KACVX Disclosure

Past performance does not guarantee future results. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

The opinions expressed herein are those of Mr. Ed Ciskowski and are current only through the end of the period noted. His views are subject to change at any time based on market and other conditions, and no forecasts can be guaranteed.

Risks of Investing:  The Fund is subject to the typical risks of equity investing, including loss of money, company-specific risks, the effects of interest rate fluctuations, investor psychology and other factors. The value of your investment will increase or decrease so your shares may be worth more or less money than your original investment. Investing in companies emerging from bankruptcy presents special risks, since these companies often are subject to specific plans imposed by their lenders that they must meet in a fairly short time frame. In addition, such companies must overcome the negative perceptions resulting from a previous bankruptcy. Generally, companies going through corporate restructuring are more likely than others to remain undervalued. Investing in small and mid-cap securities presents more risk than investing in large-cap or more established company securities. Small and mid-cap companies often have more limited resources and greater variation in operating results, leading to greater price volatility. Trading volumes may be lower, making such securities less liquid.  Investing in REITs involves risks similar to those associated with investing in small-capitalization companies.  

Prior to investing, investors should carefully consider the Fund’s investment objective, risks, charges and expenses as detailed in the prospectus and summary prospectus. To obtain a prospectus or a summary prospectus, call us at 800.533.5344 or visit www.keeleyfunds.com. The prospectus/summary prospectus should be read carefully before investing.

KACVX - Top Ten Holdings as of 12/31/2014 - % of Net Assets

  • Covidien PLC - 2.42%
  • Knowles Corp. - 2.26%
  • BancorpSouth, Inc. - 2.10%
  • Hewlett Packard Co. - 2.00%
  • EW Scripps Co. - 1.94%
  • SLM Corp. - 1.87%
  • The Hanover Insurance Group, Inc. - 1.81%
  • One Gas, Inc. - 1.80%
  • Baxter International, Inc. - 1.77%
  • Ashland, Inc. - 1.76%
  • Total % of portfolio: 19.73%

AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2014)

  KACVX KACVX Russell 3000 Value
  No Load Load  
1 Year 2.91% -1.70% 12.70%
5 Year 14.47% 13.43% 15.34%
Since Inception* 7.48% 6.90% 7.41%
  • Expense Ratio (Net)** 1.39%
  • Waiver/Expense Reimbursement** -0.04%
  • Expense Ratio (Gross)** 1.43%

* Fund Inception: June 14, 2006

**The Fund’s adviser has contractually agreed to waive a portion of its management fee or reimburse the Fund if total ordinary operating expenses during the current fiscal year as a percentage of the Fund’s average net assets exceed 1.39% for Class A Shares and 1.14% for Class I Shares. The waiver excludes expenses related to taxes, interest charges, dividend expenses incurred on securities that a Fund sells short, litigation and other extraordinary expenses, brokerage commissions and other charges relating to the purchase and sale of portfolio securities. The waiver is in effect through January 31, 2016.

Data provided for performance attribution are estimates based on unaudited portfolio results. The S&P 500 Index is designed to act as a barometer for the overall U.S. stock market. The index is unmanaged, consisting of 500 stocks that are chosen on the basis of market size, liquidity, and industry grouping. The S&P 500 is a market value weighted index with each stock's weight in the index proportionate to its market value. The Russell 3000 Value Index is an unmanaged index that measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth rates. The Index figures do not reflect any deduction for fees, expenses or taxes, and are not available for direct investment. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. The KEELEY All Cap Value Fund is distributed by Keeley Investment Corp., FINRA and SIPC member.