VILLERE PRESS

Advisor Perspectives (1/5/12)	2012 Market and Economic Commentary and Outlook Full article >	George Young provides his perspective on the market outlook for 2012. He sees volatility as an opportunity and believes investors should be patient in this market.
Reuters (1/4/12)	How to Play It: Auto sales revving up in 2012 Full article >	Although new car sales were up in 2011, many Americans are trying to make their cars last longer. Sandy Villere, III believes this should mean continued profits for auto parts suppliers.
Bloomberg (12/1/11)	Finding Value in Volatile Markets Full interview >	Sandy Villere, III thinks volatility in the market can be your friend rather than your enemy by providing opportunities to buy dominant companies at reasonable prices. He discusses several stock picks with Bloomberg's Adam Johnson.
Forbes (12/7/11)	Twelve Thoughts on 2012 Full article >	George Young, featured among twelve fund managers who provide their thoughts on what's ahead for 2012, believes bearish sellers are exhausted and that is how bull markets are formed.
TheStreet (12/5/11)	Balanced Mutual Funds Offer Stability Full article >	Villere Balanced Fund was included in TheStreet's list of balanced funds that have offered some stability in volatile markets. The Fund looks for companies with secure market positions, solid balance sheets, and long-term sustainability.
CNBC Closing Bell (11/17/11)	Value Hunt Full interview >	During an interview with CNBC's Melissa Francis, George Young discusses finding diamonds in the rough by being grounded in fundamental research. Meeting a company's management is a key to discovering value in undervalued and overlooked stocks. He also shared his insight on a few stock picks.
MoneyShow (11/14/11)	4 Hot Picks from a Small-Cap Manager Full article >	George Young discusses the Villere Balanced Fund and a handful of stock picks with Kate Stalter of MoneyShow. Regarding handling the market swings, Young says, "The most important thing is to figure out what are your objectives."
New York Times (10/9/11)	Villere Balanced Fund listed	Villere Balanced Fund was listed among 12-month leaders in New York Times Mutual Fund Report.
Wall Street Journal (10/5/11)	Villere Balanced Fund listed	The Villere Balanced Fund was listed in the One-Year Best Performers category in the October 5, 2011 issue of Wall Street Journal.
TheStreet (9/23/2011)	Villere looks for value in energy Full article >	Sandy Villere, III and George Young discussed the lagging energy sector during an interview with Andrea Tse of TheStreet on September 23, 2011. They also commented on two of their favorite energy holdings, SandRidge Energy and Northern Oil & Gas.
Kiplinger's Personal Finance (9/2011)	Villere Balanced Fund listed	The Villere Balanced Fund was listed in the Hybrid Funds category in the September 2011 issue of Kiplinger's Personal Finance.
Savannah Morning News (8/26/11)	Villere comments on Apple purchase	Sandy Villere, III commented on Villere Balanced Fund's recent purchase of Apple in the Savannah Morning News on August 26, 2011.
Fox Business (8/25/11)	Young emphasizes investing for the long-term Full interview >	During an interview with Cheryl Casone of Fox Business on August 25, 2011, George Young emphasized not to let emotions drive investors' investment decisions and that the Villere Balanced Fund remains focused on a long-term investment strategy.
MarketWatch Radio (8/25/11)	"Panic is not a strategy" says Young Full interview >	George Young spoke with Larry Kofsky of MarketWatch Radio on August 25, 2011. They discussed the market's volatility over the summer and that it will probably remain volatile for some time. Young said, "You've got algorithm trading, program trading, a lot of panic out there, and panic is not a strategy but it's something that investors have to come to grips with." He added that there will continue to be that volatility, but it's important for people to focus on the long-term.
Bloomberg TV (8/25/11)	Villere discusses recent investments Full interview >	On August 25, 2011, Sandy Villere, III spoke to Matt Miller of Bloomberg TV about recent investments for the Villere Balanced Fund. The hot topics of the day were Bank of America and AOL. Sandy also discussed other stock picks including Apple, Luminex, Poolcorp, and O'Reilly Automotive.
CNN Money (8/25/11)	Villere agrees with Buffett logic regarding Bank of America Full article >	Following the announcement that Warren Buffett's Berkshire Hathoway was investing in preferred shares of Bank of America (BAC), Sandy Villere, III, co-manager of the Villere Balanced Fund, spoke with CNN Money's Paul LaMonica on August 25, 2011. Villere previously sold the fund's stake in BAC's common stock and instead bought the bank's convertible preferred shares which pay a dividend.
CNN Money (7/29/11)	Sandy Villere, III favors companies with economic resilient products Full article >	As the debt ceiling indecision continued, Sandy Villere, III, co-manager of the Villere Balanced Fund, discussed potential investing safe havens during an interview with CNN Money's Paul LaMonica. Villere said, "You just need to find companies with strong balance sheets, preferably those that pay good dividends as well." He also stated that "companies with products that people have to buy regardless of economic conditions are good bets" and commented on two of the fund's holdings, O'Reilly Automotive and Smucker.
Bloomberg (7/26/11)	Villere comments on market reaction to debt ceiling uncertainty Full article >	During an interview with Bloomberg's Nikolaj Gammeltoft on July 26, 2011, Sandy Villere, III commented on the market reaction to the debt ceiling uncertainty. He said that "people will eventually peel off the layers of the onion and look at the good earnings that are still being produced."
SmartMoney (7/20/11)	Young says investors seeking better deals in corporate bonds Full article >	George Young, portfolio manager of the Balanced Fund, discusses investor sentiment regarding corporate bonds in an interview with Jonnelle Marte of SmartMoney on July 20, 2011. He states that "investors are demanding better deals before snapping up new issues again". Additionally, he says "investors should also consider high-quality dividend paying stocks, which provide stable payments but could also rise if the economy improves."
TheStreet (7/12/11)	Villere sees Triangle Petroleum as a "Budding Shale Play" http://www.thestreet.com/video/11180397/a-budding-shale-play.html	Sandy Villere, III comments on Triangle Petroleum Corporation as an up-and-coming company in the oil industry during an interview with TheStreet's Andrea Tse on July 12, 2011.
Kiplinger's Personal Finance (7/2011)	Kiplinger's headlines "A Balanced Fund With Attitude" Full article >	In the July 2011 issue of Kiplinger's Personal Finance, Villere Balanced Fund was ranked in the Balanced Mutual Fund listing and featured in an article, "A Balanced Fund With Attitude". The article focuses on the fund's strategy to target "undiscovered, fast-growing small and midsize companies" that are reasonably valued.
CNBC's Street Signs (6/2/11)	CNBC's Street Signs features Sandy Villere, III	On June 2, 2011, Sandy Villere, III was interviewed on CNBC's Street Signs in a segment titled "Rebuilding in the Aftermath of Disaster". He shared his insight on stock picks of companies that "do the heavy lifting after a major weather event".
TheStreet (6/1/11)	Sandy Villere, III discusses stock picks on TheStreet	Sandy Villere, III was interviewed by Gregg Greenberg of TheStreet on June 1, 2011.
TheStreet (5/31/11)	Villere featured in TheStreet's Fund Manager Five Spot http://www.thestreet.com/story/11136229/1/top-fund-manager-picks-all-weather-stocks.html	Sandy answered five questions regarding stock picks from the Villere Balanced Fund portfolio.
Bloomberg TV (5/26/11)	Villere Focuses on Stock Picks Full interview >	Sandy Villere, III was interviewed on Bloomberg Television's "Street Smart" on May 26, 2011. He shared his insights about the market as well as a few of his stock picks with Carol Masser, Matt Miller and Adam Johnson.
TheStreet (5/26/11)	TheStreet Real Story features George Young of Villere Balanced Fund http://www.thestreet.com/radio/taskaudio_audio_player.html?clip=taskaudio/realstory052611.wax	George Young was interviewed by TheStreet's Gregg Greenberg for Real Story on May 26, 2011. He discusses how stocks are picked for the Villere Balanced Fund as well as a few of the fund's holdings. Note: The George Young's interview runs from 21:24 to 25:30 on TheStreet's Real Story podcast.
Louis Rukeyser's Mutual Funds (5/2011)	Focus on the Family Business	Louis Rukeyser's May 2011 Mutual Funds and June 2011 Wall Street newsletters spotlighted Villere. The article focuses on the fact that the firm and its only fund, Villere Balanced, is "truly a family affair". Two of the fund's holdings are highlighted, and a quote from George Young emphasizes the importance of the family-run nature of the business. "We've put our resources into this one fund that bears all of our names. It's a fund of a family rather than a family of funds."
Ticker.com (5/20/11)	Spotlight on Villere Balanced Fund	Villere Balanced Fund was featured in "Let Winners Run" on Ticker.com on May 20, 2011. The Q&A with George Young, Portfolio Manager of the fund, highlights the fund's history, objective, investment philosophy and strategy, as well as the research process and portfolio construction.
Dow Jones MarketWatch (5/11/11)	Villere Balanced Fund featured Full article >	On May 11, 2011, Villere was featured in Dow Jones MarketWatch article "Amid Rally, Villere Fund Digs for Cheap Stocks." The article stated that "Villere & Co. just turned 100 years old, and it is holding fast to the business of old-fashioned stock picking." The article highlights the Villere Balanced Fund and the firm's investment strategy, as well as three of the fund's stock picks.
The New York Times	Villere Balanced Fund Highlighted
Bloomberg BusinessWeek (4/18/11)	Villere Balanced Fund Highlighted Full article >
Wall Street Journal (4/1/11)	Villere Balanced Fund listed among "Mixed Asset Target Allocation Growth Funds" Full article >
New Orleans CityBusiness (10/29/10)	"Investment Firm Sees Technology Evolution" Full article >	In its October 29, 2010 issue, CityBusiness wrote about the evolution of technology in Villere's practice.

Opinions expressed are those of the author or Villere & Co., and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. References to other mutual funds should not be interpreted as an offer of these securities.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

Earnings growth is not a measure of the Fund's future performance.

Click here for performance to the most recent quarter- and month-end.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Click here for current top 10 holdings.

Investments in smaller and medium sized companies involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities.

Diversification does not assure a profit or protect against loss in a declining market.

As of 12/31/11 the Morningstar "Moderate Allocation" category returns were: 1-year: 8.42%, 5-year: 3.71%, and 10-year: 2.48%.

Each Morningstar category average represents a universe of funds with similar investment objectives.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

The Villere Balanced Fund was rated against the following numbers of U.S.-domiciled Moderate Allocation funds over the following time periods: 825 funds in the last three years, 720 funds in the last five years, and 383 funds in the last ten years. With respect to these Moderate Allocation funds, Villere Balanced Fund received a Morningstar Rating of 5 stars, 4 stars and 4 stars for the three-, five- and ten-year periods, respectively. The Villere Balanced Fund received a 4 star Overall Morningstar Rating as of 12/31/11 out of 825 funds. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the fund's three-year Morningstar RatingsTM metrics, which are based on risk-adjusted return performance.

Among Moderate Allocation Funds according to Morningstar as of 12/31/11, the Villere Balanced Fund was ranked in the top 1% for 1 year among 931 funds, 1% for 5 years among 720 funds and 3% for 10 years among 383 funds, based on total returns. Morningstar Numeric Rankings represent a fund's total return rank relative to all funds that have the same Morningstar Category. Percentile ranking is based on the total number of funds ranked and the Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. The highest percentile rank is 1 and the lowest is 100.

© 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Among balanced equity funds tracked by Bloomberg for the period ended December 31, 2011, VILLX ranked 5 among 216 for 1 year, 9 among 164 for 5 years and 10 among 126 for 10 years.

Bloomberg Rankings are derived from the returns of the funds. A fund's return number is generated as simple price appreciation, plus any dividends paid out by the funds. Returns are then compared to all other funds on the system within the US (those listed on NASDAQ) and to those funds that share the same objective within the US.

While the fund is no-load, management fees and other expenses still apply. Please refer to the summary prospectus or prospectus for further details.

Shares of the Villere Balanced Fund are currently offered only in the United States and are not registered for sale in any jurisdiction other than the United States. This is not an offer to sell or a solicitation to buy in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.

The SEC does not endorse, indemnify, approve or disapprove of any security.

Index definitions:

Bank of America Merrill Lynch US Corporate Master Index value tracks the performance of US dollar denominated investment grade rated corporate debt publically issued in the US domestic market. To qualify for inclusion in the index, securities must have an investment grade rating (based on an average of Moody's, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P, and Fitch foreign currency long term sovereign debt ratings).

Chicago Board Options Exchange Market Volatility Index (VIX) is a measure of the implied volatility of the S&P index options. Often referred to as the fear index or the fear gauge, it represents one measure of the market's expectation of stock market volatility over the next 30 day period.

Dow Jones Industrial Average is an unmanaged index of common stocks comprised of major industrial companies and assumes reinvestment of dividends.

Lipper Balanced Index (Lipper Bond Index) is an equally weighted performance index of the largest qualifying funds in the Lipper Category. The indices are unmanaged and returns include reinvested dividends.

NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange.

S&P 500 is an unmanaged index which is widely regarded as the standard for measuring large-cap U.S. stock market performance.

Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization.

VIX is quoted in percentage points and translates, roughly, to the expected movement in the S&P Index over the next 30-day period.

Please note, one cannot invest directly in an index.

Definitions of terms:

AAA bond rating is the highest rating assigned by S&P to a debt obligation and indicates an extremely strong capacity to pay principal and interest. Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong, and in the majority of instances they differ from AAA issues only in small degree.

Basis Point (BPS) is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security and is equal to 1/100th of 1%.

Cash flow measures the cash generating capability of a company, calculated by subtracting total liabilities from total assets.

Earnings per share (EPS) is calculated by taking the total earnings dividend by the number of shares outstanding.

Free Cash Flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

Price to Earnings (P/E) Ratio is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

Price Earnings to Growth (PEG) Ratio is an indicator of a stock's potential value by taking into account earnings growth and is calculated by dividing the P/E Ratio by the Annual Earnings Per Share Growth.