Fund Description

Incepted in July 1993, the fund is managed by Schwartz Investment Counsel. The fund seeks long-term capital appreciation through value investing - purchasing shares of strong, growing companies at reasonable prices. Under normal market conditions, the fund invests primarily in common stocks. The adviser uses fundamental security analysis to identify and purchase shares of companies that it believes are selling below intrinsic value. The price of shares in relation to cash flow, earnings, dividends, book value and asset value, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on companies undergoing change in operations, management, capital allocation, strategies, product transitions, and other significant changes, which the adviser feels, will significantly enhance shareholder value in the future. The funds pays dividends and distributes capital gains annually.