schwz-house
[LOGO]
Shareholder Accounts
c/o MGF Service Corp.
P.O. Box 5354
Cincinnati, OH 45201-5354
1-800-543-0407
Corporate Offices
3707 W. Maple Road
Bloomfield Hills, MI 48301
(248) 644-8500
Fax (248) 644-4250
Schwartz Value Fund
Dear Fellow Shareowner:
Mergers, acquisitions and corporate restructuring activity have picked up
recently, producing positive results for Schwartz Value Fund. These
extraordinary corporate transactions helped boost the Fund's investment
performance during the first six months of 1997 to 14.9% vs. 9.3% for the
Russell 2000. Corporate acquirors have found several of our companies to be the
object of their affection.
Core Industries Inc. ($24), the Fund's second largest position, is
finally living up to our expectations. The value surfaced when United Dominion
Industries offered to buy Core at $25 per share in cash. With an average cost of
$12, the Fund experienced more than a 100% gain over a three-year holding
period.
American List Corporation has been acquired by Snyder Communications in a
tax-free stock swap valued at the equivalent of $29 per share, versus the Fund's
cost of $24.
North American Mortgage Company ($24) is being bought by Dime Savings
Bank in a tax-free exchange at roughly $25 per share, a nice premium to our cost
of $17.80.
Stanhome Inc. ($33), Thomas Nelson Inc. ($13) and Leucadia National
Corporation ($31) have recently divested unprofitable or low-margin divisions at
attractive prices. The companies used the proceeds to pay down debt and
repurchase shares. The market has rewarded this fiscal prudence with higher
stock prices in each case. These fundamentally solid companies are now even more
financially well positioned to prosper over the next several years.
Our largest holding, Ottawa Financial Corporation ($24), continues to
improve profitability through reduced expenses and elimination of redundancies
resulting from its acquisition of Ameribank in Grand Rapids last year. Ottawa's
board recently announced another 5% stock buy back, as a way to further lever
excess capital and increase the return on shareholders' equity.
TriMas Corporation ($28) has completed four small acquisitions since the
first of the year, all of which will be additive to earnings in 1997.
Importantly, each acquisition was a niche business complementary to TriMas'
existing manufacturing operations, which should result in synergies down the
road.
As the general stock market continues to move higher, it's interesting to
observe the concentration of institutional buying in a very small number of
stocks. In other words, the bull market leadership is getting narrower and
narrower. Led by the index funds, a massive amount of capital is pouring into
the shares of Microsoft, Intel, General Electric, Cisco Systems, Motorola and
Coca-Cola. These six stocks alone, have accounted for approximately one-quarter
of the advance in the S&P 500 this year. With the average price-earnings ratio
on these behemoths over 40, believe me, there's no hidden value in these stocks.
The liquidity premium the market is placing on these ultra-popular stocks is
approaching a mania.
The SVF portfolio, on the other hand, is composed of mostly unpopular
stocks, selling at prices that do not currently reflect their intrinsic value.
When they become popular, their stock prices will reflect their intrinsic value
and we'll sell them and buy other unpopular stocks. This process requires
independent thinking, good research, fortitude and patience, but the favorable
risk-reward ratio associated with this style of investing is comforting in an
increasingly extended bull market.
Sincerely,
SCHWARTZ VALUE FUND
/s/ George P. Schwartz
George P. Schwartz, CFA
President
July 24, 1997
<PAGE>
<TABLE>
SCHWARTZ VALUE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 1997 (Unaudited)
<CAPTION>
MARKET
SHARES COMMON STOCK -- 92.1% VALUE
<S> <C> <C>
APPAREL & TEXTILES - 6.6%
235,000 K-Swiss Inc.-- Class A................................................. $ 3,701,250
19,300 Nautica Enterprises, Inc.*............................................. 510,244
-----------
4,211,494
-----------
BUILDING MATERIALS AND CONSTRUCTION - 5.0%
20,000 ABT Building Products Corporation*..................................... 525,000
130,000 C. Brewer Homes, Inc.*................................................. 260,000
40,000 Gardner Denver Machinery Inc. *........................................ 1,190,000
24,000 Industrial Acoustics Company, Inc...................................... 205,500
51,000 MLX Corp. *............................................................ 749,063
40,000 Schuler Homes, Inc. *.................................................. 230,000
-----------
3,159,563
-----------
CONSUMER PRODUCTS -- DURABLES - 10.1%
40,000 Craftmade International, Inc........................................... 310,000
170,000 Griffon Corporation *.................................................. 2,326,875
70,000 HMI Industries Inc..................................................... 420,000
75,000 Stanhome Inc........................................................... 2,465,625
45,000 Sturm, Ruger & Company, Inc............................................ 883,125
-----------
6,405,625
-----------
CONSUMER PRODUCTS -- NONDURABLES - 7.5%
20,000 Helen of Troy Limited*................................................. 512,500
600,000 Pentech International, Inc.*........................................... 1,500,000
20,000 The Scotts Company*.................................................... 580,000
20,000 Standex International Corporation ..................................... 600,000
11,950 Velcro Industries N.V.................................................. 979,900
9,200 Weyco Group, Inc....................................................... 598,000
-----------
4,770,400
-----------
ENERGY & MINING - 3.9%
50,000 Dravo Corporation *.................................................... 543,750
70,000 Forest Oil Corporation*................................................ 1,028,125
50,000 Input/Output, Inc.*.................................................... 906,250
-----------
2,478,125
-----------
<PAGE>
<CAPTION>
MARKET
SHARES COMMON STOCK -- 92.1% VALUE
<S> <C> <C>
FINANCE -- BANKING & THRIFTS - 9.8%
7,500 Calumet Bancorp, Inc.*................................................. $ 277,500
25,000 Coastal Bancorp, Inc................................................... 743,750
60,000 Flagstar Bancorp, Inc.*................................................ 975,000
15,000 MSB Bancorp, Inc....................................................... 301,875
165,000 Ottawa Financial Corporation........................................... 3,691,875
8,100 Peoples Bancorp........................................................ 186,300
-----------
6,176,300
-----------
FINANCE -- INSURANCE - 10.8%
45,000 The Commerce Group, Inc................................................ 1,108,125
100,000 Leucadia National Corporation.......................................... 3,093,750
20,000 MMI Companies, Inc..................................................... 522,500
200,000 Unico American Corporation............................................. 2,125,000
-----------
6,849,375
-----------
FINANCE -- MISCELLANEOUS - 1.7%
24,276 First of Michigan Capital Corporation *................................ 355,037
30,000 North American Mortgage Company........................................ 710,625
-----------
1,065,662
-----------
FOOD & TOBACCO - 1.8%
40,000 UST Inc................................................................ 1,110,000
-----------
HEALTHCARE - 4.3%
10,000 America Service Group Inc. *........................................... 140,000
15,000 Health Care & Retirement Corporation *................................. 500,625
5,000 Hologic, Inc.*......................................................... 133,125
55,000 Lunar Corporation*..................................................... 1,196,250
40,000 Transition Systems, Inc.*.............................................. 727,500
-----------
2,697,500
-----------
INDUSTRIAL PRODUCTS & SERVICES - 11.9%
145,900 Core Industries Inc.................................................... 3,611,025
30,000 Greif Brothers Corporation-- Class A................................... 810,000
50,000 Maritrans Inc.......................................................... 387,500
10,055 M.H. Rhodes, Inc.*..................................................... 30,165
40,000 TriMas Corporation..................................................... 1,125,000
225,000 UNR Industries, Inc.................................................... 1,546,875
-----------
7,510,565
-----------
<PAGE>
<CAPTION>
MARKET
SHARES COMMON STOCK -- 92.1% VALUE
<S> <C> <C>
PRINTING & PUBLISHING - 4.2%
27,000 American List Corporation.............................................. $ 813,375
465 The Detroit Legal News Company *....................................... 47,663
100,000 Thomas Nelson, Inc..................................................... 1,387,500
9,800 Value Line, Inc........................................................ 423,850
-----------
2,672,388
-----------
REAL ESTATE - 1.0%
16,499 I. Gordon Corporation*................................................. 144,366
15 LaFourche Realty Company, Inc.......................................... 62,250
25,000 Malan Realty Investors, Inc............................................ 443,750
-----------
650,366
-----------
RETAIL - 1.3%
900 Dart Group Corporation................................................. 92,475
100,000 Ellett Brothers, Inc................................................... 500,000
76,500 Evans, Inc.*........................................................... 99,210
20,000 The Good Guys, Inc.*................................................... 112,500
-----------
804,185
-----------
TECHNOLOGY & ELECTRONICS - 8.4%
33,500 Astrosystems, Inc.*.................................................... 175,875
120,000 Data Research Associates, Inc.......................................... 1,500,000
75,000 Nematron Corporation *................................................. 496,875
50,000 Rainbow Technologies, Inc.*............................................ 943,750
30,000 SPSS Inc.*............................................................. 870,000
60,000 Universal Electronics Inc. *........................................... 405,000
50,000 X-Rite, Incorporated................................................... 950,000
-----------
5,341,500
-----------
TRANSPORTATION - 0.5%
35,800 The Morgan Group, Inc.................................................. 304,300
-----------
MISCELLANEOUS - 0.1%
12,500 Bull & Bear Group, Inc.-- Class A*..................................... 35,156
-----------
CLOSED-END FUNDS - 3.2%
52,500 Royce Global Trust, Inc................................................ 262,500
90,000 Royce Micro-Cap Trust, Inc............................................. 808,593
60,000 Scudder New Europe Fund, Inc........................................... 990,000
-----------
2,061,093
-----------
TOTAL COMMON STOCK (COST $43,854,162)....................... 58,303,597
-----------
<PAGE>
<CAPTION>
SHARES MARKET
PAR VALUE COMMON STOCK -- 92.1% VALUE
<S> <C> <C>
PREFERRED STOCK - 0.2% (COST $132,739)
35,000 Telos Corporation, 12% Cumulative Exchangable Preferred................. 109,375
-----------
U.S. GOVERNMENT & AGENCY BONDS - 3.2%
$1,000,000 U.S. Treasury Notes, 6.00%, 11/30/97................................... 1,001,563
$1,000,000 Federal Farm Credit Bank , 5.45%, 03/03/98............................. 997,520
-----------
TOTAL U.S. GOVERNMENT & AGENCY BONDS
(COST $1,997,187)............................................... 1,999,083
-----------
REPURCHASE AGREEMENTS(1)- 4.4% (COST $2,798,000)
Fifth Third Bank, 5.07%, dated 06/30/97, due 07/01/97,
repurchase proceeds $2,798,394................................. 2,798,000
-----------
TOTAL INVESTMENTS - 99.9% (COST $48,782,088).......................... 63,210,055
-----------
OTHER ASSETS IN EXCESS OF OTHER
LIABILITIES - 0.1%.............................................. 80,867
-----------
NET ASSETS - 100%...................................................... $63,290,922
===========
<FN>
* Non-income producing securities.
(1) Repurchase agreements are fully collateralized by U.S. Government
obligations.
</FN>
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SCHWARTZ VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<CAPTION>
<S> <C>
ASSETS
Investments, at market value (cost of $48,782,088) (Note 1) ................................ $ 63,210,055
Cash ........................................................................................ 13,359
Dividends and interest receivable............................................................ 69,831
Receivable for securities sold............................................................... 841,875
Receivable for capital shares sold........................................................... 15,375
Other assets................................................................................. 6,332
------------
TOTAL ASSETS............................................................................ 64,156,827
------------
LIABILITIES
Payable for capital shares redeemed.......................................................... 250
Payable for securities purchased............................................................. 616,563
Accrued investment advisory fees (Note 2).................................................... 217,531
Other accrued expenses and liabilities....................................................... 31,561
------------
TOTAL LIABILITIES....................................................................... 865,905
------------
NET ASSETS................................................................................... $ 63,290,922
============
NET ASSETS CONSIST OF:
Paid-in capital.............................................................................. $ 45,803,332
Accumulated undistributed net realized gains on investments.................................. 3,006,948
Undistributed net investment income.......................................................... 52,675
Net unrealized appreciation on investments................................................... 14,427,967
------------
NET ASSETS .................................................................................. $ 63,290,922
============
Shares of beneficial interest outstanding (unlimited number of
shares authorized, no par value)...................................................... 2,599,623
============
Net asset value, redemption price, and offering price per share.............................. $ 24.35
============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SCHWARTZ VALUE FUND
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1997 (Unaudited)
<CAPTION>
<S> <C>
INVESTMENT INCOME
Dividends.................................................................................. $ 480,118
Interest................................................................................... 132,465
------------
TOTAL INVESTMENT INCOME................................................................. 612,583
------------
EXPENSES
Investment advisory fees (Note 2).......................................................... 426,326
Administration, accounting, and transfer agent fees and expenses (Note 2).................. 59,883
Trustees' fees and expenses................................................................ 34,553
Legal and audit fees....................................................................... 18,572
Insurance expense.......................................................................... 9,088
Reports to shareholders.................................................................... 6,602
Custodian fees............................................................................. 4,362
Registration fee........................................................................... 522
------------
TOTAL EXPENSES.......................................................................... 559,908
------------
NET INVESTMENT INCOME........................................................................ 52,675
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains on investments.......................................................... 2,957,902
Net change in unrealized appreciation on investments....................................... 5,341,746
------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS............................................. 8,299,648
------------
NET CHANGE IN NET ASSETS FROM OPERATIONS..................................................... $ 8,352,323
============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Six Months
SCHWARTZ VALUE FUND Ended Year
STATEMENTS OF CHANGES IN NET ASSETS June 30, 1997 Ended
For the Periods Ended June 30, 1997 and December 31, 1996 (Unaudited) Dec. 31, 1996
<CAPTION>
<S> <C> <C>
FROM OPERATIONS
Net investment income (loss)......................................... $ 52,675 $ (45,028)
Net realized gains on investments.................................... 2,957,902 5,144,508
Net change in unrealized appreciation on investments ............... 5,341,746 3,932,331
--------------- -------------
Net increase in net assets from operations............................... 8,352,323 9,031,811
--------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
From net realized gains on investments............................... -- (4,922,816)
--------------- -------------
Net decrease in net assets from distributions to shareholders............ -- (4,922,816)
--------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (A)
Proceeds from shares sold............................................ 4,368,285 5,572,508
Reinvestment of distributions........................................ -- 4,524,185
Payments for shares redeemed......................................... (4,534,814) (12,237,448)
--------------- -------------
Net decrease in net assets from capital share transactions............... (166,529) (2,140,755)
--------------- -------------
TOTAL INCREASE IN NET ASSETS............................................. 8,185,794 1,968,240
--------------- -------------
NET ASSETS
Beginning of period.................................................... 55,105,128 53,136,888
--------------- -------------
End of period.......................................................... $ 63,290,922 $ 55,105,128
=============== =============
UNDISTRIBUTED NET INVESTMENT INCOME ........... $ 55,675 --
=============== =============
(A) SUMMARY OF CAPITAL SHARE ACTIVITY
Shares sold.......................................................... 202,122 264,865
Shares issued in reinvestment of distributions to shareholders....... -- 213,506
Shares redeemed...................................................... (203,553) (580,219)
Net decrease in shares outstanding................................... (1,431) (101,848)
--------------- -------------
Shares outstanding, beginning of period.............................. 2,601,054 2,702,902
--------------- -------------
Shares outstanding, end of period.................................... 2,599,623 2,601,054
=============== =============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
SCHWARTZ VALUE FUND
FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
<CAPTION>
Six Months
Ended Year Year Year July 20, 1993(A)
June 30, 1997 Ended Ended Ended to
(Unaudited) Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE AT BEGINNING
OF PERIOD................................... $21.19 $19.66 $18.12 $20.97 $19.71
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)................. 0.02 (0.02) (0.03) (0.05) (0.06)
Net realized and unrealized gains
(losses) on investments ................ 3.14 3.61 3.09 (1.37) 1.95
------- ------- ------- ------- -------
Total from investment operations ............. 3.16 3.59 3.06 (1.42) 1.89
------- ------- ------- ------- -------
LESS DIVIDENDS AND DISTRIBUTIONS
From net realized capital gains on investments -- (2.06) (1.52) (1.36) (0.63)
In excess of net realized gains on investments -- -- -- (0.07) --
------- ------- ------- ------- -------
Total dividends and distributions.............. -- (2.06) (1.52) (1.43) (0.63)
------- ------- ------- ------- -------
NET ASSET VALUE AT END OF PERIOD............... $24.35 $21.19 $19.66 $18.12 $20.97
======= ======= ======= ======= =======
TOTAL RETURN................................... 30.1%(C) 18.3% 16.9% (6.8)% 9.6%(B)
RATIOS/SUPPLEMENTARY DATA
Ratio of expenses to average net assets........ 1.97%(C) 1.97% 2.00% 2.01% 2.13%(C)
Ratio of net investment income
(loss) to average net assets................. 0.19%(C) (0.08)% (0.18)% (0.36)% (0.63)%(C)
Portfolio turnover rate........................ 47%(C) 50% 70% 78% 65%(C)
Average commission rate........................ $0.0469 $0.0454 -- -- --
Net assets at end of period (000's)............ $63,291 $55,105 $53,137 $45,097 $40,704
<FN>
(A) Commencement of operations.
(B) Not annualized.
(C) Annualized.
</FN>
See notes to financial statements.
</TABLE>
<PAGE>
SCHWARTZ VALUE FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 (Unaudited)
1. Significant Accounting Policies
Schwartz Value Fund (the "Fund") is a series of Schwartz Investment Trust, a
diversified open-end management investment company established as an Ohio
Business Trust under a Declaration of Trust dated August 31, 1992. The Fund is
registered under the Investment Company Act of 1940 and commenced operations on
July 20, 1993. The Fund determines and makes available for publication the net
asset value of its shares on a daily basis.
The investment objective of the Fund is to seek long-term capital appreciation
through investment primarily in basic value common stocks. This investment in
common stocks, by definition, entails the risk of loss of capital to
shareholders. See the Prospectus for more detailed information regarding the
investment objectives of the Fund.
The following is a summary of significant accounting policies followed by the
Fund.
(a) Valuation of investments -- Securities which are traded on stock
exchanges or are quoted by NASDAQ are valued at the last reported sale
price as of the close of business on the day of valuation, or if not
traded on a particular day, at the average of the highest current
independent bid and lowest current independent offer; securities traded
in the over-the-counter market, not quoted by NASDAQ, are valued at the
average of the highest current independent bid and lowest current
independent offer as of the close of trading on the day of valuation,
and; securities (and other assets) for which market quotations are not
readily available are valued at their fair market value as determined in
good faith pursuant to procedures established by the Board of Trustees.
Short-term securities are valued at amortized cost, which approximates
market value.
(b) Income taxes -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all taxable income
to the shareholders. Therefore, no provision for income taxes is
necessary.
The Fund files a tax return annually using tax accounting methods
required under provisions of the Code which may differ from generally
accepted accounting principles ("GAAP"), the basis on which these
financial statements are prepared. The differences arise primarily from
the deferral of certain losses under Federal income tax regulations.
Accordingly, the amount of net investment income or loss and net realized
capital gain or loss reported in the financial statements may differ from
that reported in the Fund's tax return and, consequently, the character
of distributions to shareholders reported in the financial highlights may
differ from that reported to shareholders for Federal income tax
purposes.
(c) Security transactions and investment income -- Security transactions
are accounted for on the trade date. Dividend income is recorded on the
ex-dividend date. Interest income is recognized on the accrual basis.
Realized gains and losses on security transactions are determined on the
identified cost basis.
<PAGE>
(d) Dividends and distributions -- Dividends from net investment income
and net capital gains are declared and paid annually in December.
Dividends and distributions to shareholders are recorded on the
ex-dividend date.
(e) Estimates -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
2. Investment Advisory Agreement and Transactions with Related Parties
The President of the Fund is also the President and Chief Investment
Officer of Schwartz Investment Counsel, Inc. (the "Adviser"). The Chairman of
the Board of the Fund is also the President and CEO of Gregory J. Schwartz &
Co., Inc. (the "Distributor"). Certain other trustees and officers of the Fund
are officers of the Adviser or of Countrywide Fund Services, Inc., ("CFS"), the
administrative, accounting, and transfer agent for the Fund.
Pursuant to an Investment Advisory Agreement between the Fund and the Adviser,
the Adviser is responsible for the management of the Fund and provides
investment advice along with the necessary personnel, facilities, equipment, and
certain other services necessary to the operations of the Fund. For such
services, the Fund pays the Adviser a quarterly fee equal to the annual rate of
1.5% of the average daily net assets up to $75 million; 1.25% of such assets
from $75 million to $100 million; and 1% of such assets in excess of $100
million.
The Distributor is the exclusive agent for the distribution of the Fund and
receives fees from the Adviser, not the Fund or its shareholders.
Pursuant to an Administration, Accounting, and Transfer Agency Agreement between
the Fund and CFS, CFS supplies regulatory and compliance services, calculates
the daily net asset value per share, maintains the financial books and records
of the Fund, maintains the records of each shareholder's account, and processes
purchases and redemptions of the Fund's shares. For the performance of these
services, the Fund pays CFS a fee, payable monthly, at an annual rate of .22% of
average daily net assets up to $25 million; .20% of such assets from $25 million
to $100 million; and .15% of such assets in excess of $100 million.
3. Investment Transactions
Purchases and proceeds from sales and maturities of investments other than
short-term investments, for the six months ended June 30, 1997, were $10,372,901
and $12,524,308, respectively. As of June 30, 1997, net unrealized appreciation
of securities was $14,289,873 for federal income tax purposes of which
$15,707,494 related to appreciated securities and $1,417,621 related to
depreciated securities. The aggregate cost of investments at June 30, 1997, for
federal income tax purposes was $48,920,182.
<PAGE>
Schwartz Value Fund
a series of
SCHWARTZ INVESTMENT TRUST
3707 W. Maple Road
Bloomfield Hills, Michigan 48301
(248) 644-8500
Board of Trustees
Donald J. Dawson, Jr.
Fred A. Erb
John J. McHale
Sidney F. McKenna
George P. Schwartz, CFA
Gregory J. Schwartz
Officers
Gregory J. Schwartz, Chairman of the Board
George P. Schwartz, CFA, President
Richard L Platte, Jr., CFA, Vice President/Secretary
Cynthia M. Dickinson, Treasurer
Robert G. Dorsey, CPA, Assistant Vice President
John F Splain, Assistant Secretary
Mark J. Seger, CPA, Assistant Treasurer
Investment Adviser
SCHWARTZ INVESTMENT COUNSEL, INC.
3707 W. Maple Road
Bloomfield Hills, Michigan 48301
Distributor
GREGORY J. SCHWARTZ & CO., INC.
3707 W. Maple Road
Bloomfield Hills, Michigan 48301
Custodian
FIFTH THIRD BANK
38 Fountain Square Plaza
Cincinnati, Ohio 45263
Administrator
COUNTRYWIDE FUND SERVICES, INC.
P.O. Box 5354
Cincinnati, Ohio 45201
Auditors
DELOITTE & TOUCHE LLP
1700 Courthouse Plaza Northeast
Dayton, Ohio 45402
Legal Counsel
SULLIVAN & WORCESTER LLP
1025 Connecticut Avenue, N.W.
Washington, D.C. 20036
Schwartz Value Fund is a 100% no-load diversified investment company (a mutual
fund). The investment objective is long-term capital appreciation.
<PAGE>
SCHWARTZ
VALUE FUND
a series of
SCHWARTZ
INVESTMENT TRUST
SEMI-ANNUAL REPORT
(UNAUDITED)
for the six months ended
JUNE 30, 1997
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000891160
<NAME> SCHWARTZ INVESTMENT TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 48,782,088
<INVESTMENTS-AT-VALUE> 63,210,055
<RECEIVABLES> 927,081
<ASSETS-OTHER> 6,332
<OTHER-ITEMS-ASSETS> 13,359
<TOTAL-ASSETS> 64,156,827
<PAYABLE-FOR-SECURITIES> 616,563
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 249,342
<TOTAL-LIABILITIES> 865,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,803,332
<SHARES-COMMON-STOCK> 2,599,623
<SHARES-COMMON-PRIOR> 2,601,054
<ACCUMULATED-NII-CURRENT> 52,675
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,006,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,427,967
<NET-ASSETS> 63,290,922
<DIVIDEND-INCOME> 480,118
<INTEREST-INCOME> 132,465
<OTHER-INCOME> 0
<EXPENSES-NET> 559,908
<NET-INVESTMENT-INCOME> 52,675
<REALIZED-GAINS-CURRENT> 2,957,902
<APPREC-INCREASE-CURRENT> 5,341,746
<NET-CHANGE-FROM-OPS> 8,352,323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 202,122
<NUMBER-OF-SHARES-REDEEMED> 203,553
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,185,794
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 426,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 559,908
<AVERAGE-NET-ASSETS> 57,359,732
<PER-SHARE-NAV-BEGIN> 21.19
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 3.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.35
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
