Integrity Small Cap Value Equity Strategy Second Quarter 2021 Performance Summary

Commentary Highlights:

• Security selection in communication services, industrials, and technology led to slight underperformance. • Stock selection in energy, materials, and health care aided performance. • From a style perspective, higher momentum and higher volume were tailwinds. Higher beta than the benchmark was a headwind. • Whiting Petroleum Corp (WLL), PDC Energy, Inc. (PDCE), not owning Penn National Gaming (PENN) were the three largest contributors. • Not owning AMC Entertainment Holdings, Inc (AMC), Meritor, Inc. (MTOR), and Tutor Perini Corporation (TPC) were the three largest detractors.

Top 5 Holdings – Representative Account

3/31/2021 6/30/2021 Ticker Name Weight Ticker Name Weight SF Stifel Financial Corp. 1.05 WLL Whiting Petroleum Corp. 1.20 CLF Cleveland-Cliffs Inc. 1.04 PDCE PDC Energy, Inc. 1.11 HWC Hancock Whitney Corp. 1.04 GPRE Green Plains Inc. 1.06 PDCE PDC Energy, Inc. 1.00 HWC Hancock Whitney Corp. 1.05 PACW PacWest Bancorp 1.00 AA Alcoa Corporation 1.05

Comments Whiting Petroleum Corp. (WLL) outperformed to become a top five holding. Adding to our Green Plains Inc. (GPRE) position and outperformance led to a top five position. Alcoa Corp. (AA) had been a previous top holding and joined the top five again. We trimmed our position in Stifel Financial Corp. (SF). Cleveland-Cliffs Inc. (CLF) was liquidated due to market cap constraints. PacWest Bancorp (PACW) remains a top holding just outside the top five.

Sector Weights Representative Account 3/31/21 O/U 6/30/21 O/U Communication Services 2.34 -0.25 2.59 -1.95 Consumer Discretionary 14.61 0.38 10.85 2.53 Consumer Staples 2.86 -0.60 3.20 0.42 Energy 5.66 0.74 7.67 1.08 Financials 23.71 -3.44 21.86 -3.42 Health Care 2.46 -3.94 3.69 -7.69 Industrials 22.13 4.95 19.93 4.78 Information Technology 6.92 1.29 7.52 1.98 Materials 7.41 1.14 6.71 2.00 Real Estate 7.29 -0.96 9.75 -1.35 Utilities 3.51 -0.42 4.36 -0.23

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

Three new additions within real estate led to an increase in weight. Easterly Government Properties Inc. (DEA) is an office REIT focused on mission-critical properties leased to federal government agencies under long-term contracts. It has a sizeable pipeline of acquisitions, offers stable cash flows to support a 5% dividend, and trades at a reasonable valuation.

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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. Sabra Health Care REIT, Inc. (SBRA) is a health care REIT with improving occupancy post the vaccine rollout, a cheap valuation, and a dividend yield exceeding 6%.

New names in energy included Cactus, Inc. Class A (WHD), Laredo Petroleum, Inc. (LPI), and Chesapeake Energy Corp. (CHK). Cactus, Inc. Class A (WHD) is rapidly growing its share of the wellhead market and has a debt-free balance sheet. An attractive valuation and an opportunity to geographically diversify our energy holdings led to the purchase of Laredo Petroleum, Inc. (LPI). We sold Comstock Resources (CRK) to take profits and used the proceeds to purchase Chesapeake Energy Corp. (CHK) which has more liquids exposure, which we view more favorably.

Our health care weight increased with the purchase of Brookdale Senior Living (BKD), and we added to a couple of core positions. We purchased Brookdale Senior Living (BKD) as occupancy has started to improve on optimism that the Covid-19 pandemic is waning and that access to vaccines has allowed more confidence in assisted living center move-ins.

Activity in consumer discretionary reflected the reduced sector weight in the annual Russell rebalance. We sold Shoe Carnival (SCVL), Kohl’s Corp. (KSS), and Kontoor Brands, Inc. (KTB) to take gains. Due to market capitalization guidelines, we exited Caesars Entertainment Corp. (CZR), Norwegian Cruise Line Holdings Ltd. (NCLH), and Tapestry, Inc. (TPR). Cheesecake Factory Inc. (CAKE) was liquidated to take gains as it traded at a premium to casual dining peers. We swapped American Eagle Outfitters, Inc. (AEO) for Abercrombie & Fitch Co. Class A (ANF). An elevated valuation and concerns about tough comps in their Aerie division led to the sale of American Eagle Outfitters, Inc. (AEO). Abercrombie & Fitch Co. Class A (ANF) trades at a more attractive valuation and has more catalysts (cost cutting, real estate optimization, and brand restructuring). American Axle & Manufacturing Holdings (AXL) was purchased as strong production for GM vehicles should benefit the company.

Overall activity within industrials led to a decrease in weight. We sold Fluor Corp. (FLR), Ducommun Inc. (DCO), and Tutor Perini Corp. (TPC) to take gains and redeploy into other opportunities. Due to market capitalization guidelines, we exited Builders FirstSource, Inc. (BLDR). Concerns over peaking lumber and plywood prices prompted the liquidation of Boise Cascade Co. (BCC). We sold KBR, Inc. (KBR) as the company re-rated toward its peer group amid excitement about green energy solutions. Late in the quarter, we sold NOW Inc. (DNOW) to take gains amid a full valuation and concerns about future returns from its M&A diversification strategy. There were also a handful of new names 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). 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 implementation, 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).

Our financials weight decreased. James River Group Holdings (JRVR) was sold as the company issued equity after a large negative reserve development and we are not confident that reserves are adequate. We exited BancorpSouth Bank (BXS) as it shifted strategy from doing small M&A deals to a large merger of equals with Cadence Bank (CADE), which brings integration risk. We eliminated CIT Group (CIT) as its pending sale to a peer will exceed our market cap guidelines. We sold Invesco Ltd. (IVZ) due to market cap guidelines as well. Western Alliance Bancorp (WAL) has been a strong performer but was liquidated due to a premium valuation.

The sale of Cleveland-Cliffs Inc. (CLF) and Orion Engineered Carbons (OEC) led to lower weight within materials. Cleveland-Cliffs Inc. (CLF) was liquidated due to market cap constraints. Orion Engineered Carbons (OEC) has been a relative underperformer versus sector peers, and we sold it to fund other opportunities.

Both utilities and technology increased in weight. A larger weight in utilities was accomplished by adding to core positions. In technology, we bought Harmonic Inc. (HLIT) late in the quarter. It should benefit from technological change in their two operating segments: network virtualization in the cable segment and streaming in the video segment.

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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 Corp. +0.38 AMC* AMC Entertainment Holdings, Inc. -1.15 PDCE PDC Energy, Inc. +0.21 MTOR Meritor, Inc. -0.15 PENN* Penn National Gaming, Inc. +0.18 TPC Tutor Perini Corp. -0.10 LFG.B Lions Gate Entertainment Corp. +0.15 JRVR James River Group Holdings Ltd. -0.10 AR Antero Resources Corp. +0.14 PUMP ProPetro Holding Corp. -0.09 *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. 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. James River Group Holdings Ltd. (JRVR) announced a large charge and issued equity to shore up capital levels. We exited the position. ProPetro Holding Corp. (PUMP) reported results that missed estimates, driven by disruption from winter storm Uri, lower fleet count, and higher expenses.

Attribution – Representative Account Q2 2021 Security selection in communication services, industrials, and technology led to slight underperformance. Stock selection in energy, materials, and health care aided performance. Sector weights were a minor positive due to our overweight in energy and underweights in financials and health care. From a style perspective, higher momentum and higher volume were tailwinds. Higher beta than the benchmark was a headwind.

Within communication services, AMC Entertainment Holdings, Inc. (AMC) was the most significant detractor and not owning it cost us 115 basis points. Lions Gate Entertainment Corp. Class B (LGF.B) and Gray Television, Inc. (GTN) were positive highlights. Solid execution as well as further industry consolidation led to a re-rating of shares for Lions Gate Entertainment Corp. Class B (LGF.B). Gray Television, Inc. (GTN) benefited from earnings upside and the announcement of an accretive acquisition of Meredith’s broadcasting assets.

Meritor, Inc. (MTOR) and Tutor Perini Corporation (TPC) were notable detractors within industrials. Reduced guidance to reflect rising steel cost headwinds led Meritor, Inc. (MTOR) to underperform. 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. SkyWest, Inc. (SKYW) and Spirit Airlines, Inc. (SAVE) traded off with all airlines as concerns of new Covid-19 variants took wind out of the reopening trade. 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).

In technology, Cohu, Inc. (COHU) detracted as lower than expected gross margins sent shares lower. Not owning 3D Systems Corp. (DDD) also hurt, as the company was up 46% for the quarter.

Energy was the largest source of positive contribution 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), Antero Resources Corp. (AR), and Ovintiv Inc. (OVV) to outperform. Green Plains Inc. (GPRE) was up 24% as it has benefited from investor excitement over their protein enhancement technology. ProPetro Holding Corp. (PUMP) limited performance as it reported results that missed estimates, driven by disruption from winter storm Uri, lower fleet count, and higher expenses.

In materials, metals & mining along with chemicals led the way. Arconic Corp. (ARNC) reported better-than-expected results and announced its new beverage can capacity is fully sold out at attractive pricing. Not owning United States Steel Corp. (X) was a positive, as the company underperformed. In chemicals, Olin Corp. (OLN) outperformed as progress on their

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strategic plan under a new CEO and a strong cyclical recovery led to another beat-and-raise quarter. Tronox Holdings Plc (TROX) benefited from the cyclical recovery and improved pricing in its end markets, such as paint, packaging, and industrial.

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.

Our above-mentioned underweight to financials offset narrow underperformance from security selection. James River Group Holdings Ltd. (JRVR) announced a large charge and issued equity to shore up capital levels. We exited the position. First Merchants Corp. (FRME) underperformed along with other banks as the yield curve flattened. First Midwest Bancorp, Inc. (FMBI) was hampered by investors’ view that a merger of equals with Old National Bancorp (ONB) has high execution risk.

Performance in consumer discretionary was muted. 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. Not owning Penn National Gaming Inc. (PENN) also helped, as the company was down 27% for the 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.

Outlook

Still Crazy After All These Years (Paul Simon)

When the Reddit craziness broke loose, we had hoped it would reverse prior to the rebalancing of the Russell indices. Unfortunately that was not the case, and it will likely have ramifications for our small cap value strategy going forward. Some of the meme stocks were rebalanced out of the benchmark. Oddly, given the cutoff dates for determining the index constituents, AMC Entertainment Holdings, Inc. (AMC) will remain in our benchmark. It is now a $30 billion company and comprises approximately 150 basis points of the Russell 2000® Value Index. The next-largest weight in the benchmark, Ovintiv Inc. (OVV), is roughly one-third the size, at 53 basis points. In addition, biotech exposure in the index more than doubled. Biotech now makes up over 6% of the Russell 2000® Value Index. Its weight was 2.5% prior to rebalance. Our largest active exposures in small cap value are not owning AMC Entertainment Holdings, Inc. (AMC) and biotech, summing to almost 8% of the benchmark. This is an opportunity and a threat. If AMC Entertainment Holdings, Inc. (AMC) returns to what we think is a more realistic value, say $5–$10, and if biotech stocks underperform, we and other active managers should have a relative performance tailwind. Obviously, the reverse could be true. Since these stocks’ valuations do not seem to be tethered to fundamentals, either could happen. We do believe earnings, cashflow and valuation will ultimately rule the day. How long will it take? We don’t know.

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 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 (06/30/03) Integrity Small Cap Value Equity (Gross) 4.37 28.26 82.58 9.89 13.54 11.73 12.39 Integrity Small Cap Value Equity (Net) 4.11 27.63 80.76 8.80 12.41 10.62 11.28

Russell 2000® Value Index 4.56 26.69 73.28 10.27 13.62 10.85 9.98 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 CAP VALUE EQUITY STRATEGY – REPRESENTATIVE ACCOUNT

TOP 10 ACTIVE OVERWEIGHTS TOP 10 ACTIVE UNDERWEIGHTS

Ticker Company Name Active Weight Ticker Company Name Active Weight

WLL Whiting Petroleum Corp. 1.06 AMC AMC Entertainment Holdings, Inc. Class A -1.56

AA Alcoa Corporation 1.05 SSB South State Corporation -0.39

PACW PacWest Bancorp 1.01 VLY Valley National Bancorp -0.36

SNV Synovus Financial Corp. 0.98 CIT CIT Group Inc. -0.35

GPRE Green Plains Inc. 0.97 NVTA Invitae Corp. -0.34

OLN Olin Corporation 0.85 ESNT Essent Group Ltd. -0.34

SEM Select Medical Holdings Corp. 0.85 SIGI Selective Insurance Group, Inc. -0.33

SF Stifel Financial Corp. 0.84 ADC Agree Realty Corporation -0.32

PFGC Performance Food Group 0.83 GT Goodyear Tire & Rubber Company -0.32

SHOO Steven Madden, Ltd. 0.80 GBCI Glacier Bancorp, Inc. -0.31

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INTEGRITY SMALL CAP VALUE EQUITY STRATEGY – REPRESENTATIVE ACCOUNT

NEW POSITIONS CLOSED POSITIONS

Ticker Company Name Ticker Company Name AIMC Altra Industrial Motion Corp. AEO American Eagle Outfitters, Inc. ANF Abercrombie & Fitch Co. Class A BCC Boise Cascade Co. AXL American Axle & Manufacturing Holdings BLDR Builders FirstSource, Inc. BHF Brighthouse Financial, Inc. BXS BancorpSouth Bank BKD Brookdale Senior Living Inc. CAKE Cheesecake Factory Incorporated CHK Chesapeake Energy Corporation CIT CIT Group Inc. DEA Easterly Government Properties Inc. CLF Cleveland-Cliffs Inc. FHI Federated Hermes, Inc. Class B CRK Comstock Resources, Inc. GT Goodyear Tire & Rubber Company CTB Cooper Tire & Rubber Company GVA Granite Construction Incorporated CZR Caesars Entertainment Inc. HLIT Harmonic Inc. DCO Ducommun Incorporated HPP Hudson Pacific Properties, Inc. DNOW NOW Inc. LPI Laredo Petroleum, Inc. FLR Fluor Corporation SBRA Sabra Health Care REIT, Inc. GT Goodyear Tire & Rubber Company UNVR Univar Solutions Inc. IVZ Invesco Ltd. WHD Cactus, Inc. Class A JRVR James River Group Holdings Ltd. KBR KBR, Inc. KSS Kohl’s Corporation KTB Kontoor Brands, Inc.

NCLH Norwegian Cruise Line Holdings Ltd.

OEC Orion Engineered Carbons SA

SCVL Shoe Carnival, Inc. TPC Tutor Perini Corporation TPR Tapestry, Inc. WAL Western Alliance Bancorp

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Integrity Small Cap Value Equity strategy focuses on small-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 V17.055 // 2Q 2021 INTGY Small Cap Val Strategy COM

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