Schwartz Investment Counsel Inc

Item 5: Fees & Compensation (continued)
as a result of such investment. Neither the Adviser nor any of its supervised
persons accept any other compensation or other incentives for the sale of
securities or other investment products, including asset-based sales charges or
service fees from the sale of mutual funds. The Adviser does not collect fees in
advance from any client.

Item 7: Types of Clients

The Adviser provides portfolio management services and investment advisory
services for mutual funds, individually managed accounts (individuals,
institutions, pension plans, profit sharing plans, 401(k) plans, foundations, donor
advised funds, trusts, corporations or other businesses not listed), model
portfolios using proprietary strategies and separately managed accounts. The
minimum account opening requirement for individually managed accounts is
$5,000,000. The minimum account opening size for separately managed accounts
employing a morally screened discipline is $25,000,000. Such minimums may be
waived under certain circumstances.