Envestnet Asset Management Inc

Item 5 – Fees and Compensation

Clients in the Programs pay a program fee (each, a “Program Fee”) to Envestnet from which Envestnet pays the
applicable Sub-Managers, Model Providers fees and third-party service providers as described herein.
Envestnet takes instruction from the Advisor with regards to how Client’s billing should be set-up and
administered. As described below, certain Advisors may not use Envestnet for their billing services, in which

Envestnet Asset Management-Form ADV Part 2A                                          June 30, 2026

case Envestnet is paid by invoicing the Advisor instead of debiting Client’s account. Depending on the services
utilized by the Advisor, the Program Fee also includes investment management services comprised of client
profiling assistance, strategic asset allocation assistance, style allocation assistance, research and evaluation of
investment strategies and Funds, account performance calculations, account rebalancing, account reporting,
account billing administration, and other operational and administrative services. However, Clients whose
Advisors perform or utilize a third-party to perform certain of these services listed above may pay a lower
Program Fee.

As one of its services, Envestnet performs account billing administration, whereby Envestnet, acting as billing
service provider, deducts the Program Fee, the fees charged by Advisor and the custodian fee from the Client’s
account and pays the applicable parties. However, Client’s Advisor and the custodian utilized may
independently deduct such fees from the Client’s accounts. The Advisor’s fees may be processed by Envestnet
but are paid directly to the Advisor. Advisors may also choose to bundle the Advisor fee and the Program Fee
to present one fee to Client and pay Envestnet separately. Please note that in coordinating the processing of
Advisor’s fee with the custodian, Envestnet is acting as an outsourced, processing agent for the Advisor and
does not undertake a duty to supervise Advisor’s fee disclosure to Client. On average, the fee charged by
Advisor will range from approximately 0.80% to 1.10%; however, Clients should separately refer to Advisor’s
Form ADV Part 2A and fee schedule in the client agreement with Advisor for a description of Advisor’s fees for
Client’s particular account(s).

Envestnet does not require a Client to utilize a particular executing broker-dealer or custodian and currently
has relationships with many executing broker-dealers and custodians that provide brokerage, clearing and
custody services to Clients in the Programs. The choice of which custodian to utilize is determined by the
Advisor or Client in consultation with their Advisor. An Advisor that does not have a direct custodian
relationship may utilize Envestnet’s contractual custodial arrangement and fee schedule in servicing Client’s
account. Accounts leveraging the Envestnet arrangement with Pershing Advisory Solutions will be charged a
range of 0.04% to 0.25% for custody, calculated on a tiered basis 1, with a portion of that fee retained by
Envestnet for additional administrative support services. For those firms that rely on Envestnet’s agreement
with Fidelity Brokerage Services for custodial services, the fee range is from 0.05% to 0.28%, calculated on a
linear basis 2, which is paid directly to Fidelity with no fees retained by Envestnet. The actual fee charged
within the ranges noted depends on assets invested, program type, and possible householding discounts for
clients with multiple accounts at the same custodian. Additionally, Client’s Advisor may ask Envestnet to
exclude certain assets from the fee calculations, and custodial minimums may also apply based on custodian
and the dollar value of aggregate assets in an account(s). Please consult with your Advisor for details on the
custodial fees assessed to your account.

Certain fees are not included in the Program Fee shown below; the most significant of which is the fee charged
by the Advisor, which generally range from approximately 0.80% to 1.10%. Even if Client is utilizing custodial
asset-based pricing, certain fees charged by a broker or custodian may also be assessed (described more fully
below in “Other Issues Relating to Fees”). The Program Fees shown below includes assumed brokerage,
clearing and custody fees based on a percentage of Client’s assets held in the Program, but do not include
assumed fees charged by the Advisor.                Clients will generally pay an asset-based fee for the
brokerage/custody/clearing services provided by the broker or custodian (as opposed to transaction-based
fees such as commissions). For certain custodial relationships, Envestnet is able to present the asset based
custodial fee as part of the Client’s fee schedule in the client agreement between the Advisor and Client. To the
extent that such fees are not included in the fee schedule, the Client will be informed in writing by Advisor.
Clients, through coordination with their Advisor, may utilize transaction-based pricing for clearing and custody
services. In that case, those fees will be disclosed separately to the Client in the applicable custodian’s clearing
and custodial paperwork.

    Tiered - the custodial fee is a blended rate based on the billable account value in each tier.

    Linear - the custodial fee is the rate listed at the highest asset tier based on the billable account value.

Envestnet Asset Management-Form ADV Part 2A                                                                        June 30, 2026

The standard fee schedules for Envestnet’s Programs are as follows, however, lower fees may be separately
negotiated by the Advisor:

                       Program/Portfolio                                         Fees *, **, ***

                       Equity SMA Portfolios                                     0.52%-1.21%

                       Fixed Income SMA Portfolios                               0.38%-0.82%
...

Item 7 – Types of Clients

As described above under Programs, Envestnet provides portfolio management services to individuals, high
net worth individuals, Advisors, banks, trusts, corporate pension and profit-sharing plans, Taft-Hartley plans,
charitable institutions, foundations, endowments, municipalities, registered mutual funds, private investment
funds, trust programs, sovereign funds, foreign funds such as UCITs and SICAVs, and other U.S. and
international institutions.

The Programs are made available by Envestnet through each Client’s independent Advisor, and in certain
limited instances, directly to the Client. Participation in each of the Programs may carry a minimum account
size for any particular portfolio and strategy selected. Generally mutual fund or ETF asset allocation portfolios
will require $10,000 -$50,000 account size minimums. Separately managed accounts for equity strategies will
generally require $100,000 account size minimums and $250,000 account size minimums for fixed income
strategies. Multi-sleeve portfolios will generally require $150,000 account size minimums. The Market Series
QP portfolios have account minimums starting at $60,000 and the Factor Enhanced QP portfolios have account
minimums starting at $100,000. Minimum account sizes may be lowered at the discretion of the portfolio
manager at the request of an Advisor. Accounts funded below the recommended minimums can impact the
account performance, and Clients should discuss any questions with or request further information from their
Advisor in such situations before funding the account.

Envestnet Asset Management-Form ADV Part 2A                                             June 30, 2026