Supplement to the Prospectus of
KEELEY
SMALL CAP VALUE FUND, INC.
Dated January 29, 1999
This Supplement provides corrected information with respect to the Fund's
average annual total return for the five year period ended December 31, 1998.
The following table replaces the average annual total return table on page 3 of
the Prospectus.
Average annual total return
as of 12/31/98
Inception
1 Year 5 Years (10/1/93)
--------------------------------------------
Fund<F1> (3.91)% 15.61% 15.77%
--------------------------------------------
Russell 2000 (2.55)% 11.87% 11.82%
--------------------------------------------
S&P 500 28.58% 24.06% 23.32%
--------------------------------------------
<F1>This performance table reflects the payment of the 4.50% sales load on the
purchase of new shares.
The date of this Supplement is April 7, 1999.
