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December 15, 1997
SCHWARTZ VALUE FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997
Schwartz Value Fund (the "Fund") and Schwartz Investment Counsel, Inc. (the
"Adviser") may enter into arrangements with brokerage firms and financial
institutions under which shares of the Fund may be purchased and sold. Investors
may be charged a fee if they effect transactions in Fund shares through a broker
or agent.
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