KEELEY Small-Mid Cap Value Fund

Investor Class (A) Shares: KSMVX

Institutional Class (I) Shares: KSMIX

Investment Objective

The Fund seeks long-term capital appreciation through investments in equity securities of companies with a small or mid-sized market capitalization. The Adviser currently defines small and mid-cap market capitalization as securities within the range of the Russell 2500 Value® 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.

Investment Philosophy

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


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

Investment Focus

KSMVX Small-Mid Cap Dividend Fund

Fund Profile - as of June 30, 2024

Total Net Assets $29,341,098
Number of Holdings 85
Asset Allocation %  
Equity 97.6%
Cash & Equivalents 2.4%

Expense Ratios

Gross Expense Ratio (Class A Shares) 1.92%
Waiver/Expense Reimbursement* -0.40%
Gross Expense Ratio (Class I Shares) 1.67%
Waiver/Expense Reimbursement* -0.40%
Net Expense Ratio*  
KSMVX 1.52%
KSMIX 1.27%
*The Fund's adviser has contractually agreed to waive a portion of its management fee or reimburse the Fund if total ordinary operating expenses during the current fiscal year as a percentage of the Fund's average net assets exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, dividend expenses incurred on securities that a Fund sells short, litigation expenses, and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of portfolio securities. The waiver is in effect through February 28, 2025 and neither the Fund’s adviser nor the Fund can discontinue the agreement prior to its expiration.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800-422-3554 or visit