Our Business Milliman, Inc. was founded in 1947. It is one of the largest consulting and actuarial firms in the world. Milliman, Inc. offers specialized consulting services in employee benefits, healthcare, life insurance and financial services, property and casualty insurance and investments. Milliman, Inc. is a privately held company, owned by approximately 596 active employees. No one individual owns more than 1% of Milliman. Milliman Advisors, LLC is a wholly owned subsidiary of Milliman, Inc. Investment Advisory Services Milliman offers investment advisory services to institutions including banks or thrift institutions, pension and profit sharing plans, and other corporations or business entities, principally in connection with defined contribution, defined benefit retirement plans, endowments, foundations and post-retirement benefits. Investment Advisory services are offered through Milliman Advisors, LLC. These investment advisory services may include the following: Investment policy. We work with clients both to establish initial investment policies and to revise them as plan philosophy or circumstances change. We can help facilitate discussions within your organization that lead to clearly stated investment policy statements of purpose, objectives and investment guidelines. The resulting investment policy then stands as a guide underlying the actions of fund managers, trustees and other staff. Once established, the investment policy allows new trustees or fund managers to quickly and easily understand your investment philosophy. Asset allocation. We help clients choose asset classes with targeted returns while attempting to minimize risk. Our analysis can include an assessment of your cash inflows, future liabilities, and required returns. Using independent asset class estimates, we can help design a suite of correlated investment managers to work toward your stated goals. Investment structure. We assist clients in identifying strategies and styles they want to use to achieve their investment goals. Once a desired approach is determined, we can use our proprietary database of information on funds, and personal knowledge of manager track records, to select appropriate options for each strategy. Manager evaluation. We evaluate how a manager’s track record stacks up against expected performance and against performance of peers using both quantitative and qualitative elements. Our quantitative analysis uses data from third-party vendors and publicly-available information on a manager’s sector, performance, tenure, analytical method, etc. Our qualitative analysis includes attendance at conferences, WebEx and telephone meetings and in-person meetings. We visit with many managers on a regular basis because we believe regular on-site meetings are invaluable for understanding manager performance. Performance measurement. We use robust tools to provide in-depth, quantifiable evidence of manager skill and performance. We employ automated reporting, using data warehousing to electronically capture data for analysis, which circumvents manual entry errors. Our performance evaluation includes:
• Evaluation of fund management. We evaluate

factors such as depth of professional staff, organization structure, assets under management, and any changes in people or process.
• Absolute and relative performance appraisal. Investment manager performance is compared with previously set goals, as well as that of industry peers and relevant market indices. We offer the latest techniques for comparing manager performance against evolving industry benchmarks and peer measures.
• Risk assessment. We analyze to make sure the total return is within an appropriate level of risk for each portfolio.
• Style analysis. We monitor managers for “style drift” within their respective mandates. Part 2A of Form ADV Milliman Advisors, LLC Page 5 Investment education. We offer investment education services tailored to the needs of each client. Our seminars can include hot topics in the industry, updates on the regulatory environment and future outlooks and investment trends. Pension Risk Transfer services. We offer advice and oversight related to the selection of annuity products in relation to pension risk transfer services. This is generally a one-time service for clients looking to reduce their risk exposure to defined benefit pension plans. This is normally a fee-based service and the value of the pension assets is not included in our calculations of assets under management. Our Approach Milliman seeks to tailor its advisory services to the needs of its institutional clients. We will meet on a scheduled basis mutually agreed to by you and Milliman to review investment performance, client objectives and changes in your financial position. Clients may impose restrictions on investments in certain securities or types of securities. Milliman does not participate in wrap fee programs. Assets under Management and Advisement Milliman advises $2.7 billion of client assets on a non-discretionary basis. Milliman manages $57 million of client assets on a discretionary basis. Both figures are based on account balances as of December 31, 2023. Related Entities A separately-registered Milliman sister company – Milliman Financial Risk Management LLC (“FRM”) – provides hedging and asset allocation services to life insurers, banks, mutual funds, fund managers, reinsurers, and other types of clients. Further information on FRM is available on the Milliman website – www.milliman.com - or the SEC adviser site www.adviserinfo.sec.gov. A FINRA-registered broker/dealer – Milliman Investment Management Services LLC (“MIMS”) – provides limited brokerage services to their clients. MIMS does not currently provide services to clients of Milliman Advisors, LLC. Milliman is a wholly owned subsidiary of Milliman, Inc. Milliman Advisors, LLC succeeded to the registration of Milliman, Inc. As of January 1, 2019, all the advisory employees, advisory assets, advisory obligations and advisory services were transferred from Milliman, Inc. to Milliman Advisors, LLC. Non-advisory elements remain with Milliman, Inc.