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 the Villere Balanced Fund performance to the most recent quarter- and month-end.

Click here for the Villere Equity Fund 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 the Villere Balanced Fund current top 10 holdings.

Click here for the Villere Equity Fund current top 10 holdings.

Both the Villere Equity and Villere Balanced Fund may invest in smaller and medium sized companies which involve additional risks such as limited liquidity and greater volatility.

 

The Villere Balanced Fund may invest in debt securities which 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.

The Villere Equity Fund's ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies. Equity investments are subject to market risk.

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

Investing involves risk. Principal loss is possible. Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. A stock may trade with more or less liquidity than a bond depending on the number of shares and bonds outstanding, the size of the company, and the demand for the securities. Similarly, the transaction costs involved in trading a stock may be more or less than a particular bond depending on the factors mentioned above and whether the stock or bond trades upon an exchange. Depending on the entity issuing the bond, it may or may or may not afford additional protections to the investor, such as a guarantee of return of principal by a government or bond insurance company. There is typically no guarantee of any kind associated with the purchase of an individual stock. Bonds are often owned by individuals interested in current income while stocks are generally owned by individuals seeking price appreciation with income a secondary concern. The tax treatment of returns of bonds and stocks also differs given differential tax treatment of income versus capital gain. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

Active investing has higher management fees because of the manager's increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

While the Funds are no-load, management fees and other expenses will apply. Please refer to the prospectus for additional information.

As of 6/30/16 the Morningstar "Moderate Allocation" category returns were: 1-year: -0.13%, 3-year: 5.86%, 5-year: 6.14%, and 10-year: 5.24%, 15-year: 5.10%.

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. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. 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.

As of 6/30/16 the Villere Balanced Fund was rated against the following numbers of U.S.-domiciled Moderate Allocation funds over the following time periods: 820 funds in the last three years, 704 funds in the last five years, and 479 funds in the last ten years. With respect to these Moderate Allocation funds, Villere Balanced Fund received a Morningstar Rating of 1 star for the three-period, 3 stars for the five- and ten-year periods. The Villere Balanced Fund received a 3 star Overall Morningstar Rating as of 6/30/16 out of 820 funds. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the fund's three-year Morningstar Ratings metrics, which are based on risk-adjusted return performance.

Among Moderate Allocation Funds according to Morningstar as of 6/30/16, the Villere Balanced Fund was ranked in the top 98% for 1 year among 883 funds, 53% for 5 years among 695 funds and 22% for 10 years among 476 funds, based on total returns.
.

© 2016 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.

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 Funds 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.

Assets under management as of 3/31/16: $2.1 billion.

Any tax or legal information provided isn't an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period.

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user's own risk. This is not an offer to buy or sell securities. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service.

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit excellence.thomsonreuters.com.

The FPA Crescent Fund pays a management fee of 1.00% and has a total annual expense ratio of 1.25%. Total assets in the fund as of 12/31/2012 were $10.4 billion. The fund's objective is to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation.

Risks associated with investing in the FPA Crescent Fund include but are not limited to market risk, below investment grade securities risk, market risk, convertible or other debt securities risk, foreign market risk, value-oriented investment risk, and medium- and smaller-company investment risk.

As of 6/30/16 the Russell 1000 index returns were: 1-year: 2.94%, 5-year: 11.88%, 10-year: 7.51%; Russell 2000 index returns were: 1-year: -6.73%, 5-year: 8.35%, 10-year: 6.20%. In 2014 and 2015, Russell 1000 index returns were: 13.24% and 4.89% respectively, and Russell 2000 index returns were: 0.92% and -4.41% respectively.

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.

DAX is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of average trading volume.

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

Dow Jones REIT (Real Estate Investment Trust) Index covers about two-thirds of the aggregate value of the publicly-traded REIT market domestically.

Dow Jones Stoxx Europe 600 Index measures the financial performance of leading European companies as measured by their sustainability practices.

Exchange-Traded Fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

Hang Seng China Enterprises Index is a freefloat capitalization-weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index.

Japanese Government Bond (JGB) is a bond issued by the government of Japan. The government pays interest on the bond until the maturity date. At the maturity date, the full price of the bond is returned to the bondholder.

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.

NASDAQ 100 is an index composed of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange.

New York Commodities Exchange (NYMEX) is the world's largest Commodities Futures Exchange and one of the most active options exchanges for the precious metals and energy markets.

Nikkei 225 Stock Average is a price-weighted index comprised of Japan's top 225 blue-chip companies on the Tokyo Stock Exchange.

PowerShares QQQ is an exchange-traded fund (ETF) based on the Nasdaq 100 Index.

Russell 1000 is an index of approximately 1,000 of the largest companies in the U.S. equity markets that comprises over 90% of the total market capitalization of all listed U.S. stocks, and is considered an indicator for large cap investing.

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 and serves as a benchmark for small-cap stocks in the United States.

Russell 3000 Index is a market capitalization weighted equity index that encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S.

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

The S&P 600 SmallCap Index covers a broad range of small cap stocks in the United States. The index is weighted according to market capitalization and covers about 3-4% of the total market for equities in the United States.

S&P 500 Health Care Index comprises those companies included in the S&P 500 that are classified as members of the GICS (Global Industry Classification Standard) health care sector.

S&P 500 Technology Index comprises those companies included in the S&P 500 that are classified as members of the GICS (Global Industry Classification Standard) information technology sector.

The S&P 500 Financials Index comprises those companies included in the S&P 500 that are classified as members of the GICS® financials sector.

S&P GSCI (Goldman Sachs Commodities Index) is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures.

Spiders, SPDR and SPY is a short form of Standard & Poor's depositary receipt, an exchange-traded fund (ETF) managed by State Street Global Advisors that tracks the Standard & Poor's 500 Index (S&P 500). Each share of spider contains one-tenth of the S&P index and trades at roughly one-tenth of the dollar-value level of the S&P 500. Spiders can also refer to the general group of ETFs to which the Standard & Poor's depositary receipt belongs.

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

U.S. Dollar Index (USDX) is a measure of the value of the U.S. dollar relative to majority of its most significant trading partners.

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. Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

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%.

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor's. The firm evaluates a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from "AAA", which is the highest grade, to 'D', which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Advisor will classify the security as nonrated.

Brent Crude is a type of petroleum classification given to oil from the North Sea. In many countries, including those in Europe, Brent Crude is used as a benchmark for pricing other classifications of oil.

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

EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.

Dividend Yield is a ratio indicating how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a percentage and can be calculated by dividing the dollar value of dividends paid in a given year per share of stock held by the dollar value of one share of stock.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates and is expressed as a number of years.

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

Earnings Yield is the earnings per share for the most recent 12-month period divided by the current market price per share; it shows the percentage of each dollar invested in the stock that was earned by the company.

European Central Bank (ECB) is the bank created to administer monetary policy for the countries that have converted to the euro.

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.

Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period, usually calculated on an annual basis.

Market cap is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share.

Original Equipment Manufacturer (OEM) is a company whose products are used as components in another company's product.

Price-to-book ratio (P/B Ratio) is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

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. The P/E ratio is not a measure of future performance or growth.

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.

Price-To-Sales Ratio (PSR) is a valuation ratio that compares a company's stock price to its revenues and is an indicator of the value placed on each dollar of a company's sales or revenues.

European Central Bank (ECB) is the bank created to administer monetary policy for the countries that have converted to the euro.

Real Estate Investment Trust (REIT) is a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.

Sharpe Ratio is a measure for calculating risk-adjusted return.

Yield is the income return on an investment and refers to the interest or dividends received from a security; is usually expressed annually as a percentage based on the investment's cost, its current market value or its face value.