Product Table

Reset Month

Frequency

Downside

Upside

Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Buffer	Remaining Downside Before Buffer	Remaining Upside Par Rate		Remaining Option Premium / Discount	Outcome Period Days Remaining
Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund (Current/Net) As of 05/31/2023
Jan/Jul	$8.33	3.48%	6.65%	-0.57%	Upside Participation	11.32% / 11.22%	-4.29% / -4.39%	68.45% / 68.38%		-0.02% / -0.13%	40
Feb/Aug	$8.49	1.07%	2.18%	-0.45%	Upside Participation	10.12% / 9.93%	-1.81% / -2.00%	69.12% / 68.99%		-0.33% / -0.52%	71
Mar/Sep	$9.34	5.30%	8.24%	-0.26%	Upside Participation	11.36% / 11.10%	-5.49% / -5.75%	73.85% / 73.64%		0.13% / -0.15%	103
Apr/Oct	$9.28	0.22%	1.72%	-0.71%	Upside Participation	10.45% / 10.10%	-1.07% / -1.42%	65.17% / 64.93%		0.03% / -0.32%	132
May/Nov	$9.52	0.21%	1.02%	-0.57%	Upside Participation	10.06% / 9.62%	-0.85% / -1.28%	72.33% / 72.01%		-0.12% / -0.56%	163
Jun/Dec	$10.02	3.22%	4.74%	-0.28%	Upside Participation	10.24% / 10.21%	-3.83% / -3.86%	82.97% / 82.94%		-0.07% / -0.11%	12
Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Buffer	Remaining Downside Before Buffer	Remaining Upside Par Rate		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan (I)	$8.62	-12.42%	-10.50%	-9.36%	Within Buffer	11.42% / 6.91%	0.00% / -4.47%	110.40% / 105.47%		0.80% / -3.70%	1,685
Jan (II)	$10.03	0.30%	4.94%	-1.49%	Upside Participation	21.19% / 15.92%	-2.57% / -7.85%	112.57% / 106.48%		2.72% / -2.84%	2,051
Apr (I)	$9.37	-5.07%	-5.27%	-3.95%	Within Buffer	14.75% / 10.09%	-0.79% / -5.46%	123.33% / 117.53%		-0.79% / -5.46%	1,776
Apr (II)	$9.97	-0.30%	1.72%	-1.17%	Upside Participation	19.99% / 14.43%	-1.36% / -6.92%	118.87% / 112.16%		0.65% / -5.03%	2,141
Jul (I)	$10.49	6.71%	8.44%	-2.99%	Upside Participation	15.67% / 11.25%	-10.56% / -14.98%	120.11% / 114.18%		-1.21% / -6.09%	1,867
Oct (I)	$10.66	7.76%	15.71%	1.97%	Upside Participation	25.48% / 20.58%	-5.38% / -10.28%	106.69% / 101.17%		9.11% / 3.46%	1,959
Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Buffer	Remaining Downside Before Buffer	Remaining Upside Before Spread	Remaining Spread	Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan	$8.99	4.54%	6.65%	-0.75%	Upside Above Spread	10.17% / 9.60%	-5.44% / -6.01%	0.00% / -0.61%	1.60% / 2.18%	-1.54% / -2.14%	224
Feb	$9.34	1.41%	2.18%	-0.35%	Upside Above Spread	9.88% / 9.20%	-2.05% / -2.73%	0.00% / -0.69%	1.99% / 2.67%	-1.99% / -2.67%	257
Mar	$9.79	6.64%	8.24%	-0.21%	Upside Above Spread	10.21% / 9.49%	-6.64% / -7.36%	0.00% / -0.77%	1.17% / 1.89%	-1.10% / -1.86%	285
Apr	$9.29	0.87%	1.72%	-0.78%	Partial Spread Remaining	9.72% / 8.88%	-1.80% / -2.64%	0.00% / -0.85%	2.02% / 2.85%	-1.80% / -2.64%	315
May	$9.57	0.53%	1.02%	-0.69%	Partial Spread Remaining	9.61% / 8.69%	-1.30% / -2.22%	0.00% / -0.93%	1.95% / 2.87%	-1.30% / -2.22%	345
Jun	$9.93	-0.52%	7.15%	-4.57%	Upside Above Spread	10.97% / 10.94%	-5.04% / -5.07%	0.00% / -0.03%	0.51% / 0.54%	-0.21% / -0.24%	12
Jul	$10.03	1.15%	8.44%	-4.67%	Upside Above Spread	10.37% / 10.27%	-6.64% / -6.74%	0.00% / -0.11%	0.98% / 1.08%	-0.63% / -0.74%	40
Aug	$9.35	-6.31%	-0.72%	-5.50%	Within Buffer	9.31% / 9.12%	-0.03% / -0.23%	0.00% / -0.19%	3.03% / 3.22%	-0.03% / -0.23%	71
Sep	$9.86	-1.20%	1.69%	-1.75%	Partial Spread Remaining	10.20% / 9.93%	-1.29% / -1.57%	0.00% / -0.28%	2.42% / 2.70%	-1.29% / -1.57%	103
Oct	$10.62	13.20%	15.71%	0.25%	Upside Above Spread	10.23% / 9.91%	-11.99% / -12.30%	0.00% / -0.36%	0.79% / 1.10%	-0.61% / -0.97%	132
Nov	$10.38	4.00%	5.65%	0.10%	Upside Above Spread	10.54% / 10.12%	-4.27% / -4.69%	0.00% / -0.44%	1.73% / 2.15%	-1.70% / -2.13%	163
Dec	$10.26	2.70%	4.74%	-0.31%	Upside Above Spread	10.69% / 10.18%	-3.39% / -3.90%	0.00% / -0.52%	1.92% / 2.42%	-1.89% / -2.41%	194
Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Downside Before Floor		Remaining Upside Par Rate		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan	$8.46	3.17%	6.65%	-0.60%	Upside Participation	-13.70% / -14.22%		72.08% / 71.65%		0.45% / -0.16%	224
Feb	$8.34	0.48%	2.18%	-0.34%	Upside Participation	-11.04% / -11.66%		70.97% / 70.48%		0.40% / -0.30%	257
Mar	$8.70	5.33%	8.24%	-0.17%	Upside Participation	-14.91% / -15.56%		78.12% / 77.52%		0.51% / -0.26%	285
Apr	$8.49	-0.35%	1.72%	-0.88%	Upside Participation	-10.73% / -11.49%		69.50% / 68.91%		0.47% / -0.39%	315
May	$9.58	-0.10%	1.02%	-0.83%	Upside Participation	-10.83% / -11.66%		74.70% / 74.00%		-0.07% / -1.00%	345
Jun	$9.89	-0.91%	7.15%	-4.22%	Upside Participation	-14.31% / -14.34%		64.26% / 64.24%		-0.03% / -0.06%	12
Jul	$9.92	-0.60%	8.44%	-4.68%	Upside Participation	-14.97% / -15.06%		64.89% / 64.82%		0.06% / -0.05%	40
Aug	$9.28	-7.00%	-0.72%	-5.37%	Downside Before Floor	-9.81% / -9.98%		69.07% / 68.94%		0.09% / -0.11%	71
Sep	$9.85	-1.29%	1.69%	-1.56%	Upside Participation	-11.06% / -11.31%		68.20% / 68.01%		0.13% / -0.15%	103
Oct	$10.51	9.12%	15.71%	0.37%	Upside Participation	-17.70% / -17.99%		66.34% / 66.10%		0.41% / 0.06%	132
Nov	$10.35	3.69%	5.65%	-0.04%	Upside Participation	-13.72% / -14.10%		77.01% / 76.67%		-0.01% / -0.45%	163
Dec	$10.25	2.60%	4.74%	-0.41%	Upside Participation	-13.09% / -13.55%		75.39% / 75.00%		0.02% / -0.50%	194
Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Downside Par Rate		Remaining Upside Par Rate		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan/Jul	$8.23	3.65%	6.65%	-0.52%	Upside Participation	51.25% / 51.19%		71.75% / 71.67%		0.07% / -0.03%	40
Feb/Aug	$8.10	1.00%	2.18%	-0.30%	Upside Participation	50.44% / 50.34%		72.05% / 71.92%		-0.05% / -0.24%	71
Mar/Sep	$8.87	5.22%	8.24%	-0.49%	Upside Participation	51.32% / 51.18%		76.98% / 76.77%		0.22% / -0.06%	103
Apr/Oct	$9.15	0.11%	1.72%	-0.75%	Upside Participation	50.73% / 50.55%		69.18% / 68.93%		0.16% / -0.20%	132
May/Nov	$9.46	0.11%	1.02%	-0.60%	Upside Participation	50.43% / 50.21%		73.35% / 73.03%		-0.04% / -0.48%	163
Jun/Dec	$10.02	3.07%	4.74%	-0.25%	Upside Participation	50.58% / 50.56%		80.09% / 80.06%		-0.04% / -0.07%	12
Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Downside Par Rate		Remaining Upside Par Rate		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan (I)	$8.48	-13.85%	-11.24%	-12.16%	Downside Participation	50.83% / 48.54%		101.65% / 97.09%		-7.55% / -11.70%	1,693
Jan (II)	$9.90	-1.00%	4.08%	-1.15%	Upside Participation	52.38% / 49.53%		109.12% / 103.20%		3.44% / -2.18%	2,059
Apr (I)	$9.22	-6.56%	-5.27%	-3.80%	Downside Participation	50.12% / 47.77%		109.36% / 104.21%		-1.77% / -6.39%	1,776
Jul (I)	$10.21	5.87%	8.44%	-2.43%	Upside Participation	50.77% / 48.26%		114.23% / 108.59%		-0.31% / -5.23%	1,867
Oct (I)	$10.48	5.67%	14.76%	2.44%	Upside Participation	53.97% / 51.17%		103.78% / 98.39%		10.45% / 4.71%	1,967
Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Returns	Fixed Income Contribution	Index Strategy Zones (Primary/Secondary)	Remaining Buffer	Remaining Downside Before Buffer	Remaining Cap		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan	$9.17	6.50%	6.65% / 27.20%	-0.81%	Upside Below Cap / Capped Upside	8.36% / 7.80%	-6.47% / -7.03%	7.16% / 6.51%		6.17% / 5.53%	224
Feb	$9.61	4.34%	2.18% / 15.84%	-0.28%	Upside Below Cap / Capped Upside	7.20% / 6.54%	-4.45% / -5.11%	9.61% / 8.85%		4.53% / 3.80%	257
Mar	$9.63	4.67%	8.24% / 20.49%	-0.39%	Capped Upside / Capped Upside	11.78% / 11.05%	-4.68% / -5.41%	8.85% / 8.01%		8.85% / 8.01%	285
Apr	$9.30	0.98%	1.72% / 9.22%	-0.83%	Upside Below Cap / Capped Upside	9.57% / 8.73%	-1.10% / -1.95%	10.90% / 9.96%		6.17% / 5.27%	315
May	$10.54	-0.09%	1.02% / 6.79%	-0.74%	Upside Below Cap / Capped Upside	10.17% / 9.24%	0.00% / -0.93%	11.87% / 10.82%		6.58% / 5.59%	345
Jun	$11.00	10.20%	7.15% / 20.46%	-4.31%	Upside Below Cap / Capped Upside	1.96% / 1.94%	-10.13% / -10.16%	1.49% / 1.46%		0.13% / 0.10%	12
Jul	$10.89	9.10%	8.44% / 20.18%	-4.60%	Upside Below Cap / Capped Upside	3.63% / 3.54%	-9.15% / -9.24%	2.01% / 1.90%		1.97% / 1.86%	40
Aug	$10.01	0.31%	-0.72% / 6.55%	-5.56%	Within Buffer / Upside Below Cap	2.66% / 2.48%	-1.10% / -1.29%	9.21% / 9.00%		-0.21% / -0.40%	71
Sep	$10.61	6.32%	1.69% / 11.89%	-1.97%	Upside Below Cap / Capped Upside	3.01% / 2.76%	-6.60% / -6.86%	7.20% / 6.90%		0.93% / 0.65%	103
Oct	$11.48	15.11%	15.71% / 30.45%	0.05%	Capped Upside / Capped Upside	8.58% / 8.28%	-13.68% / -13.98%	3.99% / 3.62%		3.99% / 3.62%	132
Nov	$10.99	10.11%	5.65% / 22.82%	0.01%	Upside Below Cap / Capped Upside	5.14% / 4.75%	-9.67% / -10.07%	6.55% / 6.08%		3.55% / 3.09%	163
Dec	$10.82	8.30%	4.74% / 21.76%	-0.54%	Upside Below Cap / Capped Upside	5.47% / 4.99%	-8.09% / -8.57%	7.74% / 7.17%		3.93% / 3.38%	194
Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Returns	Fixed Income Contribution	Index Strategy Zones (Primary/Secondary)	Remaining Buffer	Remaining Downside Before Buffer	Remaining Cap		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan	$8.90	3.49%	5.77% / -1.92%	-1.75%	Upside Below Cap / Below Contribution Range	9.45% / 8.85%	-3.72% / -4.32%	9.75% / 9.06%		0.09% / -0.53%	232
Feb	$9.26	0.54%	1.35% / -6.83%	-3.07%	Upside Below Cap / Below Contribution Range	7.22% / 6.53%	-0.81% / -1.52%	10.22% / 9.43%		-2.64% / -3.34%	265
Mar	$9.50	3.37%	7.35% / 0.85%	-0.49%	Upside Below Cap / Upside Below Cap	12.21% / 11.45%	-3.46% / -4.22%	11.38% / 10.49%		3.96% / 3.14%	293
Apr	$9.22	0.00%	0.89% / 0.86%	-1.19%	Upside Below Cap / Upside Below Cap	9.44% / 8.58%	-0.12% / -0.99%	12.59% / 11.61%		0.39% / -0.48%	323
May	$9.70	-2.86%	3.41% / -0.13%	-4.83%	Upside Below Cap / Below Contribution Range	9.93% / 9.93%	0.00% / 0.00%	14.05% / 14.05%		0.44% / 0.44%	0
Jun	$10.21	2.29%	6.27% / -0.70%	0.43%	Upside Below Cap / Below Contribution Range	12.58% / 12.53%	-3.15% / -3.20%	13.94% / 13.88%		3.35% / 3.29%	20
Jul	$10.47	4.89%	7.55% / 3.22%	-0.14%	Upside Below Cap / Upside Below Cap	10.71% / 10.58%	-5.48% / -5.60%	10.36% / 10.22%		4.56% / 4.43%	48
Aug	$9.44	-5.40%	-1.54% / -9.22%	-10.48%	Within Buffer / Below Contribution Range	2.31% / 2.11%	0.00% / -0.21%	10.58% / 10.35%		-6.28% / -6.48%	79
Sep	$10.01	0.30%	0.86% / -6.21%	-2.41%	Upside Below Cap / Below Contribution Range	7.34% / 7.05%	-0.98% / -1.28%	13.23% / 12.89%		-2.57% / -2.87%	111
Oct	$11.16	11.90%	14.76% / 5.66%	-0.09%	Capped Upside / Upside Below Cap	10.31% / 9.97%	-11.18% / -11.52%	6.85% / 6.45%		2.82% / 2.43%	140
Nov	$10.52	5.40%	4.78% / -4.29%	2.22%	Upside Below Cap / Below Contribution Range	10.64% / 10.20%	-5.62% / -6.06%	14.04% / 13.51%		1.05% / 0.58%	171
Dec	$10.45	4.60%	3.88% / -1.70%	-0.63%	Upside Below Cap / Below Contribution Range	7.93% / 7.41%	-4.82% / -5.34%	11.51% / 10.90%		-1.74% / -2.28%	202
Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Returns	Fixed Income Contribution	Index Strategy Zones (Primary/Secondary)	Remaining Buffer	Remaining Downside Before Buffer	Remaining Cap		Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan	$8.97	4.30%	5.77% / 5.00%	-0.86%	Upside Below Cap / Upside Below Cap	9.59% / 9.00%	-4.47% / -5.07%	9.51% / 8.82%		4.98% / 4.32%	232
Feb	$9.38	1.96%	2.18% / -2.09%	-0.13%	Upside Below Cap / Below Contribution Range	9.58% / 8.90%	-2.21% / -2.89%	11.56% / 10.79%		-0.21% / -0.90%	257
Mar	$9.53	3.59%	7.35% / 3.28%	-0.66%	Upside Below Cap / Upside Below Cap	11.85% / 11.09%	-3.66% / -4.42%	10.42% / 9.55%		5.93% / 5.09%	293
Apr	$9.18	-0.33%	0.89% / 1.67%	-1.37%	Upside Below Cap / Upside Below Cap	9.57% / 8.70%	0.00% / -0.87%	12.16% / 11.19%		1.34% / 0.45%	323
May	$10.48	4.95%	3.41% / 11.49%	-4.85%	Upside Below Cap / Capped Upside	2.69% / 2.69%	-5.65% / -5.65%	4.71% / 4.71%		0.42% / 0.42%	0
Jun	$10.70	7.19%	6.27% / 9.59%	-5.19%	Upside Below Cap / Capped Upside	2.88% / 2.83%	-7.58% / -7.63%	1.93% / 1.88%		0.52% / 0.47%	20
Jul	$10.72	7.40%	7.55% / 15.88%	-5.45%	Upside Below Cap / Capped Upside	3.53% / 3.42%	-7.69% / -7.81%	2.34% / 2.20%		1.73% / 1.59%	48
Aug	$10.00	0.20%	-1.54% / 7.67%	-6.02%	Within Buffer / Capped Upside	1.56% / 1.36%	-0.97% / -1.19%	8.20% / 7.97%		0.56% / 0.35%	79
Sep	$10.57	5.91%	0.86% / 12.96%	-2.76%	Upside Below Cap / Capped Upside	1.91% / 1.63%	-6.22% / -6.51%	6.93% / 6.61%		-0.17% / -0.47%	111
Oct	$11.35	13.80%	14.76% / 26.76%	-0.17%	Capped Upside / Capped Upside	8.76% / 8.43%	-12.66% / -13.00%	4.04% / 3.65%		4.04% / 3.65%	140
Nov	$10.87	8.90%	4.78% / 13.25%	-0.31%	Upside Below Cap / Capped Upside	5.16% / 4.74%	-8.66% / -9.08%	7.35% / 6.86%		3.57% / 3.09%	171
Dec	$10.63	6.40%	3.88% / 7.92%	-0.68%	Upside Below Cap / Upside Below Cap	6.28% / 5.77%	-6.43% / -6.94%	8.94% / 8.34%		3.96% / 3.39%	202
Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund (Current/Net) As of 05/31/2023
Reset Month	Fund NAV	Fund Return	Index Return	Fixed Income Contribution	Index Strategy Zone	Remaining Buffer		Remaining Upside Before Trigger	Remaining Defined Return	Remaining Option Premium / Discount	Outcome Period Days Remaining
Jan/Jul	$10.41	4.10%	4.94%	-0.78%	Above Trigger	9.18% / 9.08%		0.00% / -0.11%	1.34% / 1.23%	1.34% / 1.23%	40
Feb/Aug	$10.26	2.60%	2.18%	-0.47%	Above Trigger	8.64% / 8.45%		0.00% / -0.19%	2.67% / 2.48%	2.67% / 2.47%	71
Mar/Sep	$10.44	4.40%	8.24%	-0.22%	Above Trigger	12.22% / 11.95%		0.00% / -0.28%	2.93% / 2.65%	2.93% / 2.65%	103
Apr/Oct	$10.67	0.19%	1.72%	-0.87%	Above Trigger	10.31% / 9.96%		0.00% / -0.36%	4.15% / 3.78%	4.15% / 3.78%	132
May/Nov	$10.84	-0.18%	1.02%	-0.76%	Above Trigger	10.26% / 9.82%		0.00% / -0.44%	5.23% / 4.77%	5.23% / 4.76%	163
Jun/Dec	$10.71	7.21%	4.74%	-0.38%	Above Trigger	6.57% / 6.54%		0.00% / -0.03%	0.41% / 0.37%	0.40% / 0.37%	12

Other Funds

Milliman Money Market Fund

Risk Disclosures

The funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. The potential returns an investor can receive from an investment in any of the above funds is subject to each fund's specific parameters (i.e., cap, participation rate, buffer, floor, and spread). There is no guarantee that the outcomes for an outcome period will be realized. A shareholder may lose their entire investment. For more information regarding whether an investment in these funds is right for you, please see the funds' prospectus.

Current figures are net of accrued Outcome Period expenses to date. Net figures include Outcome Period expenses yet to be incurred.

Investing involves risks. Loss of principal is possible. The funds face numerous market risks, including: fixed income risk, active markets risk, participation rate change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market risk, non-diversification risk, operation risk, options risk, FLEX options risk, trading issues risk, upside participation risk and valuation risk.

The fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

Any reference to a market index is included for illustrative purposes only, as it is not possible to directly invest in an index. Indices are unmanaged, hypothetical vehicles that serve as market indicators and do not account for the deduction of management fees or transaction costs generally associated with investable products, which otherwise have the effect of reducing the results of an actual investment portfolio.

The fund invests in fixed income assets, from which a portion of the expected yield is derived to support the fund's overall investment strategy. This is atypical from a traditional investment in fixed income assets, whereby the investor directly receives income from the fixed income positions. Because the fund invests in fixed income assets, some credit risk is introduced, and the strategy may not achieve its desired objective.

The information, products, or services described or referenced herein are intended to be for informational purposes only. This material is not intended to be a recommendation, offer, solicitation or advertisement to buy or sell any securities, securities related product or service, or investment strategy, nor is it intended to be to be relied upon as a forecast, research or investment advice.

Options Strategies

Buffer Strategy - Designed to provide a cushion against a specified percentage of losses in the Fund's S&P 500 Index exposure (the "Buffer") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Floor Strategy - Designed to limit losses in the Fund's S&P 500 Index exposure to a specified percentage (the "Floor") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Par Up Strategy - Designed to provide participation in the gains of the S&P 500 Index at a declared participation rate (the "Par Up Rate") if the S&P 500 Index experiences gains during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Par Down Strategy - Designed to limit losses in the Fund's S&P 500 Index exposure at a declared participation rate (the "Par Down Rate") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Spread Strategy - Designed to provide participation in the gains of the S&P 500 Index if the S&P 500 Index experiences gains during the Outcome Period that exceed a declared spread, excluding fees, expenses, and any allocation to cash and/or money markets (the "Spread").

Stacker Cap Strategy - Designed to provide participation in the gains of the S&P 500 Index up to a declared cap (the "S&P 500 Index Cap") if the S&P 500 Index experiences gains during the Outcome Period plus additional gains equal to any upside market performance of a secondary market index (the S&P 500 Index and each secondary market index is referred to as a "Reference Index," and, collectively, the "Reference Indices") up to a declared cap (such cap together with the S&P 500 Index Cap, the "Index Caps," and, each, an "Index Cap") if that secondary Reference Index experiences gains during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Trigger Strategy - Designed to produce a fixed rate of return that is only "triggered" (i.e., paid to the Fund) if the value of the S&P 500 Index or a corresponding exchange-traded fund ("ETF") is unchanged or increases over the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets (the "Trigger Rate").

Definitions

Floor - A mechanism which seeks to protect an investment from a net decline in the S&P 500 up to a maximum loss during the Outcome Period. For a 15% floored investment, a 20% net decline in the S&P 500 would result in a 15% decrease in the investment, excluding fees, expenses, and any allocation to cash and/or money markets.

Buffer - A mechanism which seeks to protect an investment from a net decline in the S&P 500 up to a set amount during the Outcome Period. For a 10% buffer investment, a 25% net decline in the S&P 500 would lead to a 15% decrease in the investment, excluding fees, expenses, and any allocation to cash and/or money markets.

Cap - Represents the maximum rate of return in each Reference Index that an investor can achieve from an investment in the Fund over the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Outcome Period - The outcome period begins on the day Milliman transacts in the FLEX Options and ends on the day those FLEX Options expire.

Spread - The minimum net gain the S&P 500 Index must surpass for the Fund to participate in any additional net gain of the S&P 500 Index during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Upside Par Rate - The rate at which an investment in the fund participates in net price gains in the S&P 500 Index during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets. If the S&P 500 Index experiences net gains for the Outcome Period, an investor in the Fund will only experience a percentage of those gains (equal to the Par Up Rate multiplied by the S&P 500 Index gains, excluding, expenses, and any allocation to cash and/or money markets).

Trigger Rate - A fixed rate of return that will be paid to the Fund if the value of the S&P 500 Index or corresponding ETF at the end of the Outcome Period is equal to or greater than the strike price of the Binary Options purchased by Milliman on the first day of the Outcome Period (such strike price being equal to the approximate value of the S&P 500 Index or corresponding ETF on that date).

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