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ERS ADV Part 2B 1 ERS Investment Committee-Part 2B March 31, 2025 Investment Committee of Envestnet Retirement Solutions, LLC 150 N. Riverside Plaza, Suite 2050 Chicago, IL 60606 Mailing Address: 1000 Chesterbrook Blvd, Suite 250 Berwyn, PA 19312 March 31, 2025 This Brochure Supplement provides information about the Investment Committee that supplements the Envestnet Retirement Solutions, LLC (“ERS”) brochure. Also, doing business as Envestnet Workplace Fiduciary Solutions and Envestnet Capital Management. You should have received a copy of that brochure. Please contact us at 866-318-4015 if you did not receive an ERS brochure or if you have any questions about the contents of this Brochure Supplement. The information in this Brochure Supplement has not been filed with, approved, or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Additional information about some of the supervised persons of the Investment Committee listed herein is available on the SEC’s website at www.adviserinfo.sec.gov. 2 ERS Investment Committee-Part 2B March 31, 2025 Table of Contents Item 2 – Educational Background and Business Experience ................................................................................................... 3 Item 3 – Disciplinary Information ........................................................................................................................................... 6 Item 4 – Other Business Activities .......................................................................................................................................... 6 Item 5 – Additional Compensation ......................................................................................................................................... 7 Item 6 – Supervision ............................................................................................................................................................... 7 3 ERS Investment Committee-Part 2B March 31, 2025 Item 2 – Educational Background and Business Experience ERS is an investment management firm registered as an investment adviser with the SEC since 2013. ERS provides investment management and investment advisory services to retirement plan sponsors (“Plan Sponsors”) for use with the Plan Sponsors’ plans (each a “Plan”). In the performance of advisory services, ERS is acting as a fiduciary to the Plan under the Employee Retirement Income Security Act of 1974, as amended, (ERISA) and the Investment Advisers Act of 1940. ERS acts with the care, skill, prudence, and diligence that a prudent person, with the same capacity and the same information, in a similar situation would act. Additionally, ERS provides sub-advisory investment management services (including but not limited to asset allocation, and capital market assumptions) to certain Collective Investment Trusts (“CITs”). These CITs are sponsored by unaffiliated trust companies and are exempt from registration under the Investment Company Act of 1940, as amended. For information regarding a CIT that utilizes ERS as a subadvisor please consult the offering documents and/or disclosure documents for the CIT in question. Access to CITs is limited to certain qualified individuals and organizations. ERS is a subsidiary of Envestnet, Inc. (NYSE:ENV), a publicly held company. The Investment Committee of ERS, (“Investment Committee”) utilizes shared resources for investment management, due diligence research applications, and asset allocation modeling of its affiliate Envestnet Asset Management, Inc. The following members of the Investment Committee are shared resources: Brandon Thomas, Dana D’Auria, Janis Zvingelis, Erik Preus, Ryan Tagal and Ling-Wei Hew. The Investment Committee consists of the following members: Brandon Thomas (Born 1963), Co-Founder and Co-Chief Investment Officer Mr. Thomas co-chairs the Investment Committee and has responsibilities that include the development and implementation of Envestnet’s investment policy. He also leads the firm’s proprietary research department, Quantitative Research Group (“QRG”). Additionally, Mr. Thomas is also the President and Chief Investment Officer of QRG Capital Management, Inc., a wholly-owned subsidiary 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. Dana D’Auria (Born 1977), Group President Envestnet Solutions and Co-Chief Investment Officer Dana D’Auria joined Envestnet, Inc. (NYSE: ENV) as Co-Chief Investment Officer in September 2020. She plays a key role in the ongoing growth and alignment of Envestnet’s fiduciary solutions, as well as its research, overlay, and portfolio management resources. Ms. D’Auria, has nearly 15 years of experience managing and implementing investment solutions for wealth managers. Prior to joining Envestnet, Ms. D’Auria was with Symmetry Partners for 15 years where she served as Managing Director from Nov. 2017 – Sept. 2020; Director of Research from April 2013 – Oct. 2017; Investment Committee member from August 2010 – Sept. 2020; President of the Panoramic Mutual Funds July 2018 – Sept. 2020. Ms. D’Auria holds the CFA® designation and earned both her MBA (in Finance) and BA (in English and International Studies) from Fairfield University. Janis Zvingelis (Born 1972), PhD, CFA®, Director of Quantitative Research Mr. Zvingelis is responsible for leading Envestnet's research efforts involving quantitative finance, such as capital market forecasts, asset allocation strategies, portfolio implementation, and tax optimization. He is integral in creating and automating a hedge fund, mutual fund, and SMA universe analysis, peer-group, and rank methodologies; all based on fuzzy clustering and RBSA statistical concepts. He has developed and implemented portfolio optimization methodology; involving alternative investments as part of a long-only (buy and hold) portfolio. He has also created and 4 ERS Investment Committee-Part 2B March 31, 2025 deployed methodology for constructing fund-level portfolios. He brings knowledge of a variety of quantitative and statistical techniques to the analysis of financial research projects. Mr. Zvingelis runs the Quantitative Research Group and is a member of the Investment Committee. Mr. Zvingelis was the Vice President – Director of Research, Retirement Solutions at Envestnet Asset Management, Inc. prior to his current role. In this role he created and deployed a company-wide methodology for asset return input calculations, asset class hierarchy, and asset class portfolio construction based on Bayesian, Black-Litterman, and bootstrap resampling methods. He implemented an optimal annuity product mix selection in the retirement sector with various input dimensions. He carried out various return simulation studies, driven by efficient simulation and general return distribution assumptions. He also advised and guided wealth accumulation and retirement income methodology creation. Mr. Zvingelis earned his Ph.D. in finance from The University of Iowa. He also holds a MA degree in economics/econometrics and an MSc degree in statistics, both from the University of Iowa as well as an MSc in Financial Mathematics from The University of Chicago. Mr. Zvingelis obtained his Bachelor of Arts degree, summa cum laude, in economics from Central College in Pella, Iowa. He has written and published several research papers in finance and theoretical statistics. Mr. Zvingelis is a CFA® charterholder with the CFA Institute, which consists of 250 hours of study and three six-hour exams. Erik Preus (Born 1965), Group Head of Investment Management In his role, Erik Preus is co-chair of the Investment Committee and is responsible for the oversight and leadership of the investment solutions we offer to our clients in a variety of areas, including Tax Overlay, Sustainable Investing, Retirement Fiduciary Services, CIO Support, and packaged portfolio solutions. These solutions are designed to bring Envestnet's institutional research, due diligence, investment solutions and consulting expertise to our clients to empower their financial advisors to enhance client outcomes. Mr. Preus joined Envestnet in 2014 via Envestnet’s acquisition of Placemark Investments, where he was head of enterprise sales and business development. Mr. Preus has over 25 years of experience in the investment services industry, with considerable time spent in both investment management and investment consulting firms. Prior to joining Placemark, Mr. Preus was President of the RBC Funds and Head of Strategic Relationships for RBC Global Asset Management. While at RBC, Mr. Preus also served as Director of Investment Consulting Services within RBC’s U.S. Wealth Management business. Prior to RBC, Mr. Preus held management and business development positions with Nicholas|Applegate, Delaware Investments, Jeffrey Slocum & Associates, and SEI Capital Resources. Mr. Preus earned his Bachelor’s degree from the United States Air Force Academy, and he holds an MBA from the University of Dayton and an MA from the University of Hawaii. He is also a CFA® charterholder. Ryan Tagal, (Born 1972), Principal Director, Product Management Ryan Tagal is the Principal Director of Product Management at Envestnet. In this role, he oversees all product management and development for PMC’s suite of product and service offerings. This includes product oversight of Envestnet’s managed portfolios, consulting, and research offerings. He also participates in the overall leadership and management of Envestnet, 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. 5 ERS Investment Committee-Part 2B March 31, 2025 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. Mr. Tagal holds an SB in Physics from MIT and an MBA from the University of Chicago Booth School. Sarah Abernathy (Born 1982), Principal Director, Retirement Fiduciary, and Investment Solutions Ms. Abernathy is responsible for oversight of the fiduciary methodologies and processes employed across Envestnet Retirement Solutions’ services. She is also responsible for developing investment product solutions for Envestnet PMC. Prior to joining Envestnet in 2018, Ms. Abernathy served as the Director of Consulting Services for FDx Advisors. In that role, she consulted with advisors on custom proposals for high-net-worth clients, was a lead portfolio manager on the firm’s proprietary asset allocation program and was a voting member of the Investment Research Group. Ms. Abernathy holds a bachelor’s degree with dual majors in Finance and Economics, and a minor in Spanish, from the University of Northern Iowa, and an MBA from the University of Iowa. She has earned the CFA and CAIA charters, and is a member of the CFA Institute, the CFA Society of Iowa, and the CAIA Association. John Plamondon, (Born 1979), Retirement Fiduciary Services Director In his role, John Plamondon develops investment solutions that assist financial advisers in achieving optimal outcomes for their clients. Mr. Plamondon joined ERS in 2015 and Envestnet in 2019 after Envestnet’s acquisition of ERS. He is also adjunct faculty at DePaul University’s Kellstadt Graduate School of Business where he lectures on risk and portfolio management. Mr. Plamondon has over 15 years of experience in the research and technology industries. Prior to joining ERS, Mr. Plamondon was a research project coordinator and adjunct professor in the Driehaus College of Business at DePaul University, where he taught courses in financial statement analysis and introductory finance. His academic work on exchange-traded funds has been published in the Journal of index Investing and he has presented working papers at the American Accounting Association’s annual conference. Prior to joining DePaul University, Mr. Plamondon was the chairman of an early-stage medical technology company that focused on the development of new devices for use in emergent care. Mr. Plamondon holds Bachelor’s degrees in Finance and Political Science from DePaul University and holds Master of Science degrees in Finance and Computational Finance from the Kellstadt Graduate School of Business. He is also a CFA® charterholder. Ling-Wei Hew (Born 1987), Principal Director, Investment Research In this role, Ms. Hew oversees the team of analysts responsible for conducting research and due diligence on third-party, multi-asset, strategist managers featured on the firm’s platform, and enhancing the development of the firm’s research in this area. In addition, Ms. Hew also serves on the investment committee for Envestnet. Prior to joining Envestnet in 2016, Ms. Hew spearheaded the research on ETF managed portfolio strategies at Morningstar, Inc. In this role, she was responsible for educating key industry players on best practice standards and industry trends through the publication of white papers, landscape reports, and firm and strategy due diligence. Ms. Hew holds a BA in economics from Wellesley College and an MBA from UCLA. She has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Los Angeles. 6 ERS Investment Committee-Part 2B March 31, 2025 David Cohan (Born 1989), Retirement Fiduciary Services Director Mr. Cohan is responsible for overseeing the quarterly fiduciary reporting process and supporting the development of fiduciary products and methodologies deployed across Envestnet Retirement Solutions’ services. Mr. Cohan joined Envestnet in 2015 and Envestnet | PMC in 2019. Prior to joining Envestnet in 2015, Mr. Cohan completed a BS in Finance and a Minor in Accounting from DePaul University. Item 3 – Disciplinary Information No member of the ERS Investment Committee has been convicted, pled guilty or nolo contendere to any felony, a misdemeanor that involved investments or an investment-related business, or a conspiracy to commit any of these offenses. No member of the ERS Investment Committee is the named subject of a pending criminal proceeding or has been found to have been involved in a violation of an investment related business, nor has been the subject of any order, judgment, or decree permanently or temporarily enjoining, or otherwise limiting, them from engaging in any investment related business. No member of the ERS Investment Committee has been found to have caused an investment related business to lose its authorization to do business or was found to have been involved in a violation of an investment-related statue or regulation before the SEC, any other federal regulatory agency, any state regulatory agency or any foreign financial regulatory authority. No member of the ERS Investment Committee has been found to have caused an investment related business to lose it authorization to do business or was found to have been involved in a violation of a self-regulatory organizations (SRO) rules nor was barred, expelled or suspended from membership or association with other members, or fined more than $2,500 by any SRO. No member of the ERS Investment Committee has any other proceedings in which their professional attainment, designation, or license has been revoked or suspended because of a violation of rules relating to their professional conduct. Item 4 – Other Business Activities The following members of the ERS Investment Committee are engaged in investment-related outside business activities and receive additional compensation from these outside investment-related businesses: Mr. Thomas is the Co-Chief Investment Officer of Envestnet Asset Management, Inc. (EAM) Mr. Thomas is also the President and Chief Investment Officer of QRG Capital Management, Inc. EAM and QRG are both wholly-owned subsidiaries of Envestnet, Inc. Dana D’Auria is the Co-Chief Investment Officer of EAM. Ms. D’Auria also serves on the Board of Ategenos Capital, LLC. Janis Zvingelis is employed by EAM as Head of Quantitative Research. Mr. Zvingelis is also the Principal and Director of Quantitative Research for QRG. Erik Preus is Group Head of Investment Management with EAM. Ryan Tagal is Principal Director Product Management with EAM. Ling Wei-Hew is a Principal Director Investment Research with EAM. Sarah Abernathy is Investment Product Development of EAM. In this role, Ms. Abernathy’s responsibilities include leading the research, design, and development of novel investment strategies for EAM. These strategies are then implemented by the EAM wealth solutions teams through model portfolios and/or custom portfolios for high net worth individuals. 7 ERS Investment Committee-Part 2B March 31, 2025 Item 5 – Additional Compensation No member of the ERS Investment Committee receives any additional compensation or economic benefit for providing advisory services to a non-client of ERS. Item 6 – Supervision Erik Preus reports directly to Dana D’Auria, Co-Chief Investment Officer. Ms. D’Auria can be reached at (484) 750-2035. Dana D’Auria reports directly to Thomas Sipp, EVP, Envestnet Business Lines. Mr. Sipp can be reached at (650) 980-3774. Janis Zvingelis reports directly to Brandon Thomas, Co-Founder and Co-Chief Investment Officer. Mr. Thomas can be reached at (312) 827-2822. Brandon Thomas and Sarah Abernathy report directly to Erik Preus, Group Head of Investment Management. Mr. Preus can be reached at (650) 638-8206. John Plamondon and David Cohan report directly to Sarah Abernathy, Principal Director. Ms. Abernathy can be reached at (303) 824-8255. Ryan Tagal and Ling-Wei Hew report directly to Todd Rais, Head, Investment Research and CIO Support. Mr. Rais can be reached at (303) 824-8238. The ERS Investment Committee oversees all investment management, research and portfolio management processes and services provided by ERS. ------------------------------------------ The Chartered Financial Analyst (CFA) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. The Chartered Alternative Investment Analyst (CAIA) designation is an investment related credential awarded by the CAIA Association to individuals who meet its experience and educational requirements and successfully complete the two-tiered CAIA curriculum. Eligible candidates are required to have either four years of professional work experience or, alternatively, at least one year of professional work experience in conjunction with a U.S. bachelor’s degree (or equivalent). Designees must also pass Levels I and II of the CAIA examination, which addresses issues, such as due diligence, portfolio management and monitoring, and risk management.