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September 8, 1999
SCHWARTZ VALUE FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 5, 1999
TO REPLACE THE MINIMUM INVESTMENT REQUIREMENT STATED IN "HOW TO PURCHASE
SHARES" SECTION OF THE PROSPECTUS, AT PAGE 6
Your initial investment in the Schwartz Value Fund (the "Fund")
ordinarily must be $10,000. The Fund may, in Schwartz Investment Counsel, Inc.'s
(the "Adviser") sole discretion, accept certain accounts with less than the
stated minimum initial investment.
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