(the “Trust”)
Supplement
dated
for the following series of the Trust
(each, a “Fund,” and collectively, the “Funds”):
Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - June/Dec
Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - June/Dec
Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Funds’ Prospectus.
The current Outcome Period for each Fund will end and, simultaneously, a new Outcome Period will commence on December 12, 2022 (the “New
Outcome Period”). As of December 5, 2022, the estimated ranges of each Fund’s Par Up
Rate for the New Outcome Period are available on the Funds’ website at https://millimanfunds.com/trending-rates, and will
be updated on a daily basis. Milliman Financial Risk Management LLC, the Funds’ investment adviser (“Milliman”),
will not calculate the definitive rate applicable to each Fund’s New Outcome Period until the commencement of such Fund’s
New Outcome Period (the “actual rate”), which will be based on (i) evaluation by Milliman of prevailing market conditions
on the first day of the New Outcome Period, and (ii) the total number of long call options contracts on the S&P 500 Index or corresponding
ETF that Milliman is able to purchase at that time (the number of which will depend, in part, upon the expected income from the Collateral
Portfolio and the Put Spread Strategy). Accordingly, there is no guarantee that any actual rate will fall within the estimated ranges
posted on the Funds’ website on any given day.
Investors should retain this supplement for future reference.