FEE WAIVER AGREEMENT Milliman Variable Insurance Trust
Milliman Variable Insurance Trust N-1A/A
Exhibit 99.(d)(ii)
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 December 3, 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 xxxxxx 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 December 3, 2021 and continue through December 31, 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: /s/ Xxxx Xxxxxxx
Xxxx Xxxxxxx, Trustee
ACCEPTED BY:
Milliman Variable Insurance Trust,
on behalf of each Fund
By: /s/ Xxxxx Xxxxxxx
Xxxxx Xxxxxxx, Principal & Senior Director
2
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 Xxxxxxxx S&P 500 with Spread Outcome Strategy
| 13. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - Jan |
| 14. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - Feb |
| 15. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - Mar |
| 16. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - Apr |
| 17. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - May |
| 18. | Milliman 1-Year Xxxxxxxx S&P 500 with Spread Outcome Fund - Jun |
| 19. | Milliman 1-Year Xxxxxxxx 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 Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Strategy
| 29. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan |
| 30. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb |
| 31. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar |
| 32. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr |
| 33. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May |
| 34. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun |
| 35. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul |
| 36. | Milliman 1-Year Xxxxxxxx S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug |
A-1
Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Strategy
| 37. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Jan |
| 38. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Feb |
| 39. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Mar |
| 40. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Apr |
| 41. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - May |
| 42. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Jun |
| 43. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Jul |
| 44. | Milliman 1-Year Xxxxxxxx S&P 500 & Xxxxxxx 2000 with Stacker Cap Outcome Fund - Aug |
Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy
| 45. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan |
| 46. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb |
| 47. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar |
| 48. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr |
| 49. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May |
| 50. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun |
| 51. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul |
| 52. | Milliman 1-Year Xxxxxxxx S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug |
Milliman 6-Year Xxxxxxxx S&P 500 with Par Up Outcome Strategy
| 53. | Milliman 6-Year Xxxxxxxx S&P 500 with Par Up Outcome Fund - Jan (I) |
| 54. | Milliman 6-Year Xxxxxxxx S&P 500 with Par Up Outcome Fund - Apr (I) |
| 55. | Milliman 6-Year Xxxxxxxx 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) |
A-2
