Private Wealth Team

13 FOR HOME OFFICE AND ADVISOR USE ONLY. Portfolios Brandon Thomas, Chief Investment Officer Mr. Thomas co-chairs the PMC Investment Committee, and has responsibilities that include the development and implementation of PMC's investment policy. He also leads the firm's Quantitative Research Group ("QRG") and QRG Capital Management, Inc., a wholly-owned unit of Envestnet, Inc. Mr. Thomas received an A.B. in Economics from Brown University, an M.B.A. in Finance and Accounting from the University of Chicago and a J.D. from DePaul University. Greg Classen, CFA, Senior Vice President, Senior Portfolio Manager Greg Classen, CFA, is a Senior Vice President, Portfolio Manager at Envestnet | PMC. He joined the firm in December 2011 and is lead portfolio manager for the enterprise solution programs. Prior to joining the firm, he was Director of Research at FundQuest, and was responsible for the research of mutual funds, exchange-traded funds, variable annuities, and offshore funds as well as the management of client assets. Mr. Classen has over 15 years of industry and investment management experience. He holds a BA in Economics from Williams College and is a CFA charterholder. Ryan Tagal, Director of Product Management, Envestnet | PMC* Ryan Tagal is the Director of Product Management at Envestnet | PMC (PMC). In this role, he oversees all product management and development for PMC's suite of product and service offerings. This includes product oversight of PMC's managed portfolios, consulting, and research offerings. He also participates in the overall leadership and management of PMC, from a strategic positioning standpoint. Prior to his current role, Mr. Tagal was a Vice President of Product Management for Envestnet's Product Group, overseeing product ownership for areas of the Envestnet platform relating to Envestnet's separately managed account program and manager research. Mr. Tagal also acted as the Associate Portfolio Manager for PMC's Paradigm Liquid Alternatives Portfolios and continues to serve on the firm's liquid alternatives group. He was a key member in the development of Envestnet's classification and portfolio construction framework for mutual funds that employ alternative investment strategies. Prior to joining Envestnet, Mr. Tagal led Morningstar's hedge fund initiative. In this role, he oversaw the development of Morningstar's hedge fund database, associated product development, and related research and methodology. Before that, Mr. Tagal was the Director of Quantitative Research at Cerulli Associates where he initiated Cerulli's research in managed accounts, alternative investment products, and hedge funds in the mid-1990's. Mr. Tagal has frequently been quoted in financial publications such as The Wall Street Journal, Barron's, and BusinessWeek as an expert in emerging trends in the hedge fund and managed account industries. He holds an SB in Physics from MIT and an MBA from the University of Chicago Booth School. * non-voting member of the PMC Investment Committee Tim Murphy, Vice President, Senior Portfolio Manager Tim Murphy is a Vice President, Senior Portfolio Manager at Envestnet | PMC. He has been with the firm for over eight years, re-joining in January 2014 as a portfolio manager for the Enterprise Portfolio Solutions team. In addition to the Enterprise Portfolios, Mr. Murphy manages the PMC ActivePassive Portfolios, blending active management with low- cost passive strategies. Prior to joining the firm, he worked as a Research Analyst for Securities Finance Trust covering the banking sector and global capital markets. Mr. Murphy worked at FundQuest, for five years prior to its acquisition by Envestnet, as an Investment Analyst and Head Trader, and was responsible for the research and due diligence of mutual fund managers and exchange-traded funds, as well as the management of client assets. Mr. Murphy possesses over 12 years of industry and investment management experience. He received an MBA from Thunderbird School of Global Management at Arizona State University and a BA in Political Science from Bridgewater State University.

• Cover