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Press Release

Coach Lou Holtz replaces Bowie Kuhn on
Ave Maria Mutual Funds’ Advisory Board

May 1, 2007 – Bloomfield Hills, Michigan

Ave Maria Mutual Funds announced that Lou Holtz has replaced Bowie Kuhn on its Catholic Advisory Board. Kuhn, the former Commissioner of Major League Baseball, passed away March 15, 2007.

Lou Holtz’s membership on the Board became effective May 1, 2007, the sixth anniversary of the Ave Maria Catholic Values Fund (Ticker: AVEMX). Lou Holtz is perhaps best known as the former University of Notre Dame head football coach. He led the Fighting Irish on a record- setting 23-game winning streak and won the 1988 National Championship. Coach Holtz is currently a football analyst for ESPN and a highly sought inspirational and motivational speaker. He is also a best selling author of three books including his most recent, Wins, Losses and Lessons, an August 2006 autobiography. He and his wife Beth have been married for over 45 years and have four children.

Paul Roney, Chairman of the Catholic Advisory Board said, “I have been a fan of Coach Holtz for a long time, and we are honored to have such a distinguished Catholic join the Board. Coach Holtz modestly commented, “I’ll never fill the shoes of the great Bowie Kuhn, but I’ll just do the best I can to help Tom Monaghan and the others with this important work.”

Ave Maria Mutual Funds is a family of five pro-life Mutual Funds that are all no-load Funds. Holtz joins a distinguished group of well-known Catholics, who determine the religious screens used by the Ave Maria Mutual Funds. Other members of the Board include Larry Kudlow, host of CNBC’s Kudlow and Co.; Phyllis Schlafly, founder of Eagle Forum and author; Michael Novak, Templeton Award winner and author; Tom Monaghan, Chancellor of Ave Maria University; and Paul Roney, Executive Director of Ave Maria Foundation. Adam Cardinal Maida, Archbishop of Detroit, serves as the Ecclesiastic Advisor to the Board.

About Ave Maria Mutual Funds

Ave Maria Mutual Funds is the country’s largest family of Catholic mutual funds, designed specifically for investors looking for financially sound investments in companies that do not violate core values and teachings of the Catholic Church. They began operations with the inception of the Ave Maria Catholic Values Fund (Ticker: AVEMX) on May 1, 2001. Four additional mutual funds were added over the next five years (AVEDX, AVEFX, AVEGX and AVESX). As of March 31, 2007, net assets of the Ave Maria Mutual Funds totaled over $520 million. Ave Maria Mutual Funds place equal emphasis on investment performance and moral criteria in selecting securities.

About Schwartz Investment Counsel, Inc.

Schwartz Investment Counsel, Inc. serves as Investment Adviser to the Ave Maria Mutual Funds. A Registered Investment Adviser (RIA) established in 1980, Schwartz Investment Counsel, Inc. is committed to providing high quality investment counsel to families and fiduciaries that choose to take a disciplined approach to investing. Through rapidly changing economic and market conditions, Schwartz Investment Counsel, Inc. provides continuity and stability to investment portfolios through fundamental security analysis and a basic value orientation.

For additional information regarding this release, Ave Maria Mutual Funds or Schwartz Investment Counsel, Inc., please contact:

Robert C. Schwartz,
Director of Marketing Ave Maria Mutual Funds &
Schwartz Investment Counsel, Inc.
3707 West Maple Road
Bloomfield Hills, MI 48301

Toll-free: 1-800-449-9240
Direct: 248-644-7446
Email: rcs@schwartzinvest.com

Prospective investors should read the prospectus carefully and consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus, which can be obtained by calling 1-866-AVE-MARIA or online at www.avemariafunds.com, contains this and other important information. Distributed by Ultimus Fund Distributors, LLC.