# EDGAR Filing Document

**Accession Number:** 0001844255
**File Stem:** 0001387131-23-000229
**Filing Date:** 2023-1
**Character Count:** 12004
**Document Hash:** d68116ecdd704a7059edde21869cb543
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-000229.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001387131-23-000229

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230110

**EFFECTIVENESS DATE**: 20230111

**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:** 23522328

**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 - Jan/Jul (Series ID: S000073301)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230118 |

---

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan (Series ID: S000073307)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230124 |

---

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan (Series ID: S000073316)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230133 |

---

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan (Series ID: S000073325)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230142 |

---

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan (Series ID: S000073334)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230151 |

---

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan (Series ID: S000073343)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230160 |

---

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul (Series ID: S000073353)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000230170 |

---

## Series and Classes Contracts Data

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul (Series ID: S000073301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230118 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan (Series ID: S000073307)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230124 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan (Series ID: S000073316)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230133 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan (Series ID: S000073325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230142 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan (Series ID: S000073334)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230151 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan (Series ID: S000073343)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230160 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul (Series ID: S000073353)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230170 | Class 3      |  |

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

**Milliman Variable Insurance Trust**

**(the "Trust")**

**Supplement dated January 10, 2023 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 - Jan/Jul

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Milliman 6** - **Month Buffered S&P 500 with Par Up Outcome Fund** - **Jan/Jul** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of January 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;66.67% |

---

\* 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% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund** - **Jan/Jul** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of January 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;70.00% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Spread**<br> **(As of January 10, 2023)** | &nbsp;&nbsp; **Spread**<br> **(As of January 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;2.56% | &nbsp;&nbsp;3.55% |

---

---

| | | |
|:---|:---|:---|
| &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% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Par Up Rate\***<br> **(As of January 10, 2023)** |
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp;*Prior to Taking into Account Fund Fees and Expenses* |
| &nbsp;&nbsp;Class 3 | &nbsp;&nbsp;70.00% |

---

\* 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% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 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;15.40% | &nbsp;&nbsp;14.26% |

---

\* 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% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 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;15.80% | &nbsp;&nbsp;14.66% |

---

\* 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% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share Class** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 10, 2023)** | &nbsp;&nbsp; **Cumulative Index Cap\***<br> **(As of January 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;15.52% | &nbsp;&nbsp;14.38% |

---

\* 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.**