Milliman - Capital Group Hedged U.S. Growth Fund - Feb/May/Aug/Nov

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 investment objective 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.

Investors purchasing shares of a fund using this strategy after an option execution date may experience very different results than the fund's investment objective. Following the initial option expiry, each subsequent option execution date will begin on the tenth day of the month the fund was incepted. After the expiry of the options, new options will be executed for the following three month period. Depending upon market conditions at the time of purchase, investors who purchase shares after the option execution date has occured may also lose their entire investment. An investment in the fund is only appropriate for investors willing to bear those losses.

^1. Represents the maximum rate of return that an investor can achieve through the fund's equity exposure, which excludes any allocation to cash and/or money markets from an investment in the Fund over the full period where the options are active prior to expiration, excluding fees and expenses.

^2. The Buffer Hedging Strategy is not operative against the first 5% of losses in the portfolio's equity exposure, excluding any allocation to cash and/or money markets. The Buffer Hedging Strategy offers downside protection for the following 15% of losses in the portfolio's equity exposure, up to a 20% loss, excluding any allocation to cash and/or money markets.

^3. The results shown are historical, for informational purposes only, and do not guarantee future results. 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.

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

Investing involves risks. Loss of principal is possible. The funds face numerous market risks, including: 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, OTC options risk, trading issues risk, upside participation risk and valuation risk.

Over-The-Counter (OTC) Options Risk: The Funds may also utilize OTC options. OTC options are two-party contracts with negotiated strike prices and expiration dates and differ from exchange-traded options in that OTC options are transacted with dealers directly and not through a clearing corporation. Because OTC options are not guaranteed for settlement by a clearing broker, they are generally considered to have greater counterparty risk than exchange-traded options, such as FLEX Options, which are issued and guaranteed for settlement by the OCC and their clearing houses ("clearing members") rather than a bank or a broker. A less liquid trading market may adversely impact the value of the Fund's OTC options and therefore the NAV of the Fund. In addition, because there can be no assurance that a liquid secondary market will exist for any particular OTC option at any specific time, the Fund may be required to treat some or all of its OTC options as illiquid securities.

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.

Growth-Oriented Stocks Risk. Growth-oriented common stocks may experience larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks. Further, the Fund's investments in growth oriented common stocks are based upon the methods and analyses, including models, tools and data, employed by the Sub-Adviser in indicating the stocks that it believes should comprise the Investable Universe. The Fund is subject to the risk that such methods and analyses may not produce the desired results. Smaller Capitalization Companies Risk. Having exposure to smaller companies may pose additional risks than investing in larger companies. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

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.