(PUB) Investing 2016

4

Data through April 30, 2016 FINRA members: For internal or institutional use only. Becker Value Equity Retail

Ticker BVEFX

Yield 1.2%

Total Assets $357 mil

Mstar Category Large Value

Benchmark 1: Russell 1000 Value TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 04-22-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Average QQQQ Above Avg

4 1 1 1 1 1 1 1

20.0

Growth of $10,000

15.0

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

∞ Positive ∞ Positive ∞ Positive ¶ Neutral ∞ Positive

Performance

People Parent

Performance Quartile (within Category)

) * & * ( * * & * ) * 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 14.24 13.54 9.28 11.65 12.92 12.67 14.46 18.28 18.81 16.14 16.81 15.78 2.65 -30.53 26.92 12.17 -0.65 15.66 36.40 11.20 -7.03 4.15 -6.47 2.82 6.32 7.23 -3.33 -1.04 -1.84 3.87 -2.25 -3.20 0.38 -0.02 -2.85 6.47 0.46 -2.89 -2.76 -0.34 4.01 -2.48 -8.41 2.41 1.07 1.14 0.90 1.39 1.27 1.30 1.54 1.42 1.71 1.10 0.00 14.71 1.50 -31.42 25.53 10.90 -1.95 14.12 34.98 9.49 -8.13 4.15 0.14 0.16 0.12 0.13 0.15 0.17 0.20 0.21 0.31 0.21 0.00 0.45 0.91 0.00 0.00 0.00 0.00 0.00 1.21 1.21 1.11 0.00 1.43 1.31 1.33 1.36 1.14 1.09 1.09 1.00 0.97 0.89 . 1.15 1.14 1.10 1.62 1.19 1.33 1.49 1.40 1.77 1.07 . 80 44 10 28 69 48 39 10 40 84 26

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 04-30-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

11.13 -4.05 5.40 2.91 15.66 11.00 3.61 7.28 10.56 36.40 2.30 3.85 0.41 4.25 11.20 0.74 0.05 -11.13 3.79 -7.03

.

30 57

39 61

46 61

45 90

18

34 80

27 84

38 97

41

32

114

148

136

131

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 01-31-16 Total Stocks: 56 Share change since 10-31-15

1.24

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y JPMorgan Chase & Co Y Johnson & Johnson

Finan Svcs Hlth Care Comm Svcs Technology Cnsmr Def

— 3.37 — 3.25 — 3.02 — 2.89 — 2.85 — 2.82 — 2.81 — 2.57 — 2.52 — 2.45 — 2.44 — 2.34 — 2.32 — 2.24 — 2.23 — 2.14 — 2.09 — 2.07 — 2.05 — 2.02 36.16 1.02 5.42 1.92 10.54 2.22 18.40 0.80 1.80 0.37 41.75 1.10 3.02 0.96 11.07 0.87 11.83 1.14 15.83 1.36 22.11 0.83 6.23 0.79 15.88 1.35 0.00 0.00 % of Stocks Rel Bmark 1

1 Yr 3 Yr 5 Yr

-6.02 9.09 9.14 6.44 8.19

3 Mo 6 Mo

10.01 0.58 2.96 0.74 -1.19 0.31 -6.02 -5.62 -7.22 9.09 -0.50 -2.17 9.14 -0.99 -1.87 6.44 0.77 -0.46

17 11,001 44 10,074 83 9,398 30 12,982 38 15,487 22 18,673

Avg QQQ Avg QQQ

+Avg

Y AT&T Inc Y EMC Corp

Avg

1 Yr

-Avg QQQQ

10 Yr Incept

+Avg

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Y Wal-Mart Stores Inc Y Merck & Co Inc Y General Electric Co

Hlth Care

Industrl

Other Measures

Standard Index

Best Fit Index

— — — — —

Y Pfizer Inc

Hlth Care Basic Mat Hlth Care Cnsmr Cyc

Alpha

-2.0 1.01

-0.6 1.02

Y Plum Creek Timber Co Inc Y Becton Dickinson & Co Y Discovery Communications Y Exxon Mobil Corporation Y PNC Financial Services Gr

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

92

95

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

6.96 7.72 5.40

36 38 14

1.95 1.31 0.98

64 56 45

Standard Deviation

11.96

Energy

Mean

9.09 0.78

Finan Svcs

Sharpe Ratio

Y CSX Corp

Industrl

Potential Capital Gain Exposure: 9% of assets

Y Allstate Corp

Finan Svcs Cnsmr Cyc Finan Svcs

Morningstar's Take by Kevin McDevitt, CFA 04-22-16 Becker Value Equity's prudent approach hasn't been able to spare it from recent volatility. But its long-term appeal remains, earning the fund a Morningstar Analyst Rating of Bronze. This fund employs sensible risk controls. Most are designed to keep the portfolio well-diversified and the fund's results from traveling too far afield from the Russell 1000 Value Index. The portfolio is fairly compact at 55-65 holdings, but they are fairly evenly weighted with no single position even at 4% of assets. The six portfolio managers build the portfolio from the bottom up, but sector weightings are kept within 10 percentage points of the benchmark. Finally, they aim to keep tracking error relative to the index below 4%. However, the team still has plenty of freedom to go its own way. This has worked out pretty well since the fund's 2003 inception; the fund has beaten its benchmark by about half a percentage point annualized and performed slightly better on a risk-adjusted basis. But after struggling during the recent 2015-16 correction, the fund's record during downturns is now somewhat mixed. While the index dropped 15.9% peak-

Y Johnson Controls Inc

Y BlackRock Inc

to-trough during the nearly eight-month correction, the fund fell 19.5%. Much of that underperformance owed to having no exposure to utilities, which the team believed had gotten expensive by early 2015. But utilities constitute 7% of the index and gained about 9% on average during the correction. The fund was also hit hard by poor performance from its consumer discretionary stocks, especially Bed Bath & Beyond BBBY, Urban Outfitters URBN, and media stocks Time Warner TWX and Discovery DISCK. The team has also undergone a transition in recent years--three of the six managers have been on the fund for less than three years. This includes Sid Parakh, who joined the firm in October 2015 and became a comanager in April 2016. Still, two of the managers have been here since inception, and the process has been a robust one during the life of the fund. The fund's recent struggles don't erase those attributes.

Y Southwest Airlines Co

Industrl

Y Microsoft Corp

Technology

Y Amgen Inc

Hlth Care

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Market Cap % Giant 38.0 Large 41.3 Mid 20.6 Small 0.0 Micro 0.0 Avg $mil: 49,244

Value Blend Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings 14.41

0.95 0.99 0.77 1.17 0.91 0.98 0.43 1.43 6.17 1.13

Price/Book Price/Sales

1.86 1.05

Price/Cash Flow 9.03 Dividend Yield % 2.80

Growth Measures

% Rel Category

Long-Term Erngs 8.37

Book Value

0.95 -1.38 -8.05

Composition - Net

Sales

Cash 0.0 Stocks 100.0 Bonds 0.0 Other 0.0 Foreign 2.5 (% of Stock)

Address:

Unified Series Trust (Becker)

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: —

Cash Flow

Indianapolis, IN 46208

Add: $100

Historical Erngs 3.50

800-551-3998

Sales Fees:

No-load, 1.00%R

Web Address:

www.beckervaluefunds.com

Management Fee:

0.55%

Profitability

%

Inception:

11-03-03

Actual Fees:

Mgt:0.55% Dist:—

Return on Equity Return on Assets

14.88

Advisor:

Becker Capital Management, Inc.

Expense Projections: Income Distribution:

3Yr:$254 5Yr:$443 10Yr:$989

5.34

Subadvisor:

None

Annually

Net Margin

11.68

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com