Milliman Variable insurance Trust 485BPOS
Exhibit 99(h)(vii)
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 April 28, 2023.
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:
With
respect to each Fund, the Adviser ▇▇▇▇▇▇ 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 April 28, 2023 and continue through April 29, 2024.
| 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.
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Milliman Financial Risk Management LLC |
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By: |
/s/▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇, Principal & Senior Director |
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Date: |
April 13, 2023 |
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| ACCEPTED BY: |
Milliman Variable Insurance Trust, on behalf of the Funds |
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By: |
/s/▇▇▇▇
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▇▇▇▇ ▇▇▇▇▇▇▇, President |
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Date: |
April 13, 2023 |
APPENDIX A
Funds
Milliman 6-Month Buffered S&P 500 with Par Up Outcome
Strategy
| 1. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul |
| 2. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug |
| 3. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep |
| 4. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct |
| 5. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov |
| 6. | Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec |
Milliman 6-Month Parred Down S&P 500 with Par Up Outcome
Strategy
| 7. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul |
| 8. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug |
| 9. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep |
| 10. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct |
| 11. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov |
| 12. | Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec |
Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome
Strategy
| 13. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Jan |
| 14. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Feb |
| 15. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Mar |
| 16. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Apr |
| 17. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - May |
| 18. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Jun |
| 19. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 with Spread Outcome Fund - Jul |
| 20. | Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug |
Milliman 1-Year Floored S&P 500 with Par Up Outcome Strategy
| 21. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan |
| 22. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb |
| 23. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar |
| 24. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr |
| 25. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May |
| 26. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun |
| 27. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul |
| 28. | Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug |
Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker
Cap Outcome Strategy
| 29. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan |
| 30. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb |
| 31. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar |
| 32. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr |
| 33. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May |
| 34. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun |
| 35. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul |
| 36. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug |
Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with
Stacker Cap Outcome Strategy
| 37. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Jan |
| 38. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Feb |
| 39. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Mar |
| 40. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Apr |
| 41. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - May |
| 42. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Jun |
| 43. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Jul |
| 44. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & ▇▇▇▇▇▇▇ 2000 with Stacker Cap Outcome Fund - Aug |
Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with
Stacker Cap Outcome Strategy
| 45. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan |
| 46. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb |
| 47. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar |
| 48. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr |
| 49. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May |
| 50. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun |
| 51. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul |
| 52. | Milliman 1-Year ▇▇▇▇▇▇▇▇ S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug |
Milliman 6-Year ▇▇▇▇▇▇▇▇ S&P 500 with Par Up Outcome
Strategy
| 53. | Milliman 6-Year ▇▇▇▇▇▇▇▇ S&P 500 with Par Up Outcome Fund - Jan (I) |
| 54. | Milliman 6-Year ▇▇▇▇▇▇▇▇ S&P 500 with Par Up Outcome Fund - Apr (I) |
| 55. | Milliman 6-Year ▇▇▇▇▇▇▇▇ S&P 500 with Par Up Outcome Fund - Jul (I) |
Milliman 6-Year Parred Down S&P 500 with Par Up Outcome
Strategy
| 56. | Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I) |
| 57. | Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I) |
| 58. | Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I) |
