RS INTERNATIONAL STRATEGY

QUARTERLY COMMENTARY ®

As of June 30, 2021

Market Review Outlook International equities (as measured by the MSCI EAFE Index1) advanced The outlook for the global economy appears positive overall, with the for a fifth consecutive quarter, rising 5.17% over the period. The strength IMF projecting 6% growth in 2021 and 4.4% in 2022. This should create of equity returns among developed economies tended to coincide with a constructive backdrop for equity investors in the near term, but not the progress of Covid-19 vaccinations, with the United States and Europe without some uncertainty. First, the recovery remains uneven, with leading the way and Japan lagging. Emerging Markets were positive for the richer countries benefiting from successful Covid-19 vaccine rollouts, re- quarter as a group and were led by strong returns in Brazil, Poland, Hungary openings and economic stimulus, while developing countries continue to and Czech Republic, where economic outlooks have improved. Technology, lag in confronting the virus. Second, with much of the global population Health Care and Energy were the leading global sectors for the period, with still unvaccinated, the potential for further outbreaks (and variants) and the latter supported by a rise in crude oil and natural gas prices. Growth economic shutdowns remains. Third, the rise in consumer prices has been stocks outpaced value stocks during the period, and larger caps generally higher and faster than expected. Though central banks are treating recent tended to outperform their smaller cap brethren. inflation as transitory, and rate hikes still appear far off, a sudden shift toward tightening could induce an equity market correction. QVS Factor Performance In any event, for us, what is most important is to stay the course and be The RS Global team’s proprietary QVS (Quality, Value and Sentiment) true to our quality-oriented investment process. We anticipate a prolonged Model evaluates over 10,000 global companies in search of the best period of elevated market volatility and will stay vigilant when constructing investment opportunities. It is designed to identify companies that have our portfolios, remaining sector- and region-neutral, as we believe that the potential to consistently create shareholder value, are reasonably strong risk management should stand at the forefront. Making correct valued, and exhibit favorable market sentiment. The model helps us focus macro allocation calls can be immensely challenging; therefore, we do not our resources, as we conduct additional research only on companies with forecast regional performance. In our view, stock selection can be far more the strongest model recommendations. impactful to strategy performance than allocation. As always, we thank you Sentiment was a positive signal across regions in the second quarter, while for your strong interest and continued investment, and please stay safe! our Quality and Value factors were more mixed. Within MSCI EAFE regions, the model worked best in the United Kingdom and Europe, where all three signals were in the black. Favorable returns to the Valuation and Sentiment We thank you for your continued support. factors also supported overall model outperformance in Asia/Pac x Japan. Sincerely, The model was also positive in Japan despite weaker performance of the Quality and Valuation signals in the region. The Victory RS Global Markets Team Performance and Positioning The RS International Strategy returned +7.16% (net), outperforming its benchmark, the MSCI EAFE Index (net) (the “Index”), which advanced +5.17%. Stock selection contributed to outperformance across most sectors in Q2, with portfolio picks adding the most in the Information Technology, Consumer Discretionary, and Industrials sectors. Weaker stock selection in the Utilities sector detracted modestly from relative performance. From a regional perspective, positive stock selection in Japan, the United Kingdom, and Asia/Pacific ex Japan added to relative performance, while an underweight to Europe detracted slightly. Country-level contributors included Hong Kong and Switzerland, while detractors included Australia and Sweden. Individual positive contributors for the period included Japanese shipping company Nippon Yusen Kabushiki Kaisha, Japanese technology services firm Fujitsu Limited, and Danish beverage distributor Royal Unibrew A/S. Detractors for the period included Japanese machine tools supplier Okuma Corp., Italian electricity and gas distributor Enel SpA, and Japanese video game developer Capcom Co., Ltd.

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 1 20210714-1720737 RS INTERNATIONAL STRATEGY As of June 30, 2021

Top 10 Holdings Regional Allocation as of June 30, 2021 as of June 30, 2021 Holding % of Portfolio Region % of Portfolio Nestle S.A. 3.99 Europe 45.63 Roche Holding Ltd. 3.48 Japan 22.55 Toyota Motor Corp. 3.22 United Kingdom 16.27 LVMH Moet Hennessy Louis Vuitton SE 2.93 Asia/Pac ex Japan 11.85 SAP SE 2.45 Cash & Other Assets and Liabilitiesw 2.73 Siemens AG 2.19 ETF & Other 0.97 Diageo plc 1.99 Novartis AG 1.97 HOYA Corp. 1.90 Rio Tinto plc 1.89

Performance Average Annual Returns (%) as of June 30, 2021 Since Inception RS International Strategy QTR 1-YR 3-YR 5-YR 10-YR (07/31/2013) Gross of fees 7.29 33.83 10.49 12.21 — 8.51 Net of fees 7. 16 33.16 10.04 11.60 — 7.8 2 MSCI EAFE Index (Net) 5.17 32.35 8.27 10.28 — —

Performance returns for periods of less than one year are not annualized.

Past performance is no guarantee of future results. Returns include 1 The MSCI EAFE Index (Net) measures the performance of large- and reinvestment of dividends and capital gains. Investing involves risk, mid-cap stocks in the developed markets, excluding the U.S. and including the possible loss of principal and fluctuation of value. Returns are Canada. The index covers approximately 85% of the free-float-adjusted expressed in U.S. dollars. market capitalization in each country. Holdings are as of the date shown and are subject to change. Portfolio Victory Capital Management Inc. (Victory Capital) is a diversified holdings should not be construed as a recommendation to buy, sell, or hold global investment advisor registered under the Investment Advisers any security. Act of 1940 and comprised of multiple investment franchises: INCORE Capital Management, Integrity Asset Management, Munder Capital Information relating to portfolio holdings is based on the representative Management, NewBridge Asset Management, RS Investments, Sophus account in the composite and may vary for other accounts in the strategy Capital, Sycamore Capital, Trivalent Investments, USAA Investments, a due to asset size, client guidelines and other factors. The representative Victory Capital Investment Franchise; and the VictoryShares & Solutions account is believed to most closely reflect the current portfolio Platform. Munder Capital Management and Integrity Asset Management management style. became part of the Victory Capital GIPS firm effective November 1, 2014; The information in this article is based on data obtained from recognized RS Investments and Sophus Capital effective January 1, 2017; USAA services and sources and is believed to be reliable. Any opinions, Investments effective July 1, 2019; and THB Asset Management effective projections or recommendations in this report are subject to change March 1, 2021. without notice and are not intended as individual investment advice. The Request a GIPS-compliant presentation from your Institutional securities highlighted, if any, were not intended as individual investment Relationship Manager or visit www.vcm.com. advice. A complete list of all recommendations of security selection is available by request for the previous 12 months. Furthermore, Victory Victory Capital claims compliance with the Global Investment Capital Management Inc., and its affiliates, as agents for their clients, and Performance Standards (GIPS®). any of its officers or employees, may have a beneficial interest or position RS Investments is a Victory Capital Management franchise. Issued in the in any of the securities mentioned, which may be contrary to any opinion or USA by Victory Capital Management Inc., 15935 La Cantera Parkway, San projection expressed in this report. Antonio, TX 78256, which is regulated by the U.S. Securities and Exchange The RS International Composite combines data-driven discipline with Commission. fundamental analysis in seeking to capture information inefficiencies in non-U.S. companies across the market capitalization spectrum in order to provide a consistent, diversified return stream over market cycles. The ©2021 Victory Capital Management Inc. benchmark is the MSCI EAFE Index (Net). The composite was created per inception date in Performance Table above. V17.407 //2Q 2021 RS International Strategy COM 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 fee). 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. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The firm’s fees are available on request and may be found on Part II of its Form ADV.

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 2 20210714-1720737