FEE WAIVER AGREEMENT Milliman Variable Insurance Trust
This Agreement (“Agreement”) is made by Milliman Financial Risk Management LLC (the “Adviser”), investment adviser to the series of
Milliman Variable Insurance Trust (the “Trust”) identified on Appendix A (each, a “Fund,” and collectively, the “Funds”), effective as of ___________, 2021.
WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management
company of the series type, and each Fund is a separate series of the Trust; and
WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement (the “Advisory Agreement”), pursuant to
which the Adviser provides investment advisory services to each Fund for compensation based on the value of the average daily net assets of that Fund; and
WHEREAS, the Adviser has determined that it is appropriate and in the best interests of each Fund and its shareholders to waive a
portion of the Adviser’s management fee in an amount equal to a Fund’s acquired fund fees and expenses.
NOW, THEREFORE, by execution of this Agreement, intending to be legally bound hereby, the Adviser agrees as follows:
1. Fee Waiver.
With respect to each Fund, the Adviser hereby agrees to waive a portion of the Fund’s management fee in an amount equal to the Fund’s
acquired fund fees and expenses for a period to commence on __________, 2021 and continue through __________, 2022.
2. Termination of Agreement.
(a) This Agreement may be terminated during the term of the Agreement by the Adviser or the Trust, without payment of any penalty, upon ninety (90) days prior written notice to the other at its
principal place of business; provided that, in the case of termination by the Trust, such action shall be authorized by resolution of a majority of the Board of Trustees of the Trust (the “Board”) and a majority of the Trustees of the Trust who (i)
are not “interested persons” of the Trust or any other party to this Agreement, as defined in the 1940 Act, and (ii) have no direct or indirect financial interest in the operation of this Agreement, or by a vote of a majority of the outstanding
voting securities of the Trust. Any termination pursuant to this paragraph 2(a) shall become effective on the date as specifically agreed upon by the Adviser and the Trust.
(b) Notwithstanding Section 2(a) of this Agreement, the Adviser may not terminate or modify this Agreement without requesting and receiving approval of the Board.
IN WITNESS WHEREOF, the Adviser has caused this Agreement to be effective as of the day and year first above written.
Milliman Financial Risk Management LLC
By :
[Name], [Title]
ACCEPTED BY: Milliman Variable Insurance Trust,
on behalf of each Fund
By:
[Name], [Title]
APPENDIX A
Funds
Milliman S&P 500 6-Month Buffer with Par Up Strategy
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1.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - Jan/Jul
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2.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - Feb/Aug
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3.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - Mar/Sep
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4.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - Apr/Oct
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5.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - May/Nov
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6.
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Milliman S&P 500 6-Month Buffer with Par Up Fund - Jun/Dec
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Milliman S&P 500 6-Month Par Down with Par Up Strategy
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7.
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Milliman S&P 500 6-Month Par Down with Par Up Fund - Jan/Jul
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8.
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Milliman S&P 500 6-Month Par Down with Par Up Fund - Feb/Aug
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9.
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Milliman S&P 500 6-Month Par Down with Par Up Fund - Mar/Sep
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10.
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Milliman S&P 500 6-Month Par Down with Par Up Fund - Apr/Oct
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11.
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Milliman S&P 500 6-Month Par Down with Xxx Xx Xxxx - Xxx/Xxx
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00.
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Milliman S&P 500 6-Month Par Down with Par Up Fund - Jun/Dec
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Milliman S&P 500 1-Year Buffer with Spread Strategy
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13.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Jan
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14.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Feb
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15.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Mar
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16.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Apr
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17.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Sep
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18.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Oct
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19.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Nov
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20.
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Milliman S&P 500 1-Year Buffer with Spread Fund – Dec
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Milliman S&P 500 1-Year Floor with Par Up Strategy
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21.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Jan
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22.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Feb
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23.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Mar
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24.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Apr
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25.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Sep
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26.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Oct
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27.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Nov
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28.
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Milliman S&P 500 1-Year Floor with Par Up Fund – Dec
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Strategy
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29.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Jan
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30.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Feb
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31.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Mar
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32.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Apr
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33.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Sep
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34.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Oct
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35.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Nov
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36.
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Milliman S&P 500 & Nasdaq 1-Year Buffer with Stacker Cap Fund – Dec
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Strategy
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37.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Jan
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38.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Feb
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39.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Mar
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40.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Apr
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41.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Sep
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42.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Oct
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43.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Nov
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44.
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Milliman S&P 500 & Xxxxxxx 2000 1-Year Buffer with Stacker Cap Fund – Dec
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Strategy
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45.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Jan
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46.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Feb
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47.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Mar
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48.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Apr
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49.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Sep
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50.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Oct
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51.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Nov
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52.
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Milliman S&P 500 & MSCI EAFE 1-Year Buffer with Stacker Cap Fund – Dec
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Milliman S&P 500 6-Year Buffer with Par Up Strategy
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53.
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Milliman S&P 500 6-Year Buffer with Par Up Fund - Jan (I)
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54.
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Milliman S&P 500 6-Year Buffer with Par Up Fund - Apr (I)
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55.
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Milliman S&P 500 6-Year Buffer with Par Up Fund - Oct (I)
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Milliman S&P 500 6-Year Par Down with Par Up Strategy
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56.
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Milliman S&P 500 6-Year Par Down with Par Up Fund - Jan (I)
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57.
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Milliman S&P 500 6-Year Par Down with Par Up Fund - Apr (I)
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58.
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Milliman S&P 500 6-Year Par Down with Par Up Fund - Oct (I)
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