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5 Interval Fund 101 -10% -5% 0% 5% 10% 15% 20% 25% 30% 10.0% 1.9% 6.0% 12.1% 11.1% 20.7% 15.0% 14.2% -0.2% -4.1% 1.1% -4.8% 4.9% 3.6% 0.8% 8.1% Global Large Cap Equities Global Bond U.S. Core Real Estate Global Private Credit U.S. Non-Core Real Estate Global Private Equity Global Venture Capital Hedge Funds Manager Return Dispersion Source: J.P. Morgan Asset Management. Global Large Cap Equities and Global Bond are based on the Morningstar Global Large Stock Blend and Global Bond (not hedged) categories respectively. U.S. Core Real Estate is based on the NCREIF Fund Index- Global Private Credit are represented by Pitchbook fund data. U.S. Non-core Real Estate, Global Private Equity and Global Venture Capital are based on indexes from the MSCI Private Capital Universe, Hedge Funds are based on the Pivotal Path index. Manager dispersion is based on annual returns over a 10-year period ending 1Q 2025 for: Global Large Cap Equities, Global Bond, U.S. Core Real Estate and Hedge Funds and the 10-year internal rate of return (IRR) ending 1Q 2025 for: Global Private Cred it, U.S. Non-core Real Estate, Global Private Equity and Global Venture Capital. Interval funds may offer diversification opportunities because they give access to assets unavailable in the public markets. However, they also have notably higher and more complicated fees than public equity/bond index funds. Since private market investments are generally not required to publish a market value as frequently as public market investments, realized volatility in interval fund share prices may be lower than in traditional mutual funds and exchange-traded funds. (This smoothed volatility is often more significant with equity investments, though.) Interval funds do provide daily estimated net asset values, however. CONCLUSION Interval funds can provide an entry point into private market investing and be used as long-term components of diversified portfolios. While not without risks and constraints unique to each strategy, interval funds offer potential diversification through their investment in assets that have historically shown less than perfect correlations with public markets. Consider an investor's liquidity needs, investment horizon, risk tolerance, and other holdings to determine if an allocation to private markets through interval funds is appropriate. Our Envestnet Private Wealth specialists are ready to consult with you on private market allocations and product selection. 20251218-5072926