M&A - Keeley Funds, Inc.

Form Type: 497

Filing Date: 2025-05-28

Corporate Action: Merger

Type: New

Accession Number: 000182912625003989

Filing Summary: On May 1, 2025, Keeley-Teton Advisors, LLC announced the transfer of its investment management business to its affiliate, Gabelli Funds, LLC. This transaction does not change the services provided under the investment advisory agreement. Personnel from Keeley Teton will continue their roles under Gabelli Funds. However, the Investment Research Advisory Committee will be disbanded and certain portfolio managers will be removed from their roles for the Keeley Small-Mid Cap Value Fund. On May 13, 2025, the Board of Directors of Keeley Funds, Inc. approved the re-execution of the investment advisory agreement. Effective May 28, 2025, the funds will have updated references replacing Keeley-Teton Advisors, LLC with Gabelli Funds, LLC. Effective June 27, 2025, the Funds will be renamed with new names including Keeley Gabelli Mid Cap Dividend Fund and Keeley Gabelli SMID Cap Value Fund, among others. Shareholders are advised to retain this supplement for future reference.