# EDGAR Filing Document

**Accession Number:** 0001844255
**File Stem:** 0001387131-23-001795
**Filing Date:** 2023-2
**Character Count:** 11877
**Document Hash:** aa5542f8a02a2ca5af986a14f4eb3583
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001795.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001387131-23-001795

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Milliman Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001844255
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-257356
- **FILM NUMBER:** 23614296

**BUSINESS ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE
- **STREET 2:** 31ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 726-0677

**MAIL ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE
- **STREET 2:** 31ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073302)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230119 |

---

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb (Series ID: S000073308)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230125 |

---

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb (Series ID: S000073317)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230134 |

---

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb (Series ID: S000073326)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230143 |

---

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb (Series ID: S000073335)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230152 |

---

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb (Series ID: S000073344)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230161 |

---

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073354)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230171 |

---

## Series and Classes Contracts Data

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230119 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb (Series ID: S000073308)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230125 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb (Series ID: S000073317)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230134 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb (Series ID: S000073326)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230143 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb (Series ID: S000073335)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230152 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb (Series ID: S000073344)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230161 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073354)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230171 | Class 3      |  |

?xml version="1.0" encoding="utf-8"?

**Milliman Variable Insurance Trust**

**(the "Trust")**

**Supplement dated February 10, 2023 to the Prospectus dated April 29, 2022** 

**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 - Feb/Aug

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb

The below tables replace the corresponding tables included in the "Fund Summaries" section of the prospectus for each Fund:

**1.** **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund** - **Feb/Aug** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;68.57% |

---

\* The performance of the Fund's upside S&P 500 Index FLEX Options' exposure is calculated by multiplying the Par Up Rate by the positive returns of the S&P 500 Index for the Outcome Period. That performance is then reduced by the Fund's total net expenses.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Buffer** | &nbsp;&nbsp;**Buffer** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;9.51% |

---

**2.** **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;71.43% |

---

\* The performance of the Fund's upside S&P 500 Index FLEX Options' exposure is calculated by multiplying the Par Up Rate by the positive returns of the S&P 500 Index for the Outcome Period. That performance is then reduced by the Fund's total net expenses.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Par Down Rate\*** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;50% |

---

\* The performance of the Fund's downside S&P 500 Index FLEX Options' exposure is calculated by multiplying the Par Down Rate by the negative returns of the S&P 500 Index for the Outcome Period. That performance is then reduced by the Fund's total net expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Spread**<br> **(As of February 10, 2023)** | &nbsp;&nbsp; **Spread**<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;2.13% | &nbsp;&nbsp;3.12% |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Buffer** | &nbsp;&nbsp;**Buffer** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;9.01% |

---

**4.** **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;70% |

---

\* The performance of the Fund's upside S&P 500 Index FLEX Options' exposure is calculated by multiplying the Par Up Rate by the positive returns of the S&P 500 Index for the Outcome Period. That performance is then reduced by the Fund's total net expenses.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Floor** | &nbsp;&nbsp;**Floor** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;10.89% |

---

**5.** **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund** **- Feb** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;15% | &nbsp;&nbsp;13.86% |

---

\* The Cumulative Index Cap represents the aggregation of the S&P 500 Index Cap and the Secondary Index Cap, with each comprising 50% of the amount specified.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Buffer** | &nbsp;&nbsp;**Buffer** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;9.01% |

---

**6.** **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;14.30% | &nbsp;&nbsp;13.16% |

---

\* The Cumulative Index Cap represents the aggregation of the S&P 500 Index Cap and the Secondary Index Cap, with each comprising 50% of the amount specified.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Buffer** | &nbsp;&nbsp;**Buffer** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;9.01% |

---

**7.** **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of February 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;14.22% | &nbsp;&nbsp;13.09% |

---

\* The Cumulative Index Cap represents the aggregation of the S&P 500 Index Cap and the Secondary Index Cap, with each comprising 50% of the amount specified.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;**Buffer** | &nbsp;&nbsp;**Buffer** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* | &nbsp;&nbsp;*After Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;10% | &nbsp;&nbsp;9.01% |

---

**Investors should retain this supplement for future reference.**