KEELEY ASSET MANAGEMENT CORP
13F-HR, 1999-05-13
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                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 13F

                            FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  March 31, 1999

Check here if Amendment [   ]; Amendment Number:
This Amendment (Check only one.):  [    ]  is a restatement.
                                   [    ]  adds new holdings entries.

Institutional investment Manager Filing this Report:

Name:     Keeley Asset Management Corp.
Address:  401 S. LaSalle Street
          Suite 1201
          Chicago, IL  60605

13F File Number:   28-6810

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.


Person Signing this Report on Behalf of Reporting Manager:

Name:   John L. Keeley, Jr.
Title:  President
Phone:  312-786-5000
Signature, Place, and Date of Signing:
   John L. Keeley, Jr.,   Chicago, IL,    April 13, 1999

Report Type (Check only one.):
[X]    13F HOLDINGS REPORT.
[ ]    13F NOTICE.
[ ]    13F COMBINATION REPORT

List of other Managers Reporting for this Manager:
None


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>

                           FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:            3

Form 13F Information Table Entry Total:       164

Form 13F Information Table Value Total:       $ 388,576



List of Other Included Managers:
None

<PAGE>
<TABLE>
                               <C>                                    <C>
                                                          FORM 13F INFORMATION TABLE
                                                       VALUE   SHARES/SH/   PUT/  INVSTMT  OTHER      VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASSCUSIP     (X$1000)PRN AMTPRN   CALL  DSCRETN  MANAGERS   SOLE  SHARED   NONE
- ------------------------------------------------------------------------------------------------------------------------------
AG Services Amer Inc           COM           001250109     2038 138750SH          SOLE                100950        0 37800
Ackerley Group Inc             COM           004527107      880  51950SH          SOLE                 51950        0     0
Alleghany Corp                 COM           017175100     2626  14280SH          SOLE                  7650        0  6630
Alliance Bancorp               COM           01852j105     1529  86100SH          SOLE                 70000        0 16100
Alltrista Corp                 COM           020040101     3062 157000SH          SOLE                 82000        0 75000
American Financial Group Inc.  COM           025932104     4395  52000SH          SOLE                 72900        0 52000
Anacomp Inc - Del              COM           032371106     1020  63500SH          SOLE                 48500        0 15000
Aqua Alliance Inc Cl A         COM           038367108      666 296200SH          SOLE                296200        0     0
Arch Chemicals Inc.            COM           03937r102      491  29300SH          SOLE                     0        0 29300
Associated Group Inc. Cl.A     COM           045651106     5576 112500SH          SOLE                 64000        0 48500
Avalon Holdings Corp. Cl A     COM           05343p109      367  60500SH          SOLE                 48000        0 12500
BCSB Bankcorp                  COM           054948104      101  11500SH          SOLE                 11500        0     0
B E I Medical Systems Inc      COM           05538e109       84  56000SH          SOLE                 56000        0     0
Barra Inc.                     COM           068313105     1985  80600SH          SOLE                 51600        0 29000
Boston Private Financial Hldgs COM           101119105     1520 206100SH          SOLE                135600        0 70500
Bowne & Co Inc                 COM           103043105      327  28000SH          SOLE                 28000        0     0
Brookline Bancorp Inc          COM           113739106     1962 172520SH          SOLE                120020        0 52500
CBS Inc                        COM           12490k107     6424 157400SH          SOLE                 73900        0 83500
CFS Bancorp                    COM           12525d102     2275 216700SH          SOLE                148200        0 68500
Cuno Inc                       COM           126583103     1398  99850SH          SOLE                 69350        0 30500
CVS Corp                       COM           126650100     5054 106400SH          SOLE                 44400        0 62000
Chemed Corp                    COM           163596109     3888 151000SH          SOLE                 80400        0 70600
Chesapeake Corp                COM           165159104      448  16500SH          SOLE                 16500        0     0
Chgo Rivet & Machine           COM           168088102      442  19200SH          SOLE                 19200        0     0
Chicago Title                  COM           168228104     4946 135980SH          SOLE                 76680        0 59300
Choice Hotels Holding Inc      COM           169905106     5396 383700SH          SOLE                205600        0178100
Chris Craft                    COM           170520100     2598  56949SH          SOLE                 29135        0 27814
Cincinnati Financial           COM           172062101      492  13500SH          SOLE                  6500        0  7000
Citigroup Inc                  COM           172967101      798  12500SH          SOLE                  4500        0  8000
Citizens Utilities Co. Cl B    COM           177342201     5087 656359SH          SOLE                325555        0330804
Coinmach Laundry Corp          COM           19259L101     1372 133850SH          SOLE                100550        0 33300
Commercial Intertech Corp      COM           201709102      658  59200SH          SOLE                 45500        0 13700
Conexant Systems Inc.          COM           207142100      927  33500SH          SOLE                 22000        0 11500
Covance Inc                    COM           222816100     3865 154200SH          SOLE                 71500        0 82700
Cox Communications, Inc Cl. A  COM           224044107     6844  90500SH          SOLE                 49000        0 41500
Damen Financal Services        COM           235906104      236  14000SH          SOLE                 14000        0     0
Deltic Timber Corp             COM           247850100     2208  92950SH          SOLE                 66650        0 26300
Diamonds Trust Ser I           UNIT          252787106      635   6500SH          SOLE                  6500        0     0
Duff & Phelps Credit Rating Co COM           26432F109     2541  48500SH          SOLE                 44500        0  4000
Earthgrains Co                 COM           270319106     3561 160500SH          SOLE                106000        0 54500
Emcor Group                    COM           29084Q100     1194  69500SH          SOLE                 47500        0 22000
Equitable Cos                  COM           29444G107     5390  77000SH          SOLE                 36500        0 40500
Evergreen Resource Inc.        COM           299900308      744  37200SH          SOLE                 22000        0 15200
Fairchild Corp. Cl A           COM           303698104     1039 102000SH          SOLE                 60500        0 41500
Federal Agric Mtg Corp Cl C    COM           313148306     3491  66340SH          SOLE                 51040        0 15300
Finova Group Inc               COM           317928109     4617  89000SH          SOLE                 45900        0 43100
Flowers Inds.                  COM           343496105     2325  94400SH          SOLE                 70900        0 23500
Fortune Brands                 COM           349631101     4619 119970SH          SOLE                 58170        0 61800
Furniture Brands Int'l Inc     COM           360921100     1400  63300SH          SOLE                 44800        0 18500
GA Financial Inc               COM           361437106      148  10000SH          SOLE                 10000        0     0
GC Companies                   COM           36155Q109     3223 102500SH          SOLE                 64400        0 38100
Gaylord Entmt Co.              COM           367905106     4265 175855SH          SOLE                 87255        0 88600
General Cigar Holdings Inc Cl ACOM           36933p100      345  37000SH          SOLE                 37000        0     0
Getty Petroleum Marketing Inc  COM           374292100      468 162800SH          SOLE                162800        0     0
Getty Realty Corporation       COM           374297109     1304 104300SH          SOLE                 92800        0 11500
Golden States Bancorp Wts Exp 8COM           381197128      392  24500SH          SOLE                 24500        0     0
Greif Bros Corp Cl. A          COM           397624107     1221  55500SH          SOLE                 41100        0 14400
Griffon Corp                   COM           398433102     1052 153000SH          SOLE                130800        0 22200
Harcourt General               COM           41163G101     3563  80400SH          SOLE                 41200        0 39200
Harbor FL Bancshares           COM           411901101     1488 116700SH          SOLE                 72000        0 44700
Harris Financial Inc           COM           414541102      145  12000SH          SOLE                 12000        0     0
Hartford Financial Svcs Group  COM           416515104     4619  81300SH          SOLE                 35600        0 45700
Homebase Inc                   COM           43738e108     1255 283000SH          SOLE                200900        0 82100
Host Marriott Svcs Corp        COM           440914109     3464 513080SH          SOLE                284830        0228250
Host Marriott Corp             COM           44107p104      690  62000SH          SOLE                 62000        0     0
Hudson River Bancorp Inc       COM           444128102     1187 108500SH          SOLE                108500        0     0
Hussmann Intl Inc              COM           448110106     4716 321100SH          SOLE                168800        0152300
I C H Corp.                    COM           44926L300      624  73900SH          SOLE                 73900        0     0
ITT Indus Inc - Indiana        COM           450911102     3880 109700SH          SOLE                 63700        0 46000
Infinity Broadcasting Corp Cl ACOM           45662s102      579  22500SH          SOLE                 22500        0     0
Information Resources Inc      COM           456905108     1028 159750SH          SOLE                 97450        0 62300
Jacor Communications Wts Exp 9/COM           469858138      426  42300SH          SOLE                 42300        0     0
Jefferies Group Inc.           COM           472318104      773  16300SH          SOLE                 10000        0  6300
Justin Industries Inc          COM           482171105      556  50500SH          SOLE                 50500        0     0
Kansas City Southern Ind Inc   COM           485170104    10824 189900SH          SOLE                111600        0 78300
Katy Inds                      COM           486026107     1190  91500SH          SOLE                 91500        0     0
Kaufman & Broad Home Corp      COM           486168107     4731 209700SH          SOLE                105000        0104700
Kollmorgen Corp                COM           500440102      731  58500SH          SOLE                 42500        0 16000
Lehman Bros Hldgs Inc          COM           524908100     6226 104200SH          SOLE                 49500        0 54700
Lennar Corp                    COM           526057104     5494 245546SH          SOLE                125196        0120350
Limited Inc                    COM           532716107     5227 131900SH          SOLE                 69900        0 62000
Lone Star Indus.               COM           542290408     1120  36100SH          SOLE                 18600        0 17500
M & F Worldwide Corp           COM           552541104     1393 199000SH          SOLE                165900        0 33100
MDC Holdings                   COM           552676108     1236  86000SH          SOLE                 64500        0 21500
Marriott Intl Cl A             COM           571903202     3716 110500SH          SOLE                 51800        0 58700
Martin Marietta Mater          COM           573284106     4251  74500SH          SOLE                 31300        0 43200
Masco Corp.                    COM           574599106     3930 139100SH          SOLE                 78000        0 61100
Media Gen Inc. Cl A            COM           584404107     4659 100200SH          SOLE                 52900        0 47300
Meredith Corp.                 COM           589433101     4020 127900SH          SOLE                 62200        0 65700
Meristar Hotels & Resorts      COM           589988104      146  53000SH          SOLE                 53000        0     0
Meritor Auto Inc               COM           59000g100     2546 164200SH          SOLE                 73200        0 91000
Midas Inc                      COM           595626102     7830 234583SH          SOLE                122683        0111900
Mony Group Inc.                COM           615337102     5966 239850SH          SOLE                142850        0 97000
Moog Inc. Cl A                 COM           615394202      774  25400SH          SOLE                 16500        0  8900
Moog Inc. Cl B                 COM           615394301      342   9600SH          SOLE                  9600        0     0
Morgan Group Cl A              COM           617358106      487  66050SH          SOLE                 66050        0     0
Morrison Health Care Inc       COM           61841L108     1551  86750SH          SOLE                 55050        0 31700
Morrison Knudsen Corp          COM           61844a109     2059 207200SH          SOLE                146000        0 61200
Motivepower Industries Inc     COM           61980k101     1218  48500SH          SOLE                 35000        0 13500
NCR Corp                       COM           62886e108     1900  38000SH          SOLE                 19500        0 18500
Nasdaq 100 Tr Ser 1            UNIT          631100104      262   2500SH          SOLE                  2500        0     0
Nathans Famous Inc             COM           632347100      256  73000SH          SOLE                 73000        0     0
Niagara Bancorp Inc            COM           652914102     1030 103000SH          SOLE                 45500        0 57500
Nielsen Media Research Inc     COM           653929307     3429 138874SH          SOLE                 92874        0 46000
Nortek Inc                     COM           656559101     1878  75900SH          SOLE                 59400        0 16500
Northwest Bancorp Inc          COM           667328108      347  37500SH          SOLE                 37500        0     0
Ocean Financial Corp           COM           674904107      518  36000SH          SOLE                 36000        0     0
Officemax Inc                  COM           67622m108      255  29600SH          SOLE                 29600        0     0
On Command Corp                COM           682160106      859  94200SH          SOLE                 58000        0 36200
Oregon Trail Financial         COM           685932105      283  22000SH          SOLE                 22000        0     0
PFF Bancorp Inc                COM           69331W104      735  42000SH          SOLE                 42000        0     0
Paine Webber Group             COM           695629105      598  15000SH          SOLE                 15000        0     0
Park Place Entertainment       COM           700690100      337  44500SH          SOLE                 44500        0     0
Paxson Communications Corp     COM           704231109     1255 146600SH          SOLE                 78600        0 68000
Pennfed Financial Services Inc COM           708167101      160  10000SH          SOLE                   160        0     0
Pennzoil Quaker State          COM           709323109     3815 308335SH          SOLE                183873        0124552
Penton Media Inc               COM           709668107     5395 239775SH          SOLE                139275        0100500
Peoples Bank Bridgeport CT     COM           710198102     2633  88500SH          SOLE                 74500        0 14000
Pepsico Inc                    COM           713448108     4641 118450SH          SOLE                 51250        0 67200
Phoenix Investment Partners Lt COM           719085102     3170 367600SH          SOLE                268100        0 99500
Pioneer Group Inc              COM           723684106     2733 184500SH          SOLE                 88000        0 96500
Pittston Brinks Group          COM           725701106     1692  72000SH          SOLE                 45800        0 26200
Pittway Intl Inc Cl A          COM           725790208     5216 196800SH          SOLE                119000        0 77800
Premark Intl.                  COM           740459102     4598 139600SH          SOLE                 74000        0 65600
Price Communications           COM           741437305     3019 271350SH          SOLE                205100        0 66250
Primesource Corp               COM           741593107     1435 255000SH          SOLE                179500        0 75500
Providence & Worcester RR      COM           743737108     1804 162200SH          SOLE                116600        0 45600
Provident Finl Holding Inc     COM           743868101      507  30500SH          SOLE                 30500        0     0
Pulitzer Pubg Co               COM           745771105     1189  29400SH          SOLE                 14900        0 14500
RH Donnelly Corp.              COM           74955w307     2250 145750SH          SOLE                 97550        0 48200
RPC Energy Services Inc        COM           749660106      161  25000SH          SOLE                 25000        0     0
Ralcorp Holdings Inc           COM           751028101     3139 165200SH          SOLE                126000        0 39200
Roslyn Bancorp                 COM           778162107     1882 111500SH          SOLE                111500        0     0
S F X Entertainment Cl A       COM           784178105      922  14275SH          SOLE                 14275        0     0
SPDR Tr Ser I                  UNIT          78462f103      770   6000SH          SOLE                  6000        0     0
St. Joe Corp.                  COM           790148100     1695  69900SH          SOLE                 69900        0     0
Sea Containers Ltd Cl. A       COM           811371707     1687  58400SH          SOLE                 48400        0 10000
Sector SPDR Tr SBI Int-Tech    COM           81369y803      366  10000SH          SOLE                 10000        0     0
Shaw Inds                      COM           820286102     4216 227900SH          SOLE                108800        0119100
Shells Seafood Restaurants Inc COM           822809109      242  60500SH          SOLE                 60500        0     0
Sodexho Marriott Svcs          COM           833793102     3066 139000SH          SOLE                 70000        0 69000
Sovereign Bancorp Inc          COM           845905108      123  10000SH          SOLE                 10000        0     0
Sprint Corp PCS Group Ser I    COM           852061506     7043 158925SH          SOLE                 86925        0 72000
Sunburst Hospitality Corp      COM           866948102      343  91500SH          SOLE                 91500        0     0
Superior Natl Insurance Group  COM           868224106      314  16500SH          SOLE                 16500        0     0
Tasty Baking                   COM           876553306     1404 126200SH          SOLE                 93000        0 33200
Thomas Indust                  COM           884425109     2100 112000SH          SOLE                112000        0     0
Tricon Global Restaurants Inc  COM           895953107     6644  94570SH          SOLE                 50000        0 44570
U S Can Corp.                  COM           90328w105      386  26200SH          SOLE                     0        0 26200
Union Pacific Corp             COM           907818108     4187  78350SH          SOLE                 47550        0 30800
US Home Corp                   COM           911920106     3928 120400SH          SOLE                 47100        0 73300
US Industries Inc              COM           912080108     3733 227100SH          SOLE                145700        0 81400
Unitrin Inc                    COM           913275103     6077 194440SH          SOLE                111440        0 83000
Unova Inc                      COM           91529b106     4078 309250SH          SOLE                145350        0163900
Viad Corp                      COM           92552R109     4152 149300SH          SOLE                 80800        0 68500
Vlasic Foods International     COM           928559103     3300 255000SH          SOLE                140100        0114900
WMS Inds                       COM           929297109     1540 200200SH          SOLE                160200        0 40000
Waddell & Reed Fin Cl A        COM           930059100     3611 176100SH          SOLE                103100        0 73000
Walter Industries              COM           93317Q105     3858 342925SH          SOLE                177325        0165600
Wang Labs Inc                  COM           93369N109     4470 227750SH          SOLE                129150        0 98600
Western Wireless Corp Cl A     COM           95988e204      272   7500SH          SOLE                  7500        0     0
Whitman Corp.                  COM           96647K102     4947 287800SH          SOLE                140100        0147700
Williams Cos.                  COM           969457100      517  13100SH          SOLE                 13100        0     0
Zale Corp                      COM           988858106     6594 192900SH          SOLE                103000        0 89900
</TABLE>


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