Envision Capital Management Inc

Item 5 Fees and Compensation
Fees for supervisory services on individual portfolios
Our annual fees for Investment Supervisory Services are based on a percentage of assets under
management. That percentage varies based on the bond sector. Our fee schedule is:
   •   Municipals:                            .43%
   •   Investment Grade Corporates:           .60%
   •   Split-rated corporates:                .75%
   •   High yield:                            1.00%
Fees may be negotiated for other reasons deemed appropriate by management.
There are no other fees associated with Envision Capital’s services.
We bill fees quarterly, in advance, at the beginning of each calendar quarter. Fees are based on the
value (market value or fair market value in the absence of market value), of the client's account at the
end of the previous quarter. We debit fees from the account in accordance with the client authorization
in the Client Services Agreement. The ability to debit fees from client accounts should in no way be
construed as actual or constructive custody of client accounts.
Negotiated Advisory Fees
Although Envision Capital Management, Inc. has established the aforementioned fee schedule, at
Management’s discretion we may negotiate alternative fees on a client-by-client basis. The specific
annual fee schedule is identified in the Investment Advisory Agreement and Fee Sheet signed by each
client governing their all-inclusive relationship with ECMI.
Refunding fees
On termination of an account, any prepaid, unearned fees are promptly refunded. In calculating a
client’s reimbursement of fees, Envision will prorate the reimbursement according to the number of
days remaining in the billing period. ECMI does not impose a penalty charge when discontinuing a
client account.
The fee refund procedure is:
   1. Custom billing statements are run from the Advent system for the time period the client should be
      charged for
   2. This generates the prorated fee for the time period in question
   3. Subtract this amount from the total amount that was billed in advance and debited from the client’s
      account
   4. The result is the amount to be refunded which is remitted to the client in the form of a check.
Terminating the advisory relationship
Either party may cancel their client relationship at any time.
Mutual fund fees paid by clients
All fees paid to Envision Capital Management, Inc. for investment advisory services are separate and
distinct from the fees and expenses charged by mutual funds and/or ETFs to their shareholders. These
fees and expenses are described in each fund's prospectus. These fees will generally include a
management fee, other fund expenses, and a possible distribution fee.

Additional fees and expenses
Along with our advisory fees, clients are also responsible for the fees and expenses charged by
custodians and imposed by broker dealers, including, but not limited to, any transaction charges
imposed by a broker dealer with which an independent investment manager effects transactions for the
client's account(s) known as trade-away fees. Please refer to the Brokerage Practices section (Item 12)
of this Form ADV Part 2A for additional information.
Compensation to employees
Firm policy prohibits supervised persons from accepting compensation for the sale of securities or
other investment products, including asset-based sales charges or service fees from the sale of mutual
funds. Our employees are well compensated with a salary and a discretionary bonus. There is no
commission paid to any ECMI employee. In this way, our employees are independent from all client
investment decisions and are free to act exclusively in the client’s best interests.
Investing in ECMI’s recommendations through others
A client could invest in a security recommended by ECMI directly, without our services. In that case,
the client would not receive the services provided by our firm which are designed, among other things,
to assist the client in determining which securities are most appropriate to their financial condition and
objectives. Accordingly, the client should review both the fees charged by others and our fees to
determine the total fees to be paid and evaluate the advisory services being provided.
Composition of ECMI’s fees
Envision Capital derives 100 percent of its fee revenue from advisory fees based on assets under
management. No part of ECMI’s fees come from distribution fees, commissions, or mark-ups.
Other advisors
Similar advisory services may (or may not) be available from other registered (or unregistered)
investment advisers for similar or lower fees.
Limited Prepayment of Fees
Under no circumstances do we require or solicit payment of fees in excess of $1200 more than six
months in advance of services rendered.

Item 7: Types of Clients
Envision Capital Management, Inc. provides investment advisory services mostly to high-net-worth
individuals.
Minimum account size
As of January 1, 2025, a minimum of $1 million of assets under management is required for our
service. This minimum size allows us to create a portfolio that avoids undue concentration in any single
sector, classification, or security. Pre-existing advisory clients are subject to Envision Capital
Management, Inc.'s minimum account requirements and advisory fees in effect at the time the client
entered into the advisory relationship. Therefore, our firm's minimum account requirements may differ
among clients.

This minimum account size may be negotiable under certain circumstances. At Management’s
discretion, Envision Capital Management, Inc. may group certain related client accounts for the
purposes of achieving the minimum account size and determining the annualized fee.