Summary

• For the quarter ended March 31, 2026, the Keeley Small Cap Fund net asset value appreciated 9.8% versus gains of 5.0% and 0.9% for the Russell 2000 Value Index and the Russell 2000 Index, respectively.
• Keeley Small Cap Fund benefited most from positions in high-quality companies supplying the semiconductor equipment manufacturing, aerospace and defense, and AI datacenter infrastructure industries.
• Shares of Ultra Clean Holdings, Inc. moved sharply higher, reflecting expectations that the company will continue to benefit from rising equipment demand driven by fab expansions to support the global AI buildout.
• American Eagle Outfitters Inc. shares declined in the quarter after 2026 margin guidance disappointed on increased costs and tariff pressure.
• NetScout Systems Inc. recently resumed growth in both its service assurance and cybersecurity businesses following a period of slower 5G implementation by its customers.

Portfolio Observations

For the quarter ended March 31, 2026, the Keeley Small Cap Fund (WWSIX) net asset value (“NAV”) per Class I Share appreciated 9.8% versus gains of 5.0% and 0.9% for the Russell 2000 Value Index and the