Schwartz Investment Counsel, Inc. (the “Adviser”) has been providing investment advice to institutional and individual investors since 1980. George P. Schwartz is the Executive Chairman of the Adviser and owns a controlling interest in the Adviser. Types of Advisory Services: The Adviser provides portfolio management services and investment advisory services for mutual funds, individually managed accounts (individuals, institutions, pension plans, profit sharing plans, 401(k) plans, foundations, trusts, corporations or other businesses not listed), model portfolios using proprietary strategies and separately managed accounts. The Adviser serves as investment adviser to Schwartz Investment Trust, an open-end management investment company and its seven series. The following 5 series are diversified:
• Ave Maria Value Fund,
• Ave Maria Growth Fund,
• Ave Maria Rising Dividend Fund,
• Ave Maria World Equity Fund and
• Ave Maria Bond Fund. The following 2 series are non-diversified:
• Ave Maria Focused Fund and
• Schwartz Value Focused Fund.
Non-diversified Funds may invest a greater percentage of its assets in the securities of a limited number of issuers than a fund that is diversified. At times, these Funds may overweight a position in a particular issuer or emphasize investment in a limited number of issuers, industries or sectors, which may cause its share price to be more volatile with respect to any economic, business, political or regulatory occurrence affecting an issuer than a fund that is more widely diversified. The number of issues that the Fund may invest in will vary from time to time. The Adviser manages equity and fixed income portfolios and balanced portfolios. The Adviser may recommend all types of equity and debt securities, including, but not limited to, common stocks, preferred stocks, corporate bonds, U.S. Government securities, mortgage-backed securities, convertible securities, warrants, foreign securities, municipal bonds, shares of investment companies including exchange-traded funds, and commercial paper. The Adviser provides investment advisory services for accounts on a discretionary basis, with exceptions in limited situations. In providing investment advisory services to the Ave Maria Mutual Funds, the Adviser adheres to Catholic moral screens established by the Ave Maria Mutual Funds’ Catholic Advisory Board that consist of prominent lay members of the Roman Catholic Church and one or more Ecclesiastical Advisors. The Catholic Advisory Board members are guided by the magisterium of the Roman Catholic Church, who is the authority or

office of the Roman Catholic Church to teach the authentic interpretation of the Word of God, whether in its written form or in universal faith and moral practices. The moral screens will, in general, avoid four major categories of companies: (i) those involved in the practice of abortion; (ii) those whose policies are judged to be antifamily, such as companies that distribute pornographic material; (iii) those that contribute corporate funds to Planned Parenthood; and (iv) those that support embryonic stem cell research. The Fund is not authorized or sponsored by the Roman Catholic Church and the Catholic Advisory Board is not affiliated with the Roman Catholic Church The Adviser tailors advisory services to each client by attempting to select the appropriate investment mix based on the client’s investment goals. The Adviser attempts to meet with individual clients in person at least annually and provides performance reports at least quarterly. For individually managed accounts that are part of a pension or other employee benefit plan governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or an Individual Retirement Account (an “IRA”) governed by the Internal Revenue Code, the Adviser is a “fiduciary” within the meaning of Section 3(21) of ERISA (but only with respect to the provision of services described in our Advisory Agreement). The Adviser is qualified to manage Plan assets under applicable regulations. With respect to Schwartz Investment Trust, the Adviser adheres to the investment objectives, investment policies and investment restrictions and limitations described in each Funds’ prospectus and statement of additional information, which can be found at www.schwartzvaluefocused.com and/or www.avemariafunds.com.
The Adviser provides use of its proprietary models (referred to as strategies) to firms not related to Adviser for a predetermined fee. The Adviser’s models are the Ave Maria Growth Strategy, the Ave Maria Value Strategy, the Ave Maria Rising Dividend Strategy and the Ave Maria World Equity Strategy.
For any firms using our strategies, the Adviser does not have access to individual client information and does not manage their clients individual accounts on a continuous basis. The Adviser only provides the model security positions and relative percentage’s, along with subsequent updates to the models as they occur. Adviser is paid a negotiated fee based on the market value of assets managed.
The Adviser does not participate in wrap fee programs.