Integrity Small/Mid Cap Value Equity Strategy Second Quarter 2021 Performance Summary

Commentary Highlights:

• Stock selection in energy and financials led to outperformance. • Security selection in real estate detracted. • Higher momentum and higher volume were positive style attributes. • Whiting Petroleum Corp (WLL), PDC Energy, Inc. (PDCE), and Arconic Corp (ARNC) were the three largest contributors. • Not owning AMC Entertainment Holdings, Inc (AMC), Meritor, Inc. (MTOR), and SkyWest, Inc (SKYW) were the three largest detractors.

Top 5 Holdings – Representative Account

3/31/2021 6/30/2021 Ticker Name Weight Ticker Name Weight EWBC East West Bancorp, Inc. 1.19 HWC Hancock Whitney Corp. 1.11 WAL Western Alliance Bancorp 1.18 EWBC East West Bancorp, Inc. 1.10 HWC Hancock Whitney Corp. 1.10 CMA Comerica Incorporated 1.09 PACW PacWest Bancorp 1.04 PACW PacWest Bancorp 1.07 CMA Comerica Incorporated 1.00 PDCE PDC Energy, Inc. 1.06

Comments Western Alliance Bancorp (WAL) has been a strong performer that was sold due to a premium valuation. PDC Energy, Inc. (PDCE) outperformed to become a top five holding.

Sector Weights Representative Account 3/31/2020 O/U 6/30/2021 O/U Communication Services 2.96 -0.25 3.15 -0.14 Consumer Discretionary 14.60 0.35 11.80 1.09 Consumer Staples 3.00 -0.37 3.10 -0.12 Energy 4.62 0.67 5.71 0.95 Financials 2 1. 77 0.58 19.34 -0.78 Health Care 3.32 -2.91 3.90 -5.09 Industrials 20.74 2.46 21.25 3.92 Information Technology 9.00 0.67 8.80 -0.21 Materials 7.78 0.79 8.25 1.52 Real Estate 8.23 -2.32 10.12 -1.91 Utilities 3.08 -0.58 3.46 -0.35

Comments The annual Russell Index reconstitution at the end of the quarter had an impact on sector weights. We increased exposure in real estate, energy, and health care and decreased exposure in consumer discretionary and financials.

Two new additions in real estate resulted in an increased weight. Hudson Pacific Properties, Inc. (HPP) is a West Coast office REIT that is seeing improved leasing activity as return to work continues, and it trades at a discount to its historical valuation range. Federal Realty Investment Trust (FRT) is an owner of high-quality shopping centers and mixed-use assets. It has a strong balance sheet for acquisitions and development and should see improvement in rent collections and occupancy. Late in the quarter we sold EPR Properties (EPR) to take gains in a small weight that had rebounded.

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The purchase of Cactus, Inc. Class A (WHD) and adding to our Green Plains Inc. (GPRE) position led to an increased weight in energy. Cactus, Inc. Class A (WHD) is rapidly growing its share of the wellhead market and has a debt-free balance sheet. To fund this purchase, we sold Helix Energy Solutions Group (HLX) as the company continues to have underutilized assets.

We added weight to a couple of core health care positions and that led to the increased weight.

Activity in consumer discretionary reflected the reduced sector weight in the annual Russell rebalance. To adjust to the new benchmark weight, we sold Jack in the Box Inc. (JACK). Kontoor Brands, Inc. (KTB) was jettisoned to take gains. We sold TRI Pointe Homes (TPH) to reduce housing exposure on concerns of peaking housing fundamentals. Mohawk Industries, Inc. (MHK) was also sold on concerns about peaking residential housing fundamentals as well as rising oil prices that could cause margin headwinds. We swapped American Eagle Outfitters, Inc. (AEO) for Gap, Inc. (GPS). An elevated valuation and concerns about tough comps in their Aerie division led to the sale of American Eagle Outfitters, Inc. (AEO). Gap, Inc. (GPS) trades at a more attractive valuation and has more catalysts (new management team, aggressively closing underperforming stores, and the new Yeezy partnership). We also sold Darden Restaurants Inc. (DRI) to take profits and fund the purchase of Bloomin’ Brands, Inc. (BLMN). Management at Bloomin’ Brands, Inc. (BLMN) is focused on improving operations, and it trades at a discount to its casual dining peers.

Financials decreased in weight with the liquidations of Discover Financial Services (DFS) and Western Alliance Bancorp (WAL). Discover Financial Services (DFS) was sold due to market cap constraints. Western Alliance Bancorp (WAL) has been a strong performer that was sold due to a premium valuation.

Overall activity within industrials led to an increase in weight as a handful of new names were added in the quarter. Altra Industrial Motion Corp. (AIMC) continues to de-lever its balance sheet ahead of schedule. This will provide equity accretion and allow for capital allocation through share repurchases and M&A (in a highly fragmented space). We bought Spirit AeroSystems Holdings (SPR), which has the most leverage to a recovery and improvement in build rates with Boeing. Textron Inc. (TXT) is trading at a higher free cash flow yield than its peers despite a burgeoning business jet build cycle, which has been the main driver of the stock’s performance over the long term. Univar Solutions Inc. (UNVR) trades at a discount to its peers. It should see improving free cash flow conversion and operations following the completion of its ERP system, which had been a previous headwind. A potential infrastructure bill, continued work-down of old zero-margin work, and a new CEO focused on an improved bidding strategy to seek smaller and less risky projects were catalysts for the purchase of Granite Construction Inc. (GVA). We sold Fluor Corp. (FLR) and Tutor Perini Corp. (TPC) to take gains and redeploy into other opportunities. Concerns over peaking lumber and plywood prices prompted the liquidation of Boise Cascade Co. (BCC). We exited Sensata Technologies Holding PLC (ST) following its most recent acquisition that felt like a poor allocation of capital.

Materials had a slight increase in weight due to the purchases of CF Industries Holdings, Inc. (CF) and Cleveland-Cliffs Inc. (CLF). We added CF Industries Holdings, Inc. (CF) to increase agricultural exposure as we continue to see strong food inflation coupled with weak crop yields driving fertilizer sales. Cleveland-Cliffs Inc. (CLF) is using all-time high steel prices and the automotive recovery to pay down debt, which should help its valuation re-rate and allow for future growth opportunities. Huntsman Corp. (HUN) was sold as the company currently has peak margins in its largest business that will likely decline as supply chains normalize. Orion Engineered Carbons (OEC) has been a relative underperformer versus sector peers, and we sold it to fund other opportunities elsewhere.

The sale of Vontier Corp. (VNT) led to a minor decrease in our technology weight. We sold the company amid uncertainty regarding its M&A strategy and worries over the impact that the electric vehicle transition will have on its retail gas fueling business.

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Top Contributors/Detractors (Quarter ended 6/30/2021) – Representative Account Contribution to Return Relative to Benchmark

Best Worst Ticker Name Total Ticker Name Total Effect Effect WLL Whiting Petroleum Corporation +0.35 AMC* AMC Entertainment Holdings, Inc. -0.26 PDCE PDC Energy, Inc. +0.34 MTOR Meritor, Inc. -0.19 ARNC Arconic Corp. +0.26 SKYW SkyWest, Inc. -0.19 LGF.B Lions Gate Entertainment Corp. +0.26 PFGC Performance Food Group Company -0.15 DFS Discover Financial Services +0.24 TPC Tutor Perini Corporation -0.15 *Did not own

Comments We did not own AMC Entertainment Holdings, Inc. (AMC), which was up 455%. Reduced guidance to reflect rising steel cost headwinds led Meritor, Inc. (MTOR) to underperform. SkyWest, Inc. (SKYW) traded off with all airlines as concerns of new Covid-19 variants took the wind out of the reopening trade. Performance Food Group Co. (PFGC) underperformed as investors were underwhelmed by the announced deal to acquire Core Mark Holding Co. (CORE). Tutor Perini Corp. (TPC) came under pressure due to a slower pace of bookings. We sold the position to take gains and redeploy into other ideas.

Attribution – Representative Account Q2 2021 Stock selection in energy and financials led to outperformance. Security selection in real estate detracted. Sector weights were muted. Higher momentum and higher volume were positive style attributes.

Energy was the top performing sector for the quarter. Inventory reduction and strong demand for oil post-Covid was a tailwind for energy prices. Capital and production discipline also benefited the group. These factors helped Whiting Petroleum Corp. (WLL), PDC Energy, Inc. (PDCE), Devon Energy Corp. (DVN), Cimarex Energy Co. (XEC), and Diamondback Energy, Inc. (FANG) to outperform. Green Plains Inc. (GPRE) was up 24% as it has benefited from investor excitement over their protein enhancement technology.

Discover Financial Services (DFS) led the way within financials. An improved credit environment and an inflection in loan growth helped the company outperform. Our average bank holding also outperformed slightly. LPL Financial Holdings Inc. (LPLA) limited performance as investors took gains.

Security selection in real estate hurt performance. Our average holding underperformed the benchmark (+6.3% versus +9.5%). DiamondRock Hospitality Company (DRH) was a minor detractor as hotel REITs lagged due to concerns related to new Covid-19 variants.

Select Medical Holdings Corp. (SEM) was the primary standout in health care. The company outperformed as occupancy has improved in their Long-Term Acute Care Hospitals and business has recovered in their rehab segment. Conversely, Encompass Health Corporation (EHC) lagged as it evaluates a potential spin-off of the home health and hospice business.

Materials posted a slight positive for the quarter but had some significant contributors to overall performance. Arconic Corp. (ARNC) reported better-than-expected results and announced its new beverage can capacity is fully sold out at attractive pricing. Olin Corp. (OLN) outperformed as progress on their strategic plan under a new CEO and a strong cyclical recovery led to another beat-and-raise quarter. The strength in both commercial and residential construction is leading to better-than- expected pricing in aggregates and cement for Summit Materials, Inc. Class A (SUM). Alcoa Corp. (AA) outperformed as aluminum prices continued to rise and the company announced further asset sales to shore up its balance sheet obligations. Huntsman Corp. (HUN) and Kraton Corp. (KRA) detracted. Despite solid results, Huntsman Corp. (HUN) struggled as investors priced in what they viewed to be peak margins in its largest segment, polyurethanes. Kraton Corp. (KRA) succumbed to profit taking after being up almost 32% in the first quarter.

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Sanderson Farms, Inc. (SAFM) was the highlight in consumer staples. Strong chicken demand along with a report that management is exploring a potential sale of the company led to outperformance. Performance Food Group Co. (PFGC) limited performance as investors were underwhelmed by the announced deal to acquire Core-Mark Holding Co. (CORE).

Performance in consumer discretionary was breakeven. Retailers such as American Eagle Outfitters, Inc. (AEO) rallied on expectations of strong earnings resulting from clean inventory levels, low promotional activity, and a return of spend on fashion. Caesars Entertainment Inc. (CZR) outperformed as improving data points raised Las Vegas recovery expectations. Wolverine World Wide, Inc. (WWW) and Asbury Automotive Group, Inc. (ABG) detracted. Wolverine World Wide, Inc. (WWW) sold off as supply chain disruptions led to some revenue slipping into the next quarter. Asbury Automotive Group, Inc. (ABG) underperformed as investors became concerned that auto dealers are operating at peak profitability due to extremely low inventory levels that could reverse in upcoming quarters.

Industrials were a minor detractor. Meritor, Inc. (MTOR), SkyWest, Inc. (SKYW), Tutor Perini Corporation (TPC), Saia Inc. (SAIA), and Fluor Corp. (FLR) hurt performance. Reduced guidance to reflect rising steel cost headwinds led Meritor, Inc. (MTOR) to underperform. SkyWest, Inc. (SKYW) traded off with all airlines as concerns of new Covid-19 variants took the wind out of the reopening trade. Tutor Perini Corp. (TPC) came under pressure due to a slower pace of bookings. We sold the position to take gains and redeploy into other ideas. Saia, Inc. (SAIA) underperformed on concerns over a peak tonnage compressed multiple as investors digest slower but still strong economic growth. Fluor Corp. (FLR) underperformed following a surprise convertible preferred equity offering. We exited the position. We had positive performance within professional services. Korn Ferry (KFY) generated solid earnings results and guidance driven by improving new business trends. A recovering global labor environment resulted in a beat-and-raise quarter at ManpowerGroup Inc. (MAN).

Within communication services, AMC Entertainment Holdings, Inc. (AMC) was the most significant detractor, and not owning it cost us 42 basis points. Lions Gate Entertainment Corp. Class B (LGF.B) was a positive highlight. Solid execution as well as further industry consolidation led to a re-rating of shares for Lions Gate Entertainment Corp. Class B (LGF.B).

Outlook

The Song Remains the Same (Led Zeppelin)

We still believe in value over growth going forward. Our “value rising” strategy—rising economic activity, rising revenue, rising margins, rising rates, and rising taxes—still holds, in our view. However, investors returned to growth stocks at the end of the quarter. While the adage is that there is nothing certain but death and taxes, we don’t currently know what taxes will be. There is still a lot of uncertainty surrounding tax policy. Diminishing inflation concerns, declining 10-year yields, and decreasing threats of increased taxes combined to rally “growthier” stocks. Despite the pullback in relative performance for value in June, we continue to believe the combination of earnings growth and cheap relative valuations looks attractive. Value stocks are forecast to grow earnings by 32.4% compared to growth stocks at 27.6% (Jefferies, JEF’s Valuation Handbook, 7/6/2021). Value has rallied relative to growth this year, but it still looks cheap on a historical basis. Steven DeSanctis at Jefferies puts small value in the 12th percentile relative to small growth; mid value sits at the 19th percentile relative to mid growth (JEF’s Valuation Handbook, 7/6/2021). Furthermore, his research shows that no value rally has ended short of value climbing back to at least the 80th percentile (JEF’s SMIDCAP Themes, 5/19/2021). This fuels our belief that, despite some short-term reversals, the trend is for value to outperform. We believe our portfolios are positioned to benefit from this combination of good value and good news.

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Composite Performance (%) As of June 30, 2021 Since Inception Quarter YTD 1-Year 3-Year 5-Year 10-Year (04/30/05) Integrity Small/Mid Cap Value Equity (Gross) 5.34 26.33 74.78 12.47 14.69 11.85 10.71 Integrity Small/Mid Cap Value Equity (Net) 5.08 25.71 73.04 11.35 13.55 10.74 9.61

Russell 2500™ Value Index 5.00 22.68 63.23 10.60 12.29 10.93 9.18 Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings. Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of fees returns are calculated by deducting 1/12 of the highest tier of the standard fee schedule in effect for the period noted (the model feel). The composite model fee for each period is either the highest tier of the current fee schedule or a higher value, whichever is required to ensure the model composite net-of-fee return is lower than or equity to the composite net-of-fee return calculated using actual fees. Supplemental information. Please see the GIPS® disclosure page for additional information on the composite.

INTEGRITY SMALL/MID CAP VALUE EQUITY – REPRESENTATIVE ACCOUNT

TOP 10 ACTIVE OVERWEIGHTS TOP 10 ACTIVE UNDERWEIGHTS

Ticker Company Name Active Weight Ticker Company Name Active Weight HWC Hancock Whitney Corporation 1.01 AMC AMC Entertainment Holdings, Inc. -0.58 ALLY Ally Financial Inc. 1.00 PKI PerkinElmer, Inc. -0.44 PACW PacWest Bancorp 0.95 J Jacobs Engineering Group Inc. -0.43 PDCE PDC Energy, Inc. 0.95 SBNY Signature Bank -0.35 GPRE Green Plains Inc. 0.89 AAL American Airlines Group, Inc. -0.34 SNV Synovus Financial Corp. 0.89 CTLT Catalent Inc. -0.34 SEM Select Medical Holdings Corp. 0.88 IPG Interpublic Group of Companies, Inc. -0.32 AA Alcoa Corporation 0.87 PKG Packaging Corporation of America -0.32 SITC SITE Centers Corp. 0.86 CBOE Cboe Global Markets Inc. -0.32 LPLA LPL Financial Holdings Inc. 0.84 CPT Camden Property Trust -0.32

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INTEGRITY SMALL/MID CAP VALUE EQUITY – REPRESENTATIVE ACCOUNT

NEW POSITIONS CLOSED POSITIONS

Ticker Company Name Ticker Company Name

AIMC Altra Industrial Motion Corp. AEO American Eagle Outfitters, Inc. BLMN Bloomin’ Brands, Inc. BCC Boise Cascade Co. CF CF Industries Holdings, Inc. DFS Discover Financial Services CLF Cleveland-Cliffs Inc. DRI Darden Restaurants, Inc. FRT Federal Realty Investment Trust EPR EPR Properties GPS Gap, Inc. FLR Fluor Corporation GVA Granite Construction Incorporated HLX Helix Energy Solutions Group, Inc. HPP Hudson Pacific Properties, Inc. HUN Huntsman Corporation SPR Spirit AeroSystems Holdings, Inc. Class A JACK Jack in the Box Inc. TXT Textron Inc. KTB Kontoor Brands, Inc. UNVR Univar Solutions Inc. MHK Mohawk Industries, Inc. WHD Cactus, Inc. Class A OEC Orion Engineered Carbons SA PCG PG&E Corporation ST Sensata Technologies Holding PLC TPC Tutor Perini Corporation TPH Tri Pointe Homes, Inc. VNT Vontier Corp. WAL Western Alliance Bancorp

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Integrity Small/Mid Cap Value Equity strategy focuses on small- to mid-cap companies that are currently trading below our estimate of intrinsic value and are characterized by improving investor sentiment. Index returns are provided to represent the investment environment during the periods shown. The index is fully invested, including the reinvestment of dividends and capital gains. Index returns do not include transaction costs, management fees or other costs. Information relating to portfolio holdings is based on the representative account in the composite and may vary for other accounts in the strategy due to asset size, client guidelines and other factors. The representative account is believed to most closely reflect the current portfolio management style. The information in this article is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections or recommendations in this report are subject to change without notice and are not intended as individual investment advice. The securities highlighted, if any, were not intended as individual investment advice. A complete list of all recommendations of security selection is available by request for the previous 12 months. Furthermore, Victory Capital Management Inc., and its affiliates, as agents for their clients, and any of its officers or employees, may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report. Contributors and Detractors Source: FactSet. The top contributors and detractors are presented to illustrate examples of the portfolio’s investments and may not be representative of the portfolio’s current or future investments. The percent displayed is contribution to return. Holdings are as of quarter end and may change at any time. Victory Capital Management Inc. is a registered investment adviser. Integrity Asset Management is a Victory Capital Management investment franchise. Integrity Asset Management is a Victory Capital Franchise. Issued in the USA by Victory Capital Management Inc. 15935 La Cantera Parkway San Antonio, TX 78256, which is regulated by the U.S. Securities and Exchange Commission.

FOR INSTITUTIONAL INVESTOR USE ONLY/NOT FOR USE WITH THE GENERAL PUBLIC V17.050 // 2Q 2021 INTGY SMID Cap Val Strategy COM

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