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Press Release

Ave Maria Mutual Funds Add Ave Maria World Equity Fund

Ave Maria Catholic Values and Growth Funds reduce their fees

May 3, 2010 — Bloomfield Hills, Michigan.

Schwartz Investment Counsel, Inc., the manager of Ave Maria Mutual Funds, announces the launch of the Ave Maria World Equity Fund (AVEWX), the sixth mutual fund in the family of funds.

Additionally, effective May 1, 2010, the management fee for the flagship Ave Maria Catholic Values Fund (AVEMX) and Ave Maria Growth Fund (AVEGX) has been reduced from 1.00% annually to 0.95% annually

The investment objective of Ave Maria World Equity Fund (the new Fund) is long-term capital appreciation. AVEWX will attempt to satisfy its investment objective by investing in equity investments in U.S. and non-U.S. companies that do not violate the core values and teachings of the Roman Catholic Church.

Gregory R. Heilman, CFA has been named portfolio manager for Ave Maria World Equity Fund. He is also co-manager of the Ave Maria Catholic Values Fund. “This new Fund allows investors to diversify their holdings and gain broader exposure to equity markets outside the U.S. while adhering to the pro-life and pro-family beliefs that are the hallmark of Ave Maria Mutual Funds” said Heilman.

Under normal market conditions, the Ave Maria World Equity Fund will invest at least 80% of its net assets in common stocks of established U.S, and non-U.S. companies of various market capitalizations. The Fund will invest at least 60% of its net assets in equity securities issued by non-US companies.

“Our family of no-load mutual funds is resonating with individual investors and financial advisors due to the unique combination of professional investment management and moral screening that the Ave Maria Mutual Funds offer”, said George P. Schwartz, CFA, President and Chief Investment Officer of Schwartz Investment Counsel, Inc. “We believe lower fees on two of our funds and access to investment opportunities worldwide through our new fund makes Ave Maria Mutual Funds an even more compelling choice for shareholders,” he added.

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, which include the Ave Maria Growth Fund (AVEGX), Ave Maria Rising Dividend Fund (AVEDX), Ave Maria Opportunity Fund (AVESX), and Ave Maria Bond Fund (AVEFX). Ave Maria World Equity Fund (AVEWX) is the newest, launched April 30, 2010. 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 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. Founded by George P. Schwartz, CFA, who is also author of two books, including the recently released, “Good Returns: Making Money by Morally Responsible Investing.”

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

The Adviser invests in securities only if they meet the Funds’ investment and religious requirements, and as such, the returns may be lower or higher than if the Adviser made decisions based solely on investment considerations.  The Funds’ method of security selection may or may not be successful and the Funds may underperform or outperform the stock market as a whole.  All mutual funds are subject to market risk, including possible loss of principal. AVEWX invests in foreign securities and securities issued by U.S. entities with substantial foreign operations. Investments in these securities can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include less stringent investor protection and disclosure standards of some foreign markets; fluctuations in foreign currencies; and withholding or other taxes.

For a prospectus, which includes objectives, risks, fees, charges, expenses and other information that should be read and considered carefully before investing, call 1-866 AVE MARIA or visit www.avemariafunds.com

Ave Maria Mutual Funds are distributed by Ultimus Fund Distributors, LLC.