<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000891160
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SCHWARTZ INVESTMENT TRUST
001 B000000 811-07148
001 C000000 2486448500
002 A000000 3707 W. MAPLE ROAD
002 B000000 BLOOMFIELD HILLS
002 C000000 MI
002 D010000 48301
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SCHWARTZ INVESTMENT COUNSEL, INC.
008 B000001 A
008 C000001 801-32773
008 D010001 BLOOMFIELD HILLS
008 D020001 MI
008 D030001 48301
010 A000001 COUNTRYWIDE FUND SERVICES, INC.
010 B000001 84-1093
010 C010001 CINCINNATI
010 C020001 OH
010 C030001 45202
010 C040001 4094
011 A000001 GREGORY J. SHWARTZ & CO., INC.
011 B000001 8-20955
011 C010001 BLOOMFIELD HILLS
011 C020001 MI
011 C030001 48301
012 A000001 COUNTRYWIDE FUND SERVICES, INC.
012 B000001 84-1093
<PAGE> PAGE 2
012 C010001 CINCINNATI
012 C020001 OH
012 C030001 45202
012 C040001 4094
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DAYTON
013 B020001 OH
013 B030001 45402
014 A000001 GREGORY J. SCHWARTZ & CO., INC.
014 B000001 8-20955
014 A000002 COUNTRYWIDE INVESTMENTS, INC.
014 B000002 8-24674
014 A000003 CW FUND DISTRIBUTORS, INC.
014 B000003 8-40907
015 A000001 THE FIFTH THIRD BANK
015 B000001 C
015 C010001 CINCINNATI
015 C020001 OH
015 C030001 45263
015 E010001 X
015 A000002 STATE STREET BANK AND TRUST COMPANY, N.A.
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 INSTINET CORPORATION
020 B000001 13-3443395
020 C000001 27
020 A000002 PAINEWEBBER INCORPORATED
020 B000002 13-2638166
020 C000002 12
020 A000003 LEGG MASON WOOD WALKER, INC.
020 B000003 52-0902557
020 C000003 5
020 A000004 BEAR, STEARNS & CO. INC.
020 B000004 13-3299429
020 C000004 4
020 A000005 RONEY & CO. L.L.C.
020 B000005 38-0982040
020 C000005 3
020 A000006 SMITH BARNEY INC.
020 B000006 13-1912900
020 C000006 3
020 A000007 KAHN BROTHERS & CO. INC.
020 B000007 13-2948997
020 C000007 2
020 A000008 CONNING & COMPANY
<PAGE> PAGE 3
020 B000008 06-1174588
020 C000008 2
020 A000009 ENDURANCE CAPITAL
020 C000009 1
020 A000010 BAIRD (ROBERT W.) & CO. INCORPORATED
020 B000010 39-6037917
020 C000010 1
021 000000 62
022 A000001 PAINEWEBBER INCORPORATED
022 B000001 13-2638166
022 C000001 2597
022 D000001 2958
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 0
022 D000002 1243
022 A000003 FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
022 B000003 52-1630477
022 C000003 0
022 D000003 1081
022 A000004 CREDIT RESEARCH & TRADING L.L.C.
022 B000004 06-1386357
022 C000004 1053
022 D000004 0
022 A000005 SMITH BARNEY INC.
022 B000005 13-1912900
022 C000005 0
022 D000005 989
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 0
022 D000006 700
022 A000007 ROBOTTI & COMPANY, INCORPORATED
022 B000007 11-2627501
022 C000007 0
022 D000007 641
022 A000008 EVEREN SECURITIES, INC.
022 B000008 34-1542819
022 C000008 523
022 D000008 0
022 A000009 TROSTER SINGER
022 B000009 13-5515160
022 C000009 517
022 D000009 0
022 A000010 WEALTH MONITORS, INC.
022 B000010 43-1357488
022 C000010 428
022 D000010 0
023 C000000 6212
023 D000000 8399
024 000000 N
<PAGE> PAGE 4
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 609
028 A020000 0
028 A030000 0
028 A040000 399
028 B010000 517
028 B020000 0
028 B030000 0
028 B040000 107
028 C010000 2466
028 C020000 0
028 C030000 0
028 C040000 1421
028 D010000 898
028 D020000 0
028 D030000 0
028 D040000 555
028 E010000 1440
028 E020000 0
028 E030000 0
028 E040000 445
028 F010000 304
028 F020000 0
028 F030000 0
028 F040000 456
028 G010000 6234
028 G020000 0
028 G030000 0
028 G040000 3383
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
<PAGE> PAGE 5
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 75000
048 A020000 1.500
048 B010000 25000
048 B020000 1.250
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 100000
048 K020000 1.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
<PAGE> PAGE 6
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 25000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
<PAGE> PAGE 7
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 16522
071 B000000 13553
071 C000000 65085
071 D000000 21
072 A000000 6
072 B000000 222
072 C000000 302
072 D000000 0
072 E000000 0
072 F000000 544
<PAGE> PAGE 8
072 G000000 75
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 0
072 L000000 0
072 M000000 32
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 6
072 S000000 6
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 13
072 X000000 676
072 Y000000 0
072 Z000000 -152
072AA000000 4902
072BB000000 126
072CC010000 0
072CC020000 3862
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 4
074 B000000 1767
074 C000000 6343
074 D000000 1050
074 E000000 166
074 F000000 64712
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 116
074 M000000 19
074 N000000 74177
074 O000000 287
074 P000000 281
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
<PAGE> PAGE 9
074 R040000 30
074 S000000 0
074 T000000 73579
074 U010000 3029
074 U020000 0
074 V010000 24.30
074 V020000 0.00
074 W000000 0.0000
074 X000000 447
074 Y000000 0
075 A000000 0
075 B000000 73136
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE JOHN F. SPLAIN
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000891160
<NAME> SCHWARTZ INVESTMENT TRUST
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 61,193,687
<INVESTMENTS-AT-VALUE> 74,038,174
<RECEIVABLES> 116,028
<ASSETS-OTHER> 19,157
<OTHER-ITEMS-ASSETS> 3,899
<TOTAL-ASSETS> 74,177,258
<PAYABLE-FOR-SECURITIES> 286,554
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 311,307
<TOTAL-LIABILITIES> 597,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,247,698
<SHARES-COMMON-STOCK> 3,028,550
<SHARES-COMMON-PRIOR> 2,915,990
<ACCUMULATED-NII-CURRENT> (152,031)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,639,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,844,487
<NET-ASSETS> 73,579,397
<DIVIDEND-INCOME> 301,930
<INTEREST-INCOME> 222,082
<OTHER-INCOME> 0
<EXPENSES-NET> 676,043
<NET-INVESTMENT-INCOME> (152,031)
<REALIZED-GAINS-CURRENT> 4,776,216
<APPREC-INCREASE-CURRENT> (3,861,794)
<NET-CHANGE-FROM-OPS> 762,391
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 249,771
<NUMBER-OF-SHARES-REDEEMED> 137,211
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,612,837
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 136,973
<GROSS-ADVISORY-FEES> 543,863
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 676,043
<AVERAGE-NET-ASSETS> 73,136,027
<PER-SHARE-NAV-BEGIN> 23.99
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.30
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>