FILED BY: SCHWARTZ INVESTMENT TRUST
PURSUANT TO RULE 425 UNDER THE
SECURITIES ACT OF 1933 AND
DEEMED FILED PURSUANT TO RULE
14a-12 OF THE SECURITIES
EXCHANGE ACT OF 1934
SUBJECT CATHOLIC EQUITY FUND, A SERIES OF
COMPANY: THE CATHOLIC FUNDS, INC.
COMMISSION THE CATHOLIC FUNDS, INC.
FILE NO.: INVESTMENT COMPANY ACT OF
1940 NO. 811-09177
AVE MARIA RISING IN ASSETS AND SHAREHOLDERS
THROUGH MERGER WITH THE CATHOLIC EQUITY FUND
Ave Maria Mutual Funds welcomes Catholic Funds' shareholders to the growing
family
January 26, 2007 - Bloomfield Hills, Michigan.
Bloomfield Hills based Schwartz Investment Counsel, Inc., the investment adviser
to the Ave Maria Mutual Funds and Catholic Financial Services Corporation, a
subsidiary of Catholic Knights of Milwaukee, Wisconsin, today announced the
proposed merger of The Catholic Equity Fund into the Ave Maria Rising Dividend
Fund (Ticker: AVEDX).
The boards of both mutual fund groups have voted to approve the merger subject
to Catholic Equity Fund shareholders' approval and the necessary regulatory
approvals. The merger is expected to close on or before March 31, 2007.
"We are thrilled and honored to have the shareholders of The Catholic Equity
Fund join the family of Ave Maria Mutual Funds," said George P. Schwartz, CFA,
president and CEO of Schwartz Investment Counsel, Inc., the investment adviser
to the Ave Maria Mutual Funds. "The Ave Maria Rising Dividend Fund will be a
good home for the Catholic Equity Fund shareholders, and they will have access
to our entire family of no-load Catholic mutual funds. All five Ave Maria Mutual
Funds and the Ave Maria Money Market Account have different investment
objectives, and therefore offer diversification opportunities to Catholic Equity
Fund shareholders. Each follows the moral guidelines established by the Funds'
Catholic Advisory Board."
"The Catholic Equity Fund is committed to investing in organizations that meet
the moral guidelines that we support, and the Ave Maria Rising Dividend Fund
shares that commitment," said William O'Toole, president of Catholic Knights.
"This merger will
help ensure that our members continue to have the opportunity to invest in funds
that have traditional Catholic values. As the largest shareholder in the
Catholic Equity Fund, we think this is a positive development for all of our
members."
"We are pleased to be joining forces with the Ave Maria Mutual Funds and fully
support this merger," said Dan Steininger, president of The Catholic Equity
Fund. "This merger will give our investors another very solid option to consider
that is consistent with our Catholic values. It is a win-win situation for
everyone."
A special meeting of the shareholders of the Catholic Equity Fund will be called
and held for the purpose of seeking shareholder approval of the proposed merger.
Shareholders of the Catholic Equity Fund will soon receive a Proxy
Statement/Prospectus that will describe and seek their approval of the above
merger and explain the similarities and differences between the two Funds. THE
SHAREHOLDERS OF THE CATHOLIC EQUITY FUND ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS CAREFULLY WHEN THEY RECEIVE IT BECAUSE IT CONTAINS
IMPORTANT INFORMATION.
The Ave Maria Rising Dividend Fund and the Catholic Equity Fund will provide the
Proxy Statement/Prospectus to shareholders of the Catholic Equity Fund free of
charge. Shareholders may also obtain the Proxy Statement/Prospectus, and any
other relevant documents, for free at the website of the Securities and Exchange
Commission (www.sec.gov). Shareholders may also obtain the following documents
of the Ave Maria Rising Dividend Fund free of charge by writing to Schwartz
Investment Trust, 3707 West Maple Road, Suite 100, Bloomfield Hills, Michigan
48301, or by calling 1-866-AVE-MARIA: a Statement of Additional Information
relating to the Proxy Statement/Prospectus, a Prospectus and a Statement of
Additional Information each dated May 1, 2006, an Annual Report to Shareholders
for the year ended December 31, 2005, and a Semi-Annual Report to Shareholders
for the six-month period ended June 30, 2006. Shareholders may also obtain the
following documents of the Catholic Equity Fund free of charge by writing to the
Fund at 1100 West Wells Street, Milwaukee, Wisconsin 53233 or by calling
1-877-222-2402: a Prospectus and a Statement of Additional Information each
dated February 1, 2006, and an Annual Report to Shareholders of the Fund for the
year ended September 30, 2006.
The Schwartz Investment Trust and The Catholic Funds, Inc., and their respective
trustees, directors and executive officers, may be deemed to be participants in
the solicitation of proxies in respect of the proposed merger. Information
regarding Schwartz Investment Trust's trustees and executive officers is
contained in the Ave Maria Rising Dividend Fund's Prospectus and Statement of
Additional Information, each dated May 1, 2006, which are filed with the SEC. As
of December 31, 2006, Schwartz Investment Trust's trustees and executive
officers beneficially owned less than 1% of all outstanding shares of the Ave
Maria Rising Dividend Fund. Information regarding The Catholic Funds, Inc.'s
directors and executive officers is contained in the Catholic Equity Fund's
Prospectus and Statement of Additional Information, each dated February 1, 2006,
which are filed with the SEC. As of December 31, 2006, The Catholic Funds,
Inc.'s directors and executive officers beneficially owned less than 1% of all
outstanding shares of the
Catholic Equity Fund. A more complete description will be available in the Proxy
Statement/Prospectus.
ABOUT AVE MARIA MUTUAL FUNDS:
- -----------------------------
Ave Maria Mutual Funds 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. As of December 31, 2006, net assets
within the Ave Maria Mutual Funds totaled over $435 million. Ave Maria Mutual
Funds are designed specifically for morally responsible investors looking for
financially sound investments in companies that do not violate core teachings of
the Catholic Church. Morally responsible investors across America can use our
five no-load mutual funds to build well-diversified investment portfolios. Ave
Maria Mutual Funds place equal emphasis on investment performance and moral
criteria in selecting securities. That means shareholders don't have to
sacrifice financial performance for their pro-life and pro-family beliefs.
ABOUT SCHWARTZ INVESTMENT COUNSEL, INC.:
- ----------------------------------------
Schwartz Investment Counsel, Inc. serves as Investment Adviser to the Ave Maria
Mutual Funds. A Registered Investment Adviser 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 our basic value
orientation.
ABOUT CATHOLIC KNIGHTS:
- -----------------------
Catholic Knights is a not-for-profit membership organization focused on putting
Catholic values into action. For more than 120 years, Catholic Knights has put
Catholic values into action through its charitable outreach, scholarship
programs, trusted financial products, and support for parishes and parish
schools, as well as opportunities for members to participate in making a
difference in their parishes and communities. Each year, Catholic Knights
members support activities that raise more than $1.2 million to benefit
parishes, schools and communities.
For additional information regarding the Ave Maria Rising Dividend Fund, this
merger, Schwartz Investment Counsel, Inc. or the Ave Maria Mutual Funds in
general, please contact:
ROBERT C. SCHWARTZ, DIRECTOR OF MARKETING
AVE MARIA MUTUAL FUNDS &
SCHWARTZ INVESTMENT COUNSEL, INC.
3707 WEST MAPLE ROAD, SUITE 100
BLOOMFIELD HILLS, MICHIGAN 48301
248-644-7446 PHONE
RCS@SCHWARTZINVEST.COM
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE.
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.