Issue link: https://resources.envestnet.com/i/1540867
© 2025 Envestnet, Inc. All rights reserved. For one-on-one use with a client's financial advisor only. 75 Investors Often Focus on Fees, Not Taxes Core Bond: Morningstar Intermediate Core Bond Universe average. Large Cap: Morningstar US Large Blend Universe average. Small Cap: Morningstar US Small Blend Universe average. Expense Ratio: Morningstar Prospectus Net Expense Ratio. Tax Drag: Morningstar 3-year average of the Tax Cost Ratio. All data as of 3/31/2025. This analysis includes passive and active mutual funds and exchange-traded funds. Morningstar's tax cost ratio assumes the highest possible applicable tax rate, including the 3.8% net investment income tax. Many investors are not subject to the highest rates. Note that tax drag calculations only apply to taxable accounts. 0.76% 0.97% 0.56% 1.25% 1.19% 1.34% Large Cap Small Cap Core Bond Expense Ratio Tax Drag 20251017-4912642