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pure
2013-01-31
Keeley Funds, Inc.
0001324203
2013-02-25
2013-02-25
Other
2012-09-30
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2" style="font-family: 'Times New Roman';">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small Cap Value Fund—Fees and Expenses of the Fund" on page 1 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="7%"></td><td></td><td></td><td></td><td valign="bottom" width="7%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSCVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSCIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.94</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.94</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">None</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">None</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small Cap Dividend Value Fund—Fees and Expenses of the Fund" on page 7 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSDVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSDIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.17</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.17</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small-Mid Cap Value Fund—Fees and Expenses of the Fund" on page 13 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSMVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSMIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.45</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.20</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.05</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.05</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.40</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.15</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="1"> </font></p><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Mid Cap Value Fund—Fees and Expenses of the Fund" on page 19 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES<br/>(EXPENSES THAT YOU PAY EACH YEAR AS A<br/>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KMCVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KMCIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.53</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Mid Cap Dividend Value Fund—Fees and Expenses of the Fund" on page 25 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES<br/>(EXPENSES THAT YOU PAY EACH YEAR AS A<br/>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KMDVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KMDIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.02</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.02</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.83</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.58</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(1.42</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(1.42</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.41</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.16</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="1"> </font></p><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY All Cap Value Fund—Fees and Expenses of the Fund" on page 31 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KACVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KACIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.47</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Alternative Value Fund—Fees and Expenses of the Fund" on page 37 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KALVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KALIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.60</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.60</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.54</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.54</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.47</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.50</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.50</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.97</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.72</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.89% for Class A Shares and 1.64% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2" style="font-family: 'Times New Roman';"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2" style="font-family: 'Times New Roman';">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small Cap Value Fund—Fees and Expenses of the Fund" on page 1 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="7%"></td><td></td><td></td><td></td><td valign="bottom" width="7%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSCVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSCIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.94</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.94</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">None</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">None</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
0.0094
0.0094
0.0025
0
0.0019
0.0019
0.0001
0.0001
0.0139
0.0114
0
0
0.0139
0.0114
January 31, 2014
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small Cap Dividend Value Fund—Fees and Expenses of the Fund" on page 7 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSDVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSDIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.31</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.17</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.17</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.01
0.01
0.0025
0
0.0031
0.0031
0.0156
0.0131
-0.0017
-0.0017
0.0139
0.0114
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Small-Mid Cap Value Fund—Fees and Expenses of the Fund" on page 13 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style="border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KSMVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KSMIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.19</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.01</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.45</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.20</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.05</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.05</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.40</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.15</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.01
0.01
0.0025
0
0.0019
0.0019
0.0001
0.0001
0.0145
0.012
-0.0005
-0.0005
0.0115
0.014
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style="background-color: rgb(255, 255, 255); border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Mid Cap Value Fund—Fees and Expenses of the Fund" on page 19 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES<br/>(EXPENSES THAT YOU PAY EACH YEAR AS A<br/>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KMCVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KMCIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.53</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.28</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style="background-color: rgb(255, 255, 255); border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.01
0.01
0.0025
0
0.0028
0.0028
0.0153
0.0128
-0.0014
-0.0014
0.0139
0.0114
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: 6px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Mid Cap Dividend Value Fund—Fees and Expenses of the Fund" on page 25 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES<br/>(EXPENSES THAT YOU PAY EACH YEAR AS A<br/>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KMDVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KMDIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.56</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.02</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.02</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.83</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.58</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(1.42</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(1.42</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.41</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.16</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.01
0.01
0.0025
0
0.0156
0.0156
0.0002
0.0002
0.0283
0.0258
-0.0142
-0.0142
0.0141
0.0116
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: medium; page-break-before: always;"></p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY All Cap Value Fund—Fees and Expenses of the Fund" on page 31 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="78%"></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td><td valign="bottom" width="9%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KACVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KACIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.47</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.39</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.14</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.01
0.01
0
0.0025
0.0022
0.0022
0.0147
0.0122
-0.0008
-0.0008
0.0139
0.0114
<p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>KEELEY FUNDS, INC.</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 6px; margin-bottom: 0px;"><font size="2"><b>Supplement dated February 25, 2013 to the</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="2"><b>Prospectus dated January 31, 2013</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The information in this Supplement updates information in, supersedes any contrary information in, and should be read in conjunction with, the prospectus of the Keeley Funds, Inc. (the "Corporation").</font></p><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="1%"><font size="1"> </font></td><td width="2%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">▪</font></td><td width="1%" valign="top"><font size="1"> </font></td><td align="left" valign="top"><p align="left"><font size="2" style="font-family: 'Times New Roman';">The following table replaces in its entirety the table titled "Annual Fund Operating Expenses" in the section "KEELEY Alternative Value Fund—Fees and Expenses of the Fund" on page 37 of the Corporation's prospectus:</font></p></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table cellspacing="0" cellpadding="0" width="76%" border="0" align="center" style=" border-collapse: collapse;"><tr><td width="80%"></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td><td valign="bottom" width="8%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom" nowrap="nowrap"><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="margin-top: 0px; margin-bottom: 0px;"><font size="1" style="font-family: 'Times New Roman';"><b>(EXPENSES THAT YOU PAY EACH YEAR AS A</b></font></p><p style="margin-top: 0px; margin-bottom: 1px;"><font size="1" style="font-family: 'Times New Roman';"><b>PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b></font></p></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class A<br/>(KALVX)</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><font size="1"><b>Class I<br/>(KALIX)</b></font></td><td valign="bottom"><font size="1"> </font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Management Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.60</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.60</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Distribution (12b-1) Fees</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.25</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.00</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Other Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.54</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.54</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Dividend and/or Interest Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">0.08</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.47</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">2.22</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Fee Waiver and/or Expense Reimbursement</font><font size="1" style="font-family: 'Times New Roman';"><sup style="vertical-align: baseline; position: relative; bottom: 0.8ex;">(a)</sup></font><font size="2" style="font-family: 'Times New Roman';"></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.50</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">(0.50</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">)%</font></td></tr><tr bgcolor="#cceeff"><td valign="top"><font size="2" style="font-family: 'Times New Roman';">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.97</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Times New Roman';"> </font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Times New Roman';">1.72</font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Times New Roman';">%</font></td></tr></table><p style="font-family: 'Times New Roman'; font-size: 12px; margin-top: 0px; margin-bottom: 0px;"> </p><table border="0" cellpadding="0" cellspacing="0" width="100%" style=" border-collapse: collapse;"><tr><td width="4%" valign="top" align="left"><font size="2" style="font-family: 'Times New Roman';">(a)</font></td><td align="left" valign="top"><font size="2" style="font-family: 'Times New Roman';">The Fund's adviser, Keeley Asset Management Corp. (the "Adviser"), has contractually agreed to waive a portion of its management fee or reimburse the Fund to the extent that total ordinary operating expenses during the current fiscal year as a percentage of average net assets for the Fund exceed 1.89% for Class A Shares and 1.64% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of the Fund's portfolio securities. The waiver is in effect through January 31, 2014, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.</font></td></tr></table>
<b>ANNUAL FUND OPERATING EXPENSES<br/> (EXPENSES THAT YOU PAY EACH YEAR AS A<br/> PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</b>
January 31, 2014
0.016
0.016
0
0.0025
0.0054
0.0054
0.0008
0.0008
0.0247
0.0222
-0.005
-0.005
0.0197
0.0172
false