 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16290399 | 6915478 | 1333334 | 936224 | 932494 | 567608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12206538 | 5435018 | 2225648 | 1568726 | 8561558 | 5476722 |
|  | 28496937 | 12350496 | 3558982 | 2504950 | 9494052 | 6044330 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (28174992) | (32386579) | (1959532) | (1776102) | (1816057) | (1399998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (33835585) | (31394070) | (5363611) | (4328743) | (15529058) | (13785320) |
|  | (62010577) | (63780649) | (7323143) | (6104845) | (17345115) | (15185318) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | (3447287) | (41877062) | (2306716) | (2087969) | 823525 | (5516359) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (16543923) | 20005651 | (3432413) | 3105480 | 2799208 | 19879556 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 290353661 | 270348010 | 30078106 | 26972626 | 129622018 | 109742462 |
| &nbsp;&nbsp;&nbsp;End of year | $273809738 | $290353661 | $26645693 | $30078106 | $132421226 | $129622018 |

---

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli Small Cap Dividend Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.23 | 0.25 | 0.27 | 0.27 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.82 | 4.12 | 1.40 | (2.27) | 6.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.05 | 4.37 | 1.67 | (2.00) | 7.08 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.29) | (0.31) | (0.33) | (0.29) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.86) | (0.72) | (2.27) | (2.39) | (0.21) |
| Net Asset Value, End of Year | $17.56 | $18.37 | $14.72 | $15.32 | $19.71 |
| Total Return † | 6.29% | 30.24% | 10.67% | (12.13)% | 55.27% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $155135 | $170400 | $156054 | $162428 | $208680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.37% | 1.55% | 1.68% | 1.46% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.49% | 1.50% | 1.50% | 1.48% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19% | 19% | 21% | 28% | 26% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.28 | 0.29 | 0.31 | 0.31 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.81 | 4.12 | 1.41 | (2.27) | 6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.09 | 4.41 | 1.72 | (1.96) | 7.14 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.33) | (0.35) | (0.36) | (0.38) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.90) | (0.76) | (2.30) | (2.48) | (0.26) |
| Net Asset Value, End of Year | $17.57 | $18.38 | $14.73 | $15.31 | $19.75 |
| Total Return † | 6.57% | 30.55% | 11.03% | (11.97)% | 55.60% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $118675 | $119954 | $114294 | $124661 | $167682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.64% | 1.80% | 1.94% | 1.70% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.24% | 1.25% | 1.25% | 1.23% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19% | 19% | 21% | 28% | 26% |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli SMID Cap Value Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.07 | 0.09 | 0.10 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.78 | 2.33 | 1.29 | (1.80) | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.85 | 2.42 | 1.39 | (1.73) | 4.71 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.08) | (0.11) | (0.07) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.13) | (0.68) | (1.14) | (3.03) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.21) | (0.79) | (1.21) | (3.09) | (0.58) |
| Net Asset Value, End of Year | $9.60 | $9.96 | $8.33 | $8.15 | $12.97 |
| Total Return † | 9.68% | 30.24% | 17.95% | (18.80)% | 54.70% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $10709 | $11529 | $10296 | $10407 | $14943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 0.72% | 1.03% | 1.12% | 0.63% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.85% | 1.80% | 1.79% | 1.69% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 17% | 26% | 17% | 33% | 37% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.09 | 0.12 | 0.12 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.82 | 2.43 | 1.34 | (1.86) | 4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.91 | 2.55 | 1.46 | (1.77) | 4.88 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.11) | (0.13) | (0.10) | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.17) | (0.71) | (1.18) | (3.03) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.28) | (0.84) | (1.28) | (3.13) | (0.61) |
| Net Asset Value, End of Year | $9.99 | $10.36 | $8.65 | $8.47 | $13.37 |
| Total Return † | 10.00% | 30.73% | 18.18% | (18.61)% | 55.08% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $15937 | $18549 | $16677 | $19295 | $32101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 0.96% | 1.28% | 1.38% | 0.87% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.60% | 1.55% | 1.54% | 1.44% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 17% | 26% | 17% | 33% | 37% |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli Mid Cap Dividend Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.32 | 0.36 | 0.37 | 0.34 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.44 | 7.09 | 2.69 | (2.73) | 7.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.76 | 7.45 | 3.06 | (2.39) | 7.53 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.34) | (0.37) | (0.40) | (0.33) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.96) | (1.01) | (0.75) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.30) | (1.38) | (1.15) | (0.33) | (0.23) |
| Net Asset Value, End of Year | $32.12 | $31.66 | $25.59 | $23.68 | $26.40 |
| Total Return † | 9.38% | 29.83% | 12.98% | (9.17)% | 39.48% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $14518 | $14648 | $11617 | $12752 | $15163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.05% | 1.28% | 1.39% | 1.23% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.42% | 1.41% | 1.41% | 1.40% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 14% | 12% | 15% | 14% | 21% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.40 | 0.43 | 0.43 | 0.40 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.43 | 7.07 | 2.70 | (2.72) | 7.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.83 | 7.50 | 3.13 | (2.32) | 7.59 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.42) | (0.45) | (0.47) | (0.45) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.95) | (1.00) | (0.75) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.37) | (1.45) | (1.22) | (0.45) | (0.29) |
| Net Asset Value, End of Year | $32.04 | $31.58 | $25.53 | $23.62 | $26.39 |
| Total Return † | 9.66% | 30.13% | 13.29% | (8.96)% | 39.84% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $117903 | $114974 | $98125 | $96765 | $116673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.30% | 1.53% | 1.64% | 1.48% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.17% | 1.16% | 1.16% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 14% | 12% | 15% | 14% | 21% |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

**KEELEY Funds, Inc.**

**Notes to Financial Statements**

**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. Effective June 27, 2025, the Funds were renamed as follows: Keeley Mid Cap Dividend Value Fund became Keeley Gabelli Mid Cap Dividend Fund (Mid Cap Dividend Fund), Keeley Small Mid Cap Value Fund became Keeley Gabelli SMID Cap Value Fund (SMID Cap Value Fund), and Keeley Small Dividend Value Fund became Keeley Gabelli Small Cap Dividend Fund (Small Cap Dividend 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 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.

● SMID 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 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, Gabelli Funds, 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 of Directors (the 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.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the security's fair value, in which case the security will be fair valued as determined by the Valuation Designee. 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 (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 September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1<br> Quoted Prices** | **Level 2<br> Other Significant<br> Observable Inputs** | **Level 3<br> Significant<br> Unobservable Inputs** | **Total<br> Market Value<br> at 09/30/25** |
| **MID CAP DIVIDEND FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (a) | $127757901 |  |  | $127757901 |
| U.S. Government Obligations |  | $6920975 |  | 6920975 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $127757901 | $6920975 |  | $134678876 |
| **SMALL CAP DIVIDEND FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (a) | $260392841 |  |  | $260392841 |
| U.S. Government Obligations |  | $12194432 |  | 12194432 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $260392841 | $12194432 |  | $272587273 |
| **SMID CAP VALUE FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (a) | $25421685 |  |  | $25421685 |
| Warrants (a) |  |  | $0 | 0 |
| U.S. Government Obligations |  | $1288036 |  | 1288036 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $25421685 | $1288036 | $0 (b) | $26709721 |

---

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

(b) The inputs
 for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by
 the Board of Directors.

***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.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Continued)**

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.

***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 fiscal year ended September 30, 2025, Small Cap Dividend Fund and Mid Cap Dividend Fund did not invest in Acquired Funds. The SMID Cap Value Fund's pro rata portion of periodic expenses charged by the Acquired Funds was approximately 4 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. Permanent differences were primarily due to distribution reclass, redemptions in-kind, and reversal of prior year Real Estate Investment Trust adjustments. These reclassifications, presented in the table below, have no impact on the NAVs of the Funds.

---

| | | |
|:---|:---|:---|
|  | **Accumulated<br> Earnings/<br> (Losses)** | **Paid-in<br> Capital** |
| Gabelli Small Cap Dividend Fund | $(6737344) | $6737344 |
| Gabelli SMID Cap Value Fund | (484467) | 484467 |
| Gabelli Mid Cap Dividend Fund | (1969997) | 1969997 |

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli Mid Cap<br> Dividend Fund** | **Gabelli Mid Cap<br> Dividend Fund** |
|  | **Year Ended<br> September 30,** | **Year Ended<br> September 30,** | **Year Ended<br> September 30,** | **Year Ended<br> September 30,** | **Year Ended<br> September 30,** | **Year Ended<br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Ordinary income (inclusive of short term capital gains) | $5464313 | $5443386 | $411243 | $414464 | $1886694 | $1834983 |
| Net long term capital gains | 23698105 | 7198985 | 3169500 | 2355635 | 7734506 | 4299377 |
| Total distributions paid | $29162418 | $12642371 | $3580743 | $2770099 \* | $9621200 | $6134360 |

---

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

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Continued)**

***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.

At September 30, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap<br> Value Fund** |
| Undistributed ordinary income (inclusive of short term capital gains) | $— | $329141 |
| Undistributed long term capital gain | 8180738 | 1686676 |
| Unrealized appreciation | 77476507 | 9536495 |
| Total accumulated earnings | $85657245 | $11552312 |

---

---

| | |
|:---|:---|
|  | **Gabelli Mid Cap<br> Dividend Fund** |
| Undistributed ordinary income (inclusive of short term capital gains) | $— |
| Undistributed long term capital gain | 5630200 |
| Unrealized appreciation | 47763289 |
| Total accumulated earnings | $53393489 |

---

At September 30, 2025, the temporary differences between book basis and tax basis unrealized appreciation/depreciation on investments was primarily due to deferral of losses from wash sales.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gabelli Small Cap<br> Dividend Fund** | **Gabelli SMID Cap<br> Value Fund** | **Gabelli Mid Cap<br> Dividend Fund** |
| Aggregate cost of investments | $195110766 | $17173226 | $86915587 |
| Gross unrealized appreciation | $87105638 | $10480494 | $50652875 |
| Gross unrealized depreciation | (9629131) | (943999) | (2889586) |
| Net unrealized appreciation | $77476507 | $9536495 | $47763289 |

---

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 fiscal year ended September 30, 2025, the Funds did not incur any income tax, interest, or penalties. As of September 30, 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.

***Recent Accounting Pronouncement.*** In December 2023, FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) (ASU 2023-09) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements and does not expect the guidance to have a material impact to the funds.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Continued)**

**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 Fund and SMID 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 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 Fund** | 1.29% | 1.04% |
| **SMID Cap Value Fund** | 1.39% | 1.14% |
| **Mid Cap Dividend 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 fiscal year ended September 30, 2025. The table below indicates the amount of fees contingently available for recoupment by the Adviser in future periods:

As of September 30, 2025, the cumulative unreimbursed amounts which may be recovered by the Adviser are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> year ended<br> September 30, <br>2023, expiring<br> September 30, <br>2026** | **For the <br>year ended<br> September 30,<br> 2024, expiring<br> September 30,<br> 2027** | **For the<br> year ended<br> September 30, <br>2025, expiring<br> September 30,<br> 2028** | **Total** |
| **Small Cap Dividend Fund** | $645723 | $579265 | $551508 | $1776496 |
| **SMID Cap Value Fund** | 118809 | 117978 | 125489 | 362276 |
| **Mid Cap Dividend Fund** | 248028 | 247362 | 281241 | 776631 |

---

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. On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC (the Transaction).

**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 fiscal year ended September 30, 2025, Small Cap Dividend Fund – Class A expensed $395,058 in distribution fees, of which $2,885 was paid to the Distributor; SMID Cap Value Fund – Class A expensed $26,300 in distribution fees, of which $788 was paid to the Distributor; and Mid Cap Dividend Fund – Class A expensed $35,835 in distribution fees, of which $517 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.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Continued)**

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 fiscal year ended September 30, 2025, the Adviser received $185,963, $36,475, and $85,144 from Small Cap Dividend Fund, SMID Cap Value Fund, and Mid Cap Dividend Fund, respectively.

**5. Portfolio Securities.** Purchases and sales (including maturities) of securities during the fiscal year ended September 30, 2025, other than short term securities, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases<br> (excluding U.S.<br> Government<br> Securities)** | **Sales<br> (excluding U.S.<br> Government<br> Securities)** |
| **Small Cap Dividend Fund** | $50649662 | $77484166 |
| **SMID Cap Value Fund** | 4555057 | 10305636 |
| **Mid Cap Dividend Fund** | 16605503 | 24171573 |

---

**6. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the fiscal year ended September 30, 2025, Small Cap Dividend Fund, SMID Cap Value Fund, and Mid Cap Dividend Fund had realized net gain of $6,737,344, $489,595, and $2,002,946 on $10,632,254, $756,377, and $2,842,954 of redemptions-in-kind, including cash of $554,027.

**7. Transactions with Affiliates and Other Arrangements.** During the fiscal year ended September 30, 2025, the Distributor retained a total of $4,190 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 fiscal year ended September 30, 2025, Small Cap Dividend Fund, SMID Cap Value Fund, and Mid Cap Dividend Fund accrued $70,873, $5,949, and $33,753, 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 fiscal year ended September 30, 2025, the Funds paid or accrued $89,999 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.

**8. 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 fiscal year ended September 30, 2025, the Mid Cap Dividend Fund borrowed $2,516,000 for one day at a weighted average interest rate of 5.59%. During the fiscal year ended September 30, 2025, the Small Cap Dividend Fund and the SMID Cap Value Fund did not borrow under the line of credit.

**9. Significant Shareholder.** As of September 30, 2025, 11.5%, 14.5%, and 41.7% of Small Cap Dividend Fund, SMID Cap Value Fund, and Mid Cap Dividend 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.

**KEELEY Funds, Inc.**

**Notes to Financial Statements (Continued)**

**10. 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<br> Dividend Fund** | **Small Cap<br> Dividend Fund** | **SMID Cap<br> Value Fund** | **SMID Cap<br> Value Fund** | **Mid Cap<br> Dividend Fund** | **Mid Cap<br> Dividend Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Class A** |  |  |  |  |  |  |
| Shares sold | 268144 | 231871 | 20844 | 13255 | 17616 | 38565 |
| Shares issued upon reinvestment of distributions | 969389 | 417473 | 151515 | 106028 | 31432 | 20067 |
| Shares redeemed | (1680488) | (1973913) | (214415) | (198727) | (59770) | (49879) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | (442955) | (1324569) | (42056) | (79444) | (10722) | 8753 |
| **Class I** |  |  |  |  |  |  |
| Shares sold | 1556229 | 355548 | 134949 | 150961 | 266436 | 92000 |
| Shares issued upon reinvestment of distributions | 726373 | 327696 | 243773 | 171258 | 289192 | 193858 |
| Shares redeemed in-kind | (673008) |  | (81917) |  | (93028) |  |
| Shares redeemed | (1381715) | (1916992) | (491609) | (458960) | (423261) | (489048) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | 227879 | (1233748) | (194804) | (136741) | 39339 | (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 fiscal year ended September 30, 2025 the following Funds utilized ReFlow. The shares ReFlow subscribed to, cash redemptions, redemptions-in-kind, and service fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares ReFlow Subscribed to** | **Cash redemptions** | **Redemptions-in-kind** | **Service Fees** |
| Small Cap Dividend Fund | 686046 | $435423 | $10196831 | $18014 |
| SMID Cap Value Fund | 81917 | 26164 | 730213 | 1155 |
| Mid Cap Dividend Fund | 94668 | 92440 | 2750514 | 4543 |

---

**11. 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.

**12. Segment Reporting.** 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.

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of KEELEY Funds, Inc. and Shareholders of Keeley Gabelli Small Cap Dividend Fund, Keeley Gabelli SMID Cap Value Fund and Keeley Gabelli Mid Cap Dividend Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Keeley Gabelli Small Cap Dividend Fund, Keeley Gabelli SMID Cap Value Fund and Keeley Gabelli Mid Cap Dividend Fund (constituting KEELEY Funds, Inc., hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

**/s/ PricewaterhouseCoopers LLP New York, New York November 25, 2025**

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**KEELEY Funds, Inc.**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, each Fund has established a liquidity risk management program (collectively, the LRM Program) to govern their approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that each Fund is primarily invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, each Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to each Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

**2025 Tax Notice to Shareholders (Unaudited)**

**Keeley Gabelli Small Cap Dividend Fund –** During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends totaling $0.2900 and $0.3300 per share for Class A and Class I, respectively. During the fiscal year ended September 30, 2025, the Fund paid to shareholders long term capital gains totaling $23,698,105. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the fiscal year ended September 30, 2025, 100% of the ordinary income dividend qualifies for the dividend received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 2.49% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

**Keeley Gabelli SMID Cap Value Fund –** During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends totaling $0.0800 and $0.1100 per share for Class A and Class I, respectively. During the fiscal year ended September 30, 2025, the Fund paid to shareholders long term capital gains totaling $3,169,500. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the fiscal year ended September 30, 2025, 100% of the ordinary income dividend qualifies for the dividend received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 30.09% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

**Keeley Gabelli Mid Cap Dividend Fund** – During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends (inclusive of short term capital gains) totaling $0.3400 and $0.4200 per share for Class A and Class I, respectively. During the fiscal year ended September 30, 2025, the Fund paid to shareholders long term capital gains totaling $7,734,506. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Directors. For the fiscal year ended September 30, 2025, 100% of the ordinary income dividend qualifies for the dividend received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 11.3% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2025 which was derived from U.S. Treasury securities was 2.49%, 2.86%, and 4.79% for Keeley Gabelli Small Cap Dividend Fund, Keeley Gabelli SMID Cap Value Fund, and Keeley Gabelli Mid Cap Dividend Fund, respectively. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The KEELEY Funds did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of September 30, 2025 was 4.5%, 4.8% and 5.2% for Keeley Gabelli Small Cap Dividend Fund, Keeley Gabelli SMID Cap Value Fund, and Keeley Gabelli Mid Cap Dividend Fund, respectively. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**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:

● 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.

● 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.

This page was intentionally left blank.

![](keeley_002.jpg)

**Keeley Gabelli Small Cap Dividend Fund Keeley Gabelli SMID Cap Value Fund Keeley Gabelli Mid Cap Dividend Fund**

One Corporate Center

Rye, New York 10580-1422

**General and Account Information:**

800-422-3554

fax: 312-786-5003

website: www.gabelli.com

e-mail: info@gabelli.com

Board of Directors

---

| | | |
|:---|:---|:---|
| LAURA D. ALTER<br> *Former Managing Director and*<br> *Senior Partner of Fixed Income,*<br> *Harris Investments* | KEVIN M. KEELEY\*<br> *Co-Chairman, Executive Chairman,*<br> *and President*<br> *Keeley - Teton Advisors, LLC*<br> *President, Keeley Funds, Inc.* | SEAN LOWRY<br> *Former Executive Vice President,*<br> *Pacor Mortgage Corp.* |
| ANTHONY S. COLAVITA<br> *Attorney, Anthony S. Colavita, P.C.* | JEROME J. KLINGENBERGER<br> *Executive Vice President and*<br> *Chief Financial Officer*<br> *Grayhill, Inc..* | MICHAEL J. MELARKEY<br> *Of Counsel,*<br> *McDonald Carano Wilson LLP* |
| JAMES P. CONN<br> *Former Managing Director and*<br> *Chief Investment Officer, Financial*<br> *Security Assurance Holdings Ltd.* |  |  |

---

***\*******Interested Director***

Officers

---

| | | |
|:---|:---|:---|
| KEVIN M. KEELEY<br> *President* | JOHN C. BALL<br> *Treasurer* | PETER GOLDSTEIN<br> *Secretary and Vice President* |
| RICHARD J. WALZ | THOMAS E. BROWNE Jr. |  |
| *Chief Compliance Officer* | *Vice President* |  |

---

Investment Adviser Gabelli Funds, LLC Custodian State Street Bank and Trust Company Distributor G.distributors, LLC Legal Counsel 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.

***GABKLQ325AR***

&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 year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli Small Cap Dividend Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $18.37 | $14.72 | $15.32 | $19.71 | $12.84 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.23 | 0.25 | 0.27 | 0.27 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.82 | 4.12 | 1.40 | (2.27) | 6.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.05 | 4.37 | 1.67 | (2.00) | 7.08 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.29) | (0.31) | (0.33) | (0.29) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.86) | (0.72) | (2.27) | (2.39) | (0.21) |
| Net Asset Value, End of Year | $17.56 | $18.37 | $14.72 | $15.32 | $19.71 |
| Total Return † | 6.29% | 30.24% | 10.67% | (12.13)% | 55.27% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $155135 | $170400 | $156054 | $162428 | $208680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.37% | 1.55% | 1.68% | 1.46% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.49% | 1.50% | 1.50% | 1.48% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19% | 19% | 21% | 28% | 26% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $18.38 | $14.73 | $15.31 | $19.75 | $12.87 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.28 | 0.29 | 0.31 | 0.31 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.81 | 4.12 | 1.41 | (2.27) | 6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.09 | 4.41 | 1.72 | (1.96) | 7.14 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.33) | (0.35) | (0.36) | (0.38) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.57) | (0.41) | (1.94) | (2.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.90) | (0.76) | (2.30) | (2.48) | (0.26) |
| Net Asset Value, End of Year | $17.57 | $18.38 | $14.73 | $15.31 | $19.75 |
| Total Return † | 6.57% | 30.55% | 11.03% | (11.97)% | 55.60% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $118675 | $119954 | $114294 | $124661 | $167682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.64% | 1.80% | 1.94% | 1.70% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.24% | 1.25% | 1.25% | 1.23% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 19% | 19% | 21% | 28% | 26% |

---

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli SMID Cap Value Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $9.96 | $8.33 | $8.15 | $12.97 | $8.84 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.07 | 0.09 | 0.10 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.78 | 2.33 | 1.29 | (1.80) | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.85 | 2.42 | 1.39 | (1.73) | 4.71 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.08) | (0.11) | (0.07) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.13) | (0.68) | (1.14) | (3.03) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.21) | (0.79) | (1.21) | (3.09) | (0.58) |
| Net Asset Value, End of Year | $9.60 | $9.96 | $8.33 | $8.15 | $12.97 |
| Total Return † | 9.68% | 30.24% | 17.95% | (18.80)% | 54.70% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $10709 | $11529 | $10296 | $10407 | $14943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 0.72% | 1.03% | 1.12% | 0.63% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.85% | 1.80% | 1.79% | 1.69% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 17% | 26% | 17% | 33% | 37% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $10.36 | $8.65 | $8.47 | $13.37 | $9.10 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.09 | 0.12 | 0.12 | 0.09 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 0.82 | 2.43 | 1.34 | (1.86) | 4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.91 | 2.55 | 1.46 | (1.77) | 4.88 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.11) | (0.13) | (0.10) | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.17) | (0.71) | (1.18) | (3.03) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.28) | (0.84) | (1.28) | (3.13) | (0.61) |
| Net Asset Value, End of Year | $9.99 | $10.36 | $8.65 | $8.47 | $13.37 |
| Total Return † | 10.00% | 30.73% | 18.18% | (18.61)% | 55.08% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $15937 | $18549 | $16677 | $19295 | $32101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 0.96% | 1.28% | 1.38% | 0.87% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.60% | 1.55% | 1.54% | 1.44% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 17% | 26% | 17% | 33% | 37% |

---

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

**KEELEY Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| <br>**Gabelli Mid Cap Dividend Fund** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $31.66 | $25.59 | $23.68 | $26.40 | $19.10 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.32 | 0.36 | 0.37 | 0.34 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.44 | 7.09 | 2.69 | (2.73) | 7.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.76 | 7.45 | 3.06 | (2.39) | 7.53 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.34) | (0.37) | (0.40) | (0.33) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.96) | (1.01) | (0.75) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.30) | (1.38) | (1.15) | (0.33) | (0.23) |
| Net Asset Value, End of Year | $32.12 | $31.66 | $25.59 | $23.68 | $26.40 |
| Total Return † | 9.38% | 29.83% | 12.98% | (9.17)% | 39.48% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $14518 | $14648 | $11617 | $12752 | $15163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.05% | 1.28% | 1.39% | 1.23% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.42% | 1.41% | 1.41% | 1.40% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 14% | 12% | 15% | 14% | 21% |
| **Class I** |  |  |  |  |  |
| Net Asset Value, Beginning of Year | $31.58 | $25.53 | $23.62 | $26.39 | $19.09 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income(a) | 0.40 | 0.43 | 0.43 | 0.40 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain/(Loss) on Investments | 2.43 | 7.07 | 2.70 | (2.72) | 7.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.83 | 7.50 | 3.13 | (2.32) | 7.59 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.42) | (0.45) | (0.47) | (0.45) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | (1.95) | (1.00) | (0.75) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.37) | (1.45) | (1.22) | (0.45) | (0.29) |
| Net Asset Value, End of Year | $32.04 | $31.58 | $25.53 | $23.62 | $26.39 |
| Total Return † | 9.66% | 30.13% | 13.29% | (8.96)% | 39.84% |
| **Ratios to Average Net Assets/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets, End of Year (in 000's) | $117903 | $114974 | $98125 | $96765 | $116673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 1.30% | 1.53% | 1.64% | 1.48% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Net of Waivers/Credits/Reimbursements/Reductions | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Expenses Before Waivers/Credits/Reimbursements/Reductions | 1.17% | 1.16% | 1.16% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 14% | 12% | 15% | 14% | 21% |

---

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

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

See accompanying notes to financial statements.

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

Not applicable.

**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;

---

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

Section 15(c) of the 1940 Act contemplates that the Board of Directors (the Board) of the Fund, including a majority of the Directors who have no direct or indirect interest in the investment management agreement and are not interested persons of the Corporation, as defined in the 1940 Act (the Independent Board Members), are required annually to review and re-approve the terms of the Fund's existing Management Agreement (the Agreement) and approve any newly proposed terms therein. At a meeting held on August 20, 2025, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Manager and the re-approval of the Management Agreement.

In determining whether to approve the continuance of the Management Agreement, the Board Members considered the following information:

*1)* *The nature, extent and quality of services provided by the Adviser.*

The Board reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting and related services including, for each Fund, monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services under the Funds' Rule 38a-1 compliance program. The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Corporation who are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries. The Board evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel.

The Board reviewed the personnel responsible for providing services to the Funds and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser, and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Agreements, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser's resources were adequate, and (v) the Adviser had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on the Adviser's reputation and long-standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.

*2)* *The performance of the Funds and the Adviser.*

The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with their Broadridge peer group of other SEC registered funds, and against each Fund's broad-based securities market benchmarks as reflected in the Funds' prospectus and annual report. The Board also considered rankings and ratings of the Funds issued by Broadridge over the short, intermediate, and long term. The Board considered each Fund's one-, three-, five- and ten-year average annual total return for the periods ended June 30, 2025, but placed greatest emphasis on a Fund's longer term performance. The peer groups considered by the Board were developed by Broadridge and were comprised of funds within the same Broadridge peer group category (each, a "Broadridge Performance Peer Group," and collectively, the "Broadridge Performance Peer Groups"). Each Fund's performance against its respective Broadridge Performance Peer Group was considered by the Board as providing an objective comparison against which each Fund's performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Funds' shareholders the total return performance that was available in the marketplace, given each Fund's investment objectives, strategies, limitations, and restrictions. In reviewing the Funds' performance, the Board noted that: (i) KMDVF, on a total return basis, was in the first quintile for the one- and five-year periods, the second quintile for the three-year period, and in the fourth quintile for the ten-year period; (ii) KSMVF, on a total return basis, was in the first quintile for the one-, three- and five-year periods, and third quintile for the ten-year period; and (iii) KSDVF, was in the second quintile for the one- and three-year periods, in the fourth quintile for the five-year period, and in the third quintile for the ten-year period. Discussion and questions followed.

In connection with its assessment of the performance of the Adviser, the Board considered the Adviser's financial condition and whether it had the resources necessary to continue to carry out its responsibilities under the Advisory Agreement. The Board concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Funds to date.

*3)* *The cost of the advisory services and the profits to the Adviser and their affiliates from the relationship with the Funds.*

In connection with the Board's consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from their relationships with the Funds, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Broadridge expense peer groups (each, a "Broadridge Expense Peer Group," and collectively, the "Broadridge Expense Peer Groups"). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Broadridge Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that for KMDVF the contractual advisory fee was in the fifth quintile, the actual advisory fees were in the third quintile, and the total expenses (including 12b-1/non-12b-1 fees) were in the fourth quintile, as compared to its Broadridge Expense Peer Group. With respect to KSMVF, the Board noted that the contractual advisory fee and the total expenses (including 12b-1/non-12b-1 fees) were in the fifth quintile, and the actual advisory fees were in the second quintile, as compared to its Broadridge Expense Peer Group. In connection with their review of KSDVF, the Board noted that the contractual advisory fee is in the fifth quintile, the actual advisory fee was in the fourth quintile, and the total expenses (including 12b-1/non-12b-1 fees) were in the fourth quintile, as compared to its Broadridge Expense Peer Group. The Board noted that each of the Funds operated pursuant to an expense limitation agreement with the Adviser, wherein the Adviser had agreed to waive a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund's total operating expenses to the level set forth in the respective Fund's prospectus.

The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed pro forma Income Statements of the Adviser for the year ended December 31, 2024. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.

*4)* *The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.*

With respect to the Board's consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Groups to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser's costs would increase if asset levels rise. The Board concluded that they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

*5)* *Other Factors.*

In addition to the above factors, the Board also discussed other benefits received by the Adviser from its management of the Funds. The Board considered that the Adviser does use soft dollars in connection with its management of the Funds.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund's advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund's Advisory Agreement. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.

**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 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 officer and principal financial officer have concluded, based on
 their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this
 report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be
 disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities
 and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it
 files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive
 and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

&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 period covered by this report that have materially affected,
 or are 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) [The registrant's Code of Ethics is attached hereto.](keeley_ex99codeeth.htm)

(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.](keeley_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.](keeley_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 | December 5, 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 | December 5, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | December 5, 2025 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014 6

## Ex-99.Cert

**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: | December 5, 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: | &nbsp;&nbsp;&nbsp;&nbsp;December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

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

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ Kevin Keeley |
| | | Kevin Keeley, Principal Executive Officer |

---

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

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

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---