Schwartz Value Fund

Schwartz Value Fund (“SVF”) is a mutual fund which seeks long-term capital appreciation through value investing – purchasing shares of strong, growing companies at reasonable prices. Because small and medium size companies offer vast reward opportunities, fundamental analysis is used to identify emerging companies with outstanding business characteristics. Sometimes the best values are issues not followed by Wall Street analysts. Most value investors attempt to buy fair companies at an excellent price. SVF attempts to buy excellent companies at a fair price. The essence of value investing is finding companies with great business characteristics which by their nature, offer a margin of safety. A truly fine business requires few assets to produce a consistently expanding stream of income. SVF also purchases shares which are temporarily out-of-favor and selling below intrinsic value.

A common thread in SVF investments is that the market price is below what a corporate or entrepreneurial buyer might be willing to pay for the entire business. The auction nature and the inefficiencies of the stock market are such that SVF can often buy a minority interest in a fine company at a small fraction of the price per share necessary to acquire the entire company.

Past performance does not guarantee future results. For more complete information about the Schwartz Value Fund including charges, expenses and updated performance, or to have a free prospectus and application sent to you by mail, please write Ultimus Fund Distributors, LLC, or call toll-free 1-800-449-9240. Investing in small and mid-cap stocks is more risky and more volatile than investing in large cap stocks. Please read the prospectus carefully before you invest or send money.