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FOR ONE-ON-ONE USE WITH A CLIENT'S FINANCIAL ADVISOR ONLY Envestnet | PMC Investment Methodology Guide | 19 years of performance history, the Emerging Strategy attribute may be removed. Portfolios who receive the "Emerging Strategy" portfolio attribute receive the "Approved- Qualitative" research status. Faith-Based These are investment strategies that adhere to religious mandates (e.g. US Conference of Catholic Bishops investment guidelines, Sharia compliance, Jewish values). These portfolios receive the "Faith-Based" portfolio attribute along with the "Available", "Approved-Quantitative", or "Approved-Quantitative" research status. Minority/Women-Owned Portfolios that carry this portfolio attribute are Investment strategies managed by firms with majority (greater than 51%) woman and/or minority ownership. Minority is defined as individuals who are Asian, Black, Hispanic and/or Native American. These portfolios receive the Monitory/ Women-Owned portfolio attribute along with the "Available", "Approved- Quantitative", or "Approved- Quantitative" research status. PMC Premium Portfolio Attributes SMAs and mutual funds on the PMC Approved Qualitative List may receive one or more PMC Premium Attributes that provide insight into the strategy's respective style tilts or portfolio characteristics . Since strategies can have more than one PMC Premium Attribute, this filter will identify those products that have ALL of the selected attributes . Note: only Premium Research subscribers can view this attribute. Select Portfolios with a select attribute have undergone PMC's due diligence process and are actively monitored through PMC's quantitative and qualitative processes on an ongoing basis .The PMC due diligence process monitors third-party money managers through periodic reviews .These managers have been thoroughly vetted by a team of experienced research analysts .The process includes statistical analysis, on-site visits, and qualitative assessments of managers' ability to execute their strategies . The PMC Research team designates high-conviction product ideas in each investment style, which includes mutual funds, SMAs, and strategist portfolios. These portfolios receive the research status of "Approved- Qualitative" along with the "Select" portfolio attribute. Note that PMC managed portfolios are not eligible for the "Select" portfolio attribute, as this category is reserved for analyst coverage of nonproprietary portfolios only. Watch Watch portfolios have been assigned the "Approved-Qualitative" research status, but have experienced a significant event, including, but not limited to: changes in key investment personnel; change in the investment process used and/or significant departure from the proprietary ratings methodology; material underperformance; or regulatory concerns . These portfolios are subject to ongoing monitoring and review to determine if the PMC Research team should remove them from the Approved List. One or more of the following Watch portfolio attributes might be assigned to a portfolio that is on watch: Watch - Assets: Strategy or vehicle assets have declined to a level that creates concern around the long-term viability of the product and/or the investment team's ability to manage the product effectively around persistent redemptions/outflows. Watch - Firm Ownership Change: The firm offering the investment strategy has recently been involved in a merger, acquisition, or other ownership change which merits increased scrutiny around product rationalization, retention of key investment personnel, and consistency of the strategy's investment philosophy and process. Watch - Performance: The strategy's recent or long-term performance has fallen outside of the PMC Research Team?s expectations given our understanding of the product's investment philosophy and process. Watch - Personnel Turnover: The investment team managing the strategy has experienced either elevated personnel turnover across the team or the departure of a single key person which has led PMC Research to question the team's ability to successfully execute their investment philosophy and process going forward. Watch - Other: The investment strategy has experienced an event that PMC Research has deemed worth of heightened scrutiny. Research Content Analysts publish Analyst Opinions, Analyst Updates, Analyst Alerts and Scorecards for portfolios they cover. All research content is available to PMC CIO Support and Investment Consulting Services clients only. Analyst Opinions An Analyst Opinion is an in-depth qualitative assessment of a portfolio, averaging about one page in length. It is written when initial due diligence is conducted on a portfolio, and is usually updated once every 12-18 months. Analyst Updates Analyst Updates are produced periodically for products according to their approval classification. These are short write-ups, focused on the portfolio's most recent performance and attribution, the portfolio manager's market commentary, and the outlook for the next six to nine months. Where pertinent, these write- ups also include any recent changes in 4 Access to SMA and Mutual Fund AnalystTakes is treated as a premium option, although full Premium Research is not required. Access is coordinated through the PMC Consulting team.

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