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

C000230136 Fund Overview

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr is a US mutual fund managed by Milliman Variable Insurance Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Milliman Variable Insurance Trust
• Category: Money Market
• Assets under management: $854.21K
• 1-year return: 0.4%
• SEC CIK: 0001844255
• SEC series ID: S000073319
• Share class ID: C000230136

C000230136 Investment Objective and Strategy

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Milliman Variable Insurance Trust.

Investment objective

The Fund seeks to provide exposure to the S&P 500 Index, while limiting losses associated with S&P 500 Index performance to 10% and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Funds portfolio, over a one-year period.

Principal investment strategy

The Fund seeks to achieve its investment objective by transacting in FLexible EXchange Options ( FLEX Options ) and by separately maintaining a collateral portfolio (the Collateral Portfolio ), which is designed primarily to serve as margin or collateral for the Funds FLEX Options positions and secondarily to enhance the Funds upside S&P 500 Index FLEX Options exposure ( i.e. , by utilizing anticipated income to measure the ability to purchase additional FLEX Options). FLEX Options are exchange-traded options contracts with uniquely customizable terms. In general, an options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price, commonly known as the strike price.

The reference assets for the Funds FLEX Options positions will include the S&P 500 Index, which is a large-capitalization, market-weighted, U.S. equities index that tracks the price (excluding dividends) of 500 leading companies in leading industries of the U.S. economy, and certain exchange-traded funds ( ETFs ), including those that seek to track the performance of the S&P 500 Index (a corresponding ETF ), as described further below. The Collateral Portfolio may be invested in short-term fixed-income securities, including corporate bonds and other corporate debt securities, asset-backed securities ( ABS ), securities issued by the U.S. Government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and funds, other interest-bearing instruments, cash, ETFs that primarily invest in any of the foregoing instruments, options on ETFs and options box spreads.

An options box spread is the combination of different options trades that have offsetting spreads ( e.g. , purchases and sales on the same underlying instrument, such as an index or an ETF, but with different strike prices and/or expiration dates) for the purpose of generating income. The Fund may invest in short-term fixed income securities or other instruments, including through ETFs, of any maturity and credit quality. The Fund may invest up to 35% of its net assets in one or more ETFs that provide exposure to investment grade corporate bonds. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from the returns of many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.

In seeking to achieve its investment objective, the Fund seeks to produce pre-determined outcomes (the Outcomes ) that are based upon the performance of the S&P 500 Index over a one-year period (the Outcome Period ). The current Outcome Period for the Fund commenced on April 10, 2023. Each subsequent Outcome Period will be a one-year period commencing upon the expiration of the prior Outcome Period. The Fund seeks to achieve the Outcomes by purchasing and writing (selling) FLEX Options to create layers within the Funds portfolio. One layer is designed to produce returns that correlate to those of the S&P 500 Index for the Outcome Period at a declared rate (the Par Up Rate ) if the S&P 500 Index experiences gains during that time, as described below. A separate layer is designed to produce returns that correlate to those of the S&P 500 Index for the Outcome Period that limit losses to 10% if the S&P 500 Index experiences losses during that time (the Floor ).

There is no guarantee that the Fund will be successful in its attempt to produce returns that correlate to those of the S&P 500 Index at the Par Up Rate or limit losses to the amount of the Floor. Milliman Financial Risk Management LLC ( Milliman ), the investment adviser of the Fund, seeks to establish the Floor by writing one at the money put FLEX Option on the S&P 500 Index or a corresponding ETF and purchasing a put FLEX Option with a 10% lower strike. Milliman seeks to establish the Par Up Rate by purchasing long call FLEX Options on the S&P 500 Index or a corresponding ETF with a strike price of such options approximately equal to the value of the S&P 500 Index or corresponding ETF at the beginning of the Outcome Period. Milliman purchases these FLEX Options with a portion of the Funds net assets plus (i) the cash received by utilizing FLEX Options to create a put spread (the Put Spread Strategy ) on fixed income securities and/or one or more ETFs that provide exposure to fixed income securities, and (ii) yield expected to be received from the Collateral Portfolio.

Milliman seeks to achieve the Put Spread Strategy for the Fund by writing a put FLEX Option on an underlying asset at a strike price at or lower than the underlying assets market price or current value at the beginning of the Outcome Period, and buying a put FLEX Option on the same underlying asset at a lower strike price than the written put FLEX Option. The Par Up Rate is the rate at which the Fund will seek to track any upside market performance of the S&P 500 Index. Milliman calculates the Par Up Rate based upon (i) its evaluation of prevailing market conditions on the first day of the Outcome Period and (ii) the total number of long call FLEX Options on the S&P 500 Index or corresponding ETF that it is able to purchase at that time. The Par Up Rate as of April 10, 2023 is provided below.

Once calculated, the Par Up Rate for a particular Outcome Period will not change during that Outcome Period; however, in certain market conditions, the performance of the Collateral Portfolio and the Put Spread Strategy could reduce the impact of the Par Up Rate. Share Class Par Up Rate* (As of April 10, 2023) Prior to Taking into Account Fund Fees and Expenses Class 3 68.18% * The performance of the Funds 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 Funds total net expenses. The Floor is only triggered if losses in the Funds S&P 500 Index exposure exceed 10% for the Outcome Period. If the S&P 500 Index decreases in value by more than 10% during the Outcome Period, the Fund (and therefore investors in Shares) will not experience subsequent losses in the Funds S&P 500 Index exposure.

However, the Fund (and therefore investors in Shares) will experience the first 10% of losses in the Funds S&P 500 Index exposure on a one-to-one basis for the Outcome Period. The Fund seeks to limit losses against its S&P 500 Index exposure prior to taking into account any fees or expenses or the performance of the Collateral Portfolio or the Put Spread Strategy. The Floor is not operative against losses in the Collateral Portfolio or the Put Spread Strategy. If the Collateral Portfolio and/or the Put Spread Strategy experiences losses, it could have the effect of reducing the impact of, or completely eliminating, the Floor on the Funds S&P 500 Index exposure. In certain market conditions, the performance of the Collateral Portfolio and/or the Put Spread Strategy could cause the Fund to significantly underperform the S&P 500 Index.

The following table reflects the Floor both gross and net of Fund fees and expenses: Share Class Floor Prior to Taking into Account Fund Fees and Expenses After Taking into Account Fund Fees and Expenses Class 3 10% 10.89% The definitive Par Up Rate and Floor will be set forth on the Funds website. The Funds website will also provide information relating to the Outcomes on a daily basis, including the Funds position relative to the Par Up Rate and the Floor. You may also contact your insurance company or other financial intermediary for more information. Additionally, the Funds net asset value ( NAV ) will not increase or decrease at the same rate as the S&P 500 Index because the Funds performance will vary with fluctuations in the performance of the Collateral Portfolio and the Put Spread Strategy, in addition to the value of the Funds FLEX Options positions on the S&P 500 Index or corresponding ETF.

The Fund also incurs fees and expenses when transacting in options contracts. While Milliman anticipates that the Funds NAV will generally move in the same direction as the S&P 500 Index (meaning that the Funds NAV will generally increase if the S&P 500 Index experiences gains or decrease if the S&P 500 Index experiences losses, subject to the Floor), the Funds NAV may not decrease at the same rate as the S&P 500 Index (especially when factoring in the performance of the Collateral Portfolio and the Put Spread Strategy) and will not increase at the same rate as the S&P 500 Index (especially when factoring in the Par Up Rate and the performance of the Collateral Portfolio and the Put Spread Strategy). Similarly, the amount of time remaining until the end of the Outcome Period also affects the impact of the Floor on the Funds NAV, because the Floor may not be in full effect prior to the end of the Outcome Period.

The FLEX Options utilized in the Funds portfolio are each set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options will allow Milliman to select the strike price at which each FLEX Option will be exercised at the expiration of the FLEX Option term. At the commencement of the Outcome Period, Milliman will specifically select the strike price for each FLEX Option in a manner designed to achieve the Outcomes when the FLEX Options are exercised on the final day of the Outcome Period, depending on the anticipated performance of the S&P 500 Index, the Collateral Portfolio and the Put Spread Strategy over the duration of that Outcome Period. The hypothetical graphical illustrations provided below are designed to illustrate the Outcomes based upon the hypothetical performance of the S&P 500 Index for an investor who holds Shares for the entirety of the Outcome Period.

The hypothetical graphical illustrations do not include any fees or expenses imposed by your variable product or expenses incurred by the Fund, and do not reflect the performance of the Collateral Portfolio or the Put Spread Strategy. Additional hypothetical graphical representations of the Outcomes are provided in Additional Information About the Funds and the Risks of Investing. There is no guarantee that the Fund will be successful in its attempt to achieve the Outcomes for the Outcome Period. The following table contains hypothetical examples designed to illustrate the Outcomes the Fund seeks to achieve over the Outcome Period, based upon the performance of the S&P 500 Index from (100)% to 100% after taking into account the Par Up Rate and the Floor, but prior to taking into account any fees or expenses or the performance of the Collateral Portfolio or the Put Spread Strategy.

The table is provided for illustrative purposes only and does not provide every possible performance scenario for Shares over the course of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to achieve the Outcomes for an Outcome Period. The table is not intended to predict or project the performance of the FLEX Options or the Fund. Investors should not take this information as an assurance of the expected performance of the S&P 500 Index or the Fund. Actual Fund performance will vary with fluctuations in the performance of the Collateral Portfolio and the Put Spread Strategy, in addition to the value of the Funds FLEX Options positions on the S&P 500 Index or corresponding ETF, during the Outcome Period, among other factors.

C000230136 Performance

Total returns for C000230136 (as of 2026-10-01), from SEC filings.

C000230136 Risk Information

Risk metrics for C000230136, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.3%

C000230136 Costs and Fees

C000230136 costs about $99 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.99%
• Gross expense ratio: 7.76%
• Portfolio turnover: 0%
• Brokerage commissions: 14.12 bps of average net assets (SEC N-CEN)

C000230136 Cashflows

Over the 12 months to 2023-09, Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr had net inflows of $55.48K, from monthly SEC N-PORT filings.

C000230136 Debt Constituents

No individual debt constituents are reported in Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr's latest SEC N-PORT filing.

C000230136 Prospectus and SEC Filings

Official Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-04-14
• Prospectus (485BPOS) — filed 2022-04-15
• Portfolio holdings (N-PORT) — filed 2023-11-27
• Portfolio holdings (N-PORT) — filed 2023-08-22
• Portfolio holdings (N-PORT) — filed 2023-05-26
• Annual census (N-CEN) — filed 2023-03-16

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.