separately managed accounts pro-life pro-family

We take a pro-life and pro-family approach to investng, with a proprietary screen- ing process examining corporate compliance with Catholic teachings. Specifically, companies engaged in the following are eliminated:

abortion

pornography

embryonic stem cell research

policies undermining the sacrament of marriage

Investments are made only in companies that do not violate core teachings of the as set by our Catholic Advisory Board. Catholic Advisory Board

dr. robert george dr. scott hahn lou holtz larry kudlow Professor, Professor, Franciscan University Emeritus; Former Coach, Former Director of the Princeton University of Steubenville University of Notre Dame Natonal Economic Council and Fox News Anchor

tom monaghan dr. melissa moschella gloria purvis fr. john riccardo Chairman, Professor, Columnist and Emeritus; Executve Director Ave Maria Foundaton Catholic University of America Media Commentator ACTS XXIX

paul roney – chairman Lila Rose cardinal President, President, Domino’s Farms Corporaton Live Acton Episcopal Advisor Episcopal Advisor

Former Board Members Who Contnue To Lead and Inspire In Spirit bowie k. kuhn michael novak phyllis schlafly moral portfolio screens decisions

CATHOLIC SCHWARTZ ADVISORY BOARD INVESTMENT COUNSEL, INC. Responsible for setng moral criteria for Experienced investment professionals screening out companies that violate core select securites for each portolio to meet values of the Roman Catholic Church investment objectves

ave maria separately managed accounts

Strategy/inception goal investment focus managers

World Long-term capital Companies of all capitalizatons Anthony W. Gennaro, Equity appreciaton from around the world CFA, CPA 4/30/2010

Mid-cap and larger companies Growth Long-term capital offering above-average potental Adam P. Gaglio, CFA appreciaton for growth in revenues, profits Chadd M. Garcia, CFA 5/1/2003 and cash flow

Companies of all capitalizatons Long-term capital Timothy S. Schwartz, CFA Value believed to be undervalued relatve to appreciaton Ryan M. Kuyawa, CFA

REWARD 5/1/2001 their intrinsic worth /

Long-term capital Rising appreciaton and a George P. Schwartz, CFA Dividend-paying common stocks Dividend rising stream of Brandon S. Scheitler 5/2/2005 dividend payments RISK

Preservaton of Primarily domestc investment-grade Fixed principal with a debt of government and corporate Brandon S. Scheitler Income reasonable level of issuers and may invest up to 20% of its George P. Schwartz, CFA 5/1/2003 current income assets in equity securites senior leadership

GEORGE P. TIMOTHY S. MICHAEL J. CATHY M. SCHWARTZ, CFA SCHWARTZ, CFA SCHWARTZ STONER, CPA, IACCpsm Chairman & President & Executve Vice President Chief Financial Officer & Chief Executve Officer Chief Investment Officer Insttutonal Sales Vice President

ROBERT C. ADAM P. CHADD M. BRANDON S. SCHWARTZ GAGLIO, CFA GARCIA, CFA SCHEITLER Senior Vice President Vice President & Vice President & Vice President & Senior Research Analyst Senior Research Analyst Senior Research Analyst

ANTHONY W. RYAN M. LAURA A. TODD C. GENNARO, CFA, CPA KUYAWA, CFA PRESTON GIESSLER Senior Equity Analyst Senior Research Analyst & Director of Operatons Director Of Advisory Services Head Trader

SCHWARTZ INVESTMENT COUNSEL, INC. separately managed accounts

Ave Maria Value Strategy Ave Maria Growth Strategy Ave Maria Rising Dividend Strategy Ave Maria World Equity Strategy Ave Maria Fixed Income Strategy

For additonal informaton, contact your financial professional, or call 1-800-449-9240

300-05-011521